AbbVie Boosts 2024 Profit Outlook with Success of Skyrizi and Rinvoq

AbbVie Inc. has raised its profit forecast for the year 2024, citing strong sales of its key drugs Skyrizi and Rinvoq. The pharmaceutical company announced the news on Tuesday, sending its shares up by 2.5% in morning trading.

Skyrizi, a treatment for psoriasis, and Rinvoq, a drug for rheumatoid arthritis, have been driving AbbVie’s growth in recent years. The company expects sales of both drugs to continue to grow as they gain approval for new indications and expand into new markets.

AbbVie now expects its earnings per share for 2024 to be between $14.50 and $15, up from its previous forecast of $14.25 to $14.75. The company also raised its revenue forecast for the year to between $58 billion and $59 billion.

“We are pleased with the strong performance of Skyrizi and Rinvoq, which have become important growth drivers for AbbVie,” said Richard A. Gonzalez, Chairman and CEO of AbbVie. “We remain confident in the potential of these drugs to deliver significant value to patients and shareholders alike.”

Analysts have been bullish on AbbVie’s prospects, with many raising their price targets for the stock following the news. The company’s shares have gained more than 20% so far this year, outperforming the broader market.

AbbVie’s strong sales of Skyrizi and Rinvoq have helped offset declines in sales of its blockbuster drug Humira, which faces increased competition from biosimilar versions. The company has been investing heavily in research and development to bring new drugs to market and diversify its product portfolio.

Overall, AbbVie’s outlook remains positive, driven by the continued success of Skyrizi and Rinvoq. Investors will be watching closely to see if the company can maintain its momentum and deliver on its raised profit forecast for 2024.