AbbVie boosted its adjusted profit prediction for 2021 for the third time this year on Friday, citing strong performance by its newer products in helping it meet Wall Street profit and revenue estimates. As it prepares for competition for its blockbuster rheumatoid arthritis medicine, Humira, the firm has been focusing on expanding approvals and driving growth for Skyrizi and Rinvoq, both of which were launched in 2019.
Humira is the most popular drug in the world, accounting for roughly 40% of AbbVie's total sales.
Humira sales, which increased 5.6 % to $5.43 billion in the third quarter, are likely to be slashed in 2023 when generic competitors reach the market.
Rinvoq sales could suffer a short-term setback, according to experts, after the US Food and Drug Administration requested the business and others to provide information about the risks of death and serious diseases associated with the use of JAK inhibitors.
Meanwhile, sales of rheumatoid arthritis medicine more than quadrupled to $453 million in the third quarter, exceeding analyst expectations of $436.8 million.
- Skyrizi, a plaque psoriasis medication, saw sales soar 83.3 % to $796 million, exceeding expectations of $765 million.
- Botox revenue, which is used as an anti-wrinkle injectable and for other cosmetic purposes, also outperformed expectations.
- AbbVie's total revenue increased 11.2 % to $14.34 billion, just topping analysts' expectations of $14.32 billion.
- AbbVie now forecasts a full-year adjusted profit of $12.63 to $12.67 per share, up from $12.52 to $12.62 before.
- The company earned $3.33 per share after one-time items, topping projections of $3.22.
- Before the opening bell, shares of the Illinois-based company climbed 2.8% to $112.72.