AbbVie raises outlook as new immunology drugs offset Humira impact
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With its Q2 2024 financials on Thursday, AbbVie (NYSE:ABBV) increased its full-year outlook as demand for its newer immunology medicines, Skyrizi and Rinvoq, offset declining sales from its blockbuster arthritis therapy Humira, which started to face U.S. copycats last year.
The North Chicago, Illinois-based pharma giant reported $14.5B in net revenue for the quarter, with ~4% YoY growth, indicating an acceleration from the ~1% YoY growth it recorded in Q1.
Humira delivered ~$2.81B in net revenue globally, implying ~30% YoY drop, slightly exceeding ~$2.79B projected by analysts, according to Bloomberg data.
Meanwhile, Skyrizi and Rinvoq AbbVie’s (ABBV) answers to the Humira patent cliff added ~2.7B and $1.4B during the quarter, indicating ~45% YoY and ~56% YoY growth, respectively, as the company’s immunology portfolio expanded ~2% YoY.
Meanwhile, AbbVie’s (ABBV) oncology portfolio generated ~$1.6B in net revenue, implying ~11% YoY growth, while Imbruvica, a cancer drug the company markets with Johnson & Johnson (JNJ), added $833M, indicating a ~8% YoY decline.
While ABBV’s gross margin reached 85.2% on an adjusted basis, beating Street forecasts, the company’s non-GAAP diluted earnings per share fell ~9% YoY to $2.65, including a $0.52 unfavorable impact related to R&D transactions.
However, citing momentum in the ex-Humira portfolio, AbbVie (ABBV) said the company is positioned to deliver its long-term outlook and raised its adj. EPS guidance to $10.71–$10.91 from $10.61–$10.81, compared to $10.90 in the consensus.