AbbVie Inc. (NYSE: ABBV) has reported its financial results for the second quarter of 2024, demonstrating a solid year-on-year (YOY) growth of 5.6% in constant currency terms, reaching $14.462 billion in revenue.
The company’s long-standing blockbuster drug, Humira (adalimumab), continues to face biosimilar competition, resulting in a 28.9% YOY decline in revenues to $2.814 billion for the quarter. Despite this, AbbVie’s CEO, Robert A. Michael, expressed confidence in the company’s ability to offset the impact, stating, “The significant momentum of our ex-Humira growth platform, coupled with our continued investments and pipeline progress, positions us well to achieve our top-tier long-term goals.”
The immunology portfolio, which includes Humira, saw a modest 3.5% increase in revenues to $6.971 billion. Meanwhile, Skyrizi (risankizumab) reported net revenues of $2.727 billion, marking a 45.6% increase, and Rinvoq (upadacitinib) achieved net revenues of $1.43 billion, up 59.2%.
The oncology portfolio also showed positive growth, with sales reaching $1.634 billion, an increase of 12.2%. However, Imbruvica (ibrutinib) sales experienced a slight dip of 8.2% to $833 million.
The neuroscience portfolio recorded net revenues of $2.162 billion, up 15.2%, and the aesthetics portfolio reached $1.39 billion, reflecting a 2.8% increase.
During the earnings call, executives highlighted the challenging market conditions in China, particularly for the aesthetics segment, attributing the slowdown to overall economic conditions and a comparison with the post-COVID market boom of the previous year. AbbVie anticipates that new product launches will invigorate the China market, including the first global approval for Botox in the masseter muscle prominence indication, a milestone for the neurotoxin class.- Flcube.com
