AbbVie Reports First-Quarter 2025 Financial Results
AbbVie (ABBV) reported strong Q1 2025 financial results with worldwide net revenues of $13.343 billion, up 8.4% on a reported basis. The company's immunology portfolio led growth with revenues of $6.264 billion (+16.6%), driven by Skyrizi ($3.425 billion, +70.5%) and Rinvoq ($1.718 billion, +57.2%). Neuroscience portfolio revenues increased 16.1% to $2.282 billion.
Q1 diluted EPS was $0.72 on a GAAP basis (-6.5%) and adjusted diluted EPS was $2.46 (+6.5%). The company raised its 2025 adjusted diluted EPS guidance from $11.99-$12.19 to $12.09-$12.29. Notable developments include FDA approval of Emblaveo for complicated intra-abdominal infections and entrance into the obesity treatment field through a partnership with Gubra.
AbbVie (ABBV) ha riportato solidi risultati finanziari nel primo trimestre 2025 con ricavi netti globali di 13,343 miliardi di dollari, in crescita dell'8,4% su base dichiarata. Il portafoglio di immunologia ha guidato la crescita con ricavi pari a 6,264 miliardi di dollari (+16,6%), trainati da Skyrizi (3,425 miliardi di dollari, +70,5%) e Rinvoq (1,718 miliardi di dollari, +57,2%). I ricavi del portafoglio neuroscienze sono aumentati del 16,1% raggiungendo 2,282 miliardi di dollari.
L'EPS diluito del primo trimestre è stato di 0,72 dollari su base GAAP (-6,5%) mentre l'EPS diluito rettificato è stato di 2,46 dollari (+6,5%). L'azienda ha rivisto al rialzo le previsioni per l'EPS diluito rettificato 2025, portandolo da 11,99-12,19 dollari a 12,09-12,29 dollari. Tra gli sviluppi più importanti si segnalano l'approvazione FDA di Emblaveo per le infezioni intra-addominali complicate e l'ingresso nel campo del trattamento dell'obesità tramite una partnership con Gubra.
AbbVie (ABBV) reportó sólidos resultados financieros para el primer trimestre de 2025 con ingresos netos mundiales de 13,343 millones de dólares, un aumento del 8.4% en términos reportados. La cartera de inmunología lideró el crecimiento con ingresos de 6,264 millones de dólares (+16.6%), impulsados por Skyrizi (3,425 millones de dólares, +70.5%) y Rinvoq (1,718 millones de dólares, +57.2%). Los ingresos de la cartera de neurociencia aumentaron un 16.1% hasta 2,282 millones de dólares.
El BPA diluido del primer trimestre fue de 0.72 dólares según GAAP (-6.5%) y el BPA diluido ajustado fue de 2.46 dólares (+6.5%). La compañía elevó su pronóstico de BPA diluido ajustado para 2025 de 11.99-12.19 dólares a 12.09-12.29 dólares. Entre los desarrollos destacados se incluye la aprobación de la FDA para Emblaveo para infecciones intraabdominales complicadas y la entrada en el campo del tratamiento de la obesidad mediante una asociación con Gubra.
AbbVie (ABBV)는 2025년 1분기 강력한 실적을 발표하며 전 세계 순매출이 133억 4,300만 달러로 전년 대비 8.4% 증가했습니다. 면역학 포트폴리오가 성장을 주도했으며 매출은 62억 6,400만 달러(+16.6%)로, Skyrizi(34억 2,500만 달러, +70.5%)와 Rinvoq(17억 1,800만 달러, +57.2%)가 견인했습니다. 신경과학 포트폴리오 매출은 22억 8,200만 달러로 16.1% 증가했습니다.
1분기 희석 주당순이익(EPS)은 GAAP 기준 0.72달러(-6.5%)였으며, 조정 희석 EPS는 2.46달러(+6.5%)였습니다. 회사는 2025년 조정 희석 EPS 가이던스를 기존 11.99~12.19달러에서 12.09~12.29달러로 상향 조정했습니다. 주요 개발 사항으로는 복잡한 복강내 감염 치료제 Emblaveo의 FDA 승인과 Gubra와의 파트너십을 통한 비만 치료 분야 진출이 포함됩니다.
