Feb 9 (Reuters) – AbbVie Inc (ABBV.N) stated on Thursday it expects gross sales of its flagship rheumatoid arthritis drug Humira to say no 37% this yr because of competitors from cheaper biosimilars in the USA, however sees that stabilizing by the tip of 2024.
Stabilization of Humira gross sales after the preliminary erosion, coupled with robust development of its newer medication Skyrizi and Rinvoq for autoimmune issues, might present a flooring to its earnings in 2024.
The corporate expects 2024 earnings to be no decrease than $10.70 per share, matching the low finish of its 2023 adjusted revenue outlook of $10.70 to $11.10 per share.
That outlook proved reassuring to buyers involved about additional earnings declines, and AbbVie shares have been up greater than 5%, despite the fact that the 2023 revenue forecast was properly wanting Wall Road estimates of $11.65, in accordance with Refinitiv information.
Newest Updates
View 2 extra tales
Amgen Inc (AMGN.O) lately launched Amjevita, the primary biosimilar competitors for Humira in the USA. Not less than seven others are anticipated to debut this summer season.
The gross sales decline is predicted to be pushed extra by quantity erosion than worth erosion, with a lot of the decline seen within the second half, when the biosimilars hit the market, AbbVie Vice Chairman Robert Michael stated on a convention name to debate outcomes.
“Now it is a query of what is going to the amount erosion seem like?” he stated.
Within the fourth quarter, Humira gross sales dropped 26.5% to $573 million in worldwide markets resembling Europe, the place it already faces competitors from a number of cheaper variations.
Total, Humira gross sales rose 4.6% to $5.58 billion, according to estimates, lifted by development within the U.S. market.
The drugmaker has been hoping Skyrizi and Rinvoq may help substitute the misplaced income from Humira, which has been the world’s greatest promoting non-COVID prescription drug.
Skyrizi gross sales of $1.58 billion beat analysts’ estimates of $1.52 billion, whereas Rinvoq missed with $770 million in gross sales in contrast with expectations of $816.14 million.
Excluding gadgets, AbbVie earned $3.60 per share within the fourth quarter, beating analysts’ common estimates by 4 cents.
Reporting by Mariam E Sunny and Leroy Leo in Bengaluru, and Patrick Wingrove in New York; Modifying by Sriraj Kalluvila and Invoice Berkrot
: .
