AbbVie lifted its profit outlook for the year as sales from more recent immunology drugs gain steam.
The biopharmaceutical company (ticker: ABBV) now expects 2023 adjusted earnings to be within a range of $10.90 to $11.10 per share. It previously forecast a profit of $10.57 to $10.97 a share.
The upbeat call came despite AbbVie seeing a…
AbbVie lifted its profit outlook for the year as sales from more recent immunology drugs gain steam.
The biopharmaceutical company (ticker: ABBV) now expects 2023 adjusted earnings to be within a range of $10.90 to $11.10 per share. It previously forecast a profit of $10.57 to $10.97 a share.
The upbeat call came despite
seeing a 25% year-over-year decline in quarterly revenue for its blockbuster arthritis drug Humira. The drug posted a similar decline in the first quarter as AbbVie struggles with losing its patent protection in the U.S. and Europe.
But sales from relatively newer immunology drugs Skyriz and Rinvoq more than made up for Humira’s loss. Skyriz sales rose 50% in the June quarter from a year ago to $1.9 billion while Rinvoq revenue increased 55% to nearly one billion. Skyriz and Rinvoq sales have steadily risen since 2020.
Overall, AbbVie posted an adjusted profit of $2.91 per share for the second quarter, beating the average analyst estimate of $2.83. Revenue was nearly $14 billion, while analysts had expected $13.5 billion.
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“The strong performance was driven predominantly by our non-Humira business, which delivered high single-digit sales growth, in line with our long-term outlook,” said CEO Richard Gonzalez.
Shares of AbbVie were 5.3% higher Thursday at $159.40, on track for the largest percent increase since Nov. 4, 2020, when it gained 7.4%.
Write to Karishma Vanjani at [email protected].
