(Reuters) -AbbVie raised its 2025 profit forecast on Friday after strong sales of its newer immunology drugs Skyrizi and Rinvoq helped the company beat Wall Street estimates for first-quarter earnings.
The company said its updated forecast did not reflect any trade policy shifts, including possible U.S. tariffs on the pharmaceutical sector.
AbbVie’s shares were up 2.8% in premarket trading on Friday.
The company’s stock, along with that of other major drugmakers, have plummeted over the past month due to investor concerns around a probe into the sector as U.S. President Donald Trump’s administration has sought to impose tariffs on the industry.
Earlier this week, peer Merck estimated $200 million in tariff-related costs.
According to its latest annual filing, the company has more than 600 facilities worldwide, which include a significant manufacturing presence in Ireland, where it makes its wrinkle treatment Botox.
Global sales of AbbVie’s flagship arthritis drug Humira halved from last year to $1.12 billion in the first quarter, missing estimates of $1.32 billion, according to data compiled by LSEG.
This marked the third straight quarter when Humira missed sales expectations as the drug, once the world’s biggest in terms of sales, faces competition from more than a dozen cheaper biosimilars.
AbbVie is now pushing Skyrizi and Rinvoq to counter the drop in Humira sales and has forecast the two newer drugs to generate more than $31 billion in 2027.
Skyrizi recorded sales of $3.43 billion, beating Wall Street estimates of $3.15 billion, while Rinvoq sales of $1.72 billion topped estimates of $1.59 billion.
The company expects its annual adjusted profit to be between $12.09 and $12.29 per share, compared with its previous outlook of $11.99 to $12.19.
On an adjusted basis, AbbVie earned $2.46 per share in the first quarter, compared with analysts’ average expectation of $2.38 per share.
(Reporting by Puyaan Singh and Christy Santhosh in Bengaluru; Editing by Leroy Leo)
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