(Bloomberg) -- AbbVie Inc. boosted 2024 forecasts as strong growth in newer anti-inflammatory treatments helps offset waning sales of the company’s best-selling drug, Humira. 

Adjusted earnings for the year will be $11.05 to $11.25 a share, AbbVie said in a statement Friday, up from its earlier view of at least $11 a share. The outlook includes a 32 cents per share charge from acquisitions expected to close in the middle of 2024. 

Humira, a treatment for inflammatory diseases like arthritis, is one of the best-selling drugs of all time and generated more than a third of AbbVie’s 2022 revenue. Increasing competition from cheaper biosimilars dragged the medication’s 2023 sales down 41% over the last year to $3.3 billion in the fourth quarter. 

AbbVie is “well positioned to fully absorb Humira erosion and achieve modest operational revenue growth,” Chief Executive Officer Richard Gonzalez said in the statement. 

The drugmaker has been counting on newer biologics like Skyrizi and Rinvoq to help soften the blow. Both drugs beat Wall Street’s estimates in the fourth quarter and AbbVie lifted its combined 2027 sales outlook for the duo to $27 billion, up $6 billion from its earlier guidance. 

Another positive sign was the return to growth in the company’s aesthetics business, including Botox and Juvéderm, which just beat estimates with sales of $1.37 billion for the quarter. 

Read More: AbbVie Lifts Profit Outlook Even as Botox Sales Disappoint

Recent back-to-back deals with ImmunoGen Inc. and Cerevel Therapeutics at the end of 2023 are expected to help replenish AbbVie’s pipeline of treatments. The $10.1 billion acquisition of ImmunoGen gives AbbVie access to a highly sought-after class of cancer treatments called antibody-drug conjugates that directly target tumors while leaving surround tissue unscathed. 

The $8.7 billion purchase of Cerevel will add a wide range of early-stage and clinical neuroscience assets to AbbVie’s portfolio, including potential treatments for schizophrenia, Parkinson’s and mood disorders “that may transform standards of care across psychiatric and neurological disorders,” Abbvie said.

(corrects spelling of Juvéderm in sixth paragaph.)

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