AbbVie Raises Annual Profit Outlook As Newer Immunology Drugs Help Cushion Struggling Humira Sales

AbbVie Inc ABBV has reported Q3 adjusted EPS of $2.95, down 19.4% Y/Y, beating the consensus of $2.88.

Overall sales decreased 6% Y/Y (down 5.8% on an operational basis) to $13.93 billion, beating the consensus of $13.70 billion.

The immunology portfolio generated $6.78 billion in sales, down 11.3%.

Humira revenues were $3.55 billion (-36.2%), Skyrizi sales reached $2.13 billion (up 52.1%), and Rinvoq revenues were $1.11 billion (up 59.8%). 

“We delivered another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth,” said Richard Gonzalez, AbbVie’s chief executive officer.

Also Read: AbbVie’s Promising Leap Towards Long-Term Growth: Analyst.

Oncology product sales were $1.51 billion, down 8.4% (down 8.6%). Imbruvica revenues were $908 million (down 20%), and Venclexta sales increased 14.6% to $590 million.

Neuroscience revenues increased 22.1% to $2.04 billion. Botox Therapeutic sales were $748 million.

Aesthetics portfolio sales reached $1.24 billion, down 4.7% (down 4%). Global Botox Cosmetic revenues were $620 million.

Dividend: AbbVie increased the 2024 dividend by 4.7% from $1.48 to $1.55, beginning with a dividend payable in February 2024.

Guidance: AbbVie raised its FY23 adjusted EPS guidance from $10.86-$11.06 to $11.19-$11.23 versus the consensus of $11.05.

The company also raised its FY24 adjusted EPS guidance floor from $10.70 to $11.00 compared to the consensus of $11.07.

Price Action: ABBV shares are down 3.73% at $139.78 on the last check Friday.