(Reuters) -AbbVie raised its 2025 profit forecast on Friday, after strong sales of newer immunology drugs Skyrizi and Rinvoq helped boost third-quarter results above estimates.
The North Chicago-based drugmaker has been leaning on Skyrizi and Rinvoq to offset declining sales of its once best-selling arthritis treatment Humira that began facing biosimilar competition in the U.S. in 2023.
However, shares of the company were down nearly 4% in early trading, after sales from its aesthetics products portfolio – home to popular anti-wrinkle treatment Botox – fell 3.7% from last year.
“Another weaker quarter for the Aesthetics business could raise some eyebrows … continued headwinds mount across products, including Botox and fillers,” said BMO Capital Markets analyst Evan Seigerman.
Concerns about the economy and inflation are weighing on customer spending, pulling growth in the category below the company’s previous assumptions globally, said Jeffrey Stewart, AbbVie’s chief commercial officer, on a call with analysts.
AbbVie now expects adjusted annual profit per share of between $10.61 and $10.65, compared with its previous expectations of $10.38 to $10.58.
Its quarterly sales of $15.78 billion beat analysts’ average estimate of $15.59 billion, according to data compiled by LSEG.
Global sales of AbbVie’s flagship arthritis treatment Humira came in at $993 million in the third quarter, missing estimates of $1.15 billion, and marking the first time the drug’s sales have dropped below $1 billion since it lost exclusivity.
During the quarter, Skyrizi brought in sales of $4.71 billion, surpassing estimates of $4.44 billion, while Rinvoq sales of $2.18 billion topped estimates of $2.12 billion.
“The delta between actuals and consensus are narrower than previous quarters, but both drugs managed to pull it out of the bag,” Bernstein analyst Courtney Breen said.
The drugmaker earned quarterly profit per share of $1.86, above estimates of $1.77 per share.
(Reporting by Siddhi Mahatole and Puyaan Singh in Bengaluru; Editing by Devika Syamnath)
