AbbVie Inc forecast full-year adjusted profit above estimates on Wednesday, as its blockbuster anti-wrinkle injection Botox and newer psoriasis drug Skyrizi beat Wall Street expectations for quarterly sales.
The company's best-selling drug Humira is expected to face competition from rivals in the United States in 2023 after it loses exclusivity, and the drugmaker is counting on Botox as well as newer drugs, Skyrizi and Rinvoq, to soften the expected blow to sales.
Sales of Humira, which is already facing copycat rivals in Europe, rose 3.5% to $5.33 billion in the fourth quarter, missing estimates of $5.41 billion, according to Refinitiv IBES data.
Total revenue of $14.89 billion also missed estimates of $14.97 billion.
However, the company reported sales of $895 million for Skyrizi, which beat estimates of $867.22 million, and $626 million in Botox sales for cosmetic uses, which topped estimates of $569.78 million.
Sales of Rinvoq, which belongs to a class of drugs known JAK inhibitors, jumped 84.4% to $517 million.
Net earnings rose to $4.04 billion, or $2.26 per share, in the quarter ended Dec. 31, from $36 million, or $0.01 per share, a year ago. The company had recorded a $4.7 billion increase in the contingent consideration liability related to Skyrizi last year.
Excluding items, AbbVie earned $3.31 per share.
The company said it expects 2022 adjusted profit to be between $14.00 and $14.20 per share. Analysts were expecting a profit of $13.99 per share.
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