By Dean Seal

AbbVie posted lower revenue in the fourth quarter following a drop in sales for its blockbuster therapy Humira, but the top line still beat analyst estimates with growth from other drugs in its immunology portfolio.

The drugmaker recorded a profit of $822 million, or 46 cents a share, compared with $2.47 billion, or $1.38 a share, in the same quarter a year ago.

Adjusted earnings, which strip out one-time items, came in at $2.79 a share. Analysts surveyed by FactSet had been expecting $2.80 a share.

Revenue slid to $14.3 billion from $15.12 billion in last year's fourth quarter, above analyst forecasts for $14.02 billion, according to FactSet.

Revenue from its immune-disease therapy Humira, which is facing biosimilar competition, fell 41% to $3.3 billion, while sales of its arthritis drugs Skyrizi and Rinvoq were up 52% and 63%, respectively.

Abbvie expects to post adjusted earnings of $11.05 to $11.25 in 2024, which includes a 32 cent per-share dilutive impact from the proposed acquisitions of ImmunoGen and Cerevel Therapeutics, which are expected to close in the middle of the new year.

The North Chicago, Ill.-based company is also lifting its long-term outlook for Skyrizi and Rinvoq, saying it now expects revenue of $27 billion from the drugs in 2027 instead of $21 billion as it had previously projected.

Write to Dean Seal at

(END) Dow Jones Newswires

02-02-24 0820ET