Abbvie (NYSE:ABBV) raised its 2023 profit guidance after a strong quarterly earnings report driven by demand for newer drugs and better-than-expected Humira performance.
During 3Q 2023, Abbvie (NYSE:ABBV) posted revenue of $14.2 billion, marking a 7.5% increase from the previous year when it was $13.2 billion and beating the consensus estimate by $0.68 billion.
The research-based biopharmaceutical company also reported earnings per share of $2.95, surpassing the Zacks Consensus Estimate of $2.87.
Humira sales were under the microscope after over half a dozen biosimilars entered the market this year, including offerings from Sandoz, Amgen, and Boehringer Ingelheim. Nevertheless, Humira managed to maintain favorable positions on insurance drug coverage lists, and Abbvie (NYSE:ABBV) revised its 2023 view for Humira sales erosion from 37% to 35% in July.
The company's newer immunology drugs, Skyrizi and Rinvoq, have emerged as key players in the effort to offset the anticipated drop in Humira sales. Both drugs outperformed analyst expectations, with Skyrizi generating global sales of $2.13 billion and Rinvoq raking in $1.11 billion.
As a result, Abbvie has raised its 2023 adjusted profit per share forecast to a range of $11.19 to $11.23, compared to the previous estimate of $10.86 to $11.06 made earlier this year.
Shares of Abbvie were down around 4.1% on Friday morning at $139.38.