AbbVie’s Skyrizi and Rinvoq Continue to Offset Humira Decline

AbbVie

AbbVie (NYSE: ABBV) is banking on its immunology drugs, Skyrizi and Rinvoq, to counterbalance the sharp decline in sales of Humira, its former blockbuster treatment. The drugmaker’s top-selling asset lost market exclusivity in January 2023, leading to a -32% year-on-year drop in Humira revenue and contributing to a -6% decline in AbbVie’s total revenue for the year.

Skyrizi, an IL-23 inhibitor, was first approved by the U.S. Food and Drug Administration (FDA) in April 2019 for moderate to severe plaque psoriasis and has since gained approvals for psoriatic arthritis, Crohn’s disease, and ulcerative colitis. The drug has rapidly emerged as a key growth driver, with 2024 sales projected to reach $11.5 billion, overtaking Humira’s expected $9.3 billion. Analysts forecast Skyrizi’s global revenue to peak at $25.5 billion by 2032.

Rinvoq, a selective Janus kinase (JAK) inhibitor, has also expanded its label significantly since its initial FDA approval for rheumatoid arthritis in 2019. It now covers a broad range of conditions, including psoriatic arthritis, atopic dermatitis, ulcerative colitis, and Crohn’s disease. Rinvoq generated $4.0 billion in sales in 2023, with consensus estimates pointing to $5.8 billion in 2024 and a potential peak of $14 billion by 2032.

AbbVie will report its fourth-quarter 2024 earnings on Friday, January 31, 2025. Total revenue for the pharmaceutical company is expected to recover growing +3% in 2024, to $56 billion.