AbbVie Q3 2024: Skyrizi Grows by 50.8%, Taking Over from Humira

On October 30, AbbVie announced its Q3 2024 results, reporting a net revenue of $14.460 billion for the third quarter, a year-on-year increase of 3.8%. In terms of business segments, Immunology, Oncology, Neuroscience, and Aesthetics contributed $7.046 billion (+3.9%), $1.687 billion (+11.6%), $2.363 billion (+15.6%), and $1.239 billion (-0.1%) respectively.

In the Immunology sector, the market share of Humira (adalimumab) has been impacted by the introduction of generics, with quarterly revenue declining further to $2.227 billion (-37.2%), of which the U.S. market accounted for $1.765 billion (-41.6%) and the international market $462 million (-12.4%). 

Skyrizi (risankizumab) and Rinvoq (upadacitinib) are rapidly filling the revenue gap left by Humira's patent cliff. Skyrizi’s sales in the third quarter reached $3.205 billion (+50.8%), with annual revenue expected to exceed $11 billion. Rinvoq’s sales were $1.614 billion (+45.3%), with projected annual revenue surpassing $5 billion.

In the Oncology sector, Imbruvica (ibrutinib) generated sales of $828 million (-8.8%), with $618 million from the U.S. market. Venclexta (venetoclax) showed growth similar to the first half of the year, with Q3 net revenue of $677 million (+14.8%; 18.2%). The FRα ADC drug Elahere (somatuzumab) generated $139 million.

In the Neuroscience area, AbbVie has heavily invested, with steady sales growth for schizophrenia drug Vraylar, migraine drug Ubrelvy, and Qulipta in Q3, at $875 million (+16.6%), $269 million (+15.3%), and $176 million (+33.6%) respectively. 

Additionally, AbbVie announced the successful completion of the acquisition of Cerevel, adding highly complementary assets to its existing neuroscience product portfolio. The potential next-generation antipsychotic Emraclidine is currently advancing in research for the treatment of schizophrenia; Tavapadon, a treatment for Parkinson's disease, achieved success in Phase III clinical trials announced this April; and CVL-354, used for treating Major Depressive Disorder (MDD), is expected to provide new growth points for AbbVie in the next decade.