AbbVie Raises Profit Forecast on Strong Immunology Drug Sales

AbbVie increased its 2024 profit forecast after reporting strong sales of immunology drugs, pushing its shares to a record high. Despite a drop in Humira sales due to biosimilar competition, new drugs Skyrizi and Rinvoq outperformed expectations. Overall, AbbVie's quarterly profits exceeded Wall Street estimates.

AbbVie boosted its 2024 profit forecast on Thursday following strong sales of its immunology drugs, leading to a record high for its shares. The revised profit expectations come after the company reported quarterly results that surpassed Wall Street projections.

The Chicago-based pharmaceutical company's shares surged up to 5.6%, reaching an all-time high of $186.11 before settling at around $183.25. Although sales of AbbVie's former top-selling arthritis drug Humira declined nearly 30% to $2.81 billion due to biosimilar competition, this figure still beat analysts' estimates of $2.76 billion.

To mitigate the impact of decreasing Humira sales, AbbVie has focused on newer immunology drugs such as Skyrizi and Rinvoq, both of which outperformed Wall Street expectations with sales of $2.73 billion and $1.43 billion, respectively. Analysts highlighted AbbVie's impressive commercial strategy and ability to navigate through the loss of exclusivity for Humira while facing pressure on its cancer drug, Imbruvica.

(With inputs from agencies.)