AbbVie’s Humira takes a hit in first-quarter 2024 financial results due to competition
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Key takeaways:
- AbbVie reported a worldwide net revenue of $12.31 billion and a 0.7% increase in its first quarter.
- Global net revenues decreased by 3.9% due to competition from Humira biosimilars.
AbbVie reported a worldwide net revenue of $12.31 billion in the first quarter of 2024 despite Humira sales dropping due to biosimilar competition, according to a company press release.
AbbVie’s worldwide net revenue represented a 0.7% increase on a reported basis. However, global net revenues from the company’s immunology portfolio, which totaled $5.371 billion, decreased 3.9% due to competition from Humira (adalimumab) biosimilars.
Humira net revenues decreased by 35.9% globally, totaling $2.27 billion, and 39.9% in the U.S., totaling $1.771 billion. Internationally, Humira net revenues were $499 million, a decrease of 15.8%.
Skyrizi (risankizumab), a treatment for plaque psoriasis, psoriatic arthritis and Crohn’s disease, saw net revenues of $2.008 billion, an increase of 47.6%. Similarly, Rinvoq (upadacitinib), a treatment for moderate to severe rheumatoid arthritis, earned $1.093 billion in net revenues, an increase of 59.3%.
Global net revenues from AbbVie’s aesthetics portfolio were $1.249 billion, a decrease of 4% due to the 3.9% decrease in Botox Cosmetic (onabotulinumtoxinA) net revenues and 16.4% decrease in Juvéderm (hyaluronic acid) net revenues.
AbbVie also reported an unfavorable stock market impact of eight cents per share related to acquired in-process research and development and milestones expense landing the company’s share earnings at $2.31 per share, a 6.1% decrease.
Despite the dip in stock earnings, AbbVie’s president and chief operating officer, Robert A. Michael, MBA, remained optimistic.
“First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform,” Michael said. “Based on our strong results and significant momentum, we are raising our full-year outlook.”