AbbVie Inc. (NYSE: ABBV) reported its fourth quarter financial results for fiscal year 2017. The pharmaceutical company reported better than expected earnings sending shares 13.5 percent before market close on Friday.

For the fourth quarter, AbbVie reported an EPS of $1.48, increasing 23.3 percent year over year, beating analysts’ estimates of $1.44. AbbVie reported revenue of $7.7 billion, up 13.9 percent year over year, and beating analysts’ estimates $7.53 billion.

AbbVie reported full year sales of Humira of $18.4 billion, increasing 14.6 percent year over year. The pharma reported full year sales of Imbruvica of $2.6 billion, increasing 40.5 percent year over year.

AbbVie reported top of the line results for its Phase 3 clinical trial for upadacitinib (ABT-494) for monotherapy in patients suffering from arthritis. The company expects to report more data from the trials during the first half of 2018.

AbbVie also announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation for upadacitinib in adult patients supported by its positive Phase 2b results.

AbbVie took a one time charge of $4.5 billion due to the corporate tax reform in the fourth quarter.

For the full year of 2017, AbbVie reported an EPS of $5.60, increasing 16.2 percent year over year. AbbVie reported revenue of $28.2 billion, increasing 10.1 percent year over year.

"2017 reflects another year of top-tier performance, demonstrating the strong momentum in our business," said Richard Gonzalez, chairman and chief executive officer, AbbVie.

AbbVie intends to make a $2.5 billion investment over the next five years in capital projects in the U.S. and a $350 million donation to a charity. The company also plans to add and enhance non-executive employee compensation and benefits.

"Our guidance for 2018 underscores our confidence in our ability to continue to deliver industry-leading performance. This is an exciting time for AbbVie -- we are poised to launch a number of differentiated products over the next 12 to 18 months that will fuel significant growth in the coming years. We remain committed to delivering on our long-term strategic vision for AbbVie." said Gonzalez.

For 2018, AbbVie has now raised its guidance. The pharma company now projects full year adjusted EPS of $7.33 to $7.43 on $32 billion of revenue.