AbbVie boosts profit outlook as Humira successors branch into gastroenterology market

With a new chief at the helm and higher profit projections in sight, AbbVie is entering a “new chapter," CEO Robert Michael told analysts Thursday.

During the second quarter, AbbVie reported a 29.8% plunge in global Humira sales to $2.81 billion. But, like in past quarters, the decline was buoyed by double-digit sales increases for Humira successors Skyrizi and Rinvoq.

The sales gap between Skyrizi and Humira is thinning and perhaps heading toward a near-term flip, as Skyrizi's quarterly haul came to $2.72 billion. Rinvoq, meanwhile, generated $1.4 billion during the second quarter.

While Skyrizi’s prescription share of the U.S. biologic market in psoriasis has expanded to around 30%, the company now has its eyes on the gastroenterology segment. Both Skyrizi and Rinvoq are on track to double their respective sales figures in those indications, especially considering Skyrizi’s recent ulcerative colitis (UC) nod, according the drugmaker.

In UC, early Skyrizi feedback from gastroenterologists has been “very encouraging," AbbVie Chief Commercial Officer Jeffrey Stewart said on the company’s second-quarter earnings conference call.

Rinvoq, meanwhile, has been approved to treat UC since 2022. The company is keeping an eye on the potential for cannibalization between the two meds in that indication, but, so far, the risk has not really materialized, Stewart said.

That's partly attributed to a “very sophisticated approach” by the company's sales representatives to position Skyrizi as a first-line treatment followed by Rinvoq in later lines, the CCO added, citing "tremendous data" behind the approach.

“We’re very encouraged about how we’ve approached the market in terms of execution, and I think the results are speaking for themselves,” Stewart said.

Based on the strong performance in immunology, the company adjusted its 2024 earnings-per-share forecast to a new range of $10.71 to $10.91, a boost from previous guidance of $10.61 to $10.81 per share.

Meanwhile, the company’s aesthetics portfolio saw a 6.8% downturn in sales for Juvederm fillers. The decline was attributed to “economic challenges” that have chipped Juvederm more than other areas, especially with “sustained economic headwinds” in China, head of AbbVie unit Allergan Aesthetics, Carrie Strom, said on the call.