AbbVie's Skyrizi, Rinvoq to Boost Sales Amid Biosimilar Competition: Report

AbbVie experienced a significant decline in sales for its blockbuster drug Humira last year, largely due to the introduction of generic alternatives. This development marked the first major generic competition for the drug, leading to a drop in revenue from $21.2 billion in 2022 to $14.4 billion in 2023. GlobalData analysts have projected an even steeper decline for Humira in 2024, which has already contributed to a 7% decrease in AbbVie’s overall revenue.

Despite this setback, AbbVie has two promising drugs in its pipeline: Skyrizi and Rinvoq. Both drugs received FDA approval in 2019 and have shown considerable promise in terms of sales. Skyrizi, an IL-23 inhibitor, generated $7.7 billion in revenue last year, marking a 50% increase over its 2022 performance. Meanwhile, Rinvoq, a JAK inhibitor, recorded $3.96 billion in sales in 2023, representing a 58% year-over-year growth.

GlobalData forecasts a bright future for these drugs, projecting that Skyrizi will peak at $19.7 billion in sales by 2030. Rinvoq is expected to reach $12.3 billion in revenue by the end of the decade. Together, these drugs are anticipated to generate $32 billion at their peak, significantly contributing to AbbVie’s financial recovery and growth.

With these projections, AbbVie is expected to rebound from the 2023 sales drop. GlobalData predicts that by 2030, the company will generate $75.4 billion in total revenue, a 39% increase from 2023. At that point, Skyrizi and Rinvoq will account for approximately 42% of AbbVie’s total revenue, highlighting their importance to the company’s future.

Both Skyrizi and Rinvoq are part of AbbVie’s immunology portfolio and are designed to treat major indications covered by Humira, such as psoriasis and arthritis. According to Jasper Morley, a pharma analyst at GlobalData, the 2030 drug expiries for Skyrizi and Rinvoq suggest that these drugs will not only sustain sales over a prolonged period but will also drive long-term growth. This will allow AbbVie to recover financially from Humira’s patent expiration while maintaining its strong position in the immunology therapy market.