Drugmaker AbbVie Inc's quarterly revenue beat Wall Street estimates on Thur...
- Drugmaker AbbVie Inc’s quarterly revenue beat Wall Street estimates on Thursday, as the decline in sales of its blockbuster rheumatoid arthritis drug Humira was not as steep as expected.
Humira saw sales drop for the first time in years largely due to competition from new, cheap rivals. In the first quarter, the drug brought in revenue of $4.45 billion, a fall of 5.6 percent from last year but ahead of the $4.38 billion forecast by eight analysts polled by Refinitiv. But the failure of cancer drug Rova-T, once seen as a strong contender for a new blockbuster, and setbacks to the testing of multiple myeloma drug Venclexta have pressured AbbVie shares, which are down nearly 14 percent over the past 12 months.
AbbVie has also earmarked Skyrizi, its psoriasis treatment that won U.S. approval earlier this week, as a long-term opportunity.
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