AbbVie, a global biopharmaceutical company, announced better-than-expected first-quarter revenue and profit, driven by robust demand for its newer immunology drugs, Skyrizi and Rinvoq. The company develops and markets a wide range of advanced therapies for complex and serious diseases. This strong performance underscores its successful pivot away from its former top-selling treatment, Humira, which lost U.S. patent exclusivity in 2023 and now faces competition from cheaper biosimilars.
Skyrizi recorded first-quarter sales of $4.48 billion, marking a significant 30.9% increase from the previous year and surpassing Wall Street estimates of $4.41 billion. Similarly, Rinvoq sales climbed 23.3% to $2.12 billion, also exceeding expectations of $2.04 billion. In contrast, global Humira sales saw a substantial 38.6% decline to $688 million for the quarter, slightly below analysts’ expectations. Following the positive results, shares of AbbVie rose 2% in morning trade. Citi analyst Geoff Meacham observed that Skyrizi’s continued strength, even amidst competition from products like Johnson & Johnson’s Tremfya, supports the view that the broader drug class is expanding.
On an adjusted basis, AbbVie reported earnings of $2.65 per share for the quarter ending March 31, outperforming analysts’ expectations of $2.59 per share. The company also raised its full-year adjusted earnings forecast to a range of $14.08 to $14.28 per share, up from its previous projection. Looking ahead, AbbVie stated it remains “very open to acquiring external innovation,” with a strategic focus on expanding its presence in key therapeutic areas including immunology, neuroscience, oncology, and the rapidly growing obesity market. CEO Robert Michael clarified that while deals aren’t essential for top-tier growth this decade, the company is receptive to near-term revenue drivers that offer differentiation in its core areas, specifically flagging interest in oral obesity assets and molecules that help patients retain muscle while losing fat.