AbbVie (ABBV) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un chiffre d'affaires net mondial de 13,343 milliards de dollars, en hausse de 8,4 % en données publiées. Le portefeuille immunologie a mené la croissance avec des revenus de 6,264 milliards de dollars (+16,6 %), portés par Skyrizi (3,425 milliards de dollars, +70,5 %) et Rinvoq (1,718 milliard de dollars, +57,2 %). Les revenus du portefeuille neurosciences ont augmenté de 16,1 % pour atteindre 2,282 milliards de dollars.
Le BPA dilué du premier trimestre s'est élevé à 0,72 dollar selon les normes GAAP (-6,5 %) et le BPA dilué ajusté à 2,46 dollars (+6,5 %). La société a relevé ses prévisions de BPA dilué ajusté pour 2025, passant de 11,99-12,19 dollars à 12,09-12,29 dollars. Parmi les développements notables figurent l'approbation par la FDA d'Emblaveo pour les infections intra-abdominales compliquées et l'entrée dans le domaine du traitement de l'obésité grâce à un partenariat avec Gubra.
AbbVie (ABBV) meldete starke Finanzergebnisse für das erste Quartal 2025 mit weltweiten Nettoumsätzen von 13,343 Milliarden US-Dollar, was einem Anstieg von 8,4 % auf Berichtsbasis entspricht. Das Immunologie-Portfolio trieb das Wachstum mit Umsätzen von 6,264 Milliarden US-Dollar (+16,6 %) an, getragen von Skyrizi (3,425 Milliarden US-Dollar, +70,5 %) und Rinvoq (1,718 Milliarden US-Dollar, +57,2 %). Die Umsätze des Neurowissenschafts-Portfolios stiegen um 16,1 % auf 2,282 Milliarden US-Dollar.
Das verwässerte Ergebnis je Aktie (EPS) im ersten Quartal betrug 0,72 US-Dollar auf GAAP-Basis (-6,5 %), das bereinigte verwässerte EPS lag bei 2,46 US-Dollar (+6,5 %). Das Unternehmen hob seine Prognose für das bereinigte verwässerte EPS 2025 von 11,99-12,19 US-Dollar auf 12,09-12,29 US-Dollar an. Zu den bemerkenswerten Entwicklungen zählen die FDA-Zulassung von Emblaveo für komplizierte intraabdominale Infektionen und der Einstieg in den Bereich der Adipositas-Behandlung durch eine Partnerschaft mit Gubra.
- Strong revenue growth of 8.4% to $13.343 billion
- Immunology portfolio growth of 16.6% led by Skyrizi (+70.5%) and Rinvoq (+57.2%)
- Neuroscience portfolio growth of 16.1% to $2.282 billion
- Raised full-year 2025 EPS guidance
- Expansion into obesity treatment market through Gubra partnership
- GAAP EPS decreased 6.5% to $0.72
- Humira revenues declined 50.6% to $1.121 billion
- Aesthetics portfolio declined 11.7%
- Imbruvica revenues decreased 11.9% to $738 million
Insights
Strong Q1 with 8.4% revenue growth and raised 2025 guidance, as Skyrizi and Rinvoq growth offsets Humira decline.
AbbVie delivered impressive first-quarter results with revenues of
The company's adjusted diluted EPS grew
AbbVie's portfolio transformation is successfully navigating the Humira patent cliff. While Humira revenues declined
Profitability metrics remain robust with an adjusted gross margin of
The neuroscience portfolio showed strong momentum at
The only notable weakness was in the aesthetics portfolio, which declined
AbbVie successfully transitioning beyond Humira with immunology growth drivers, strategic pipeline expansions, and entry into obesity market.
AbbVie's Q1 results demonstrate the successful execution of its post-Humira strategy. The company has established Skyrizi and Rinvoq as powerful growth drivers, with combined quarterly sales surpassing
Recent regulatory milestones strengthen AbbVie's market position. The European Commission approval of Rinvoq for giant cell arteritis marks its eighth indication in the EU, showcasing the drug's expanding therapeutic potential. Meanwhile, the FDA approval of Emblaveo as the first monobactam/β-lactamase inhibitor combination for complicated intra-abdominal infections addresses an important unmet need in serious bacterial infections.
