Stock Market News

AbbVie raises 2027 sales forecast for new immunology drugs to $27 billion

2024.02.02 09:49


© Reuters. Test tubes are seen in entrance of a displayed Abbvie emblem on this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

By Leroy Leo and Patrick Wingrove

(Reuters) -AbbVie on Friday raised its 2027 forecast for sales of its immunology drugs Skyrizi and Rinvoq to $27 billion, up $6 billion from its earlier prediction.

The Chicago-based drugmaker has been relying on revenues from its newer immunology medicines to assist make up for declining sales of blockbuster arthritis drug Humira.

AbbVie (NYSE:) stated throughout an investor name its new prediction was primarily based the expansion seen for Skyrizi and Rinvoq, and that it anticipated the drugs to herald $16 billion in sales this 12 months.

Shares of AbbVie had been down 0.6% in early buying and selling.

Wells Fargo analyst Mohit Bansal stated the new Skyrizi and Rinvoq forecast “will likely remove pricing concerns and help people model high-single-digit growth till end of the decade”.

Rinvoq sales of $1.26 billion beat expectations of $1.17 billion within the fourth quarter, whereas Skyrizi sales of $2.39 billion had been consistent with estimates.

Humira, as soon as the world’s top-selling medication, confronted U.S. competitors for the primary time final 12 months after 9 close-copies of the drug, known as biosimilars, entered the market.

The lack of exclusivity compelled AbbVie to concede on web worth to keep market share. Humira U.S. sales final 12 months plunged by 35% to $12.16 billion, the corporate stated on Friday.

Sales of the drug fell 41% to $3.30 billion within the fourth quarter, however beat estimates of $3.28 billion. Humira sales additionally fell lower than anticipated within the third quarter, buttressed by favorable positions on insurance coverage drug protection lists.

The firm stated throughout its investor name that Humira would lose some insurance coverage protection within the U.S. 12 months over 12 months, however would keep broad protection on pharmacy profit supervisor (PBM) formularies in 2024.

PBMs act as middlemen for employers and well being plans. They negotiate rebates and costs with drug producers, and create lists, or formularies, of medicines which are lined by insurance coverage, and reimburse pharmacies for sufferers’ prescriptions.

For 2024, AbbVie forecast an adjusted revenue within the vary of $11.05 to $11.25 per share.

The common expectation for annual revenue was $11.24, in accordance to LSEG information, however some analysts stated the consensus solely partially accounted for the 32-cent hit from its acquisitions of drug builders ImmunoGen (NASDAQ:) and Cerevel Therapeutics final 12 months.

Botox introduced in sales of $1.49 billion, forward of mixed estimates of $1.43 billion.

Botox has been dealing with elevated competitors from newer anti-wrinkle injections from Revance Therapeutics (NASDAQ:), Evolus (NASDAQ:) and others.

AbbVie reported a quarterly adjusted revenue of $2.79 per share, beating estimates by 2 cents.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 56,291.08 9.79%
ethereum
Ethereum (ETH) $ 3,230.46 4.60%
tether
Tether (USDT) $ 1.00 0.08%
bnb
BNB (BNB) $ 398.42 2.52%
solana
Solana (SOL) $ 111.23 7.55%
staked-ether
Lido Staked Ether (STETH) $ 3,225.78 4.69%
xrp
XRP (XRP) $ 0.556371 3.38%
usd-coin
USDC (USDC) $ 1.00 0.03%
cardano
Cardano (ADA) $ 0.620573 6.34%
avalanche-2
Avalanche (AVAX) $ 39.27 6.22%
dogecoin
Dogecoin (DOGE) $ 0.092952 8.83%
tron
TRON (TRX) $ 0.141048 2.13%
chainlink
Chainlink (LINK) $ 19.18 4.06%
polkadot
Polkadot (DOT) $ 8.09 4.64%
matic-network
Polygon (MATIC) $ 1.04 4.99%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 56,285.08 10.04%
uniswap
Uniswap (UNI) $ 11.14 4.79%
the-open-network
Toncoin (TON) $ 2.19 3.14%
shiba-inu
Shiba Inu (SHIB) $ 0.00001 7.78%
internet-computer
Internet Computer (ICP) $ 13.09 5.30%
bitcoin-cash
Bitcoin Cash (BCH) $ 297.75 12.21%
litecoin
Litecoin (LTC) $ 76.16 8.74%
dai
Dai (DAI) $ 0.99936 0.04%
immutable-x
Immutable (IMX) $ 3.35 4.18%
blockstack
Stacks (STX) $ 3.10 25.30%
cosmos
Cosmos Hub (ATOM) $ 11.18 6.55%
filecoin
Filecoin (FIL) $ 8.18 3.22%
near
NEAR Protocol (NEAR) $ 4.00 4.03%
ethereum-classic
Ethereum Classic (ETC) $ 28.17 3.82%
leo-token
LEO Token (LEO) $ 4.33 3.69%
bittensor
Bittensor (TAO) $ 629.91 8.62%
kaspa
Kaspa (KAS) $ 0.172031 4.29%
hedera-hashgraph
Hedera (HBAR) $ 0.110395 4.38%
aptos
Aptos (APT) $ 10.03 4.66%
optimism
Optimism (OP) $ 3.81 1.37%
vechain
VeChain (VET) $ 0.049208 3.85%
stellar
Stellar (XLM) $ 0.119668 3.52%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.12%
injective-protocol
Injective (INJ) $ 36.79 2.51%
lido-dao
Lido DAO (LDO) $ 3.56 4.99%
okb
OKB (OKB) $ 51.47 3.40%
celestia
Celestia (TIA) $ 17.51 5.66%
mantle
Mantle (MNT) $ 0.899141 3.76%
render-token
Render (RNDR) $ 7.42 2.57%
crypto-com-chain
Cronos (CRO) $ 0.102969 8.70%
the-graph
The Graph (GRT) $ 0.283718 2.14%
monero
Monero (XMR) $ 136.78 6.16%
arbitrum
Arbitrum (ARB) $ 1.92 4.16%
sei-network
Sei (SEI) $ 0.90443 11.82%
theta-token
Theta Network (THETA) $ 2.19 54.60%