AbbVie Inc (NYSE:ABBV) stock rose 1.95% (As on Feb 3, 12:17:58 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 21. Global net revenues from the immunology portfolio were $6.746 billion, an increase of 13.2% on a reported basis, or 13.3% on an operational basis. Global net revenues from the hematologic oncology portfolio were $1.873 billion, an increase of 4.6% on a reported basis, or 4.7% on an operational basis.
ABBV in the fourth quarter of FY 21 has reported the adjusted earnings per share of $3.31, beating the analysts’ estimates for the adjusted earnings per share of $3.29. The company had reported the adjusted revenue growth of 7.4 percent to $14.89 billion in the fourth quarter of FY 21, missing the analysts’ estimates for revenue of $15.03 billion.
Meanwhile, US FDA has approved the first generic version of AbbVie Inc’s Restasis, a treatment used in increasing tear production in patients with dry-eye syndrome. The approval was granted to Viatris Inc, which was formed through the merger of generic drugmaker Mylan Pharmaceuticals and Pfizer Inc’s off-patent drug business in 2020. Restasis generated revenue of $1.29 billion for AbbVie in 2021, a 64% jump from a year earlier. The analysts are expecting the drug to bring in revenue of $655.6 million in 2022, according to Refinitiv IBES data. AbbVie confirmed prior revenue guidance of greater than $15 billion in combined Skyrizi (risankizumab) and Rinvoq (upadacitinib) risk-adjusted sales in 2025. AbbVie expects each asset to deliver risk-adjusted sales of greater than $7.5 billion in 2025. Skyrizi is part of a collaboration between Boehringer Ingelheim and AbbVie, with AbbVie leading development and commercialization globally.
In addition, AbbVie announced the FDA approved Rinvoq (15 mg, once daily) for the treatment of adults with active psoriatic arthritis (PsA) who have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers. The approval is supported by two Phase 3 clinical studies where Rinvoq showed efficacy across multiple measures of disease activity in active PsA with a safety profile consistent with that seen in rheumatoid arthritis (RA). This milestone marked the second FDA-approved indication for Rinvoq. AbbVie announced the European Commission (EC) approved Skyrizi alone or in combination with methotrexate (MTX), for the treatment of active PsA in adults who have had an inadequate response or who have been intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs).