AbbVie Reports Full-Year and Fourth-Quarter 2024 Financial Results
AbbVie (ABBV) reported full-year 2024 financial results with net revenues of $56.334 billion, up 3.7% on a reported basis. The company's diluted EPS was $2.39 (GAAP), down 12.1%, while adjusted EPS was $10.12, down 8.9%.
Key portfolio performance includes: Immunology revenues of $26.682 billion (+2.1%), with Skyrizi reaching $11.718 billion and Rinvoq $5.971 billion; Oncology revenues of $6.555 billion (+10.8%); Neuroscience portfolio at $8.999 billion (+16.6%); and Aesthetics portfolio at $5.176 billion (-2.2%).
Looking ahead, AbbVie provided 2025 adjusted EPS guidance of $12.12-$12.32 and raised its 2027 combined sales outlook for Skyrizi and Rinvoq to over $31 billion. The company expects high single-digit compound annual revenue growth through 2029.
AbbVie (ABBV) ha riportato i risultati finanziari per l'intero anno 2024 con ricavi netti di $56.334 miliardi, in aumento del 3,7% su base riportata. L'EPS diluito dell'azienda era di $2,39 (GAAP), in calo del 12,1%, mentre l'EPS rettificato era di $10,12, in calo dell'8,9%.
Le prestazioni chiave del portafoglio includono: ricavi dell'Immunologia pari a $26,682 miliardi (+2,1%), con Skyrizi che raggiunge $11,718 miliardi e Rinvoq $5,971 miliardi; ricavi dell'Oncologia di $6,555 miliardi (+10,8%); portafoglio delle Neuroscienze a $8,999 miliardi (+16,6%); e portafoglio Aesthetics a $5,176 miliardi (-2,2%).
Guardando al futuro, AbbVie ha fornito una guida EPS rettificata per il 2025 di $12,12-$12,32 e ha innalzato le sue previsioni di vendite combinate per Skyrizi e Rinvoq a oltre $31 miliardi per il 2027. L'azienda prevede una crescita annuale composta dei ricavi a due cifre alta fino al 2029.
AbbVie (ABBV) reportó los resultados financieros de todo el año 2024 con ingresos netos de $56.334 millones, un aumento del 3.7% en una base reportada. El EPS diluido de la empresa fue de $2.39 (GAAP), una disminución del 12.1%, mientras que el EPS ajustado fue de $10.12, una baja del 8.9%.
El rendimiento clave de la cartera incluye: ingresos de Inmunología de $26.682 millones (+2.1%), con Skyrizi alcanzando $11.718 millones y Rinvoq $5.971 millones; ingresos de Oncología de $6.555 millones (+10.8%); cartera de Neurociencia en $8.999 millones (+16.6%); y cartera de Estética en $5.176 millones (-2.2%).
Mirando hacia adelante, AbbVie proporcionó una guía de EPS ajustado para 2025 de $12.12-$12.32 y elevó su perspectiva de ventas combinadas para Skyrizi y Rinvoq a más de $31 mil millones para 2027. La empresa espera un crecimiento anual de ingresos de dígitos altos hasta 2029.
AbbVie (ABBV)는 2024년 전체 연도 재무 결과를 발표했으며, 순매출은 563억 3천400만 달러로, 보고 기준으로 3.7% 증가했습니다. 회사의 희석 EPS는 2.39달러(GAAP)로 12.1% 감소했으며, 조정 EPS는 10.12달러로 8.9% 감소했습니다.
주요 포트폴리오 성과는 다음과 같습니다: 면역학 수익 266억 8천200만 달러(+2.1%)로, 스카이리지(Skyrizi)가 117억 1천800만 달러에, 린voq(Rinvoq)가 59억 7천100만 달러에 달했습니다; 종양학 수익 65억 5천500만 달러(+10.8%); 신경과학 포트폴리오가 89억 9천900만 달러(+16.6%); 미용 포트폴리오가 51억 7천600만 달러(-2.2%)입니다.
앞으로 AbbVie는 2025년 조정 EPS 가이던스를 12.12-12.32달러로 제공했으며, 2027년 스카이리지(Skyrizi)와 린voq(Rinvoq)의 총 판매 전망을 310억 달러 이상으로 상향 조정했습니다. 회사는 2029년까지 높은 싱글 디지털 복합 연간 수익 성장을 예상하고 있습니다.
AbbVie (ABBV) a publié ses résultats financiers pour l'année complète 2024, avec des revenus nets de 56,334 milliards de dollars, en hausse de 3,7 % sur une base reportée. Le BPA dilué de la société était de 2,39 $ (GAAP), en baisse de 12,1 %, tandis que le BPA ajusté était de 10,12 $, en baisse de 8,9 %.
