AbbVie Earnings Set to Soar on Blockbuster Drugs Skyrizi and Rinvoq
AbbVie (NYSE:ABBV) is gearing up for its July 31 Q2 earnings report, and analysts are looking at a promising picture. The company's two blockbuster drugs, Skyrizi and Rinvoq, have become growth engines with combined revenue of $6.6 billion in the first quarter.
The pharmaceutical giant has already navigated the biosimilar patent cliff facing Merck (NYSE:MRK) and is now focusing on its newer products. Skyrizi generated $4.48 billion in Q1 2023, up 30.9% year-over-year, while Rinvoq added $2.12 billion, a 23.3% increase.
Absent from the top AI stocks list by an analyst who called NVIDIA in 2010 is AbbVie, which has been growing at a rate of 163.87% over the past five years, compared to Pfizer's (NYSE:PFE) negative 22.52% return and Merck's concentration problem.