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AbbVie reported a 5.6 % increase in total revenue in Q2 2024, totalling $14.5 billion. 

The pharma giant released its Q2 earnings Thursday morning and while net earnings exceeded its guidance, the company’s earnings per share (EPS) took a hit. As a result, AbbVie also announced adjustments to its full-year guidance. 

AbbVie’s U.S. net revenues were up 3.6% year-over-year, totalling $11.1 billion, while international revenues also rose 6.8% to a total of $3.4 billion. 

Despite a 29.8% decrease in sales of rheumatoid arthritis drug Humira, the company’s immunology portfolio increased 2.3% to $6.97 billion, largely due to the continued success of stalwart drugs like Skyrizi and Rinvoq.

Oncology sales were relatively flat at $1.63 billion and sales of Imbruvica decreased by 8.2%.

Although the international sales of aesthetics were down 5.4%, domestic sales rose 7.1% and contributed to global net revenues of $1.39 billion. 

The neuroscience department increased by 14.7% to a total of $2.16 billion, reporting the only loss from the Parkinson’s drug Duodopa, which experienced a 3.1% decrease to $113 million.

Eyecare was the only department that saw a decrease in sales, dropping 13.3% to $533 million. This was largely due to the decline in sales of three different products: Lumigan/Ganfort, which dropped 13.2% to $103 million; Alphagan/Combigan, which dropped 23.7% to $49 million and Restasis, which dropped 67% to $32 million. 

The company’s EPS also decreased by 32.5% to $0.77, while the adjusted diluted EPS decreased 8.9% to $2.65. The company attributed this to an unfavorable impact of $0.52 per share to acquired IPR&D and milestone expenses. 

Subsequently, AbbVie adjusted its guidance, shifting its adjusted diluted EPS outlook to a range of $10.71 to $10.91. This includes the negative impact of $0.60 from acquired R&D expenses.

“Our business continues to perform exceptionally well, with second quarter results meaningfully ahead of our expectations,” AbbVie CEO Robert A. Michael said in a statement. “Based upon the significant momentum of our ex-Humira growth platform, our continued investments in the business and our pipeline progress, we are very well positioned to deliver our top-tier long-term outlook.”

Lee Brown, global sector lead for healthcare at global research firm Third Bridge, wrote in a piece of commentary following the earnings release that AbbVie largely fended off increasing competition from biosimilars during the quarter. 

“Focusing on AbbVie’s immunology segment, Humira’s global revenue of $2.814 billion declined 30% year-over-year given formidable biosimilar competition,” Brown wrote. “AbbVie is doing an excellent job in promoting Skyrizi and Rinvoq, which increased 45% year-over-year and 56% year-over-year, respectively, as the company does its best to execute a life-cycle management strategy away from Humira.”

As it pertains to regulatory approvals this quarter AbbVie received the greenlight from the Food and Drug Administration for its fourth indication for Skyrizi. The agency also granted accelerated approval for Epkinly, AbbVie’s treatment for relapsed or refractory follicular lymphoma. 

However, the pharma giant failed to win approval for a new Parkinson’s drug after the FDA found problems at a third-party manufacturing facility. 

AbbVie currently has numerous drugs in its pipeline, including multiple antibody drug conjugates (ADC) for combatting solid tumors which the company presented at the American Society of Clinical Oncology’s annual meeting.

The drugmaker continued to make strides on the R&D front during the quarter, primarily with the $137.5 million acquisition of Landos Biopharma and the $250 million acquisition of Celsius Therapeutics.

AbbVie also announced multiple collaborations during the quarter, including a licensing agreement with FutureGen Biopharmaceutical for the development of an antibody treatment for IBD and an option-to-license agreement with Gilgamesh Pharmaceuticals to develop therapies for psychiatric disorders.