Les performances clés du portefeuille comprennent : les revenus de l'Immunologie de 26,682 milliards de dollars (+2,1 %), Skyrizi atteignant 11,718 milliards de dollars et Rinvoq 5,971 milliards de dollars ; les revenus de l'Oncologie de 6,555 milliards de dollars (+10,8 %) ; le portefeuille des Neurosciences à 8,999 milliards de dollars (+16,6 %) ; et le portefeuille des Esthétiques à 5,176 milliards de dollars (-2,2 %).
En regardant vers l'avenir, AbbVie a fourni une prévision de BPA ajusté pour 2025 de 12,12 à 12,32 $ et a augmenté sa perspective de ventes combinées pour Skyrizi et Rinvoq à plus de 31 milliards de dollars d'ici 2027. La société prévoit une croissance des revenus annuels à un chiffre élevé d'ici 2029.
AbbVie (ABBV) hat die Finanzzahlen für das Gesamtjahr 2024 veröffentlicht und meldet Nettoumsätze von 56,334 Milliarden Dollar, was einem Anstieg von 3,7 % auf Berichtsbasis entspricht. Der verwässerte EPS des Unternehmens betrug 2,39 $ (GAAP), ein Rückgang von 12,1 %, während der bereinigte EPS bei 10,12 $ lag, was einem Rückgang von 8,9 % entspricht.
Die wichtigsten Portfolioleistungen umfassen: Immunologie Umsätze von 26,682 Milliarden Dollar (+2,1 %), wobei Skyrizi 11,718 Milliarden Dollar und Rinvoq 5,971 Milliarden Dollar erreichten; Onkologie Umsätze von 6,555 Milliarden Dollar (+10,8 %); Neuroscience Portfolio bei 8,999 Milliarden Dollar (+16,6 %); und Ästhetik Portfolio bei 5,176 Milliarden Dollar (-2,2 %).
Für die Zukunft gab AbbVie eine bereinigte EPS-Prognose von 12,12 bis 12,32 Dollar für 2025 ab und erhöhte die kombinierte Umsatzprognose für Skyrizi und Rinvoq für 2027 auf über 31 Milliarden Dollar. Das Unternehmen rechnet bis 2029 mit einem Wachstum des Jahresumsatzes im hohen einstelligen Bereich.
- Net revenues increased 3.7% to $56.334 billion in 2024
- Skyrizi revenue reached $11.718 billion
- Neuroscience portfolio grew 16.6% to $8.999 billion
- Oncology portfolio increased 10.8% to $6.555 billion
- Raised 2027 sales outlook for Skyrizi and Rinvoq to over $31 billion
- Projects high single-digit revenue growth through 2029
- GAAP diluted EPS decreased 12.1% to $2.39
- Adjusted diluted EPS declined 8.9% to $10.12
- Aesthetics portfolio revenue decreased 2.2% to $5.176 billion
- $3.5 billion after-tax intangible asset impairment charge for emraclidine
- Phase 2 EMPOWER trials for emraclidine failed to meet primary endpoint
Insights
AbbVie's FY2024 results reveal a compelling growth story amid the challenging Humira patent cliff transition. The 3.7% revenue growth to
- Immunology franchise transformation is exceeding expectations: Skyrizi (
$11.718B ) and Rinvoq ($5.971B ) are effectively offsetting Humira's decline, with their combined 2027 revenue target raised by$4B to$31B - Neuroscience portfolio showed remarkable 16.6% growth, with Vraylar and Botox Therapeutic emerging as billion-dollar franchises
- Strategic acquisitions (Nimble, Aliada) and collaborations strengthen the R&D pipeline, particularly in oncology and neuroscience
The operational performance is particularly noteworthy, with Q4 adjusted operating margin at 34.7% despite increased R&D investments. While the
AbbVie's market performance reveals sophisticated portfolio management and strong competitive positioning across therapeutic areas. The immunology franchise transformation is particularly noteworthy:
- Skyrizi's 57.7% growth indicates exceptional market penetration in psoriasis and other indications, likely capturing significant market share from competitors
- Rinvoq's 46.2% growth demonstrates successful expansion across multiple immune-mediated conditions
- The neuroscience portfolio's 19.8% growth reflects strong market adoption, particularly in migraine (Ubrelvy/Qulipta) and therapeutic toxin markets
The aesthetics portfolio's temporary softness (-2.2%) likely reflects current market dynamics rather than competitive losses, with the projected high single-digit growth from 2025 suggesting anticipated market recovery. The strategic focus on novel modalities through recent acquisitions (Nimble, Aliada) and collaborations positions AbbVie favorably in emerging therapeutic areas, particularly in oncology where Elahere's EU approval strengthens the company's presence in precision medicine markets.