The Elahere data presented at the Society of Gynecologic Oncology meeting reinforces its efficacy in folate receptor alpha-positive platinum-resistant ovarian cancer, showing significant improvements in both progression-free survival and overall survival compared to chemotherapy. This strengthens AbbVie's position in targeted oncology therapeutics.
Strategically significant is AbbVie's entrance into the obesity market through its Gubra partnership for GUB014295, a long-acting amylin analog. With positive Phase 1 multiple ascending dose data showing sustained weight loss, this represents AbbVie's calculated move into one of healthcare's fastest-growing therapeutic areas.
The company continues innovating in its aesthetics business despite current market headwinds, with the FDA submission for trenibotulinumtoxinE potentially creating a first-in-class neurotoxin with rapid onset (8 hours) for patients seeking more immediate results. The planned expansion of Allergan Medical Institute training centers in the US also demonstrates continued long-term investment in this business segment.
AbbVie's diversified portfolio strategy across immunology, neuroscience, oncology, aesthetics and now obesity positions it for sustained growth beyond the Humira transition period.
- Reports First-Quarter Diluted EPS of
$0.72 $2.46 $0.13
- Delivers First-Quarter Net Revenues of
$13.34 3 Billion
- First-Quarter Global Net Revenues from the Immunology Portfolio Were
$6.26 4 Billion$3.42 5 Billion$1.71 8 Billion$1.12 1
- First-Quarter Global Net Revenues from the Neuroscience Portfolio Were
$2.28 2 Billion$765 Million $866 Million $433
- First-Quarter Global Net Revenues from the Oncology Portfolio Were
$1.63 3 Billion$738 Million $665 Million $179 Million
- First-Quarter Global Net Revenues from the Aesthetics Portfolio Were
$1.10 2 Billion$556 Million $231 Million
- Raises 2025 Adjusted Diluted EPS Guidance Range from
$11.99 $12.19 $12.09 $12.29 $0.13
"AbbVie's first-quarter results were well ahead of our expectations and reflect an excellent start to the year," said Robert A. Michael, chief executive officer, AbbVie. "The fundamentals of our business are strong and we continue to bolster our outlook with pipeline advancements and strategic investments. Based on the progress we are making, AbbVie is well positioned for the long term."
First-Quarter Results
- Worldwide net revenues were
$13.34 3 billion
- Global net revenues from the immunology portfolio were
$6.26 4 billion- Global Skyrizi net revenues were
$3.42 5 billion - Global Rinvoq net revenues were
$1.71 8 billion - Global Humira net revenues were
$1.12 1 billion
- Global Skyrizi net revenues were
- Global net revenues from the neuroscience portfolio were
$2.28 2 billion- Global Vraylar net revenues were
$765 million - Global Botox Therapeutic net revenues were
$866 million - Global Ubrelvy net revenues were
$240 million - Global Qulipta net revenues were
$193 million
- Global Vraylar net revenues were
- Global net revenues from the oncology portfolio were
$1.63 3 billion- Global Imbruvica net revenues were
$738 million - Global Venclexta net revenues were
$665 million - Global Elahere net revenues were
$179 million
- Global Imbruvica net revenues were
- Global net revenues from the aesthetics portfolio were
$1.10 2 billion- Global Botox Cosmetic net revenues were
$556 million - Global Juvederm net revenues were
$231 million
- Global Botox Cosmetic net revenues were
- On a GAAP basis, gross margin in the first quarter was 70.0 percent. The adjusted gross margin was 84.1 percent.
- On a GAAP basis, selling, general and administrative (SG&A) expense was 24.7 percent of net revenues. The adjusted SG&A expense was 24.6 percent of net revenues.
- On a GAAP basis, research and development (R&D) expense was 15.5 percent of net revenues. The adjusted R&D expense was 15.4 percent of net revenues.
- Acquired IPR&D and milestones expense was 1.9 percent of net revenues.
- On a GAAP basis, operating margin in the first quarter was 28.0 percent. The adjusted operating margin was 42.3 percent.
- Net interest expense was
$627 million
- On a GAAP basis, the tax rate in the quarter was 22.4 percent. The adjusted tax rate was 14.2 percent.
