AbbVie Inc (NYSE:ABBV) stock rose 1.55% (As on July 26, 11:10:15 AM UTC-4, Source: Google Finance) after the company raised its annual profit forecast, thanks largely to booming sales of its newer immunology drugs, Skyrizi and Rinvoq, which outpaced Wall Street’s expectations. Skyrizi’s new indication in ulcerative colitis, combined with superior efficacy versus Johnson & Johnson’s JNJ Stelara in Crohn’s disease, is helping drive the robust operational growth of 46%. Similarly, Rinvoq’s recent superior efficacy data versus Sanofi’s SNY Dupixent in atopic dermatitis is likely helping drive its 59% operational growth. With new indications emerging for both drugs, the company expects the firm to exceed its 2027 guidance for the drugs to deliver over $27 billion in combined sales.

Moreover, Humira revenues were $2.81 billion (down 29.8%), Skyrizi sales reached $2.73 billion (up 44.8%), and Rinvoq revenues were $1.43 billion (up 55.8%). Oncology product sales were $1.63 billion, up 10.5% or 12.2% on an operational basis. Imbruvica revenues were $833 million (down 8.2%), Venclexta sales increased 11.5% to $637 million, and Elahere’s net revenues were $128 million. Neuroscience revenues reached $2.16 billion, up 14.7% on a reported basis or 15.2% on an operational basis. Botox Therapeutic sales were $814 million, up 8.7%. Aesthetics portfolio sales reached $1.39 billion, up 0.5%. Global Botox Cosmetic revenues were $729 million, up 6.4%.

ABBV in the second quarter of FY 24 has reported the adjusted earnings per share of $2.65, beating the analysts’ estimates for the adjusted earnings per share by 8 cents. The company had reported the adjusted revenue growth of 4.3 percent to $14.46 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $14.03 billion.

With limited other patent losses, the company is poised to continue to post mid-single-digit sales growth over the next three years, after which Humira’s sales contribution will likely be less than 10%. AbbVie raised its 2024 adjusted EPS guidance from $10.61-$10.81 to $10.71-$10.91 versus consensus of $10.78, which includes an unfavorable impact of $0.60/share related to acquired IPR&D and milestones expense.

Meanwhile, AbbVie announced it is discontinuing further development of the experimental Alzheimer’s drug ABBV-916 as a standalone antibody.

In addition, the company has announced that the European Commission has approved SKYRIZI (risankizumab) for the treatment of adult patients with moderately to severely active ulcerative colitis (UC) who have had an inadequate response to, lost response to, or were intolerant to conventional therapy or a biologic therapy.