Note: All changes are versus the prior-year period unless otherwise stated
"AbbVie delivered another strong quarter and our business continues to perform extremely well across the portfolio, with [our] new immunology assets [Skyrizi and Rinvoq] contributing more than $1 billion of combined sales in the quarter," commented CEO Richard Gonzalez. Meanwhile, he noted that the Allergan integration "continues to track exceptionally well, with both the neuroscience and aesthetics portfolios delivering double-digit sequential growth."
Gonzalez indicated that increased investment in Botox and other aesthetic products is helping boost demand. "About two-thirds of the performance, I think, is fundamental demand and maybe one-third of it is pent-up demand," the executive said.
AbbVie stated it is raising its adjusted earnings for the full-year to $12.52 to $12.62 per share, from a previous outlook of between $12.37 to $12.57 per share. Analysts are projecting earnings of $12.61 per share on sales of $55.9 billion for the year.
Mizuho analyst Vamil Divan suggested the strong quarter was mainly driven by multiple Allergan products, while sales of core AbbVie assets came in fairly close to expectations.
AbbVie suggested that the recent US accelerated approval of Biogen and Eisai's Alzheimer's disease drug Aduhelm (aducanumab) had increased interest in treatments that clear beta amyloid plaques in the brain. As such, AbbVie said that it expects to start testing a drug that works in the same way by the end of 2021 or early next year.
"I think if one looks at all the data, it's quite clear that if you can remove [beta amyloid] plaque rapidly then there will be a benefit," commented AbbVie president Michael Severino. However, the company indicated that it has halted work on ABBV-8E12, an anti-tau antibody that was in Phase II development for Alzheimer's disease.
To read more Top Story articles, click here.