AbbVie Gets Humira Erosion Right, But Skyrizi/Rinvoq Disappoint Investors
Humira’s US revenue declines by 26% as biosimilar adalimumab makes its debut. Follow-ons Skyrizi and Rinvoq post strong growth, but fall short of Street consensus estimates.
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While AbbVie tries to estimate which of its products might fall into CMS price negotiations, it is seeing lower-than-expected sales erosion for Humira and continued growth for Skyrizi and Rinvoq.
Investor attention is turning increasingly to new products and new areas of growth like obesity, Alzheimer’s disease and RSV as big blockbusters face increasing competitive pressure.
US FDA approval in Crohn’s disease further boosts the revenue potential for Rinvoq as AbbVie navigates a period of declining sales overall due to the introduction of US biosimilars for Humira.