Humira sales drop, but AbbVie beats analyst estimates with other drugs
- AbbVie’s fourth-quarter sales were lower due to a drop in Humira revenue
- Despite the decline, AbbVie’s overall revenue beat analyst estimates
- Humira sales fell 41%, while Skyrizi and Rinvoq sales saw significant growth
- AbbVie expects adjusted earnings of $11.05 to $11.25 in 2024
- The company has lifted its long-term revenue outlook for Skyrizi and Rinvoq
AbbVie posted lower revenue in the fourth quarter due to a decline in sales for its blockbuster therapy Humira. However, the company still managed to beat analyst estimates with growth from other drugs in its immunology portfolio. Humira sales fell by 41%, while sales of arthritis drugs Skyrizi and Rinvoq saw significant growth of 52% and 63% respectively. AbbVie expects adjusted earnings of $11.05 to $11.25 in 2024, and has lifted its long-term revenue outlook for Skyrizi and Rinvoq to $27 billion in 2027.
Public Companies: AbbVie (ABBV), ImmunoGen (IMGN), Cerevel Therapeutics (Private)
Private Companies:
Key People: Dean Seal (Author)
Factuality Level: 8
Justification: The article provides specific financial figures and compares them to analyst estimates. It also mentions the reasons for the drop in revenue (biosimilar competition for Humira) and the growth of other drugs in AbbVie’s portfolio. The information is supported by data from FactSet. However, the article does not provide any opposing viewpoints or potential challenges AbbVie may face in the future.
Noise Level: 4
Justification: The article provides information on AbbVie’s financial performance in the fourth quarter, including lower revenue due to a drop in sales of Humira. It also mentions the growth of other drugs in AbbVie’s immunology portfolio. The article includes details on the company’s profit, adjusted earnings, and revenue, comparing them to analyst estimates. It also mentions the impact of biosimilar competition on Humira sales and the expected earnings and revenue for 2024 and 2027. Overall, the article stays on topic and provides relevant information, but it lacks in-depth analysis or insights.
Financial Relevance: Yes
Financial Markets Impacted: The lower revenue and drop in sales for Humira may impact AbbVie’s stock price and investor sentiment. The growth from other drugs in its immunology portfolio may positively impact the company’s financial performance.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses financial performance and projections of AbbVie, a pharmaceutical company. While there is no extreme event mentioned, the information provided is relevant to financial markets and companies.
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