AbbVie Reports 2023H1 Results: Humira Loses 'Blockbuster' Crown as Imbruvica Generates $1.8B in Revenue

On July 27, AbbVie announced its financial report for the first half of 2023, with a total revenue of $26.09 billion USD, a year-on-year decrease of 7.2%; R&D investment reached $4.025 billion USD, a year-on-year increase of 29.6%, accounting for 15.4% of the total revenue.

AbbVie's business mainly focuses on autoimmune diseases, hematology/oncology, medical aesthetics, neurology, and ophthalmology. Among them, the autoimmune business generated $12.4 billion in revenue in the first half of the year (-7.1%), hematology/oncology revenue was $2.894 billion (-12.2%), medical aesthetics revenue was $2.684 billion (-2.2%), neurology revenue was $3.580 billion (+13.8%), and ophthalmology revenue was $1.225 billion (-17.7%).

The autoimmune sector remains the main source of AbbVie's revenue. Humira (adalimumab), which had been crowned the "king of drugs" for many years, saw its revenue drop by 25.2% year-over-year to $7.553 billion in the first half of this year due to the entry of biosimilars into the market. Fortunately, two other products stepped up strongly: IL-23 antibody Skyrizi (risankizumab) and oral JAK1 inhibitor Rinvoq (upadacitinib). Their sales maintained rapid growth in the first half of the year, generating revenues of $3.243 billion (+48%) and $1.604 billion (+51.7%), respectively.

In the field of hematological oncology, Imbruvica (ibrutinib), a BTK inhibitor, continues to lose market share amidst competition from later entrants such as acalabrutinib and zanubrutinib. Its revenue in the first half of the year was $1.785 billion, a year-on-year decrease of 23%. Venclexta (venetoclax), currently the world’s only marketed Bcl-2 inhibitor, maintains strong growth momentum, with first-half revenue reaching $1.109 billion (+13.4%).

In the field of neurology, AbbVie covers all migraine populations with three novel migraine drugs: Botox (Botulinum Toxin Type A), Ubrelvy (ubrogepant, a CGRP receptor antagonist), and Qulipta (atogepant, a CGRP receptor antagonist), achieving respective sales of $1.467 billion (+13.5%), $348 million (+7.7%), and $162 million in the first half of the year. Vraylar (cariprazine), a versatile atypical antipsychotic, generated $1.219 billion in revenue in the first half of the year, representing a 32.7% year-over-year increase, demonstrating an outstanding market performance.

Medical aesthetics is a field where AbbVie has implemented a differentiated layout, becoming a leader in this field through the acquisition of Allergan for $63 billion in June 2019. However, it is currently showing a trend of sluggish growth or even decline. In the first half of 2023, Botox (Type A Botulinum Toxin) and Juvederm (Hyaluronic Acid) generated revenues of $1.344 billion (+0.6%) and $723 million (-4.1%), respectively, while other medical aesthetics products brought in $617 million (-5.8%).

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