AbbVie's Humira Sales Decline Raises Concerns for Future Growth.

AbbVie's Q1 earnings report showed a decrease in revenue for its immunology and oncology segments, which were heavily reliant on the now off-patent blockbuster drug Humira. However, the company's newer drugs Skyrizi and Rinvoq showed strong growth, with sales increasing by 45% and 48%, respectively. Despite falling short of analysts' expectations, management maintained their expectation that the drugs will combine for sales of $11 billion in 2023 and have high hopes for their future growth potential. The company also raised its 2023 EPS guidance, but shares fell ~8% following the earnings release.