2023-07-27 09:08:44 ET
Going into AbbVie's ( NYSE: ABBV ) latest quarterly results, much investor attention focused on sales of its blockbuster autoimmune conditions treatment Humira , which is now facing the first generic competition in its history. After reigning as the world's best-selling therapy for a decade, Humira sales have plunged this year.
However, the latest quarterly figures , which saw AbbVie ( ABBV ) top expectations on both the top and bottom lines, already suggested a possible stabilization in Humira (adalimumab) sales. The Q2 figure came in about 25% below the mark experienced in the same period last year. However, sales of the drug ticked up notably from Q1.
Humira sales totaled just over $4B in Q2, down sharply from nearly $5.4B last year. Compared to Q1, though, the number advanced from the $3.5B registered in the first three months of the year.
The quarter-over-quarter rebound in Humira sales was driven by the U.S., where the figure climbed to $3.45B in Q2 compared to less than $3B in Q1. (This was still below the almost $4B seen in Q2 of last year.) International sales edged down to $560M compared to $593M in Q1.
Humira, which was first approved in the U.S. in 2002, received its first direct threat in January of this year, when Amgen ( AMGN ) launched its Amjevita -- the first biosimilar to Humira to hit the market. This was just the initial shot in a fusillade of competition poised to cut into one of the pillars of ABBV's top line. Novartis' ( NVS ) Sandoz unit and Boehringer Ingelheim are among the other companies with biosimilars now on the market .
In 2021 and 2022, AbbVie's ( ABBV ) Humira revenue averaged more than $5.2B per quarter. In the face of the generic competition, that figure plunged to $3.5B in Q1 of 2023.
In the face of generic competition and loss of sales for Humira, AbbVie ( ABBV ) has been looking to growth in Skyrizi (risankizumab) and Rinvoq (upadacitinib). Both have become, respectively, the second and third best selling drugs for the company.
In Q2, Skyrizi brought in ~$1.9B worldwide, a ~50% increase from Q2 2022, while Rinvoq added $918M, a ~55% rise.
More on AbbVie:
- Seeking Alpha's Quant Rating system sees ABBV as a Hold, with concerns about valuation and growth
- Details of ABBV's earnings history
- AbbVie says Skyrizi beat Amgen’s Otezla in plaque psoriasis trial
- SA analyst has a bullish outlook for ABBV, saying the company is "dancing on Humira's grave"
For further details see:
Inside AbbVie: Signs of stabilization in Humira sales?