- Diluted EPS in the first quarter was
$0.72 $2.46 $0.13
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
Recent Events
- AbbVie announced that its board of directors unanimously elected chief executive officer (CEO) Robert A. Michael to assume the additional position of chairman of the board of directors, effective July 1, 2025. He will succeed Richard A. Gonzalez, who formerly served as AbbVie's CEO and has been chairman since the Company's formation in 2013.
- AbbVie announced that the European Commission (EC) granted marketing authorization to Rinvoq (upadacitinib) for the treatment of giant cell arteritis (GCA) in adult patients. The approval was supported by data from the pivotal Phase 3 SELECT-GCA trial which demonstrated that Rinvoq achieved the primary endpoint of sustained remission and key secondary endpoints, including reduction in disease flares, lower cumulative steroid exposure and complete remission. This authorization marks the eighth approved indication for Rinvoq in the European Union (EU).
- At the Society of Gynecologic Oncology (SGO) Annual Meeting, AbbVie announced final data analysis from the Phase 3 MIRASOL trial evaluating the efficacy and safety of Elahere (mirvetuximab soravtansine-gynx) in women with folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer (PROC) compared to chemotherapy. At 30.5 months median follow-up, treatment with Elahere continued to show significant improvements in progression-free survival (PFS) and overall survival (OS) compared to investigator's choice (IC) chemotherapy.
- AbbVie and Xilio Therapeutics, a clinical-stage biotechnology company, announced a collaboration and option-to-license agreement that will combine AbbVie's oncology expertise with Xilio's proprietary tumor-activation technology to develop novel immunotherapies, including masked T-cell engagers, for people living with cancer.
- AbbVie announced that it submitted a Biologics License Application (BLA) to the
U.S. Food and Drug Administration (FDA) for approval of trenibotulinumtoxinE (BoNT/E) for the treatment of moderate to severe glabellar lines. TrenibotulinumtoxinE is a first-in-class botulinum neurotoxin serotype E characterized by a rapid onset of action as early as 8 hours after administration and short duration of effect of 2-3 weeks. If approved, trenibotulinumtoxinE will be the first neurotoxin of its kind available to patients.
- Allergan Aesthetics announced that the Allergan Medical Institute (AMI) will open three new state-of-the-art training centers in the
U.S. , expanding access to high-quality, tailored training for licensed aesthetics providers. The first training center is scheduled to open inIrvine, CA , with additional locations to follow inAtlanta, GA andAustin, TX.
- AbbVie and Gubra announced a license agreement to develop GUB014295 (ABBV-295), a potential best-in-class, long-acting amylin analog for the treatment of obesity. This partnership marks AbbVie's entrance into the obesity field and under the terms of the agreement, AbbVie will lead development and commercialization of GUB014295 globally. Prior to the close of the agreement, Gubra announced positive interim results from Part A of a Phase 1 multiple ascending dose (MAD) study, which showed that GUB014295 was well tolerated with body weight loss that was sustained in a manner consistent with data from a previously announced single ascending dose (SAD) study.
- AbbVie announced that the FDA approved Emblaveo (aztreonam and avibactam), as the first monobactam/β-lactamase inhibitor combination antibiotic therapy to treat complicated intra-abdominal infections, including those caused by Gram-negative bacteria. The approval of Emblaveo was supported by prior findings regarding the efficacy and safety of aztreonam for the treatment of complicated intra-abdominal infections as well as clinical trial results from the Phase 3 REVISIT study, which evaluated the efficacy, safety, and tolerability of Emblaveo for the treatment of serious infections due to Gram-negative bacteria.
Full-Year 2025 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas: immunology, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on X (formerly Twitter), Facebook, Instagram, YouTube or LinkedIn.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our first-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.
