AbbVie (NYSE:ABBV), based in Chicago, announced an upward revision of its 2027 sales forecast for the immunology drugs Skyrizi and Rinvoq, raising it to $27 billion, an increase of $6 billion from its previous estimate. The pharmaceutical company has been relying on revenue from these newer immunology medications to compensate for declining sales of its blockbuster arthritis drug, Humira.
During an investor call, AbbVie explained that the adjusted prediction reflects the growth observed for Skyrizi and Rinvoq, with an anticipated $16 billion in sales for the drugs this year. The company forecasts Skyrizi revenue of $10.5 billion and Rinvoq sales of $5.5 billion in 2024.
Shares of AbbVie rose by 1.6% in early trading following the announcement. The revised forecast for Skyrizi and Rinvoq is expected to address pricing concerns and contribute to modeling high-single-digit growth until the end of the decade, according to Wells Fargo analyst Mohit Bansal.
In the fourth quarter of 2023, Rinvoq sales reached $1.26 billion, surpassing expectations of $1.17 billion, while Skyrizi sales of $2.39 billion aligned with estimates. Humira, once the world’s top-selling medicine, faced U.S. competition for the first time in 2023, resulting in a 35% decline in U.S. sales to $12.16 billion.
AbbVie acknowledged that Humira is expected to generate $9.6 billion in 2024, considering the U.S. erosion of approximately 36%. Sales of Humira fell 41% to $3.30 billion in the fourth quarter, beating estimates of $3.28 billion. The company emphasized that Humira would experience some loss of insurance coverage in the U.S. year over year but would maintain broad coverage on pharmacy benefit manager (PBM) formularies in 2024.
AbbVie’s 2024 forecast includes an adjusted profit in the range of $11.05 to $11.25 per share. The average expectation for annual profit was $11.24, according to LSEG data. Some analysts noted that the consensus only partially accounted for the 32-cent impact from the company’s acquisitions of drug developers ImmunoGen and Cerevel Therapeutics in the previous year.
Botox, another product in AbbVie’s portfolio, exceeded expectations with sales of $1.49 billion. Despite facing increased competition from newer anti-wrinkle injections, Botox remains a significant contributor to AbbVie’s overall performance. The company reported a quarterly adjusted profit of $2.79 per share, surpassing estimates by 2 cents.
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Author Faith Yakubu 
