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Investing.com - AbbVie has lifted its annual profit guidance, after solid demand for the pharmaceutical group’s Skyrizi psoriasis drug helped third-quarter sales surpass estimates.
The Illinois-based firm increased its full-year adjusted income outlook to a range of $10.61 per share to $10.65 a piece, versus a prior forecast of between $10.38 to $10.58.
In the period ended in September, net revenue climbed by 9.1% versus a year ago to $15.78 billion, driven in part by higher-than-anticipated sales of Skyrizi and blockbuster immunology treatment Rinvoq.
Adjusted earnings per share for the quarter stood at $1.86, down by $3 a year earlier but above Bloomberg consensus expectations of $1.77.
Rinvoq has been in focus for investors following AbbVie’s announcement last month that it does not expect to encounter generic rivals to the drug until 2037 -- four years longer than some analysts had previously projected.
The quarterly returns helped to offset weakness in AbbVie’s Humira, a former bestselling medication for arthritis that has faced intense competition from cheaper biosimiliars in the United States since 2023. As part of a bid to counter these headwinds, AbbVie has been pushing to build out its immunology treatments.
Rinvoq brought in revenue of $5.97 billion in 2024, equating to about half of AbbVie’s total top-line figure, while the company expects the drug and Skyrizi to rake in a combined $31 billion in 2027.
Writing in a statement, CEO Robert Michael added that AbbVie has raised its quarterly cash dividend to $1.73 per share, up from $1.64 per share, "based upon the strength of our business and its promising outlook."
Shares of AbbVie, which have surged by more than 27% so far this year and touched an all-time peak in September, were oscillating around the flatline in premarket U.S. trading on Friday.