AbbVie beats quarterly estimates and raises profit outlook
The drugmaker reported quarterly revenue of 15 billion dollars as sales of Skyrizi and Rinvoq offset Humira declines. AbbVie also raised its annual profit outlook.
ABBVIE INC reported first-quarter revenue of $15B and adjusted earnings of $2.65 per share, exceeding LSEG estimates. The results reflect a successful pivot to newer immunology drugs as the former blockbuster Humira faces biosimilar competition in the United_States. This performance validates the drugmaker's ability to maintain growth despite losing patent exclusivity on its top-selling product.
### Immunology Portfolio Offsets Humira Erosion Skyrizi sales rose 30.9% to $4.48B, surpassing the $4.41B expected by LSEG data providers. Rinvoq revenue grew 23.3% to $2.12B, also beating the $2.04B consensus estimate. These two assets are central to the strategy to replace Humira revenue, with management targeting $31B in combined annual sales by 2027.
