AbbVie is "firing on all cylinders," an analyst said Friday after the pharma giant beat Wall Street's first-quarter expectations and raised its earnings outlook. But AbbVie stock tumbled.
Humira remains AbbVie's biggest moneymaker despite facing competition from biosimilars in the U.S. and abroad. Humira treats immunological conditions like arthritis and psoriasis. During the March quarter, Humira sales crashed 35.9% to $2.27 billion. But analysts expected a steeper dive to $2.2 billion to $2.24 billion, Piper Sandler analyst Christopher Raymond said in a report.
"This is despite the significant increase in U.S. biosimilar market share in April," Leerink Partners analyst David Risinger said in a client note.
Notably, newer immunology drugs Skyrizi and Rinvoq are rapidly gaining ground, and Skyrizi could soon overtake Humira as AbbVie's biggest drug. Skyrizi sales rocketed 47.6% to $2.01 billion and beat expectations for $1.93 billion. Rinvoq brought in $1.09 billion, soaring 59.3% and topping calls for $1.04 billion, Piper Sandler's Raymond said.
But on today's stock market, AbbVie stock tumbled 4.6% to 159.62.
AbbVie Stock: Earnings, Sales Beat Expectations
Overall, AbbVie brought in $12.31 billion in sales and earned $2.31 per share, minus some items. Sales inched up 0.7% on a strict, as-reported basis, and climbed 1.6% operationally.
Earnings per share fell 6.1% but topped forecasts by a nickel, according to FactSet. Earnings took an 8-cent hit due to tax charges and milestone expenses, AbbVie said in a news release.
Revenue from AbbVie's cancer treatments also topped forecasts by a collective $163 million, William Blair analyst Tim Lugo said in a report. That division generated $1.54 billion in sales, up 9%.
But aesthetic sales fell short, Piper Sandler's Raymond said. Botox as a cosmetic treatment brought in $633 million in sales and missed forecasts for $689 million. Raymond called for an even stronger $710 million. Sales of skin-tightening drug, Juvederm, lagged at $297 million.
Neuroscience sales were mixed. Botox as a therapeutic treatment for migraine, excessive sweating and other conditions came in at $748 million. Analysts broadly predicted $765 million in sales, according to Raymond. His estimate was a more conservative $710 million. But migraine drugs Ubrelvy and Qulipta beat with $203 million and $131 million revenue, respectively.
For the year, AbbVie raised its earnings outlook to $11.13 to $11.33 per share. AbbVie stock analysts forecast $11.12 earnings per share and $54.52 billion in sales.
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