AbbVie misses quarterly sales estimates as Humira rivals bite

div classBodysc17zpet90 cdBBJodivpReuters – AbbVie Inc missed Wall Street estimates for firstquarter sales on Friday, hurt by European competition for its blockbuster rheumatoid arthritis drug Humira and lowerthanexpected revenue from its newer drug Rinvoq.p

pSales of the worlds best selling drug, Humira, fell 2.7 to 4.74 billion in the first quarter, below estimates of 4.91 billion as it faces competition from cheaper biosimilar copies in Europe. Rivals for the drug are expected in the United States next year, when it loses patent protection in the country. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pAbbVie has been hoping that peak sales of its other rheumatoid arthritis drug Rinvoq and plaque psoriasis treatment Skyrizi would exceed that of Humira eventually, and the company has been working to gain expanded approvals for both drugs. p

pRinvoq sales rose 53.6 to 465 million in the quarter ended March 31, but fell below estimates of 500.6 million. However, Skyrizi sales of 940 million beat estimates by nearly 24 million. p

pLast year, AbbVie completed its 63 billion purchase of Botoxmaker Allergan, a move meant to diversify its portfolio ahead of Humiras loss of exclusivity in 2023.p

pBotox sales in cosmetic applications rose 34.4 to 641 million, breezing past estimates of 569.88 million.p

pNet revenues of 13.54 billion missed Refinitiv IBES estimates of 13.61 billion, but beat AbbVies own target of 13.50 billion. p

pAbbVie lowered its adjusted earnings per share forecast to between 13.92 and 14.12, from earlier estimates of 14.00 to 14.20, citing a hit from upfront and milestone expenses which are now included in its results based on new regulatory guidance.