AbbVie lifts annual profit forecast on strong immunology drug sales

Evolus

25/07/2024 12:36

July 25 (Reuters) - AbbVie  ABBV.N  raised its annual
profit forecast on Thursday as strong sales of its key
immunology drugs, including Humira, helped it beat Wall Street
expectations for the second quarter.
    Sales of Humira, once the world's top-selling drug, have
been declining since its close copies, or biosimilars, hit the
U.S. market. There are now 10 Humira biosimilars available in
the U.S.
    The loss of exclusivity has forced AbbVie to reduce the
drug's net price to maintain market share, of which it now holds
more than 80%. 
    Humira's global sales fell nearly 30% to $2.81 billion in
the second quarter, but beat analysts' estimate of $2.76
billion, according to LSEG data.
    AbbVie said in February it expects 36% decline in sales for
Humira this year in the U.S.
    The drugmaker and its investors have focused on sales of
newer immunology drugs Skyrizi and Rinvoq to offset the demand
erosion for Humira.
    Skyrizi recorded global sales of $2.73 billion, beating
expectations of $2.59 billion, while Rinvoq sales of $1.43
billion topped estimates of $1.36 billion.
    AbbVie is also facing pressure on its big-selling cancer
drug Imbruvica, which was selected as one of the 10 drugs
subject to the first-ever price negotiations by U.S. Medicare
insurance plans.
    For the second quarter, global sales of the oncology drug
fell 8% to $833 million, but still beat estimates of $789
million.
    Overall, the company's quarterly sales came in at $14.46
billion, beating estimates of $14.03 billion. On an adjusted
basis, AbbVie earned $2.65 per share, beating estimates by 8
cents.
    The company expects its profit to be between $10.71 and
$10.91 per share compared to $10.61 to $10.81 earlier.
    

 (Reporting by Puyaan Singh and Leroy Leo in Bengaluru, and
Patrick Wingrove in New York; Editing by Arun Koyyur)
 ((Puyaan.Singh@thomsonreuters.com;))