AbbVie’s fourth-quarter sales top estimates despite plunging Humira revenues

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AbbVie Inc.
ABBV,
+1.94%

on Friday reported fourth-quarter sales that topped analysts’ estimates, even as it faces low-cost competition for its top-selling drug, Humira.

The drugmaker reported fourth-quarter net income of $822 million, or 46 cents per share, down sharply from $2.473 billion, or $1.38 per share, in the year-earlier period. Adjusted earnings per share of $2.79, which included an unfavorable impact of 15 cents a share related to acquired in-process research and development expenses, matched the FactSet consensus. Fourth-quarter revenues of $14.301 billion fell 5.4% from a year earlier but topped the FactSet consensus of $14.025 billion.

For the full year 2024, AbbVie said it expects adjusted earnings per share in the range of $11.05 to $11.25, below the FactSet consensus estimate of $11.26. Looking further down the road, however, the company boosted its 2027 combined sales outlook for its arthritis drugs Skyrizi and Rinvoq by about $6 billion, to more than $27 billion.

AbbVie is navigating one of the pharmaceutical industry’s biggest losses of exclusivity as its blockbuster autoimmune drug Humira faces fresh biosimilar competition. Humira sales totaled $3.304 billion in the quarter, down 41% from a year earlier and in line with the FactSet consensus.

Sales of Skyrizi, meanwhile, jumped 52% from a year earlier, and Rinvoq sales grew 63%. Revenues from both drugs weighed in ahead of FactSet consensus expectations.

AbbVie on Friday stood by its previous guidance of high single-digit compound annual revenue growth through 2029. In 2024, AbbVie is “well-positioned to fully absorb Humira erosion and achieve modest operational revenue growth,” before returning to stronger growth in 2025, CEO Richard Gonzalez said in a statement.

Cancer drug Imbruvica generated $903 million in sales for the quarter, down 19% from a year earlier.

In AbbVie’s neuroscience portfolio, antipsychotic drug Vraylar generated $789 million in sales, up 40% from a year earlier. Sales of Qulipta, which got U.S. Food and Drug Administration approval last year for prevention of chronic migraines, came to $114 million in the quarter.

AbbVie’s aesthetics business, which includes cosmetic Botox and Juvederm, climbed 6.4% from a year earlier, to $1.371 billion.

Analysts are watching for AbbVie’s recently announced deals to prop up growth later this decade. AbbVie in recent months has struck deals to buy ImmunoGen Inc.
IMGN,
+0.14%
,
whose key asset is the antibody-drug conjugate Elahere, and neuroscience-focused Cerevel Therapeutics Holdings Inc.
CERE,
-0.21%
.

AbbVie shares have gained 8.1% year to date, while the S&P 500
SPX
has gained 2.9%.



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