Summary
AbbVie Inc. reported first-quarter 2024 results with total net revenues of $12.31 billion, a slight increase of 0.7% on a reported basis and 1.6% on a constant currency basis compared to the prior year. Net earnings attributable to AbbVie Inc. were $1.369 billion, a significant increase from $239 million in the first quarter of 2023, leading to diluted earnings per share of $0.77. This substantial earnings improvement was largely influenced by a significant decrease in "Other expense, net" which included a much smaller change in the fair value of contingent consideration compared to the prior year, and a reduction in acquired IPR&D and milestones expenses. The company's strategic focus remains on maximizing its diversified revenue base, leveraging commercial strength for new product launches, and investing in its pipeline across immunology, oncology, aesthetics, neuroscience, and eye care. The acquisition of ImmunoGen for $9.8 billion was completed in February 2024, significantly impacting the balance sheet with increased intangible assets and goodwill, and also contributed to higher operating expenses in the quarter. AbbVie is also advancing its proposed acquisition of Cerevel Therapeutics, further diversifying its therapeutic areas. Key growth drivers included strong performance from Skyrizi and Rinvoq, which saw substantial revenue increases of 47.6% and 59.3% respectively. Conversely, Humira experienced a significant decline of 35.9% due to ongoing biosimilar competition. The company continues to generate strong operating cash flows, providing resources for R&D investment and shareholder returns.
Financial Highlights
56 data points| Revenue | $12.31B |
| Cost of Revenue | $4.09B |
| Gross Profit | $8.22B |
| SG&A Expenses | $3.31B |
| Operating Expenses | $9.51B |
| Operating Income | $2.80B |
| Interest Expense | $660.00M |
| Net Income | $1.37B |
| EPS (Basic) | $0.77 |
| EPS (Diluted) | $0.77 |
| Shares Outstanding (Basic) | 1.77B |
| Shares Outstanding (Diluted) | 1.77B |
Key Highlights
- 1AbbVie reported Q1 2024 net revenues of $12.31 billion, up 0.7% year-over-year (1.6% on a constant currency basis).
- 2Net earnings attributable to AbbVie Inc. surged to $1.369 billion from $239 million in Q1 2023, resulting in diluted EPS of $0.77.
- 3The $9.8 billion acquisition of ImmunoGen was completed in February 2024, significantly increasing intangible assets and goodwill, and contributing to higher operating expenses.
- 4Key growth drivers Skyrizi and Rinvoq revenue increased by 47.6% and 59.3% respectively, demonstrating strong market uptake.
- 5Humira revenue declined by 35.9% due to ongoing biosimilar competition, highlighting a significant shift in the immunology portfolio.
- 6Operating cash flow remained strong at $4.04 billion, supporting continued R&D investment and shareholder returns.
- 7AbbVie announced plans to acquire Cerevel Therapeutics for approximately $8.7 billion, expanding its neuroscience portfolio.