AbbVie executives express satisfaction with the introduction of Humira biosimilars in the US, despite facing significant revenue declines for both Humira and another key drug in their portfolio.
The company now expects Humira’s sales erosion to reach 35% this year, a slight improvement from the previous estimate of 37%.
To offset the impact of growing Humira competition, AbbVie has relied on Skyrizi and Rinvoq, which delivered impressive sales gains of 50% and 55% year over year, respectively, in the second quarter, resulting in combined sales of $2.8 billion. AbbVie’s chief operating officer, Robert Michael, believes that the peak sales of these two drugs will surpass Humira’s peak of $21.23 billion.
Skyrizi also outperformed Amgen’s Otezla in a head-to-head Phase IV study, providing AbbVie with an advantageous position against its competitor. The company expects Skyrizi’s market share, currently at around 32%, to increase over time.
In the second quarter, Humira revenues slipped 25% compared with the same period last year, landing at $4 billion. On a conference call with analysts, AbbVie CEO Richard Gonzalez said the situation is playing out “as projected, and slightly better than our planning assumptions.”
“We are competing very effectively with the various biosimilar offerings,” Gonzalez said.
Despite experiencing a 4.9% decrease in second-quarter revenue sales to $13.86 billion, AbbVie raised its earnings guidance slightly after surpassing expectations for the first and second quarters of 2023. The new full-year earnings per share range is projected to be between $10.90 and $11.10, compared to the previous range of $10.57 to $10.97.
AbbVie’s hematologic oncology portfolio also faced challenges, with a substantial decline of 10.4%. This decline was largely attributed to Johnson & Johnson-partnered oncology drug Imbruvica, which reported a 20% decrease in sales to $907 million, mainly due to intense competition from BeiGene’s Brukinsa.
Regarding mergers and acquisitions, AbbVie is actively seeking assets that have the potential to revolutionize standard-of-care practices. The company is financially capable of pursuing larger assets if they offer promising returns, but growth does not hinge solely on such deals, according to AbbVie CEO Richard Gonzalez.
