AbbVie Misses Sales Estimates for Some Drugs, Shares Tumble

Reuters2023-04-27

(Reuters) - AbbVie Inc on Thursday missed quarterly revenue estimates for some of its major drugs, overshadowing an increased annual profit forecast and driving shares down 5.8% in premarket trade.

The company recorded $3.54 billion in sales of its blockbuster drug Humira, compared with analysts' average estimate of $3.58 billion, according to Refinitiv IBES data.

The drugmaker had been hoping that newer immunology drugs Skyrizi and Rinvoq would soften the hit from loss of Humira revenue.

However, in the first quarter, Rinvoq garnered sales of $686 million, missing estimates of $713.7 million, while Skyrizi's sales of $1.36 billion also fell short of estimates of $1.46 billion.

Total revenue of $12.23 billion beat estimates of $12.17 billion, boosted by Botox sales for cosmetic applications.

The company, however, raised its annual forecast, and now expects 2023 adjusted earnings to be between $10.72 and $11.12 per share, from between $10.62 and $11.02 it provided earlier this month.

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