AbbVie's first-quarter results top expectations as arthritis drugs fuel growth

By Eleanor Laise

Drugmaker raises full-year profit outlook even as Humira sales continue to slide

AbbVie Inc. on Friday reported first-quarter results that beat expectations, even as sales of blockbuster autoimmune drug Humira continued to fall amid new, lower-cost competition.

The drugmaker reported first-quarter net income of $1.369 billion, or 77 cents per share, versus $239 million, or 13 cents per share, in the year-earlier period. Adjusted earnings per share of $2.31, versus $2.46 a year earlier, beat the FactSet consensus of $2.26. Revenues totaled $12.31 billion in the quarter, up 0.7% from a year earlier, to beat the FactSet consensus of $11.93 billion.

AbbVie raised its full-year profit guidance. The company now expects 2024 adjusted earnings per share in the range of $11.13 to $11.33, up from previous guidance of $10.97 to $11.17.

Humira, which is facing new biosimilar competition, generated sales of $2.27 billion in the quarter - down nearly 36% from a year earlier, but still ahead of the FactSet consensus of $2.221 billion.

Total sales of AbbVie's immunology products came to $5.371 billion, down 3.9% from a year earlier, due to the Humira biosimilar competition, the company said.

First-quarter sales of arthritis drugs Skyrizi and Rinvoq helped cushion Humira's fall. Sales of both drugs came in above FactSet consensus estimates, as Skyrizi revenues jumped 48% from a year earlier and Rinvoq sales climbed 59%.

Sales of cancer drug Imbruvica fell 4.5% from a year earlier, to $838 million.

Qulipta, which last year got Food and Drug Administration approval as a migraine treatment, generated $131 million in sales, up 98% from a year earlier.

Sales from AbbVie's aesthetics business were down 4% from a year earlier, to $1.249 billion, amid declining sales of cosmetic Botox and the dermal filler Juvederm.

AbbVie shares (ABBV) have gained 8% in the year to date, while the S&P 500 is up 5.8%.

-Eleanor Laise

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04-26-24 0736ET

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