AbbVie stock popped Wednesday after the pharma behemoth's new king in immunology finally outpaced its grandfather drug, Humira.
Skyrizi, which treats psoriasis, arthritis, Crohn's disease and ulcerative colitis, generated $3.21 billion in sales. Skyrizi sales grew nearly 51% year over year and widely outperformed Humira. Humira treats the same conditions — and then some — but brought in a lower $2.23 billion in sales and fell more than 37% amid continuing competition from biosimilars.
The company also reported more than 45% growth for Rinvoq, another immunology drug. Rinvoq sales came in at $1.61 billion.
Importantly, sales of Skyrizi and Rinvoq easily beat Wall Street's expectations. Humira sales were light by roughly $170 million.
On today's stock market, AbbVie stock rose 6.4% to 201.50. Shares broke out of a flat base with a buy point at 199.95, according to MarketSurge.
Solid Revenue Gains Fuel AbbVie Stock
Overall, AbbVie's sales advanced 3.8% to $14.46 billion and topped projections for $14.28 billion, according to FactSet. Earnings edged up 1.7% to $3 per share, beating the Street's call for $2.91. Profit took a 4-cent negative hit due to a tax charge and milestone expenses.
Revenue from cancer treatments widely beat expectations, Piper Sandler analyst Christopher Raymond said in a client note. But aesthetic sales missed. Botox as a cosmetic treatment generated $671 million in sales. Though that grew 8.2%, it missed forecasts ranging from $678 million to $714 million. Facial filler Juvederm brought in $258 million, down 19.7% and below calls for $340 million to $350 million.
Botox as a therapeutic treatment for migraines and excessive sweating, on the other hand, topped Wall Street's expectations at $848 million. Sales also grew 13.4% year over year.
AbbVie raised its outlook for the year and now expects to earn $10.90 to $10.94 a share. The low end of the outlook beat expectations for a nickel per share.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
