AbbVie Pummeled After Delivering A Fourth-Quarter Beat — On The Back Of Humira

 Investors pummeled AbbVie (ABBV) stock Wednesday after the company delivered a fourth-quarter sales beat that came largely on the back of still-declining Humira sales.

Once key to AbbVie's top line, Humira sales have now spent years under biosimilar pressure, forcing AbbVie to turn to its other immunology drugs for renewed growth. But Humira sales beat expectations by 29%, or $282 million, "contributing the vast majority of revenue upside," Leerink Partners analyst David Risinger said in a report.

That's not a good look considering Rinvoq sales came in light and Skyrizi just barely beat forecasts.

"We expect a negative stock reaction for ABBV upon market open despite the slight beat that was unusually driven by a large beat in US Humira, while the usual AbbVie 'beaters' and growth drivers reported marginally lower (Rinvoq) to slightly better (Skyrizi) revenues," BNP Paribas analyst Navann Ty said in a client note.

AbbVie stock slumped more than 6% to 210.85 in morning trading. Shares undercut the lower boundary of a flat base with a buy point at 244.81, according to MarketSurge.

Abbvie Stock: Sales Worries

In total, AbbVie reported adjusted earnings of $2.71 a share and $16.62 billion in sales. Both topped analysts' forecast for $2.65 and $16.41 billion, respectively. Earnings grew more than 25% as sales rose 10%. Operationally, sales climbed 9.5%.

Skyrizi sales ramped more than 18% to $5.01 billion, beating expectations for $4.88 billion. But, while Rinvoq sales rocketed 29.5% to $2.37 billion, they completely missed forecasts for $2.39 billion, according to FactSet. Humira helped offset that, bringing in $1.25 billion vs. analysts' call for $1.03 billion. But Humira sales continued their downfall, sliding 26%.

Beyond the immunology drugs, neuroscience performed in line with expectations. Botox, which can be used to treat migraines and excessive sweating, grew 13% year over year. Sales of Vraylar, an antipsychotic, increased 11%, William Blair analyst Matt Phipps said in a report.

On the aesthetics side, Botox Cosmetic and Juvederm sales were in line with forecasts. But revenue from Juvederm, a skin filler, continued to decline, falling 11% year over year. Botox Cosmetic edged up 4%.

Solid Earnings

BNP's Ty reiterated a neutral rating on AbbVie stock "given the oncology & immunology pipeline catalysts in 2026E, offset by the slower Aesthetics recovery and impact of the IRA, as well as a fair valuation." Under the IRA, or the Inflation Reduction Act, Medicare can negotiate the prices of a bucket of high-priced drugs every year. AbbVie's Botox and Botox Cosmetic are both on the list this year.

Leerink's Risinger noted AbbVie is running two final-phase tests for Rinvoq and another drug called lutikizumab in hidradenitis suppurativa. Hidradenitis suppurativa, or HS, is a skin condition. The company is also testing Skyrizi in Crohn's disease.

He rates AbbVie stock an outperform.

For the year, AbbVie guided to adjusted earnings of $14.37 to $14.57 per share. The lower end of the guidance beat expectations by 10 cents per share, William Blair's Phipps said.

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