AbbVie stock surged 4.7% to close at 183.90 after the company raised its long-term outlook for immunology powerhouses Skyrizi and Rinvoq by $4 billion. The new sales projection is over $31 billion in 2027, up from previous guidance of $27 billion. However, AbbVie cut its outlook for aesthetics sales, including household name Botox.
Analysts remain optimistic about the company’s growth prospects, driven by Skyrizi and Rinvoq’s dominance in the biopharma space. William Blair analyst Matt Phipps said AbbVie has a “cleanest revenue growth story” over the next five years, with potential for pipeline readouts to drive upside.
The company generated $15.1 billion in sales across all products, beating forecasts of $14.83 billion. Skyrizi and Rinvoq accounted for $3.78 billion and $1.83 billion in sales, respectively, with revenue jumping 58% and 46% compared to the year-earlier period. The growth was driven by Skyrizi, which more than made up for a sales miss from Humira.
Oncology sales were mixed, with Imbruvica beating expectations and Venclexta lagging forecasts. Botox sales missed forecasts due to weak economic conditions, but may rebound over time. AbbVie expects to earn $12.12 to $12.32 per share this year, on an adjusted basis, with longer-term growth prospects driven by a high single-digit compound annual rate through 2029.
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Source: https://www.investors.com/news/technology/abbvie-stock-abbvie-earnings-q4-2024