AbbVie’s Q2 2024 Financial Highlights: Growth in Immunology, Oncology, and Neuroscience

In Q2 2024, AbbVie reported a robust 4.3% revenue growth, driven by strong performances in immunology and oncology, growing to $6.971 billion and $1.634 billion, respectively. Additionally, AbbVie’s neuroscience portfolio grew by 14.7%. The company adjusted its 2024 earnings forecast upwards and announced several key regulatory approvals and strategic acquisitions, reinforcing its growth trajectory and pipeline advancement.

AbbVie Posts 4.3% Revenue Growth with Strong Gains in Immunology and Oncology

AbbVie’s second-quarter 2024 financial report showed total revenue of $14.462 billion, a year-on-year increase of 4.3%. Global revenue from the immunology product portfolio reached $6.971 billion, increasing by 2.3%. Notably, Humira (adalimumab) contributed $2.814 billion, though its sales fell by 29.8%. In contrast, Skyrizi (risankizumab) and Rinvoq (upadacitinib) saw impressive growth, contributing $2.727 billion and $1.430 billion, respectively, with increases of 44.8% and 55.8%.

In the oncology treatment field, global total revenue reached $1.634 billion, up by 10.5%. Imbruvica (ibrutinib) and Venclexta (venetoclax) accounted for $833 million and $637 million, respectively. Revenue in the neuroscience field reached $2.162 billion, growing by 14.7%. Botox Therapeutic (botulinum toxin), Vraylar (cariprazine), Ubrelvy (ubrogepant), and Qulipta (atogepant) contributed $814 million, $774 million, $231 million, and $150 million, respectively.

AbbVie raised its 2024 adjusted diluted earnings per share forecast range to $10.71-$10.91 from $10.61-$10.81, signaling confidence in its future business. Chief Executive Officer Robert A. Michael expressed optimism about the company’s long-term prospects, emphasizing growth in non-Humira products and continued investments.

AbbVie Q2 2024: Regulatory Approvals, Pipeline Advancements, and Strategic Collaborations

In Q2 2024, AbbVie achieved several key milestones. The U.S. FDA approved Skyrizi (risankizumab) for adults with moderately to severely active ulcerative colitis (UC). Concurrently, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) recommended Skyrizi for similar UC indications. Both approvals were based on the INSPIRE and COMMAND Phase 3 trials. AbbVie also submitted applications for Rinvoq (upadacitinib) to the FDA and EMA for treating giant cell arteritis (GCA), supported by SELECT-GCA Phase 3 study results.

At the 2024 Digestive Disease Week (DDW) Annual Meeting, AbbVie presented 15 abstracts, including data from the SEQUENCE trial comparing Skyrizi to Stelara (ustekinumab) in Crohn’s disease and efficacy data from the INSPIRE and COMMAND studies. AbbVie completed its acquisition of Landos Biopharma, adding ABBV-113 (NX-13) to its pipeline. Additionally, AbbVie and FutureGen Biopharmaceutical announced a license agreement for FG-M701, a next-generation anti-TL1A antibody for inflammatory bowel disease (IBD).

Further, AbbVie acquired Celsius Therapeutics, gaining CEL383, a potential first-in-class anti-TREM1 antibody for IBD. The FDA approved Epkinly (epcoritamab) for relapsed or refractory follicular lymphoma (FL), and the CHMP also endorsed Tepkinly (epcoritamab) for the same condition. Both approvals were based on the EPCORE NHL-1 trial data. AbbVie reported positive topline results from the Phase 2 PICCOLO trial for Elahere (mirvetuximab soravtansine) in platinum-sensitive ovarian cancer, showing an objective response rate of 51.9%.

Additionally, AbbVie started the Phase 3 CERVINO trial to assess ABBV-383 monotherapy in relapsed or refractory multiple myeloma (MM). At the ASCO Annual Meeting, AbbVie presented new data from its antibody-drug conjugate (ADC) platform, including studies on ABBV-400, ABBV-706, Teliso-V, and Elahere. AbbVie also received a Complete Response Letter (CRL) from the FDA for ABBV-951 (foscarbidopa/foslevodopa) regarding manufacturing issues. Lastly, AbbVie and Gilgamesh Pharmaceuticals announced a collaboration to develop next-generation therapies for psychiatric disorders.

Developments and Future Outlook in Immunology, Neuroscience, and Oncology

AbbVie’s second-quarter performance highlights developments across key therapeutic areas. In immunology, the company advances new therapies while addressing challenges with established products. In neuroscience, AbbVie shows progress with treatments for neurological conditions. The oncology portfolio continues to develop with new treatments for various cancers. Looking ahead to Q3, these advancements set the stage for further progress and impact in these critical areas.

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Author

Bernice Lottering