(Reuters) -AbbVie Inc missed Wall Avenue estimates for first-quarter gross sales, damage by European competitors for its blockbuster drug Humira and decrease demand for its newer drug Rinvoq, sending shares of the corporate down 7% on Friday.
Gross sales of the rheumatoid arthritis drug, Humira, fell 2.7% to $4.74 billion within the first quarter, beneath estimates of $4.91 billion, because it faces competitors from cheaper biosimilar copies in Europe. U.S. rivals are anticipated subsequent 12 months when it loses patent safety within the nation.
“Development goes to be suppressed in 2023 and considerably in 2024. However as quickly as that stress is off, that’s once we’ll re-emerge and ship development on the opposite aspect,” mentioned Chief Government Officer Richard Gonzalez.
Gross sales of Rinvoq, one of many medicine AbbVie has been betting on to drive development submit 2023, missed estimates within the quarter because the U.S. well being regulator issued narrower tips in December.
Rinvoq introduced in gross sales of $465 million, beneath estimates of $500.6 million.
Nevertheless, plaque psoriasis drug Skyrizi introduced in gross sales of $940 million, beating estimates by practically $24 million.
Final 12 months, AbbVie accomplished its $63 billion buy of Botox-maker Allergan, a transfer to diversify its portfolio forward of Humira’s lack of exclusivity.
Botox gross sales in beauty functions rose 34.4% to $641 million, breezing previous estimates of $569.88 million.
Web revenues of $13.54 billion missed Refinitiv IBES estimates of $13.61 billion.
On the request of the U.S. Securities and Trade Fee, a number of drug firms have adjusted their forecasts to incorporate bills from milestone funds and acquisitions.
AbbVie lowered its adjusted earnings per share forecast to between $13.92 and $14.12, from earlier estimates of $14.00 to $14.20, citing the influence of these bills.
Reporting by Manas Mishra in Bengaluru; Modifying by Amy Caren Daniel and Krishna Chandra Eluri