By Kamal Choudhury and Christy Santhosh
April 29 (Reuters) – AbbVie on Wednesday reported better-than-expected quarterly revenue and profit, fueled by demand for newer immunology drugs Skyrizi and Rinvoq, as it continues to move beyond former top-selling treatment Humira.
The drugmaker has been leaning heavily on Skyrizi and Rinvoq to fill the void left by Humira after the arthritis treatment lost U.S. patent exclusivity in 2023 and faced competition from cheaper biosimilars.
Skyrizi recorded first-quarter sales of $4.48 billion, growing 30.9% from a year earlier and beating Wall Street estimates of $4.41 billion, according to LSEG data. Rinvoq sales rose 23.3% to $2.12 billion, also topping estimates of $2.04 billion.
Shares of AbbVie climbed 2% in morning trade. Citi analyst Geoff Meacham said Skyrizi’s strength this quarter despite competition and growth from Johnson & Johnson’s Tremfya, supports the view that the broader drug class is expanding.
AbbVie said it continues “to be very open to acquiring external innovation”, with a major focus on immunology, neuroscience, oncology and obesity.
CEO Robert Michael noted that while the company does not need deals to deliver top-tier growth this decade, it is open to near-term revenue drivers that are differentiated in its core areas.
In obesity, AbbVie flagged interest in oral assets as well as molecules that can help patients retain muscle while ensuring the majority of weight loss comes from fat.
Earlier this year, AbbVie said it is seeking to expand its presence in the fast-growing market for obesity treatments.
Global Humira sales fell 38.6% to $688 million in the quarter, slightly below analysts’ expectations.
On an adjusted basis, the company earned $2.65 per share for the quarter ended March 31, above analysts’ expectations of $2.59 per share.
AbbVie also raised its full-year adjusted earnings forecast to a range of $14.08 to $14.28 per share from $13.96 to $14.16. The forecast includes a 41-cent-per-share hit from acquired in-process R&D and milestone expenses booked through the first quarter.
(Reporting by Kamal Choudhury and Christy Santhosh in Bengaluru; Editing by Maju Samuel)
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