ABBV raises 2024 forecast with new drugs!

NAI500
04-30

With Rinvoq and Skyrizi, these new anti-inflammatory drugs, taking over the throne from Humira, $AbbVie(ABBV)$ has increased its full-year profit forecast in 2024.

AbbVie now expects adjusted earnings per share to range from $11.13 to $11.33, exceeding the previous high of $11.17 per share, according to a statement Friday.

Abbvie shares fell 1.3% at the start of trading in New York. As of Thursday's close, the stock had risen 8%. The company has been working to fill the void left by Humira after it lost patent protection last year and cheaper biosimilars began eating into market share.

Abbvie's new biologic drugs like Skyrizi and Rinvoq have been helping to offset the impact of declining Humira sales. And the company's recent deals in cancer and neuroscience are expected to further bolster its treatment portfolio.

AbbVie's acquisition of $Immunogen(IMGN)$ for $10.1 billion, which was completed in the first quarter, gave it access to a highly sought-after cancer therapy.

Tim Lugo, an analyst at William Blair, said:

AbbVie's performance shows that the company is running full steam ahead. This growth is mainly driven by the entire product portfolio, especially in the immunology field.

The demand for Skyrizi and Rinvoq, as well as the higher-than-expected revenue from Humira for treating inflammatory diseases like arthritis, has propelled AbbVie's performance.

Overall sales for the fiscal first quarter came in at $12.3 billion, above Wall Street's forecast of $11.9 billion. Adjusted earnings per share were $2.31, beating analysts' average estimate of $2.23.

Combined sales of Skyrizi and Rinvoq in the first quarter were $3.1 billion, above the average Wall Street estimate of $2.95 billion. Humira sales were $2.27 billion, exceeding analysts' expectations. Since the first quarter of last year, revenue from cancer and neuroscience has also increased.

In the statement, AbbVie COO Robert Michael said that the performance far exceeded expectations.

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