AbbVie(NYSE:ABBV) lifted its annual profit forecast on Friday following robust sales of its immunology drug Skyrizi and cancer medication Imbruvica, outpacing Wall Street’s expectations for the first quarter.
The company now anticipates adjusted earnings per share in the range of $11.13 to $11.33 for the year, compared to the earlier estimate of $10.97 to $11.17. Analysts, on average, projected annual earnings of $11.10 per share, according to LSEG data.
AbbVie, alongside its investors, has been closely monitoring the performance of its newer immunology treatments Skyrizi and Rinvoq to counterbalance the decline in sales of Humira, previously the world’s top-selling drug until it faced competition from biosimilars last year.
Skyrizi’s sales of $2.01 billion exceeded estimates of $1.94 billion, while Rinvoq’s $1.09 billion slightly surpassed expectations of $1.06 billion. Humira sales declined by nearly 36% to $2.27 billion for the quarter, aligning closely with estimates of $2.28 billion.
Despite the launch of nine biosimilars in the U.S. last year, AbbVie maintains over 98% of the Humira market share.
William Blair analyst Tim Lugo commented, “As we round out the first year with biosimilar competition to Humira, we believe the company has managed the erosion well.”
AbbVie’s shares saw a marginal increase in premarket trading.
Earlier this month, German drugmaker Boehringer Ingelheim announced layoffs in its U.S. sales force due to weak sales of its Humira biosimilar in the region.
Investor concerns have also emerged regarding a potential price reduction for AbbVie’s Imbruvica from 2026, as it was selected as one of the 10 drugs subject to negotiations with U.S. Medicare insurance plans. The final price is expected to be disclosed on Aug. 1.
Imbruvica generated $838 million in the quarter, surpassing estimates of $744 million.
AbbVie reported an adjusted profit of $2.31 per share, exceeding estimates of $2.23 per share.
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