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AbbVie confident of blockbuster drug replacements, lifts profit view third time – Metro US

AbbVie confident of blockbuster drug replacements, lifts profit view third time

A sign stands outside a Abbvie facility in Cambridge
A sign stands outside a Abbvie facility in Cambridge

(Reuters) -U.S. drugmaker AbbVie Inc on Friday raised its 2021 adjusted profit forecast for the third time this year and said it expects its newer drugs to recreate the success of its blockbuster treatment Humira over the next few years.

The company has been focusing on gaining expanded approvals and driving growth for Skyrizi and Rinvoq, launched in 2019, as it prepares for competition from U.S. rivals to Humira, the world’s biggest selling medicine, in 2023.

One of the new drugs, however, has come under some pressure since the U.S. drug regulator in September asked AbbVie and some rivals to include information about the risk of serious conditions and death from use of drugs that belong to a class of treatments known as JAK inhibitors, including Rinvoq.

AbbVie executives reiterated they still expect both Skyrizi and Rinvoq to significantly contribute to AbbVie’s long-term growth.

“What we’re basically trying to accomplish with the company is build a set of assets that could ultimately significantly replace Humira in the marketplace and be superior to Humira,” said Chief Executive Richard Gonzalez.

“Regardless of what happens with Rinvoq’s label, I have a high level of confidence we can continue to do that,” said Gonzalez.

Sales from Rinvoq more than doubled to $453 million in the quarter ended Sept. 30, beating the average analyst estimate of $436.8 million, according to Refinitiv IBES estimates.

Sales from plaque psoriasis drug Skyrizi jumped 83.3% to $796 million, also above estimates of $765 million.

Total sales for AbbVie rose 11.2% to $14.34 billion, narrowly beating estimates of $14.32 billion.

AbbVie now expects full-year adjusted profit of $12.63 to $12.67 per share, compared with prior expectation of $12.52 to $12.62.

Shares of the company rose 3.4% to $113.39 in morning trade.

(Reporting by Manas Mishra and Oishee Majumdar in Bengaluru; Editing by Shinjini Ganguli)

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