All articles tagged with #skyrizi
AbbVie reported that its experimental dual-targeting therapy ABBV-466 achieved higher endoscopic remission rates than its blockbuster drug Skyrizi in a Phase 2 trial for Crohn’s disease. The combination of risankizumab and trosunilimab showed 30.2% remission at Week 12, compared to 21.3% for Skyrizi alone. The company is advancing a larger Phase 2 study to potentially fast-track Phase 3 development.
AbbVie's Q1 earnings report showed a decrease in revenue for its immunology and oncology segments, which were heavily reliant on the now off-patent blockbuster drug Humira. However, the company's newer drugs Skyrizi and Rinvoq showed strong growth, with sales increasing by 45% and 48%, respectively. Despite falling short of analysts' expectations, management maintained their expectation that the drugs will combine for sales of $11 billion in 2023 and have high hopes for their future growth potential. The company also raised its 2023 EPS guidance, but shares fell ~8% following the earnings release.
AbbVie's stock fell 8.5% after the first approved biosimilar copycat to launch in the US, Amgen's Amjevita, hammered away at Humira's legendary sales, which slumped more than 25% to $3.54bn. AbbVie's newer immunology drugs, Skyrizi and Rinvoq, missed sales forecasts, but the company still expects both drugs to contribute a combined $11bn to sales this year. AbbVie has focused on next-generation immunology treatments Skyrizi and Rinvoq to contend with Humira's downfall.
AbbVie's Q1 2023 financials showed lower than expected sales for potential replacements for its blockbuster arthritis therapy Humira, Skyrizi and Rinvoq, leading to a ~6% pre-market drop in the company's stock. Despite global Humira sales falling ~25% YoY, the company reported $12.3B revenue for the quarter, in line with expectations. AbbVie's hematologic oncology portfolio generated $1.4B in revenue with a ~14% YoY drop, while the Botox therapy acquired from its 2020 Allergan acquisition outperformed, bringing $719M and $659M for the company's neuroscience and aesthetics portfolios with ~17% YoY and ~3% YoY growth, respectively.