AbbVie Shares Close Down 4.6%, Sees Additional Humira Volume Erosion in 2Q

By Sabela Ojea

Shares of AbbVie lost 4.6% to close at $159.62 on Friday after the company warned about the effects of losing the exclusivity of its patent for the arthritis medication Humira, the highest-grossing drug ever.

The drugmaker guided for second-quarter revenue of $14 billion, reflecting a step-up in volume erosion from Humira due to an increase in competition. The second and fourth quarter are usually known for having the highest levels of volume.

The North Chicago, Ill.-based company's full-year outlook is in line with its guidance at the beginning of the year, Chief Commercial Officer Jeffrey Ryan Stewart said on a call with analysts.

"We are not saying that volume is worse than we originally guided. We're saying this is tracking in line with our expectations," Chief Executive Robert Michael said.

In the first quarter, AbbVie reported a 36% drop in Humira-related revenue, driving a 3.9% decline in revenue coming from its immunology portfolio. Despite this, its quarterly topline performance rose from gains elsewhere and the company raised its annual adjusted earnings guidance.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 26, 2024 16:53 ET (20:53 GMT)

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