AbbVie raised its full year profit guidance today, even as sales of its flagship medication have continued to fall.
In its latest quarterly earning report, AbbVie raised its annual profit forecast to between $11.13 and $11.33 per share, from a previous estimate of $10.97 to $11.17. This comes as the sales of the pharma giant’s best-selling drug Humira fell 9% to $2.3 billion in the previous three months ending March 31. This beat Wall Street expectations of $2.2 billion.
Humira, a treatment for arthritis and other autoimmune conditions, was the best-selling drug in the world for a decade — and AbbVie reaped the profits. But the pharmaceutical giant lost its exclusive rights to the drug in 2023, making room for cheaper biosimilars to enter the market. And as a result, Humira lost its title to Merck’s blockbuster cancer drug Keytruda in 2023.
But the company’s newer drugs are helping offset its Humira losses.
“First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform,” said AbbVie president and chief operating office Robert A. Michael in a press releases. “Based on our strong results and significant momentum, we are raising our full-year outlook.” Michael is set to succeed current CEO Richard A. Gonzalez in July.
Skyrizi, a treatment for plaque psoriasis that launched in 2019, saw it sales rise 45% year over year to $2 billion in the first quarter of 2024. Sales of Rinqov, a treatment for moderate to severe rheumatoid arthritis, soared 48% to $1.1 billion.
AbbVie’s first quarter, by the digits
6%: How much AbbVie’s net income fell in the three months ending March 31, to $4.1 billion, from $4.3 billion in the same period last year.
1%: How much the company’s total sales rose year-over-year in its first quarter, from $12.2 billion to $12.3 billion.
$2.31: AbbVie’s earnings per share, beating analysts’ estimates of $2.20, according to FactSet.