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- AbbVie announced fourth-quarter earnings that exceeded market predictions, largely fueled by the sales increase of its anti-inflammatory medications Skyrizi and Rinvoq.
- The interest in these therapies countered the falling sales of its previous blockbuster medication Humira.
- AbbVie has elevated its long-term revenue predictions for Skyrizi and Rinvoq.
On Friday morning, AbbVie (ABBV) stood out as one of the top-performing stocks in the S&P 500, following the biotech firm’s announcement of sales results that surpassed expectations and offered encouraging insights on the robust demand for its two anti-inflammatory medications.
The organization reported an almost 6% year-over-year rise in fourth-quarter revenue, totaling $15.1 billion, which was above the consensus forecast of $14.8 billion from Visible Alpha analysts. Adjusted earnings per share (EPS) were $2.16, slightly under expectations.
Worldwide sales of Skyrizi soared by 58% to $3.78 billion, while Rinvoq sales increased by 46% to $1.83 billion. These gains mitigated the drop in Humira sales, which decreased by 49% to $1.68 billion due to competition from generic alternatives.
AbbVie Estimates Combined Revenues of Skyrizi and Rinvoq to Surpass $31 Billion by 2027
The firm has revised its long-term sales outlook for Skyrizi and Rinvoq, now projecting total revenues for both to exceed $31 billion by 2027, an increase from a prior estimate of over $27 billion. It also noted that this forecast anticipates Skyrizi revenues will exceed $20 billion and Rinvoq revenues will surpass $11 billion.
Moreover, AbbVie expects that its aesthetics product revenue will achieve a high single-digit compound annual growth rate by 2029.
AbbVie’s shares increased by approximately 8% on Friday, reflecting a 15% rise over the past year. Moseiki and MintSwap Unite to Transform NFTFi and Web3 Commerce
