By Leroy Leo and Christy Santhosh
(Reuters) -AbbVie raised its annual revenue forecast on Friday after robust gross sales of its immunology drug Skyrizi and most cancers drug Imbruvica helped the corporate beat Wall Street estimates for the primary quarter.
Shares of AbbVie (NYSE:) rose almost 2.5% in premarket buying and selling.
The firm now expects adjusted revenue of between $11.13 and $11.33 per share for this yr, in contrast with $10.97 to $11.17 estimated earlier.
Analysts on common count on annual revenue of $11.10 per share, in response to LSEG knowledge.
AbbVie and its buyers have targeted on gross sales of newer immunology medication Skyrizi and Rinvoq to offset the erosion of gross sales from Humira – the world’s largest promoting drug until it misplaced exclusivity and noticed the entry of shut copies final yr.
Skyrizi gross sales of $2.01 billion beat estimates of $1.94 billion, whereas Rinvoq’s $1.09 billion got here in barely greater than expectations of $1.06 billion.Sales of Humira fell almost 36% to $2.27 billion for the quarter, roughly in keeping with estimates of $2.28 billion.
Despite 9 biosimilars being launched within the U.S. final yr, AbbVie has held onto greater than 98% of the Humira market.
Earlier this month, German drugmaker Boehringer Ingelheim mentioned it should lay off a few of its U.S. gross sales drive attributable to poor gross sales of its Humira biosimilar within the area.
Investors have additionally been involved a couple of potential worth drop for AbbVie’s Imbruvica from 2026 after it was chosen as one of many 10 medication topic to negotiations with U.S. Medicare insurance policy.
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The firm in October took a $2.1 billion cost associated to an anticipated drop in Imbruvica gross sales. A ultimate worth is anticipated to be introduced on Aug. 1.
Imbruvica generated $838 million within the quarter, beating estimates of $744 million.
AbbVie recorded an adjusted revenue of $2.31 per share, surpassing estimates of $2.23 per share.