AbbVie (NYSE: ABBV) reported revenues of $54.3 billion for 2023, reflecting a 5.9% year-on-year decline at constant currency rates, as the company grapples with the erosion of its flagship immunosuppressant, Humira (adalimumab). While the neuroscience and aesthetics segments showed resilience with revenue increases of 18.5% and 0.9%, generating $7.7 billion and $5.3 billion respectively, these gains were overshadowed by declines in immunology, oncology, and eye care, which fell by 9.2%, 9.8%, and 9.5% to $26.1 billion, $5.9 billion, and $2.4 billion, respectively.
Humira remained the top revenue driver, generating $14.4 billion despite a staggering 31.9% drop attributed to biosimilar competition, a situation described by CEO Rick González as “the largest loss of exclusivity event to date across our industry.” Other key products included immunomodulators Skyrizi (risankizumab) and Rinvoq (upadacitinib), which saw revenue increases of 50.6% and 58.4%, contributing $7.8 billion and $4.0 billion, respectively. In contrast, the tyrosine kinase inhibitor Imbruvica (ibrutinib) reported a 21.3% decline to $3.6 billion.
AbbVie’s performance was weak in both the US and international markets, with revenues declining 8.4% and 5.9% to $41.9 billion and $12.4 billion, respectively. However, during the earnings call, González expressed optimism, forecasting a return to growth this year and robust expansion by 2025.
Carrie Strom, head of aesthetics, noted that the unit’s high-single-digit year-on-year growth in China during Q4 2023 was largely due to comparisons against the impact of lockdown restrictions in late 2022. She cautioned that economic headwinds in China during mid-2023 are expected to persist, but anticipates a recovery in H2 2024 that will stabilize the aesthetics market performance.- Flcube.com
