(Reuters) -AbbVie raised its 2025 profit forecast on Friday, after strong sales of newer immunology drugs Skyrizi and Rinvoq helped boost third-quarter results above Wall Street estimates.
The North Chicago-based drugmaker has been leaning on Skyrizi and Rinvoq to offset declining sales of its once best-selling arthritis treatment Humira that began facing biosimilar competition in the U.S. in 2023.
The company has poured more than $20 billion into acquisitions since then, and plans to spend another $10 billion on expanding within the United States over the next decade.
Global pharmaceutical companies are bolstering their U.S. manufacturing capacity after President Donald Trump urged the industry to make more medicines domestically rather than importing active ingredients or finished medicines.
AbbVie now expects adjusted annual profit per share of between $10.61 and $10.65, compared with its previous expectations of $10.38 to $10.58.
Its quarterly sales of $15.78 billion beat analysts’ average estimate of $15.59 billion, according to data compiled by LSEG.
Global sales of AbbVie’s flagship arthritis treatment Humira came in at $993 million in the third quarter, missing estimates of $1.15 billion, and marking the first time the drug’s sales have dropped below $1 billion since it lost exclusivity.
During the quarter, Skyrizi brought in sales of $4.71 billion, surpassing estimates of $4.44 billion, while Rinvoq sales of $2.18 billion topped estimates of $2.12 billion.
The drugmaker earned quarterly profit per share of $1.86, above estimates of $1.77 per share.
AbbVie said the quarterly results include an unfavorable impact of $1.50 per share related to acquired in-process research and development expenses, announced earlier this month.
(Reporting by Siddhi Mahatole and Puyaan Singh in Bengaluru; Editing by Devika Syamnath)
Comments