AbbVie
beat revenue expectations for its fiscal fourth quarter and raised its long-term sales outlook for two of its biggest immunology drugs. Humira revenue slumped in the quarter, however, hit by competition.
AbbVie
posted fourth-quarter earnings of $2.79 a share, which were in line with analysts’ expectations but down from $3.60 a share last year. Revenue of $14.3 billion beat the consensus call for $14 billion but was down from last year’s $15.1 billion.
“2024 is an exciting year for
AbbVie,
as we are well positioned to fully absorb Humira erosion and achieve modest operational revenue growth, followed by a return to robust growth in 2025,” Chief Executive Richard Gonzalez said in a press release.
Sales in the company’s immunology portfolio—the portfolio that brings in the most revenue —fell 12% from last year as Humira faces biosimilar competition. Humira is a treatment of certain inflammatory disorders like arthritis, Crohn’s disease, and ulcerative colitis.
But while Humira sales dropped, immunology drugs Skyrizi and Rinvoq saw sales increase 52% and 63%, respectively, from the prior year.
AbbVie said it was raising its long-term guidance for Skyrizi and Rinvoq, and now expects combined 2027 revenue for the drugs of more than $27 billion, an increase of about $6 billion from previous guidance.
“AbbVie is doing an excellent job in promoting Skyrizi and Rinvoq,” Lee Brown, global sector lead for healthcare at Third Bridge, wrote Friday.
AbbVie also said it expects to post 2024 earnings of between $11.05 to $11.25 a share. Analysts surveyed by FactSet expected earnings of $11.13 a share.
Shares of AbbVie were up 1.2% Friday to $169.62. The stock has gained 17% over the last 12 months.
Shares of peer drugmaker
Pfizer
were down 1.7%,
Moderna
dropped 2%,
Amgen
declined 0.8%, and
Eli Lilly
rose 1.3%.
Write to Angela Palumbo at [email protected]
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