AbbVie gets a shot in the arm from newer drug sales, lifts profit view -Breaking
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© Reuters. FILEPHOTO: A sign is erected outside Abbvie’s Cambridge facility, Massachusetts. U.S.A. May 20, 2021. REUTERS/Brian Snyder(Reuters) – U.S. drugmaker AbbVie Inc (NYSE) raised Friday its 2021 adjusted profits forecast after its stellar quarterly performance with its newer medicines.
While the company prepares to compete for Humira’s blockbuster rheumatoid drug, Humira has been focused on increasing approvals and driving revenue for Skyrizi, Rinvoq and Rinvoq.
Humira, which accounts for almost 40% of AbbVie’s global total sales, is AbbVie’s most popular medicine. Skyrizi, and Rinvoq are newer products from the company that treat similar conditions to Humira.
Humira sales rose by 5.6% to $5.43billion in the third quarter. They are likely to fall when generic competitors enter the U.S. in 2023.
Analysts believe Rinvoq sales may take a short-term hit after the U.S. Drug regulator requested that Rinvoq and other companies present information on the potential risks and severe conditions associated with the use of drugs belonging to a group known as JAK inhibitors.
In the same quarter, Rinvoq’s sales rose more than twice to $453million, beating an average analyst estimate at $436.8million, Refinitiv IBES estimates.
Skyrizi sales jumped by 83.3%, to $796 Million. This is also higher than estimates of $765 Million.
Botox revenues, both for cosmetic and anti-wrinkle purposes, beats estimates.
AbbVie’s total sales rose by 11.2% to $14.34 Billion, narrowly exceeding estimates of $14.32 Billion.
AbbVie anticipates an adjusted profit for full year of $12.63-12.67 per shares, as opposed to the prior estimate of $12.52-12.62.
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