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AbbVie is facing pressure on its share price due to the introduction of biosimilars for its blockbuster arthritis treatment Humira in the U.S.NYSE:ABBV) is scheduled to release its Q2 2023 results before the opening bell on Thursday.
The North Chicago-based pharma giant has This year, the stock fell by 13%, a sharply lower rate than its peers. This graph shows the indicated values.
In January, Amgen (AMGN) launched its biosimilar Amjevita as the first in a wave of copycats targeted at Humira, which in 2021 became the world’s best-selling therapy for the tenth consecutive year.
After generating more than a third of its net revenue in 2022 thanks to Humira, the company’s Q1 2023 revenue fell ~10% YoY to $12.3B, as global Humira sales fell ~25% YoY to $3.5B.
Given the headwinds, Wall Street has become increasingly cautious about the company’s outlook as payor coverage for Humira copycats expands amid intense price competition.
AbbVie’s (ABBV), in the last three-month period, has seen six downward and five upward adjustments to its Q2 earnings per share 2023 estimates.
Early this month, the company set its adjusted earnings outlook for Q2 and the full year 2023 at a below-consensus level of $2.75–$2.85 and $10.57–$10.97 per share, respectively.
Its track record of earnings is impressive, with quarterly EPS exceeding Street expectations 88% of the times over the last two years.
Over the last three month, AbbVie has seen eight upward and three downward changes to its revenue forecasts for the quarter, despite the fact that it has only exceeded quarterly revenue expectations 25% of the time in the past two year.
Skyrizi and Rinvoq are the newer immunology products that the company has been relying on to boost its pipeline due to the slowdown in Humira’s sales. On Wednesday, AbbVie (ABBV) said Skyrizi outperformed Amgen’s (AMGN) blockbuster drug Otezla in a head-to-head Phase 4 trial for plaque psoriasis.