- Reports Full-Year Diluted EPS of
$2.39 $10.12 $1.52
- Delivers Full-Year Net Revenues of
$56.33 4 Billion
- Full-Year Global Net Revenues from the Immunology Portfolio Were
$26.68 2 Billion$8.99 3 Billion$11.71 8 Billion$5.97 1
- Full-Year Global Net Revenues from the Oncology Portfolio Were
$6.55 5 Billion$3.34 7 Billion$2.58 3 Billion
- Full-Year Global Net Revenues from the Neuroscience Portfolio Were
$8.99 9 Billion$3.28 3 Billion$3.26 7 Billion$1.66 4 Billion
- Full-Year Global Net Revenues from the Aesthetics Portfolio Were
$5.17 6 Billion$2.72 0 Billion$1.17 7 Billion
- Reports Fourth-Quarter Diluted Loss Per Share of
$0.02 $2.16 $0.88
- Delivers Fourth-Quarter Net Revenues of
$15.10 2 Billion
- Provides 2025 Adjusted Diluted EPS Guidance Range of
$12.12 $12.32
- Reaffirms Expectations for High Single-Digit Compound Annual Revenue Growth Rate through 2029; Raises 2027 Combined Sales Outlook for Skyrizi and Rinvoq to More Than
$31 Billion
NORTH CHICAGO, Ill., Jan. 31, 2025 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the fourth quarter and full year ended December 31, 2024.
"2024 was a year of significant progress for AbbVie. Our growth platform delivered outstanding results, we advanced our pipeline with key regulatory approvals and promising data, and we strengthened our business through strategic transactions," said Robert A. Michael, chief executive officer, AbbVie. "We are entering 2025 with significant momentum and expect net revenues to exceed their previous peak in just the second full year following the
Fourth-Quarter Results
- Worldwide net revenues were
$15.10 2 billion
- Global net revenues from the immunology portfolio were
$7.29 4 billion- Global Humira net revenues of
$1.68 2 billionU.S. Humira net revenues were$1.24 6 billion$436 million - Global Skyrizi net revenues were
$3.77 8 billion - Global Rinvoq net revenues were
$1.83 4 billion
- Global Humira net revenues of
- Global net revenues from the oncology portfolio were
$1.69 1 billion- Global Imbruvica net revenues were
$848 million U.S. net revenues of$625 million $223 million - Global Venclexta net revenues were
$655 million - Global Elahere net revenues were
$148 million
- Global Imbruvica net revenues were
- Global net revenues from the neuroscience portfolio were
$2.50 9 billion- Global Botox Therapeutic net revenues were
$873 million - Global Vraylar net revenues were
$924 million - Global Ubrelvy net revenues were
$303 million - Global Qulipta net revenues were
$201 million
- Global Botox Therapeutic net revenues were
- Global net revenues from the aesthetics portfolio were
$1.29 8 billion- Global Botox Cosmetic net revenues were
$687 million - Global Juvederm net revenues were
$279 million
- Global Botox Cosmetic net revenues were
- On a GAAP basis, the gross margin ratio in the fourth quarter was 70.9 percent. The adjusted gross margin ratio was 83.8 percent.
- On a GAAP basis, selling, general and administrative (SG&A) expense was 25.5 percent of net revenues. The adjusted SG&A expense was 23.6 percent of net revenues.
- On a GAAP basis, research and development (R&D) expense was 44.9 percent of net revenues. The adjusted R&D expense was 15.1 percent of net revenues.
- Acquired IPR&D and milestones expense was 10.4 percent of net revenues.
- On a GAAP basis, the operating margin in the fourth quarter was negative 9.9 percent. The adjusted operating margin was 34.7 percent.
- Net interest expense was
$610 million
- On a GAAP basis, the tax rate in the quarter was 99.0 percent. The adjusted tax rate was 20.2 percent.
- Diluted loss per share in the fourth quarter was
$0.02 $2.16 $0.88
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 the European Commission (EC) granted marketing authorization for Elahere (mirvetuximab soravtansine) for the treatment of adult patients with folate receptor-alpha (FRα) positive, platinum-resistant high grade serous epithelial ovarian, fallopian tube or primary peritoneal cancer who have received one to three prior systemic treatment regimens. Elahere is the first novel therapy approved in the European Union (EU) specifically for patients with FRα positive, platinum-resistant ovarian cancer.
- At the American Society of Hematology (ASH) Annual Meeting, AbbVie announced updated clinical trial results that showed Epkinly (epcoritamab) combination therapy demonstrated high response rates in adult patients with relapsed or refractory (r/r) follicular lymphoma (FL). The company also announced new results from two ongoing clinical trials which showed Epkinly induced durable complete responses as monotherapy and combination treatment in patients with diffuse large B-cell lymphoma (DLBCL). Epkinly is being co-developed by AbbVie and Genmab.
