AbbVie's Immunology Duo Skyrizi and Rinvoq Generates $4.82B in Q3, Offsetting Humira Decline

Abstract:AbbVie's Q3 2024 earnings report shows net revenue reached $14.46 billion, a year-on-year increase of 3.8%. Despite the "blockbuster drug" Humira suffering a 37.2% plunge in revenue due to generic competition, its immunology duo Skyrizi and Rinvoq combined for $4.819 billion in revenue, growing over 45% to fill the gap. This performance prompted the company to raise its full-year guidance, highlighting AbbVie’s leading position in the autoimmune field.

Dual Drugs Take the Lead: Revenue Growth Exceeds Expectations

The financial report data disclosed on October 30 confirmed AbbVie's transformation results. The immunology segment, as the core pillar, contributed $7.046 billion in revenue, a year-on-year increase of 3.9%, driven by the strong performance of Skyrizi and Rinvoq.

Among them, Skyrizi's single-quarter sales reached $3.205 billion, a year-on-year surge of 50.8%, bringing it close to the full-year target of over $11 billion. Another key drug, Rinvoq, generated revenue of $1.614 billion, a year-on-year increase of 45.3%, and is expected to exceed the $5 billion mark for the full year. Analysts at William Blair pointed out that the actual revenues of these two drugs were $185 million higher than expected, directly driving overall revenue above the market-expected $14.2 billion.

The Tide of the Medicine King Recedes: The New and Old Have Completed the Baton Pass

Humira, once monopolizing the autoimmune market, is retreating at an accelerated pace. Impacted by generic drugs following patent expiration, its Q3 revenue dropped to $2.227 billion, with the decline in the U.S. market widening to 41.6%. However, unlike the 10% drop in autoimmune business in 2023 due to Humira's decline, this sector has returned to a growth trajectory this year.

"Skyrizi and Rinvoq have completely offset the decline of Humira," CEO Rob Michael emphasized during the investor call, noting that two years after Humira lost exclusivity, the company is returning to strong growth. Data shows that the combined revenue of the two drugs has far surpassed Humira's, with AbbVie securing its dominant position above Sanofi and Johnson & Johnson, boasting $26.682 billion in autoimmune business revenue.

Behind the Growth: Opportunities and Challenges Coexist

Strong Performance Drives AbbVie to Raise Full-Year Adjusted EPS Guidance to $10.90-$10.94. The Company Accelerates Expansion, Completing 15 Deals in Five Growth Areas This Year, Including the Acquisition of Early-Stage Assets Such as Neurology Company Aliada.

But competitive pressure cannot be ignored. Sanofi's Dupixent has already risen to become the new "blockbuster drug," while Johnson & Johnson is also stepping up efforts in the IL-23 inhibitor field to catch up. In addition, policy risks such as IRA pricing negotiations and changes in the PBM model still cast a shadow over future growth. How to expand into new areas while consolidating the advantages of its two key drugs will be crucial for AbbVie to maintain its leading position.

Reference Source:https://www.biospace.com/business/abbvies-immunology-dyad-dominates-again-in-q3