AbbVie's Profit Forecast Soars on Humira and Newer Drugs Success

Pharmaceutical company AbbVie has raised its annual profit forecast after surpassing quarterly earnings estimates, driven by strong demand for newer drugs and a lower-than-expected decline in sales of its blockbuster arthritis drug, Humira. Despite facing competition from biosimilars, Humira has maintained favorable positions on insurance drug coverage lists. AbbVie's newer immunology drugs, Skyrizi and Rinvoq, also performed well, exceeding analyst expectations. The company reported $13.93 billion in quarterly revenue and an adjusted profit of $2.95 per share. AbbVie now expects its 2023 adjusted profit per share to be between $11.19 and $11.23.