AbbVie's Skyrizi and Rinvoq Set to Surpass Humira's Peak Sales, Driving Strong Q2 Performance

AbbVie, the global biopharmaceutical company, has reported exceptional second-quarter results, largely driven by the stellar performance of its immunology drugs Skyrizi and Rinvoq. The company's earnings have exceeded expectations, prompting a revision of its full-year guidance and showcasing a successful transition from its former blockbuster, Humira.

Skyrizi and Rinvoq: The New Powerhouse Duo

Skyrizi and Rinvoq have emerged as AbbVie's new growth engines, with combined sales reaching $6.4 billion in the second quarter. This impressive performance has led the company to project that these two drugs will surpass Humira's peak annual sales of $21 billion by the end of this year.

Skyrizi, in particular, has shown remarkable growth with quarterly sales of $4.4 billion, representing a 62.2% increase. Rinvoq followed suit with $2 billion in sales, marking a 41.8% rise. The success of these drugs is particularly evident in the gastrointestinal space, with CEO Robert Michael stating, "Skyrizi and Rinvoq are capturing one of every two Crohn's patients in the U.S."

Financial Performance and Future Outlook

AbbVie's strong performance extends beyond its immunology portfolio. The company reported earnings per share (EPS) of $2.97, surpassing the consensus estimate of $2.88 and even exceeding the upper end of its guidance range of $2.84-$2.88.

In light of these results, AbbVie has raised its full-year EPS guidance for the second time this year, adjusting it to $11.88-$12.08 from the previous $11.67-$11.87. This optimistic outlook was well-received by investors, with AbbVie's shares rising approximately 2% following the earnings call.

Expanding Horizons: Neuroscience and Strategic Acquisitions

While immunology remains a key focus, AbbVie is also making significant strides in neuroscience. The company expects to become the largest neuroscience company in the industry next year, buoyed by increasing sales of its schizophrenia drug Vraylar.

Furthermore, AbbVie is in talks to acquire mental health company Gilgamesh Pharmaceuticals for about $1 billion. This potential acquisition follows a collaboration partnership established last year, which included an upfront payment of $65 million and potential milestone payments of up to $1.95 billion.