(Reuters) – AbbVie Inc (ABBV.N) on Friday forecast full-year earnings well above Wall Street estimates, as the U.S. drugmaker looks to new treatments and its pending acquisition of Allergan Plc (AGN.N) to drive growth beyond 2023, when its cash cow Humira loses patent protection. FILE PHOTO: A screen displays the share price for drugmaker AbbVie on the floor of the New York Stock Exchange July 18, 2014. REUTERS/Brendan McDermid/File Photo AbbVie said it expects 2020 adjusted earnings of $9.61 to $9.71 per share, above analysts’ estimates of $9.48. Its shares rose 5.7% to $92.19, hitting their highest level in a year. The profit forecast excludes any impact from the pending $63 billion Allergan deal, which is expected to close in the current quarter. The company is eyeing expanded approvals for its new psoriasis drug Skyrizi and rheumatoid arthritis treatment Rinvoq, both of which AbbVie said have had “strong” launches. AbbVie forecast that the two drugs will bring in combined revenue of about $1.70 billion in 2020, still less than 9% of expected Humira sales, as it maintains its position as the world’s top-selling prescription medicine. Investors have long fretted about the company’s dependence on Humira. AbbVie is hoping to maintain… Read full this story
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