AbbVie lifts annual profit forecast on strong demand for newer immunology drugs
Shares of the drugmaker rose nearly 3% to $195.03 before the bell.
The company is pushing Skyrizi and Rinvoq to counter the drop in sales of Humira, as the once-bestselling drug faces competition from several cheaper biosimilars that began hitting the U.S. market in 2023.
"We're entering the second half of the year with substantial momentum," said CEO Robert Michael.
Skyrizi recorded quarterly sales of $4.42 billion, beating analysts' average estimate of $4 billion, while Rinvoq sales of $2.03 billion surpassed estimates of $1.97 billion, according to data compiled by LSEG.
The North Chicago-based drugmaker has spent more than $20 billion on acquisitions since 2023 as Humira lost patent protection. On Wednesday, Bloomberg News reported that AbbVie is in talks to acquire privately held psychiatric disorder drug developer Gilgamesh Pharmaceuticals in a deal worth about $1 billion.
Global sales of arthritis treatment Humira, once the world's best-selling drug, came in at $1.18 billion in the second quarter, missing estimates of $1.45 billion.
AbbVie's forecast raise comes on the back of the European Union's framework trade deal with the United States, under which all EU-produced pharmaceuticals entering the U.S. will be subject to a 15% tariff. AbbVie has a significant manufacturing presence in Ireland, where it makes its wrinkle treatment Botox.
The company now expects adjusted annual profit per share between $11.88 and $12.08, compared with its previous expectations of $11.67 to $11.87.
The company earned quarterly adjusted profit per share of $2.97, compared with estimates of $2.88.
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