What’s behind AbbVie’s Q3 revenue beat?

Back from recent lows, AbbVie (NYSE:ABBV) shares reached an all-time high on Wednesday after the Humira developer beat Street forecasts with its Q3 2024 financials as its newer immunology drugs outperformed.

For much of 2023, AbbVie’s (NYSE:ABBV) stock came under pressure as Humira, its top revenue generator and once the world’s top-selling drug, started to face knockoffs in the U.S. from the likes of Amgen’s (AMGN) Amjevita beginning early last year.

As expected, net revenue from Humira dropped ~37% YoY to $2.2B during the latest quarter but unexpectedly missed analysts’ estimates of $2.36B, according to Bloomberg data.

However, Skyrizi and Rinvoq, two new arthritis medicines AbbVie (NYSE:ABBV) had positioned as answers to the Humira revenue cliff, exceeded expectations. Skyrizi generated $3.2B in net revenue, indicating ~51% YoY growth, while Rinvoq added $1.6B with ~45% YoY growth.

Analysts had expected Skyrizi and Rinvoq to bring $3.0B and $1.55B in net sales, respectively, and AbbVie (ABBV) to report $14.3B in net revenue.

Instead, the company expanded its topline by ~4% YoY, adding $14.46 in net revenue and exceeding the Street forecasts by $180M, reporting its sixth consecutive quarterly revenue beat.