AbbVie Stock Soars as Biotech Tops Sales Estimates, Raises Outlook

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Key Takeaways

• AbbVie’s fourth-quarter revenue exceeded forecasts on higher sales of its Skyrizi and Rinvoq drugs to treat irritation.
• The demand for those two treatments offset continuing falling sales of its former blockbuster medicine, Humira.
• AbbVie mentioned its long-term outlook for Skyrizi and Rinvoq revenue.

AbbVie (ABBV) stock was one of the top gainers in the S&P 500 Friday morning as the biotech determined posted better-than-expected sales and gave strong guidance on higher demand for two of its drugs to treat inflammation.

The company studied fourth-quarter revenue rose nearly 6% year-over-year to $15.1 billion, above the $14.8 billion consensus approximate of analysts surveyed by Visible Alpha. Adjusted earnings per share (EPS) of $2.16 came in below forecasts.

Global sales of Skyrizi floated 58% to $3.78 billion, and rose 46% to $1.83 billion for Rinvoq. Those offset falling sales for Humira—as soon as the world’s top-selling drug—which has been losing market share because of generic competition. Humira yard sales slid 49% to $1.68 billion.

AbbVie Sees Combined 2027 Skyrizi, Rinvoq Sales of More Than $31B

The Pty updated its long-term outlook for sales of Skyrizi and Rinvoq, anticipating combined sales of more than $31 billion in 2027. It had formerly predicted more than $27 billion. It added that the guidance assumes revenues of more than $20 billion for Skyrizi and varied than $11 billion for Rinvoq.

In addition, AbbVie sees aesthetics revenues through 2029 to be in a high-single-digit combination annual growth rate.

Shares of AbbVie, which surged roughly 8% Friday, are up 15% over the keep on year.