- AbbVie and EvolveImmune Therapeutics, an immuno-oncology company developing next-generation biotherapeutics to overcome the therapeutic challenges of cancer cell resistance to current immunotherapies, announced a collaboration and option-to-license agreement to develop multispecific biologics for multiple targets in oncology. The discovery partnership will leverage AbbVie's oncology expertise and EvolveImmune's T-cell engager platform to develop novel antibody-based therapies for solid and hematologic malignancies.
- AbbVie and Simcere Zaiming announced a partnership to develop a novel trispecific antibody candidate in multiple myeloma (MM). This option-to-license agreement will develop SIM0500, an investigational new drug candidate that is currently in Phase 1 clinical trials in patients with r/r MM.
- AbbVie and Neomorph announced a collaboration and license agreement that will leverage AbbVie's drug development expertise and Neomorph's leading molecular glue discovery platform to develop novel molecular glue degraders for multiple targets across oncology and immunology.
- AbbVie announced that it completed its acquisition of Nimble Therapeutics, strengthening AbbVie's pipeline and R&D capabilities. The transaction includes Nimble's lead asset, an investigational oral peptide IL23R inhibitor in preclinical development for the treatment of psoriasis (PsO) as well as Nimble's peptide synthesis, screening, and optimization platform used to help drive rapid discovery and optimization of peptide candidates for a range of targets.
- AbbVie announced positive topline results from its pivotal Phase 3 TEMPO-2 trial evaluating tavapadon as a flexible-dose monotherapy in early Parkinson's disease (PD). In the study, tavapadon met the primary endpoint, demonstrating a statistically significant improvement from baseline in the Movement Disorder Society - Unified Parkinson's Disease Rating Scale (MDS-UPDRS) Parts II and III combined score at week 26. Tavapadon also met the key secondary endpoint, demonstrating statistically significant improvement from baseline in the MDS-UPDRS Part II score. Tavapadon has demonstrated positive results across all three Phase 3 TEMPO trials and AbbVie remains on track to submit a New Drug Application (NDA) to the
U.S. Food and Drug Administration (FDA) later this year.
- AbbVie announced that its two Phase 2 EMPOWER trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia who are experiencing an acute exacerbation of psychotic symptoms, did not meet their primary endpoint of showing a statistically significant reduction (improvement) in the change from baseline in the Positive and Negative Syndrome Scale (PANSS) total score compared to the placebo group at week 6. Following the results of these trials, AbbVie began an evaluation of the emraclidine intangible asset for impairment which resulted in a significant decrease in the estimated future cash flows for the product. Based on the revised cash flows, the company recorded a non-cash after-tax intangible asset impairment charge of
$3.5 billion $3.6 billion
- AbbVie announced that it completed its acquisition of Aliada Therapeutics. The transaction strengthens AbbVie's neuroscience pipeline and R&D capabilities with the addition of a potential best-in-class disease-modifying therapy for Alzheimer's disease (AD), ALIA-1758, and novel blood-brain barrier (BBB)-crossing technology.
Full-Year 2025 Outlook
AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2025 of
Long-Term Outlook
AbbVie is reaffirming its expectations for a high single-digit compound annual revenue growth rate through 2029. This guidance assumes 2024 as the base year in the compound annual growth rate calculation.
AbbVie is raising its long-term outlook for Skyrizi and Rinvoq revenues. The company now expects combined Skyrizi and Rinvoq 2027 revenues of more than
AbbVie is also updating its outlook for aesthetics revenues. The company now expects a high single-digit compound annual revenue growth rate for aesthetics through 2029. This guidance assumes 2025 as the base year in the compound annual growth rate calculation.
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, oncology, neuroscience 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 fourth-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 2024 and 2023 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, and changes to laws and regulations applicable to our industry. 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 2023 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.
