AbbVie Stock Falls As Company Warns of Continued Humira Sales Slump

The Arthritis Drug Faces Rising Competition

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Published April 26, 2024

AbbVie building in Waukegan, Illinois — Jamie Kelter Davis / Bloomberg via Getty Images

Key Takeaways

AbbVie warned Friday that sales of its blockbuster arthritis drug, Humira, will continue to lose market share to biosimilars.
Revenue from Humira declined 35.9% in the first quarter, AbbVie reported.
Despite the drop in Humira sales, AbbVie beat earnings and revenue forecasts in the quarter, and raised its full-year guidance.
AbbVie shares were down nearly 5% in late trading Friday.

Shares of AbbVie (ABBV) slumped Friday as the pharmaceutical firm warned of deeper declines in sales of its block🦂buster arthritis drug, Humira, because of competition fro🌸m close copies known as biosimilars.

Once the 7games bet:world’s biggest-selling drug, Humira lost exclusivity last year, and nine biosimilars hit the U.S. market. During its first-quarter earnings call with analysts, the company said it expects current-quarter Humira sales would fall 32%. That would be on top of the 35.9% drop in the first three months of the year.

The Humira news offset AbbVie’s better-than-expected results and higher guidance. The company reported adjusted profit of $2.31 per share, with revenue up 0.7% to $12.31 billion. Both were above 7games bet:estimates.

AbbVie got a boost from psoriasis and psoriatic arthritis treatment Skyrizi, whose sales soared 47.6% to $2 billion, and rheumatoid arthritis drug Rinvoq, which had a 59.3% jump in sales to $1.09 billion.

The company raised its full-year 7games bet:earnings per share (EPS) outlook to a range𒉰 of🍸 $11.13 to $11.33 from the previous $10.97 to $11.17.

AbbVie shares were down 4.6% at $159.55 about an hour before the closing bell. They have slipped into negative territory for 2024.

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