JHVEPhoto
Although AbbVie’s blockbuster treatment Humira (adalimumab) will see biosimilar competition this year, the company expects that Rinvoq (upadacitinib) and Skyrizi (risankizumab) will eventually see higher combined peak sales than at Humira’s peak.
Speaking at the JP Morgan Healthcare Conference, CEO Rick Gonzalez said that by 2027, Rinvoq and Skyrizi will account for more than $27B in annual revenue. By 2025, he expects the two drugs to bring in better than $17.5B (Rinvoq, $7.5B; Skyrizi, $10B).
Gonzalez also noted that the company has negotiated with payers on Humira so that 90% of patients will have access to the brand-name biologic on their formulary.
For the first half of the year, he doesn’t see a significant impact on price erosion for Humira given there will only be one biosimilar on the market. However, that will change in the second half when many more competitors become available.
Elsewhere in the company, Gonzalez said that the aesthetics business is poised for significant growth as the $14B market is underpenetrated in his opinion. He expects global aesthetics sales of greater than $9B in 2029.
Seeking Alpha contributor Out of Ignorance says that investors should consider adding AbbVie (NYSE:ABBV) shares on pullbacks.
Authore – Abhi bhardwaj