Media: | Investors: |
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(224) 244-0111 | (847) 935-2211 |
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(847) 936-1182 | |
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(847) 938-2923 |
AbbVie Inc. Key Product Revenues Quarter Ended December 31, 2024 (Unaudited) | |||||||||||||||
% Change vs. 4Q23 | |||||||||||||||
Net Revenues (in millions) | Reported | Operationala | |||||||||||||
Int'l. | Total | Int'l. | Total | Int'l. | Total | ||||||||||
NET REVENUES | $ 11,734 | $ 3,368 | $ 15,102 | 5.6 % | 5.6 % | 5.6 % | 7.8 % | 6.1 % | |||||||
Immunology | 5,905 | 1,389 | 7,294 | 2.2 | 17.8 | 4.9 | 20.2 | 5.3 | |||||||
Humira | 1,246 | 436 | 1,682 | (54.5) | (22.7) | (49.1) | (20.5) | (48.7) | |||||||
Skyrizi | 3,312 | 466 | 3,778 | 57.3 | 61.1 | 57.7 | 62.4 | 57.9 | |||||||
Rinvoq | 1,347 | 487 | 1,834 | 45.0 | 49.5 | 46.2 | 53.1 | 47.1 | |||||||
Oncology | 1,102 | 589 | 1,691 | 13.4 | 9.4 | 12.0 | 11.8 | 12.9 | |||||||
Imbruvicab | 625 | 223 | 848 | (8.6) | 1.2 | (6.2) | 1.2 | (6.2) | |||||||
Venclexta | 313 | 342 | 655 | 13.0 | 9.3 | 11.0 | 13.2 | 13.0 | |||||||
Elahere | 146 | 2 | 148 | n/m | n/m | n/m | n/m | n/m | |||||||
Epkinlyc | 18 | 22 | 40 | 48.9 | >100.0 | >100.0 | >100.0 | >100.0 | |||||||
Aesthetics | 839 | 459 | 1,298 | (5.0) | (5.6) | (5.2) | (3.2) | (4.4) | |||||||
Botox Cosmetic | 429 | 258 | 687 | (5.2) | (2.5) | (4.2) | (0.3) | (3.4) | |||||||
Juvederm Collection | 120 | 159 | 279 | (22.5) | (10.9) | (16.3) | (8.7) | (15.1) | |||||||
Other Aesthetics | 290 | 42 | 332 | 5.2 | (2.3) | 4.2 | 1.5 | 4.7 | |||||||
Neuroscience | 2,210 | 299 | 2,509 | 18.8 | 28.4 | 19.8 | 29.3 | 19.9 | |||||||
Botox Therapeutic | 730 | 143 | 873 | 12.4 | 13.2 | 12.5 | 16.3 | 13.0 | |||||||
Vraylar | 922 | 2 | 924 | 17.1 | 25.8 | 17.1 | 26.4 | 17.1 | |||||||
Duodopa | 24 | 84 | 108 | 2.8 | (8.1) | (5.8) | (9.7) | (7.0) | |||||||
Ubrelvy | 296 | 7 | 303 | 28.9 | 65.3 | 29.6 | 66.2 | 29.6 | |||||||
Qulipta | 186 | 15 | 201 | 65.7 | >100.0 | 76.4 | >100.0 | 76.2 | |||||||
Other Neuroscience | 52 | 48 | 100 | (11.7) | >100.0 | 50.9 | >100.0 | 50.4 | |||||||
Eye Care | 358 | 288 | 646 | 12.8 | 7.3 | 10.2 | 9.8 | 11.4 | |||||||
Ozurdex | 36 | 84 | 120 | (3.2) | 3.0 | 1.1 | 3.5 | 1.4 | |||||||
Lumigan/Ganfort | 58 | 61 | 119 | 83.9 | 0.9 | 29.4 | 2.2 | 30.2 | |||||||
Alphagan/Combigan | 41 | 37 | 78 | 33.6 | 6.8 | 19.2 | 10.2 | 21.0 | |||||||
Restasis | 102 | 12 | 114 | (13.7) | 14.9 | (11.3) | 19.7 | (10.9) | |||||||
Other Eye Care | 121 | 94 | 215 | 20.9 | 15.4 | 18.4 | 20.3 | 20.6 | |||||||
Other Key Products | 748 | 164 | 912 | (3.8) | (14.1) | (5.8) | (13.9) | (5.8) | |||||||
Mavyret | 137 | 154 | 291 | 7.8 | (15.4) | (5.8) | (15.1) | (5.6) | |||||||
Creon | 388 | — | 388 | 3.3 | n/m | 3.3 | n/m | 3.3 | |||||||
Linzess/Constella | 223 | 10 | 233 | (18.7) | 11.0 | (17.8) | 10.3 | (17.8) | |||||||
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. Key Product Revenues Twelve Months Ended December 31, 2024 (Unaudited) | |||||||||||||||
% Change vs. 12M23 | |||||||||||||||
Net Revenues (in millions) | Reported | Operationala | |||||||||||||
Int'l. | Total | Int'l. | Total | Int'l. | Total | ||||||||||
NET REVENUES | $ 43,029 | $ 13,305 | $ 56,334 | 2.7 % | 7.0 % | 3.7 % | 11.1 % | 4.6 % | |||||||
Immunology | 21,487 | 5,195 | 26,682 | (1.2) | 18.1 | 2.1 | 23.1 | 2.9 | |||||||
Humira | 7,142 | 1,851 | 8,993 | (41.3) | (17.5) | (37.6) | (13.2) | (36.9) | |||||||
Skyrizi | 10,086 | 1,632 | 11,718 | 49.3 | 61.6 | 50.9 | 65.4 | 51.4 | |||||||
Rinvoq | 4,259 | 1,712 | 5,971 | 50.8 | 49.6 | 50.4 | 57.0 | 52.5 | |||||||
Oncology | 4,219 | 2,336 | 6,555 | 11.7 | 9.3 | 10.8 | 12.5 | 12.0 | |||||||
Imbruvicab | 2,448 | 899 | 3,347 | (8.1) | (3.5) | (6.9) | (3.5) | (6.9) | |||||||
Venclexta | 1,234 | 1,349 | 2,583 | 13.5 | 12.3 | 12.9 | 18.0 | 15.9 | |||||||
Elaherec | 477 | 2 | 479 | n/m | n/m | n/m | n/m | n/m | |||||||
