(Bloomberg) -- AbbVie Inc. raised its full-year profit forecast as demand for its top-selling anti-inflammatory drugs, Rinvoq and Skyrizi, exceeded expectations.
The North Chicago-based company expects full-year adjusted earnings in the range of $10.90 to $10.94 a share, up from its previous guidance that capped at $10.87, according to a statement Wednesday.
AbbVie shares were up around 1% in pre-market trading in New York. The stock has gained more than 22% this year through Tuesday’s close.
The drugmaker is leaning on medicines like Rinvoq and Skyrizi to offset declining sales of Humira, its former flagship treatment for inflammatory diseases such as arthritis. Once the world’s best-selling drug, Humira lost patent protection last year, leading to a steep decline in prescriptions as competitors, including Amgen Inc., introduced lower-cost alternatives.
Third-quarter revenue was $14.5 billion, above Wall Street’s average estimate of $14.3 billion. Adjusted earnings were $3 a share, AbbVie said, beating analysts’ average estimate of $2.91 a share.
AbbVie is raising its quarterly cash dividend 5.8% to $1.64 a share, beginning with the dividend payable in February.
Skyrizi’s sales topped $3.21 billion in the third quarter, exceeding analysts’ estimate of $3 billion, while Rinvoq generated $1.61 billion, beating the $1.55 billion average estimate. Humira’s sales of $2.23 billion missed the $2.36 billion expected by Wall Street.
The third quarter marks the first full reporting period under Chief Executive Officer Robert Michael, AbbVie’s former chief financial officer, who stepped into the CEO role on July 1. Michael is only the second CEO in AbbVie’s history, following founder Richard Gonzalez.
--With assistance from Madison Muller.
(Updates with pre-market share price.)
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