AbbVie (ABBV -1.03%) recently delivered an encouraging earnings report for the last three months of 2019. Revenue that grew 2% year over year to $8.7 billion surpassed consensus estimates by $20 million. On the bottom line, adjusted earnings grew 13% to $2.21 per share which was $0.02 more than the average Wall Street analyst had predicted.
Mixed results for Humira
International sales of Humira fell 27% year over year as a result of biosimilar competition for the extremely successful rheumatoid arthritis injection. In the U.S., where biosimilar versions have been approved by the Food and Drug Administration but still remain unaccessible, Humira sales grew 10% year over year.
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Total Humira sales fell 4% in 2019 to $19.6 billion, but the losses appear to have stabilized. During the last three months of 2019, total Humira sales were in line with the previous-year period.
Successful new drug launches
Several of the investments AbbVie has made to offset Humira sales have been so successful the company expects 8% growth in 2020 on the top and bottom lines, before factoring in the impending acquisition of Allergan (AGN).
Sales of Skyrizi, a new psoriasis injection that launched last April, reached $216 million in the fourth quarter. The company's new rheumatoid arthritis tablet, Rinvoq launched in August and fourth-quarter sales reached an impressive $33 million.
In the fourth quarter, AbbVie still leaned on Humira for 56% of total revenue but Skyrizi and Rinvoq will lower the company's reliance on the aging blockbuster much further in 2020. For the full year, AbbVie's predicting combined sales of $1.7 billion from the pair of rookies.