Epkinlyd | 60 | 86 | 146 | >100.0 | >100.0 | >100.0 | >100.0 | >100.0 | |||||||
Aesthetics | 3,269 | 1,907 | 5,176 | 0.6 | (6.7) | (2.2) | (2.5) | (0.6) | |||||||
Botox Cosmetic | 1,682 | 1,038 | 2,720 | 0.7 | 2.7 | 1.4 | 6.7 | 2.9 | |||||||
Juvederm Collection | 469 | 708 | 1,177 | (9.6) | (17.6) | (14.6) | (13.4) | (12.0) | |||||||
Other Aesthetics | 1,118 | 161 | 1,279 | 5.5 | (7.1) | 3.7 | (1.0) | 4.6 | |||||||
Neuroscience | 7,907 | 1,092 | 8,999 | 16.5 | 17.7 | 16.6 | 20.1 | 16.9 | |||||||
Botox Therapeutic | 2,718 | 565 | 3,283 | 9.8 | 9.8 | 9.8 | 14.0 | 10.5 | |||||||
Vraylar | 3,260 | 7 | 3,267 | 18.4 | 57.8 | 18.4 | 58.6 | 18.4 | |||||||
Duodopa | 96 | 351 | 447 | (1.8) | (5.3) | (4.6) | (5.4) | (4.7) | |||||||
Ubrelvy | 981 | 25 | 1,006 | 22.1 | >100.0 | 23.4 | >100.0 | 23.4 | |||||||
Qulipta | 628 | 30 | 658 | 55.3 | >100.0 | 61.3 | >100.0 | 61.3 | |||||||
Other Neuroscience | 224 | 114 | 338 | (11.6) | >100.0 | 22.4 | >100.0 | 22.7 | |||||||
Eye Care | 1,064 | 1,178 | 2,242 | (15.3) | 1.5 | (7.2) | 5.2 | (5.4) | |||||||
Ozurdex | 138 | 356 | 494 | (4.1) | 8.3 | 4.5 | 10.7 | 6.2 | |||||||
Lumigan/Ganfort | 187 | 242 | 429 | 7.5 | (6.4) | (0.9) | (3.9) | 0.6 | |||||||
Alphagan/Combigan | 95 | 153 | 248 | (21.8) | 1.5 | (8.8) | 7.6 | (5.4) | |||||||
Restasis | 172 | 52 | 224 | (55.2) | (3.0) | (48.7) | 2.1 | (48.1) | |||||||
Other Eye Care | 472 | 375 | 847 | 8.9 | 1.5 | 5.5 | 6.1 | 7.6 | |||||||
Other Key Products | 2,894 | 754 | 3,648 | (3.5) | (6.5) | (4.2) | (3.9) | (3.7) | |||||||
Mavyret | 595 | 716 | 1,311 | (9.7) | (7.2) | (8.3) | (4.5) | (6.9) | |||||||
Creon | 1,383 | — | 1,383 | 9.1 | n/m | 9.1 | n/m | 9.1 | |||||||
Linzess/Constella | 916 | 38 | 954 | (14.6) | 7.5 | (13.9) | 7.2 | (13.9) | |||||||
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 | Reflects partial year Elahere revenue based on the February 12, 2024 close date of the ImmunoGen acquisition. |
d | Epkinly |
n/m = not meaningful | |
AbbVie Inc. Consolidated Statements of Earnings (Unaudited) | |||||||
(in millions, except per share data) | Fourth Quarter Ended December 31 | Twelve Months Ended December 31 | |||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenues | $ 15,102 | $ 14,301 | $ 56,334 | $ 54,318 | |||
Cost of products sold | 4,396 | 5,704 | 16,904 | 20,415 | |||
Selling, general and administrative | 3,855 | 3,193 | 14,752 | 12,872 | |||
Research and development | 6,774 | 1,927 | 12,791 | 7,675 | |||
Acquired IPR&D and milestones | 1,574 | 282 | 2,757 | 778 | |||
Other operating income, net | (7) | — | (7) | (179) | |||
Total operating costs and expenses | 16,592 | 11,106 | 47,197 | 41,561 | |||
Operating earnings (loss) | (1,490) | 3,195 | 9,137 | 12,757 | |||
Interest expense, net | 610 | 378 | 2,160 | 1,684 | |||
Net foreign exchange loss | 19 | 49 | 21 | 146 | |||
Other expense, net | 150 | 1,556 | 3,240 | 4,677 | |||
Earnings (loss) before income tax expense | (2,269) | 1,212 | 3,716 | 6,250 | |||
Income tax expense (benefit) | (2,246) | 388 | (570) | 1,377 | |||
Net earnings (loss) | (23) | 824 | 4,286 | 4,873 | |||
Net earnings (loss) attributable to noncontrolling interest | (1) | 2 | 8 | 10 | |||
Net earnings (loss) attributable to AbbVie Inc. | $ (22) | $ 822 | $ 4,278 | $ 4,863 | |||
Diluted earnings (loss) per share attributable to AbbVie Inc. | $ (0.02) | $ 0.46 | $ 2.39 | $ 2.72 | |||
Adjusted diluted earnings per sharea | $ 2.16 | $ 2.79 | $ 10.12 | $ 11.11 | |||
Weighted-average diluted shares outstanding | 1,769 | 1,772 | 1,773 | 1,773 | |||
Adjusted weighted-average diluted shares outstandinga | 1,773 | 1,772 | 1,773 | 1,773 | |||
a | Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. Weighted-average diluted shares outstanding includes the effect of dilutive securities. Due to the GAAP net loss in the fourth quarter ended December 31, 2024, certain shares issuable under stock-based compensation plans that were dilutive on a non-GAAP basis were excluded from the computation of GAAP diluted EPS because the effects would have been antidilutive. |
