AbbVie and AstraZeneca released their latest earnings reports Friday morning, showing revenue growth at both companies during Q2.
AbbVie reported net revenues of $14.5 billion, up 4.5% year-over-year, thanks in part to its immunology portfolio growing 17.8% during the same period. Humira continues to be a main driver for AbbVie, generating net revenues of $5.3 billion, up 5.8%.
Both Skyrizi and Rinvoq delivered significant growth, with net revenues increasing 86% and 56%, respectively. The company’s neuroscience portfolio also grew around 13%.
Despite the performance in key areas, AbbVie’s aesthetics and hematologic portfolio experienced revenue declines. Still, the drugmaker confirmed its adjusted diluted earnings per share guidance range of $13.78 to $13.98.
“We delivered another strong quarter with substantial progress for our new products and indications. Importantly, Skyrizi and Rinvoq continued their impressive ramps and are on pace to deliver approximately $7.5 billion in combined annual sales, underscoring their significant potential,” AbbVie CEO Richard A. Gonzalez said in a statement. “The momentum of our business, combined with advances across our pipeline continue to support AbbVie’s promising long-term outlook.”
In June, an industry forecast projected that AbbVie would become the largest pharma company by 2028.
Meanwhile, AstraZeneca outlined its financial results for the first half of 2022, highlighting total revenue growth of 48% due to growth across its disease areas and the addition of Alexion.
The oncology division’s total revenue increased 22% while rare diseases revenue increased 10%.
Though the company said its total revenues for 2022 from its COVID-19 vaccines is expected to be flat compared to 2021, AstraZeneca is increasing its full-year guidance. Total revenue now is expected to increase by a “low twenties percentage,” with core EPS expected to increase by a “mid-to-high twenties percentage.”
During the quarter, AstraZeneca launched its first direct-to-consumer ad campaign for Evusheld, its monoclonal antibody COVID-19 therapy. Additionally, CEO Pascal Soriot received British knighthood honors for his leadership during the pandemic.
“AstraZeneca had a strong financial first half of 2022, and great pipeline delivery. We announced practice-changing data for several medicines including Enhertu in breast cancer, Farxiga in heart failure and Ultomiris in neuromyelitis optica spectrum disorder,” Soriot said in a statement.
On the same day as the earnings report release, AstraZeneca also announced that Michel Demaré would succeed Leif Johansson as Non-Executive Chair of the Board.