AbbVie Inc (NYSE:ABBV) stock rose 1.08% (As on April 28, 11:38:58 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23. In immunology, AbbVie’s flagship drug Humira recorded a year-over-year sales decline of 24.3% to $3.54 billion on an operational basis. Sales in the United States declined 26.1% to $2.95 billion, while ex-U.S. market sales were down 14.8% on an operational basis to $593.0 million. The drug’s sales beat both the Zacks Consensus Estimate and our model estimates that were pegged at $3.44 billion and $3.45 billion, respectively. This substantial decline in Humira sales was due to the drug’s recent loss of exclusivity in the United States. Net revenues recorded from Skyrizi in the first quarter were $1.36 billion, up 46.3% on an operational basis year over year. This rise in sales is due to label expansions to the drug to include new patient populations in the last few quarters. Skyrizi sales missed the Zacks Consensus Estimate and the model estimates of $1.45 billion and $1.43 billion, respectively.

Moreover, during the quarter, Rinvoq registered sales of $686 million, up 51.2% year over year on an operational basis. Rinvoq’s U.S. sales rose 44.4% year over year during the quarter, while ex-U.S. sales of the drug surged 64.9%. The drug’s sales beat the Zacks Consensus Estimate of $682 million but missed out on our estimate of $699 million. Sales from the neuroscience portfolio increased 15.0% on an operational basis to $1.70 billion, driven by higher sales of Botox Therapeutic and Vraylar. The new migraine drug Qulipta also contributed to sales growth. Neuroscience sales figures beat the Zacks Consensus Estimate and our model estimate of $1.52 billion and $1.55 billion, respectively. While Botox Therapeutic sales rose 18.7% to $719 million, sales of Vraylar increased 31.3% to $561 million. Sales of AbbVie’s oral migraine drug Ubrelvy were $152 million, up 10.0% year over year.

ABBV in the first quarter of FY 23 has reported the adjusted earnings per share of $2.46, beating the analysts’ estimates for the adjusted earnings per share of $2.44, according to the Zacks Consensus Estimate. The company had reported 9.7 percent decline in the adjusted revenue to $12.23 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $12.08 billion. The downside was caused by lower sales of Humira, Imbruvica and Juvederm. This decline was partially offset by the rise in product sales of key drugs like Rinvoq, Skyrizi, Botox and Vraylar.

The company now expects 2023 adjusted EPS in the range of $10.72-$11.12, a 10-cent rise in both the upper and lower limits of the previously provided EPS guidance of $10.62-$11.02.