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended December 31, 2024 | |||||
(in millions, except per share data) | Earnings (Loss) | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ (2,269) | $ (22) | $ (0.02) | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,896 | 1,607 | 0.90 | ||
Intangible asset impairment | 4,476 | 3,512 | 1.98 | ||
Change in fair value of contingent consideration | 279 | 271 | 0.15 | ||
Litigation matters | 173 | 136 | 0.08 | ||
Income tax items | — | (1,869) | (1.05) | ||
Other | 258 | 209 | 0.12 | ||
As adjusted (non-GAAP) | $ 4,813 | $ 3,844 | $ 2.16 | ||
a Represents net earnings (loss) attributable to AbbVie Inc. | |||||||||
Intangible asset impairment reflects a partial after-tax impairment charge of | |||||||||
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2024 included acquired | |||||||||
2. The impact of the specified items by line item was as follows: | |||||||||
Quarter Ended December 31, 2024 | |||||||||
(in millions) | Cost of | SG&A | R&D | Other | Other | ||||
As reported (GAAP) | $ 4,396 | $ 3,855 | $ 6,774 | $ (7) | $ 150 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (1,896) | — | — | — | — | ||||
Intangible asset impairment | — | — | (4,476) | — | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (279) | ||||
Litigation matters | — | (173) | — | — | — | ||||
Other | (47) | (121) | (25) | 7 | (72) | ||||
As adjusted (non-GAAP) | $ 2,453 | $ 3,561 | $ 2,273 | $ — | $ (201) | ||||
3. The adjusted tax rate for the fourth quarter of 2024 was 20.2 percent, as detailed below: | |||||
Quarter Ended December 31, 2024 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ (2,269) | $ (2,246) | 99.0 % | ||
Specified items | 7,082 | 3,216 | 45.4 % | ||
As adjusted (non-GAAP) | $ 4,813 | $ 970 | 20.2 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended December 31, 2023 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 1,212 | $ 822 | $ 0.46 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,889 | 1,584 | 0.89 | ||
Intangible asset impairment | 1,405 | 1,166 | 0.66 | ||
Acquisition and integration costs | 123 | 107 | 0.06 | ||
Change in fair value of contingent consideration | 1,696 | 1,655 | 0.93 | ||
Litigation matters | (491) | (386) | (0.22) | ||
Other | 156 | 11 | 0.01 | ||
As adjusted (non-GAAP) | $ 5,990 | $ 4,959 | $ 2.79 | ||
a Represents net earnings attributable to AbbVie Inc. | |||||||||
Intangible asset impairment primarily reflects a partial impairment charge related to the CoolSculpting intangible asset triggered by | |||||||||
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2023 included acquired | |||||||||
2. The impact of the specified items by line item was as follows: | |||||||||
Quarter Ended December 31, 2023 | |||||||||
(in millions) | Cost of | SG&A | R&D | Interest | Other | ||||
As reported (GAAP) | $ 5,704 | $ 3,193 | $ 1,927 | $ 378 | $ 1,556 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (1,889) | — | — | — | — | ||||
Intangible asset impairment | (1,405) | — | — | — | — | ||||
Acquisition and integration costs | (24) | (78) | (6) | (15) | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (1,696) | ||||
Litigation matters | — | 491 | — | — | — | ||||
Other | (89) | (66) | 1 | — | (2) | ||||
As adjusted (non-GAAP) | $ 2,297 | $ 3,540 | $ 1,922 | $ 363 | $ (142) | ||||
3. The adjusted tax rate for the fourth quarter of 2023 was 17.2 percent, as detailed below: | |||||
Quarter Ended December 31, 2023 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 1,212 | $ 388 | 32.1 % | ||
Specified items | 4,778 | 641 | 13.4 % | ||
As adjusted (non-GAAP) | $ 5,990 | $ 1,029 | 17.2 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Twelve Months Ended December 31, 2024 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 3,716 | $ 4,278 | $ 2.39 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 7,622 | 6,461 | 3.63 | ||
