AbbVie leans on new treatments to forecast upbeat 2020 profit

AbbVie Inc on Friday forecast 2020 earnings above Wall Street estimates as the d...

) on Friday forecast 2020 earnings above Wall Street estimates as the drugmaker expects growth to be powered by its new treatments for psoriasis and rheumatoid arthritis at a time when sales of its blockbuster drug Humira slow.

“The launches of Skyrizi and Rinvoq are going extremely well,” Chief Executive Officer Richard Gonzalez said in a statement. “While AbbVie is seeking to shine light on its early stage pipeline, we anticipate the performance of the stock will be heavily tied to ongoing Skyrizi and Rinvoq rollouts,” said Citi analyst Andrew Baum.Humira has been boosting the company’s revenue ever since it was approved to treat psoriasis and rheumatoid arthritis. However, the drug’s sales have suffered since new competition entered Europe.

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