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Irish Examiner
14 hours ago
- Business
- Irish Examiner
Botox maker AbbVie raises profit forecast after strong sales of immunology drugs
AbbVie, the makers of Botox, raised its 2025 profit forecast on Thursday, after beating Wall Street estimates for second-quarter results on strong sales of its newer immunology drugs Skyrizi and Rinvoq. 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 US will be subject to a 15% tariff. AbbVie has a significant presence in Ireland, in Dublin, Sligo, in Carrigtwohill in Co Cork, and in Westport in Mayo, where it makes its wrinkle treatment Botox. Shares of the drugmaker jumped nearly 6%. The company is pushing Skyrizi and Rinvoq to counter the drop in sales of arthritis treatment Humira, as the once-bestselling drug faces competition from several cheaper biosimilars that began hitting the US market in 2023. "We're entering the second half of the year with substantial momentum," said CEO Robert Michael. Skyrizi recorded quarterly sales of $4.42bn (€3.86bn), beating analysts' average estimate of $4bn, while Rinvoq sales of $2.03bn surpassed estimates of $1.97 billion, according to data compiled by LSEG. The Chicago drugmaker has spent more than $20bn (€17.4bn) 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 $1bn (€870m). Global sales of Humira, once the world's best-selling drug, came in at $1.18bn (€1.03bn) in the second quarter, missing estimates of $1.45bn (€1.27bn). 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. Cantor Fitzgerald analyst Carter Gould said AbbVie "delivered the stand-out print so far across large-cap biopharma." The company earned quarterly adjusted profit per share of $2.97, compared with estimates of $2.88. Established in 1977, AbbVie's Westport facility employs approximately 1,300 people. The campus has grown to almost 750,000 sq. ft. on a 61-acre campus, and it encompasses a pharmaceuticals facility, two biologics plants and an ocular implant facility that manufactures a range of leading eye care products. The company's plant in Carrigtwohill is a modern 'bulk tablet' facility manufacturing solid and capsule formulations. Reuters
Yahoo
17 hours ago
- Business
- Yahoo
AbbVie raises full-year earnings guidance amid acquisition drive
- AbbVie has lifted its full-year earnings forecast despite expenses related to its ongoing acquisition drive, sending shares higher in premarket U.S. trading on Thursday. The drugmaker has spent around $20 billion on deals since 2023 as it looks to expand its portfolio following the expiration of patent protection for its flagship rheumatoid arthritis treatment, Humira. Earlier this week, Bloomberg News reported that AbbVie (NYSE:ABBV) was in talks to acquire mental health therapeutics firm Gilgamesh Pharmaceuticals for roughly $1 billion. Meanwhile, last month AbbVie announced that it would buy private-held cell therapy developer Capstan Therapeutics in a move worth up to $2.1 billion. Even though its acquisition spree is seen leading to an unfavorable impact of $0.55 per share from research and development costs as well as milestone payments incurred so far this year, AbbVie said it now anticipates that annual adjusted diluted per-share income will come in at $11.88 to $12.08, up from a prior projection of $11.67 to $11.87. In a statement, CEO Robert Michael said AbbVie delivered a solid second quarter that featured "meaningful pipeline progress" marked by "strategic investments in promising external innovation." "We're entering the second half of the year with substantial momentum," Michael added. For the second quarter, net revenue grew by 6.6% versus the prior year to $15.42 billion, compared with Bloomberg consensus estimates of $15 billion. Adjusted earnings per share stood at $2.97. Related articles AbbVie raises full-year earnings guidance amid acquisition drive Apollo economist warns: AI bubble now bigger than 1990s tech mania If Powell goes, does Fed trust go with him? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 hours ago
- Business
- Yahoo
AbbVie lifts annual profit forecast on strong demand for newer immunology drugs
(Reuters) -AbbVie raised its 2025 profit forecast on Thursday, after beating Wall Street estimates for second-quarter results on strong sales of its newer immunology drugs Skyrizi and Rinvoq. 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.
Reuters
18 hours ago
- Business
- Reuters
AbbVie lifts annual profit forecast on strong demand for newer immunology drugs
July 31 (Reuters) - AbbVie (ABBV.N), opens new tab raised its 2025 profit forecast on Thursday, after beating Wall Street estimates for second-quarter results on strong sales of its newer immunology drugs Skyrizi and Rinvoq. 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.
Newsweek
16-07-2025
- Health
- Newsweek
FDA Issues Risk Warning for Potato Chips Recall
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A recall of potato chips due to the possible presence of an undeclared allergen has been issued the second-highest risk warning by the U.S. Food and Drug Administration (FDA). Saratoga Potato Chips LLC, based in Indiana, issued a voluntary recall for more than 2,000 bags of chips due to the undeclared presence of milk on July 7. The FDA subsequently issued a Class II risk classification on July 15. Newsweek contacted Saratoga Potato Chips LLC for comment by email. Stock image. Saratoga Potato Chips LLC issued a voluntary recall for more than 2,000 bags of crisps due to the undeclared presence of milk on July 7. Stock image. Saratoga Potato Chips LLC issued a voluntary recall for more than 2,000 bags of crisps due to the undeclared presence of milk on July 7. Robert Michael/picture-alliance/dpa/AP Images Why It Matters A Class II risk classification refers to a situation in which the "use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote," according to the FDA. The recall was initiated due to the undeclared presence of milk, one of the nine major food allergens as defined in law. The others are eggs, fish, crustacean shellfish, tree nuts, peanuts, wheat, soybeans and sesame. Allergic reactions vary in severity from mild symptoms, such as hives and lip swelling, to life-threatening complications, such as anaphylaxis, that may include fatal respiratory problems. What To Know The product impacted by the recall is the following: - J. Higgs Potato Chip Mix - 2275 bags - UPC code: 0-51933-37327-3 - best if used by date: October 5, 2025 The product was distributed to retail locations in Maryland, Kentucky, Florida and Indiana. What People Are Saying The FDA says on its website: "People with food allergies should read labels and avoid the foods they are allergic to. The law requires that food labels identify the food source of all major food allergens used to make the food." Dr. Sebastian Lighvani, the director of New York Allergy & Asthma PLLC, told Newsweek previously: "Every three minutes in the United States, someone ends up in an emergency room because of an allergic reaction after accidental ingestion of food. So even when we try hard, these reactions are happening. And if you look at the incidence of anaphylaxis, it has skyrocketed in the last five, 10, 20 years. And in the U.S., there's like a 300 to 400 percent increase in the rates of anaphylaxis to foods." What Happens Next The recall is listed as ongoing, according to the FDA. People with sensitivities or allergies to milk should not consume the affected product.
