AbbVie’s multibillion blockbuster Humira has been the best-selling product in the industry for several years. It generated $21.2 billion in 2022 for AbbVie. While biosimilars were available in Europe, AbbVie protected Humira from biosimilar entry until 2023 in the US. However, biosimilars are available now in the US, and Evaluate forecasted Humira revenues of $13.7 billion in 2023, a drop of nearly $8 billion.
AbbVie has several plans in place to brace the impact. It is focussing on oncology, neurology, aesthetics, and immunology to have sustained growth. Within immunology, the company is betting high on Skyrizi and Rinvoq to make up the revenue losses from Humira.
Revenues of AbbVie's major products in 2022 (in $ millions)
Skyrizi is approved for psoriasis in addition to several other indications. It has generated revenues of $5.1 billion, a growth of 76% versus the previous year. The revenues from Rinvoq were $2.5 billion, a JAK inhibitor approved for rheumatoid arthritis and several other indications, including inflammatory bowel disease. AbbVie aims to generate more than $17.5 billion in 2025 from these products. Further, it aggressively aims to generate $21 billion by 2027 from Rinvoq and Skyrizi.
However, the oncology portfolio of AbbVie is facing challenges. The company’s best-selling oncology product, Imbruvica, declined in sales because of the competition. The company expects growth only from 2026 when it launches the new products; AbbVie aiming to strengthen its position within blood cancer. AbbVie plans to get approval for its DLBCL therapy epcoritamab this year and navitoclax next year.
With the acquisition of Allergan in 2020, AbbVie is pushing hard within neurology with Ubrelvy, Qulipta, and Vraylar. While the earlier two products are developed for migraine, with peak revenues of more than $1 billion, Vraylar is an antipsychotic with expected revenues greater than $5 billion. Botox Therapeutic generated revenues of $2.7 billion in 2022.
With the Allergan acquisition, AbbVie also got into the aesthetics business. The company generated over $5 billion in 2022 from Botox Cosmetic, Juvederm Collection, and other aesthetics.
AbbVie is optimistic about the growth despite Humira’s LOE and aiming to grow at a high single-digit from 2025 for the rest of the decade.