(Reuters) – AbbVie on Thursday raised its annual profit forecast after beating analysts’ estimates for second-quarter earnings on a lower-than-expected fall in sales of blockbuster arthritis drug Humira and strong sales of newer treatments.
Global Humira sales tumbled 25.2% to $4.01 billion compared with analysts’ expectations of $3.94 billion, according to Refinitiv data.
Humira’s sales trajectory is on the top of investors’ minds following the entry of multiple copycat versions of one of the world’s biggest selling drugs in the U.S. market.
Analysts had said the only biosimilar available in the U.S. during the second quarter, Amjevita from Amgen Inc, has not been able to switch Humira patients as much as estimated since its launch in January.
Still, Humira sales are expected to drop 37% in 2023, and the company has been leaning on newer immunology drugs Skyrizi and Rinvoq to drive growth.
Skyrizi recorded global sales of $1.88 billion that beat expectations of $1.82 billion while Rinvoq generated $918 million to top estimates of $897 million.
Meanwhile, the company recorded $685 million in global sales of Botox for cosmetic use, down 1.4%, but higher than analysts’ estimate of $683 million.
“The strong performance was driven predominantly by our non-Humira business, which delivered high single-digit sales growth,” CEO Richard Gonzalez said in a statement.
Excluding one-off items, AbbVie reported a profit of $2.91 per share, beating the average analyst estimate of $2.81.
The company raised its 2023 adjusted profit forecast to $10.90-$11.10 per share from $10.57-$10.97 earlier.
(Reporting by Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)
