Before the market opened on Friday, the firm disclosed its first-quarter earnings and while most of the figures were favourable, there were a few tendencies that investors may have been concerned about. The good news is that sales amounted to $13.54 billion, up 4.1% year over year and profits per share (EPS) were $2.51, up from $1.99 in the same quarter last year. Due to competition from newer medicines, ABBV reported reduced sales of its cancer medication Imbruvica and immunology mainstay Humira. To reflect expenditures from different acquisitions, research and development partnerships, licensing arrangements and milestone payments, the business cut its annual EPS projection from $14 to $14.20 to $13.92 to $14.12.
With $4.7 billion in revenue, Humira remained the company’s top seller, although sales were down 2% year over year. This comes as no surprise given that the medicine is already up against competition with biosimilar in Europe. Imbruvica’s income decline was a different story. The drug’s sales fell 7.4% to $1.1 billion, according to ABBV. However, in the long run, the pharmaceutical company’s aesthetics and neuroscience brands, as well as revenues from Skyrizi, Rinvoq and Venclexta continue to improve. Aesthetics brought in $1.374 billion in income, up 20.5% from the same time the previous year, while neurology brought in $1.488 billion, up 19.2%.
Skyrizi and Rinvoq are both immunology medications that have shown that they can readily compensate for Humira’s lost revenues. Skyrizi generated $940 million in revenue in the quarter, up 63.7% year over year, while Rinvoq generated $465 million, up 53.6% year over year, after receiving a label expansion from the FDA to treat adults with ulcerative colitis who have had a poor response to one or more tumour necrosis factor blockers. Venclexta, a blood cancer medication, brought in $473 million in sales, rising 16.9% year over year.
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