BIG PHARMA EARNINGS WATCH: ABBVIE AND BRISTOL MYERS SQUIBB

AbbVie and Bristol Myers Squibb Report Better-Than-Expected Earnings in the Second Quarter Following Price Hikes Blockbuster Drugs

Last week, brand name pharmaceutical companies AbbVie and Bristol Myers Squibb became the latest Big Pharma giants to report second quarter earnings that exceeded Wall Street analysts’ expectations after hiking prices on blockbuster products earlier this year.

During the AbbVie call, an analyst from UBS noted that the company’s blockbuster drug, Skyrizi, had “favorable” pricing during the second quarter. A 4.1 percent price hike on Skyrizi was among AbbVie’s 17 price hikes applied to brand name prescription drugs so far in 2025.

Get the full recap of AbbVie and Bristol Myers Squibb’s strong earnings, fueled by blocking competition and hiking prices:

AbbVie

• AbbVie’s fourth quarter earnings saw better-than-expected revenue in Q2.
• The company reported revenue of $15.42 billion, versus analysts’ estimates of $15.04 billion.
• The blockbuster drug Humira brought in $1.18 billion in the second quarter.
• Skyrizi saw Q2 earnings of $4.42 billion, beating estimates of $4 billion, while Rinvoq had sales of $2.03 billion, surpassing estimates of $1.97 billion.
• The Big Pharma company lifted its full-year earnings forecast for 2025 with strong sales of immunology drugs Skyrizi and Rinvoq.

Bristol Myers Squibb

• Bristol Myers Squibb reported earnings that exceeded Wall Street analysts’ expectations.
• The company saw $12.27 billion in revenue, up from the $11.31 billion consensus. 
• Sales for cancer drug Opdivo rose seven percent to $2.56 billion.
• Bristol Myers Squibb’s growth portfolio increased 18 percent to $6.6 billion, driven by immune-oncology drugs Breyanzi, Reblozyl and Camzyos.
• The Big Pharma giant is raising its revenue guidance to $46.5 billion to $47.5 billion from prior expectations of $45.8 billion to $48.8 billion.

These strong Q2 earnings from these Big Pharma giants come after they continued to hike prices on their brand name drugs.

AbbVie

• So far in 2025, AbbVie has hiked prices on 17 prescription drugs, including Skyrizi by 4.1 percent and Rinvoq by five percent.
• AbbVie increased prices on 19 prescription drugs in 2024, including a 5.8 percent price increase on Skyrizi and five percent increase on Rinvoq.
• AbbVie hiked prices on 40 prescription drugs in January 2023, including eight percent increases each on the company’s blockbuster autoimmune drugs Skyrizi and Rinvoq.
• In 2022, AbbVie increased prices on more than 40 prescription drugs.

Bristol Myers Squibb

• Bristol Myers Squibb has hiked prices of 17 prescription drugs so far this year, including blood thinner drug Eliquis and cancer drug Opdivo by two percent.
• The Big Pharma giant kicked off 2024 by increasing prices on more than 10 prescription drugs, including a six percent increase on Eliquis.
• In 2023, the pharmaceutical giant kick started the year by raising prices on 10 prescription drugs, including blockbuster blood thinner Eliquis by six percent.
• Bristol Myers Squibb began 2022 by hiking prices on nine prescription drugs, including two key cancer drugs, Opdivo and Yervoy, as well as blockbuster blood thinner drug Eliquis.

Stay tuned as we continue to monitor second quarter earnings calls from brand name drug companies in the coming weeks.

Read more on Q2 earnings from AstraZeneca and GSK HERE.

Read more on Q2 earnings from Roche HERE.

Read more on Q2 earnings from Johnson & Johnson HERE.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.