On Wednesday, AbbVie raised its full-year adjusted profit prediction, citing quarterly sales of its blockbuster anti-wrinkle injection Botox and newer psoriasis medication Skyrizi that exceeded Wall Street expectations.
After losing exclusivity in the United States in 2023, the company's best-selling medicine Humira is set to face competition from rivals, and the manufacturer is depending on Botox as well as newer drugs Skyrizi and Rinvoq to cushion the blow.
Humira sales increased 3.5% to $5.33 billion in the fourth quarter, below projections of $5.41 billion, according to Refinitiv IBES data. Humira is already facing copycat competition in Europe.
Total revenue of $14.89 billion also fell short of analysts' expectations of $14.97 billion.
However, sales of $895 million for Skyrizi surpassed expectations of $867.22 million, and sales of $626 million for Botox for aesthetic purposes surpassed expectations of $569.78 million.
Rinvoq, which belongs to the JAK inhibitor class of medications, had an 84.4% increase in sales to $517 million.
In the quarter ended Dec. 31, net earnings increased to $4.04 billion, or $2.26 per share, up from $36 million, or $0.01 per share, a year before. Last year, the company's contingent consideration liability connected to Skyrizi increased by $4.7 billion.
AbbVie made $3.31 per share excluding items.
The firm forecasts adjusted profit to be between $14.00 and $14.20 per share in 2022, according to the company. Analysts expected a profit of $13.99 per share from the company.