How Did Skyrizi and Rinvoq Sales Contribute to AbbVie's Q2 Results?

Core Insights - AbbVie has effectively managed its transition post-Humira, with strong sales from newer immunology drugs, Rinvoq and Skyrizi, mitigating the impact of Humira's erosion [1][8] Sales Performance - Skyrizi sales increased by 62% year-over-year to $4.42 billion, while Rinvoq sales rose by 41% to $2.03 billion, driven by strong volume growth and market share gains, particularly in the inflammatory bowel disease (IBD) segment [2][8] - AbbVie expects combined sales of Skyrizi and Rinvoq to exceed $25 billion in 2025, with Skyrizi's sales guidance raised to $17.1 billion and Rinvoq on track for approximately $8.2 billion [3][8] Market Position and Competition - AbbVie faces competition in the immunology space from Johnson & Johnson, which markets Stelara and Tremfya, and Eli Lilly, which has recently expanded its portfolio with the FDA approval of Omvoh for UC and CD [5][6] Valuation and Estimates - AbbVie shares are trading at a premium, with a price/earnings (P/E) ratio of 14.58, slightly above the industry average of 14.28 and higher than its five-year mean of 12.61 [10] - Bottom-line estimate movements for 2025 and 2026 have shown mixed trends over the past week, with slight revisions in estimates [12]