AbbVie raises full-year profit forecast as Humira fuels sales beat
Reuters
Published Apr 30, 2021 07:52AM ET
(Reuters) - AbbVie Inc (NYSE:ABBV) beat Wall Street estimates for first-quarter revenue on Friday and raised its full-year profit forecast, helped by demand for blockbuster rheumatoid arthritis drug Humira and newer treatments such as psoriasis treatment Skyrizi.
Humira sales rose 3.5% to $4.87 billion, beating expectations of $4.78 billion. Sales, however, fell 8.3% in markets outside the United States due to rising competition, especially in Europe.
The world's best selling medicine, approved to treat psoriasis and rheumatoid arthritis, is also expected to face competition in the United States after 2023.
AbbVie is now banking on newer treatments such as Skyrizi and rheumatoid arthritis drug Rinvoq to blunt the blow.
Sales of Skyrizi surged about 91% to $574 million in the first quarter ended March 31, beating estimates of $569.89 million, according to IBES data from Refinitiv.
Net revenues rose nearly 51% to $13.01 billion, ahead of estimates of $12.76 billion.
Sales of Botox, which AbbVie gained through its $63 billion deal for Allergan (NYSE:AGN), rose 44.7% to $447 million as a treatment for wrinkles and other cosmetic uses, and the drug generated sales of $532 million as a treatment for conditions such as migraine.
Sales of the anti-wrinkle injection had been hit last year due to the COVID-19 pandemic as people avoided non-urgent medical procedures.
Net earnings rose to $3.55 billion, or $1.99 per share, from $3.01 billion, or $2.02 per share, a year earlier.
AbbVie raised its full-year adjusted earnings forecast to between $12.37 and $12.57 per share, from its prior estimate of $12.32 to $12.52.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.