AbbVie's First-Quarter 2024 Financial statements

AbbVie Inc. has announced its financial results for the first quarter of 2024, showing a complex mix of growth and decline across its various portfolios.

Financial Performance Overview

AbbVie reported first-quarter diluted EPS of $0.77 on a GAAP basis, representing an increase of 492.3 percent. The adjusted diluted EPS was $2.31, a 6.1 percent decrease, including an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense.

The company delivered first-quarter net revenues of $12.310 billion, an increase of 0.7 percent on a reported basis and 1.6 percent on an operational basis.

Immunology Portfolio

First-quarter global net revenues from the immunology portfolio were $5.371 billion, a decrease of 3.9 percent on a reported basis, or 3.1 percent on an operational basis, due to Humira biosimilar competition. Global Humira net revenues were $2.270 billion, with a significant decline due to competition. In contrast, Skyrizi and Rinvoq showed substantial growth, with net revenues of $2.008 billion and $1.093 billion respectively.

Oncology Portfolio

Global net revenues from the oncology portfolio were $1.543 billion, an increase of 9.0 percent on a reported basis, or 9.8 percent on an operational basis. Imbruvica saw a slight decline, while Venclexta's net revenues grew by 14.2 percent, reaching $614 million.

Neuroscience Portfolio

Global net revenues from the neuroscience portfolio reached $1.965 billion, marking a 15.9 percent increase on a reported basis, or 16.0 percent on an operational basis. Botox Therapeutic, Vraylar, Ubrelvy, and Qulipta all contributed to this growth.

Aesthetics Portfolio

Global net revenues from the aesthetics portfolio were $1.249 billion, a decrease of 4.0 percent on a reported basis, or 2.5 percent on an operational basis. Botox Cosmetic and Juvederm faced declines in net revenues.

Key Developments and Approvals

AbbVie successfully completed the acquisition of ImmunoGen, adding the cancer therapy Elahere to its portfolio. The FDA granted full approval for Elahere and priority review for Epkinly. Additionally, positive results were announced from various clinical trials, including those for Rinvoq and Skyrizi.

Leadership Transition

Robert A. Michael was selected to succeed Richard A. Gonzalez as CEO, effective July 1, 2024. Gonzalez will transition to the role of executive chairman of the board.

Full-Year Outlook

AbbVie raised its adjusted diluted EPS guidance for the full year 2024 to a range of $11.13 to $11.33, reflecting confidence in its growth strategies and market performance.

Highlights

• First-quarter 2024 diluted EPS of $0.77 on a GAAP basis, up 492.3 percent; adjusted diluted EPS of $2.31, down 6.1 percent.
• Net revenues of $12.310 billion, up 0.7 percent reported, 1.6 percent operationally.
• Immunology portfolio revenues at $5.371 billion, down due to Humira biosimilar competition.
• Oncology portfolio revenues grew to $1.543 billion, with Venclexta increasing by 14.2 percent.
• Neuroscience portfolio revenues rose to $1.965 billion, up 15.9 percent reported.
• Aesthetics portfolio revenues decreased to $1.249 billion.
• Completed acquisition of ImmunoGen; FDA approved Elahere for certain ovarian cancers.
• Raised full-year 2024 adjusted diluted EPS guidance to $11.13 - $11.33.

Data Source: https://news.abbvie.com/2024-04-26-AbbVie-Reports-First-Quarter-2024-Financial-Results