AbbVie Sees Increased Drug Sales

Drugmaker AbbVie Inc ($ABBV@US) raised its adjusted profit forecast for fiscal year 2021 on Friday on the strength of new product sales. By beating Wall Street estimates, AbbVie has proven that seeking new drug approvals and driving growth for its existing products. The company had long ridden the coattails of Humira, its blockbuster drug—which is the highest-selling medicine in the world—but it has seized the opportunity to make both Skyrizi and Rinvog as competitive as possible. AbbVie also produces a Botox treatment—offered as an anti-wrinkle injection—that is popular among cosmetic surgical practices and medical spas. Total sales for the company rose 11.2% to $14.34 billion, $20 million more than expected, while its full-year adjusted profit per share is now expected to land somewhere between $12.63 and $12.67, an increase of around 10 cents. As the news broke, AbbVie stock rose just over a percent, approaching $110 per share. Across the industry, Pfizer ($PFE@US) rose nearly half a percent as investors await its earnings report early next week, and Johnson and Johnson's ($JNJ@US) stock fell nearly half a percent in early trading.