AbbVie expects its burgeoning immunology drugs, Skyrizi and Rinvoq, to top $27 billion in 2027 sales, the company said Friday as AbbVie stock neared a record high.
The two drugs are AbbVie's linchpin in navigating an ongoing drop-off in Humira sales as the blockbuster treatment for immunological conditions faces biosimilars in the U.S. and abroad. In the fourth quarter, Humira sales tumbled almost 41% to $3.3 billion. That was in line with Wall Street's expectations.
Meanwhile, Skyrizi sales surged almost 52% to $2.39 billion, and Rinvoq brought in $1.26 billion, up nearly 63%. Sales of the two drugs came in 1% and 7% above expectations, respectively, Leerink Partners analyst David Risinger said in a report.
"AbbVie is doing an excellent job in promoting Skyrizi and Rinvoq," Third Bridge analyst Lee Brown said in an email to Investor's Business Daily.
AbbVie stock advanced more than 2% to 171.25 in morning trades on the stock market today. Shares last topped out at 175.91 in April 2023.
Notably, AbbVie stock recently topped the 5% chase zone above a buy point at 155.89, according to MarketSmith.com. AbbVie stock broke out of a cup base on Dec. 14.
AbbVie Stock: Strong Sales, Earnings Meet
Total sales dipped 5.4% to $14.3 billion, but beat expectations for $14.02 billion, according to FactSet. Adjusted earnings matched expectations at $2.79 per share, but tumbled 22.5% year over year. This was partly due to a negative 15-cent charge.
Piper Sandler analyst Christopher Raymond noted sales of AbbVie's blood cancer treatments, Imbruvica and Venclexta, topped forecasts. The aesthetics franchise and neuroscience franchise also beat expectations.
But guidance for adjusted earnings this year missed expectations at $11.05 to $11.25 a share. This is, in part, due to a negative 32-cent charge tied to AbbVie's acquisitions of ImmunoGen and Cerevel Therapeutics.
AbbVie stock analysts forecast earnings of $11.26 a share and $54.18 billion in full-year sales.
AbbVie also confirmed its long-term guidance for sales to grow by a high single-digit compound annual rate through 2029. The company expects Skyrizi and Rinvoq to bring in more than $27 billion, combined, in 2027. That's an increase of $6 billion from AbbVie's previous guidance.
Further, the company expects migraine drugs Ubrelvy and Qulipta to generate a sales peak north of $3 billion, up $1 billion from AbbVie's prior expectations.
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