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The company said it expected adjusted profit in the range of $10.70 to $11.10 per share for the full year, compared with analysts’ average estimate of $11.65, according to Refinitiv IBES data.
Shares of the company were flat at $144.61 in choppy premarket trading.
AbbVie (NYSE:ABBV)’s weak forecast suggests that Humira rivals could nibble away at the blockbuster drug’s market share at a faster pace this year than analysts’ projections. Amgen Inc (NASDAQ:AMGN) recently launched Amjevita, the first such competition for Humira in the U.S., at a 5% and 55% discount to the drug’s monthly price of $6,922.
At least seven other Humira biosimilars are expected this summer and could debut with discounted list prices.
In the fourth quarter, Humira sales dropped 26.5% to $573 million in international markets such as Europe, where it already faces competition from multiple cheaper versions.
Overall, Humira sales rose 4.6% to $5.58 billion, in line with estimates, lifted by growth in the U.S. market.
In 2020, Abbvie sought to pre-empt the so-called “sales cliff” from Humira patent expiry through its $63-billion deal to buy Botox-maker Allergan (NYSE:AGN).
Botox sales for cosmetic applications were up 2.6% at $642 million in the last three months of 2020, beating estimates of $629 million.
The drugmaker has also been hoping that newer immunology drugs Skyrizi and Rinvoq can help replace the lost revenue from Humira.
Skyrizi sales of $1.58 billion beat estimates of $1.52 billion, while Rinvoq missed with $770 million in sales compared with expectations of $816.14 million.
Excluding items, AbbVie earned $3.60 per share in the fourth quarter, beating analysts’ average estimates of $3.56 per share.
