AbbVie Surges on Strong Sales of Skyrizi and Rinvoq
AbbVie (NYSE: ABBV) is near record highs after posting four consecutive higher closes, with its recent strength fueled by positive clinical updates for Qulipta and etentamig. The stock closed at $261.77 on September 14, just 2% below its late-July 52-week high of $267.47.
The company's growth engines have taken over from Humira, which has been declining due to biosimilar competition. In the second quarter, total revenue reached $16.99 billion, up 10.2% year-over-year, driven by Skyrizi and Rinvoq sales of $5.505 billion and $2.525 billion, respectively.
Absent from these numbers is Humira, which fell 35.9% year-over-year to just $756 million in the second quarter. This marks a significant shift in AbbVie's valuation narrative, with investors focusing on the potential of Skyrizi and Rinvoq rather than how quickly Humira sales are falling.
The neuroscience segment is also contributing to AbbVie's growth, generating $3.228 billion in revenue in the second quarter, up 20.3% year-over-year. Qulipta met its primary endpoint in a study focused on menstrual-related migraine, and etentamig showed favorable results in a multiple myeloma trial.