Intangible asset impairment | 4,476 | 3,512 | 1.98 | ||
Acquisition and integration costs | 1,061 | 978 | 0.55 | ||
Change in fair value of contingent consideration | 3,771 | 3,673 | 2.07 | ||
Litigation matters | 910 | 721 | 0.41 | ||
Income tax items | — | (1,819) | (1.02) | ||
Other | 256 | 197 | 0.11 | ||
As adjusted (non-GAAP) | $ 21,812 | $ 18,001 | $ 10.12 | ||
a Represents net earnings attributable to AbbVie Inc. | |||||||||||
Intangible asset impairment reflects a partial after-tax impairment charge of | |||||||||||
Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2024 included acquired | |||||||||||
2. The impact of the specified items by line item was as follows: | |||||||||||
Twelve Months Ended December 31, 2024 | |||||||||||
(in millions) | Cost of | SG&A | R&D | Other | Interest | Other | |||||
As reported (GAAP) | $ 16,904 | $ 14,752 | $ 12,791 | $ (7) | $ 2,160 | $ 3,240 | |||||
Adjusted for specified items: | |||||||||||
Intangible asset amortization | (7,622) | — | — | — | — | — | |||||
Intangible asset impairment | — | — | (4,476) | — | — | — | |||||
Acquisition and integration costs | (225) | (554) | (258) | — | (24) | — | |||||
Change in fair value of contingent consideration | — | — | — | — | — | (3,771) | |||||
Litigation matters | — | (910) | — | — | — | — | |||||
Other | (110) | (54) | (1) | 7 | — | (98) | |||||
As adjusted (non-GAAP) | $ 8,947 | $ 13,234 | $ 8,056 | $ — | $ 2,136 | $ (629) | |||||
3. The adjusted tax rate for the full-year 2024 was 17.4 percent, as detailed below: | |||||
Twelve Months Ended December 31, 2024 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 3,716 | $ (570) | (15.3) % | ||
Specified items | 18,096 | 4,373 | 24.2 % | ||
As adjusted (non-GAAP) | $ 21,812 | $ 3,803 | 17.4 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Twelve Months Ended December 31, 2023 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 6,250 | $ 4,863 | $ 2.72 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 7,946 | 6,685 | 3.76 | ||
Intangible asset impairment | 4,229 | 3,455 | 1.96 | ||
Acquisition and integration costs | 161 | 122 | 0.07 | ||
Change in fair value of contingent consideration | 5,128 | 5,003 | 2.81 | ||
Litigation matters | (485) | (381) | (0.22) | ||
Other | 225 | 22 | 0.01 | ||
As adjusted (non-GAAP) | $ 23,454 | $ 19,769 | $ 11.11 | ||
a Represents net earnings attributable to AbbVie Inc. | |||||||||||
Intangible asset impairment primarily reflects partial impairment charges related to the | |||||||||||
Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2023 included acquired | |||||||||||
2. The impact of the specified items by line item was as follows: | |||||||||||
Twelve Months Ended December 31, 2023 | |||||||||||
(in millions) | Cost of | SG&A | R&D | Other | Interest | Other | |||||
As reported (GAAP) | $ 20,415 | $ 12,872 | $ 7,675 | $ (179) | $ 1,684 | $ 4,677 | |||||
Adjusted for specified items: | |||||||||||
Intangible asset amortization | (7,946) | — | — | — | — | — | |||||
Intangible asset impairment | (3,599) | — | (630) | — | — | ||||||
Acquisition and integration costs | (90) | (212) | (13) | 169 | (15) | — | |||||
Change in fair value of contingent consideration | — | — | — | — | — | (5,128) | |||||
Litigation matters | — | 485 | — | — | — | — | |||||
Other | (134) | (73) | (3) | 10 | — | (25) | |||||
As adjusted (non-GAAP) | $ 8,646 | $ 13,072 | $ 7,029 | $ — | $ 1,669 | $ (476) | |||||
3. The adjusted tax rate for the full-year 2023 was 15.7 percent, as detailed below: | |||||
Twelve Months Ended December 31, 2023 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 6,250 | $ 1,377 | 22.0 % | ||
Specified items | 17,204 | 2,298 | 13.4 % | ||
As adjusted (non-GAAP) | $ 23,454 | $ 3,675 | 15.7 % | ||
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SOURCE AbbVie
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