Non-GAAP Financial Results
Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts, and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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AbbVie Inc. Key Product Revenues Quarter Ended March 31, 2025 (Unaudited) | |||||||||||||||
% Change vs. 1Q24 | |||||||||||||||
Net Revenues (in millions) | Reported | Operationala | |||||||||||||
Int'l. | Total | Int'l. | Total | Int'l. | Total | ||||||||||
NET REVENUES | 10.4 % | 2.9 % | 8.4 % | 8.3 % | 9.8 % | ||||||||||
Immunology | 4,883 | 1,381 | 6,264 | 17.6 | 13.4 | 16.6 | 20.1 | 18.1 | |||||||
Skyrizi | 2,919 | 506 | 3,425 | 76.2 | 43.9 | 70.5 | 52.3 | 72.0 | |||||||
Rinvoq | 1,220 | 498 | 1,718 | 68.3 | 35.3 | 57.2 | 42.8 | 59.7 | |||||||
Humira | 744 | 377 | 1,121 | (58.0) | (24.4) | (50.6) | (19.5) | (49.5) | |||||||
Neuroscience | 1,972 | 310 | 2,282 | 15.0 | 24.0 | 16.1 | 31.0 | 17.0 | |||||||
Vraylar | 763 | 2 | 765 | 10.3 | 13.1 | 10.3 | 20.2 | 10.3 | |||||||
Botox Therapeutic | 723 | 143 | 866 | 18.2 | 4.8 | 15.8 | 11.4 | 17.0 | |||||||
Ubrelvy | 233 | 7 | 240 | 17.6 | 23.3 | 17.8 | 29.3 | 18.0 | |||||||
Qulipta | 172 | 21 | 193 | 34.2 | >100.0 | 47.6 | >100.0 | 48.3 | |||||||
Vyalev | 6 | 57 | 63 | n/m | >100.0 | >100.0 | >100.0 | >100.0 | |||||||
Duodopa | 20 | 76 | 96 | (19.4) | (16.0) | (16.7) | (11.7) | (13.3) | |||||||
Other Neuroscience | 55 | 4 | 59 | (9.5) | (1.0) | (8.9) | 6.5 | (8.4) | |||||||
Oncology | 1,027 | 606 | 1,633 | 6.0 | 5.4 | 5.8 | 10.0 | 7.5 | |||||||
Imbruvicab | 529 | 209 | 738 | (13.3) | (8.2) | (11.9) | (8.2) | (11.9) | |||||||
Venclexta | 312 | 353 | 665 | 11.0 | 6.0 | 8.3 | 13.4 | 12.3 | |||||||
Elahere | 165 | 14 | 179 | >100.0 | n/m | >100.0 | n/m | >100.0 | |||||||
Epkinlyc | 21 | 30 | 51 | 66.7 | >100.0 | 89.8 | >100.0 | 94.8 | |||||||
Aesthetics | 640 | 462 | 1,102 | (17.4) | (2.4) | (11.7) | 1.6 | (10.2) | |||||||
Botox Cosmetic | 295 | 261 | 556 | (24.3) | 6.9 | (12.3) | 11.1 | (10.7) | |||||||
Juvederm Collection | 75 | 156 | 231 | (29.0) | (18.5) | (22.2) | (15.0) | (20.0) | |||||||
Other Aesthetics | 270 | 45 | 315 | (3.5) | 18.1 | (0.9) | 23.2 | (0.3) | |||||||
Eye Care | 221 | 285 | 506 | (2.6) | (8.0) | (5.7) | (2.0) | (2.2) | |||||||
Ozurdex | 30 | 93 | 123 | (12.1) | (3.8) | (6.0) | 1.1 | (2.4) | |||||||
Lumigan/Ganfort | 48 | 58 | 106 | 69.2 | (6.8) | 17.0 | (0.5) | 21.4 | |||||||
Alphagan/Combigan | 26 | 34 | 60 | 68.5 | (21.4) | 1.9 | (15.4) | 6.3 | |||||||
Other Eye Care | 117 | 100 | 217 | (21.4) | (7.1) | (15.4) | (0.2) | (12.5) | |||||||
Other Key Products | 636 | 173 | 809 | (7.2) | (19.4) | (10.1) | (14.8) | (9.0) | |||||||
Mavyret | 142 | 164 | 306 | (0.7) | (20.4) | (12.3) | (15.8) | (9.6) | |||||||
Creon | 355 | — | 355 | 24.6 | n/m | 24.6 | n/m | 24.6 | |||||||
Linzess/Constella | 139 | 9 | 148 | (46.1) | 3.1 | (44.4) | 9.3 | (44.2) | |||||||
a | "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
b | Reflects profit sharing for Imbruvica international revenues. |
c | Epkinly |
n/m = not meaningful | |
AbbVie Inc. Consolidated Statements of Earnings (Unaudited) | ||||
(in millions, except per share data) | First Quarter Ended March 31 | |||
2025 | 2024 | |||
Net revenues | $ 13,343 | $ 12,310 | ||
Cost of products sold | 4,002 | 4,094 | ||
Selling, general and administrative | 3,293 | 3,315 | ||
Research and development | 2,067 | 1,939 | ||
Acquired IPR&D and milestones | 248 | 164 | ||
Total operating costs and expenses | 9,610 | 9,512 | ||
Operating earnings | 3,733 | 2,798 | ||
