AbbVie sees strong 2022 earnings as Botox, Skyrizi power profit beat

(Reuters) -AbbVie Inc forecast full-year adjusted profit above Wall Street estimates on Wednesday, as strong sales of its blockbuster anti-wrinkle injection Botox and newer psoriasis drug Skyrizi helped the company beat quarterly profit estimates.

The strong performance of two of AbbVie’s growth drivers could help allay some fears around the company’s future performance as Humira, the world’s best-selling drug, faces the loss of patent exclusivity next year in the United States, its biggest market.

Sales of Botox, which AbbVie acquired through its $63 billion purchase of Allergan, have recovered from the COVID-19 pandemic lows. The company has been focused on gaining expanded approvals for plaque psoriasis drug Skyrizi as well as Rinvoq, which treats rheumatic arthritis and eczema.

In the fourth quarter, sales of Humira, which is already facing copycat rivals in Europe, rose 3.5% to $5.33 billion, missing estimates of $5.41 billion, according to Refinitiv IBES data.

The company reported sales of $895 million for Skyrizi, which beat estimates of $867.22 million, and $626 million in Botox sales for cosmetic uses, which topped estimates of $569.78 million.

Sales of Rinvoq jumped 84.4% to $517 million.

Total revenue of $14.89 billion missed estimates of $14.97 billion.

Net earnings rose to $4.04 billion, or $2.26 per share, in the quarter ended Dec. 31, from $36 million, or $0.01 per share, a year ago. The company had recorded a $4.7 billion increase in the contingent consideration liability related to Skyrizi last year.

Excluding items, AbbVie earned $3.31 per share, beating estimates of $3.29 per share.

The company said it expects 2022 adjusted profit to be between $14.00 and $14.20 per share, compared with $12.70 per share in 2021. Analysts were expecting a profit of $13.99 per share.

Shares of the drugmaker rose 1.1% to $138.50 before the bell.

(Reporting by Manas Mishra in Bengaluru; Editing by Amy Caren Daniel)