All articles tagged with #rinvoq
AbbVie stock surged after securing a patent extension for Rinvoq until April 2037, protecting its revenue from generic competition and supporting its long-term growth prospects, with the drug's sales and potential new indications expected to further boost the company's performance.
The FDA has approved Rinvoq, the first oral drug for moderate to severe Crohn’s disease, a chronic intestinal disorder. Rinvoq belongs to a class of drugs known as Janus kinase inhibitors, which moderate the body’s immune response and ease inflammation. The drug has already been approved to treat six other immune-related disorders including rheumatoid arthritis, the skin condition atopic dermatitis and ulcerative colitis. AbbVie Inc., the manufacturer of Rinvoq, is expected to rely on the drug as its leading moneymaker as the patents for its bestselling drug Humira are due to expire within a few years. However, the FDA has increased scrutiny of all Janus kinase inhibitors in recent years due to reports of serious heart-related side effects and cancer risks.
FDA has approved Rinvoq (upadacitinib) as the first oral treatment for adults with moderately to severely active Crohn’s disease who have had an inadequate response or intolerance to one or more tumor necrosis factor blockers. Rinvoq is a Janus kinase (JAK) inhibitor and should not be used in combination with other JAK inhibitors, biological therapies for Crohn’s disease, or with strong immunosuppressants such as azathioprine and cyclosporine. The most common side effects of Rinvoq are upper respiratory tract infections, anemia, fever, acne, herpes zoster, and headache.
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.
AbbVie's stock fell 8.5% after the first approved biosimilar copycat to launch in the US, Amgen's Amjevita, hammered away at Humira's legendary sales, which slumped more than 25% to $3.54bn. AbbVie's newer immunology drugs, Skyrizi and Rinvoq, missed sales forecasts, but the company still expects both drugs to contribute a combined $11bn to sales this year. AbbVie has focused on next-generation immunology treatments Skyrizi and Rinvoq to contend with Humira's downfall.
AbbVie's Q1 2023 financials showed lower than expected sales for potential replacements for its blockbuster arthritis therapy Humira, Skyrizi and Rinvoq, leading to a ~6% pre-market drop in the company's stock. Despite global Humira sales falling ~25% YoY, the company reported $12.3B revenue for the quarter, in line with expectations. AbbVie's hematologic oncology portfolio generated $1.4B in revenue with a ~14% YoY drop, while the Botox therapy acquired from its 2020 Allergan acquisition outperformed, bringing $719M and $659M for the company's neuroscience and aesthetics portfolios with ~17% YoY and ~3% YoY growth, respectively.