AbbVie, a leading biopharmaceutical company (ticker: ABBV), has increased its profit forecast for the year, buoyed by the strong performance of its newer immunology drugs.

Updated Earnings Expectations

The company now predicts adjusted earnings for 2023 to be in the range of $10.90 to $11.10 per share, up from the previous projection of $10.57 to $10.97 per share.

Overcoming Challenges

Despite facing a 25% decline in worldwide revenue for its blockbuster arthritis drug Humira in the second quarter compared to the same period last year, AbbVie remains optimistic. The first quarter also saw a similar year-over-year decline as the company grapples with patent protection loss in the U.S. and Europe.

However, the substantial growth in sales of newer immunology drugs Skyriz and Rinvoq has more than offset this setback. In the June quarter alone, Skyriz sales surged by 50% to $1.9 billion, while Rinvoq revenue increased by an impressive 55% to nearly a billion dollars. These two drugs have consistently gained momentum since 2020.

Second Quarter Performance

AbbVie's second-quarter adjusted profit stood at $2.91 per share, surpassing average analyst estimates of $2.83 per share. Additionally, the company reported revenue of nearly $14 billion, exceeding expectations of $13.5 billion.

CEO Richard Gonzalez attributes this strong performance to their non-Humira business, which achieved high single-digit sales growth in line with their long-term outlook.

Market Response

In response to this positive news, shares of AbbVie experienced a 2% increase in premarket trading on Thursday, reaching $145.

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