AbbVie Shares Drop Despite Raising Annual Profit Outlook on Skyrizi Strength

Core Insights - AbbVie Inc. raised its full-year profit forecast due to strong demand for its psoriasis treatment Skyrizi, leading to third-quarter sales that exceeded expectations, although shares fell over 4% in intra-day trading [1] Financial Performance - For the quarter ending in September, AbbVie reported a net revenue increase of 9.1% year-over-year, reaching $15.78 billion, driven by strong sales of Skyrizi and Rinvoq [2] - Adjusted earnings per share for the quarter were $1.86, a decrease from $4.86 a year earlier, but above Bloomberg's consensus estimate of $1.77 [2] Product Performance - The growth in immunology products helped mitigate the decline in Humira, which has faced significant competition from lower-cost biosimilars since 2023 [3] - Rinvoq generated $5.97 billion in revenue in 2024, representing approximately half of AbbVie's total sales, with expectations that Rinvoq and Skyrizi will together contribute about $31 billion in revenue by 2027 [3]