January 31, 2025
AbbVie ( ABBV ) stock was one of the top gainers in the S&P 500 Friday morning as the biotech firm posted better-than-expected sales and gave strong guidance on higher demand for two of its drugs to treat inflammation.
The company reported fourth-quarter revenue rose nearly 6% year-over-year to $15.1 billion, above the $14.8 billion consensus estimate of analysts surveyed by Visible Alpha. Adjusted earnings per share (EPS) of $2.16 came in below forecasts.
Global sales of Skyrizi soared 58% to $3.78 billion, and rose 46% to $1.83 billion for Rinvoq. Those offset falling sales for Humira—once the world's top-selling drug—which has been losing market share because of generic competition. Humira sales slid 49% to $1.68 billion.
The company updated its long-term outlook for sales of Skyrizi and Rinvoq, anticipating combined sales of more than $31 billion in 2027. It had previously predicted more than $27 billion. It added that the guidance assumes revenues of more than $20 billion for Skyrizi and more than $11 billion for Rinvoq.
In addition, AbbVie sees aesthetics revenues through 2029 to be in a high-single-digit compound annual growth rate.
Shares of AbbVie, which surged roughly 8% Friday, are up 15% over the last year.
Read the original article on Investopedia