Interest expense, net | 627 | 453 | ||
Net foreign exchange loss | 4 | 4 | ||
Other expense, net | 1,441 | 586 | ||
Earnings before income tax expense | 1,661 | 1,755 | ||
Income tax expense | 372 | 383 | ||
Net earnings | 1,289 | 1,372 | ||
Net earnings attributable to noncontrolling interest | 3 | 3 | ||
Net earnings attributable to AbbVie Inc. | $ 1,286 | $ 1,369 | ||
Diluted earnings per share attributable to AbbVie Inc. | $ 0.72 | $ 0.77 | ||
Adjusted diluted earnings per sharea | $ 2.46 | $ 2.31 | ||
Weighted-average diluted shares outstanding | 1,772 | 1,773 | ||
a | Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. |
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended March 31, 2025 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 1,661 | $ 1,286 | $ 0.72 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,858 | 1,574 | 0.89 | ||
Change in fair value of contingent consideration | 1,518 | 1,477 | 0.83 | ||
Other | 62 | 33 | 0.02 | ||
As adjusted (non-GAAP) | $ 5,099 | $ 4,370 | $ 2.46 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended March 31, 2025 included acquired |
2. The impact of the specified items by line item was as follows: | |||||||
Quarter Ended March 31, 2025 | |||||||
(in millions) | Cost of | SG&A | R&D | Other | |||
As reported (GAAP) | $ 4,002 | $ 3,293 | $ 2,067 | $ 1,441 | |||
Adjusted for specified items: | |||||||
Intangible asset amortization | (1,858) | — | — | — | |||
Change in fair value of contingent consideration | — | — | — | (1,518) | |||
Other | (28) | (13) | (16) | (5) | |||
As adjusted (non-GAAP) | $ 2,116 | $ 3,280 | $ 2,051 | $ (82) | |||
3. The adjusted tax rate for the first quarter of 2025 was 14.2 percent, as detailed below: | |||||
Quarter Ended March 31, 2025 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 1,661 | $ 372 | 22.4 % | ||
Specified items | 3,438 | 354 | 10.3 % | ||
As adjusted (non-GAAP) | $ 5,099 | $ 726 | 14.2 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended March 31, 2024 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 1,755 | $ 1,369 | $ 0.77 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,891 | 1,603 | 0.90 | ||
Acquisition and integration costs | 511 | 486 | 0.27 | ||
Change in fair value of contingent consideration | 660 | 643 | 0.36 | ||
Other | 21 | 19 | 0.01 | ||
As adjusted (non-GAAP) | $ 4,838 | $ 4,120 | $ 2.31 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition. |
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended March 31, 2024 included acquired |
2. The impact of the specified items by line item was as follows: | |||||||||
Quarter Ended March 31, 2024 | |||||||||
(in millions) | Cost of | SG&A | R&D | Interest | Other | ||||
As reported (GAAP) | $ 4,094 | $ 3,315 | $ 1,939 | $ 453 | $ 586 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (1,891) | — | — | — | — | ||||
Acquisition and integration costs | (79) | (280) | (128) | (24) | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (660) | ||||
Other | (16) | (3) | — | — | (2) | ||||
As adjusted (non-GAAP) | $ 2,108 | $ 3,032 | $ 1,811 | $ 429 | $ (76) | ||||
3. The adjusted tax rate for the first quarter of 2024 was 14.8 percent, as detailed below: | |||||
Quarter Ended March 31, 2024 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 1,755 | $ 383 | 21.8 % | ||
Specified items | 3,083 | 332 | 10.8 % | ||
As adjusted (non-GAAP) | $ 4,838 | $ 715 | 14.8 % | ||
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SOURCE AbbVie
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