Q2 2024 AbbVie Inc Earnings Call Transcript
Key Points
- AbbVie Inc (ABBV) reported a 4% increase in operational sales for the first half of 2024, with mid-single-digit growth in the second quarter.
- The ex-Humira growth platform, covering over 80% of total sales, is expected to outperform initial full-year sales guidance by more than $1 billion.
- Skyrizi and Rinvoq are showing strong momentum, contributing over $4.1 billion in combined sales this quarter, reflecting 50% operational growth.
- The neuroscience segment, including Vraylar, Ubrelvy, and Qulipta, continues to gain market share and is competitively well-positioned.
- AbbVie Inc (ABBV) raised its full-year adjusted earnings per share guidance by $0.10 to between $10.71 and $10.91, reflecting strong business performance.
- Global sales of Humira fell by 28.9% due to biosimilar competition, with further erosion expected.
- The aesthetics segment experienced slower-than-expected market growth, particularly in the US and China, leading to a moderated outlook for the remainder of the year.
- The introduction of biosimilars has led to a significant impact on Humira's market share, with some patients switching to new mechanisms like Skyrizi and Rinvoq.
- The company faces economic headwinds in China, impacting sales growth for products like Juvederm.
- AbbVie Inc (ABBV) received a complete response letter from the FDA for its 951 regulatory application in the US, delaying its approval.
Good morning and thank you for standing by. Welcome to the AbbVie second quarter 2024 earnings conference call. All participants will be in a listen-only mode until the question-and-answer portion of this call. (Operator Instructions)
I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.
Good morning and thanks for joining us. Also on the call with me today are Rob Michael, Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; Scott Reents, Executive Vice President, Chief Financial Officer; and Carrie Strom, Senior Vice President, AbbVie and President, Global Allergan Aesthetics.
Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties
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