AbbVie Reports Strong Q4 Earnings, Stock Jumps 8%

AbbVie Inc. has reported strong fourth-quarter financial results for 2024, with adjusted earnings per share of $2.16 and net revenues of $15.1 billion, exceeding market expectations. This growth is largely attributed to the impressive performance of its immunology drugs, Skyrizi and Rinvoq, which saw sales increases of 58% and 46%, respectively. As the company transitions from its declining flagship drug Humira, which experienced a 49% drop in sales, AbbVie projects combined sales for Skyrizi and Rinvoq to exceed $31 billion by 2027. The stock surged nearly 8% following the earnings report, reflecting investor confidence in AbbVie's strategic pivot towards newer treatments. CEO Robert Michael expressed optimism about the company's revenue growth trajectory, anticipating that revenues will surpass previous peaks shortly after Humira's loss of exclusivity. Overall, AbbVie is positioning itself well in the competitive biopharmaceutical landscape, emphasizing innovation and strategic diversification.