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AbbVie Inc. 8-K Report, Financial Results (Jan 31, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 31, 2025
Period End
January 31, 2025
Security
ABBV
In the record · 2016–202610-K1110-Q328-K163

ABBV filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’16Nov ’16
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed January 31, 2025. Cited figures are marked; the original filing is the authoritative source.

AbbVie reported fourth-quarter and full-year 2024 results on January 31, 2025, with a mixed picture: top-line growth remained solid, but GAAP earnings were depressed by large non-cash charges and acquired IPR&D.

Full-year 2024 net revenues were $56.334 billiona, up 3.7% reported and 4.6% operational, while GAAP diluted EPS fell 12.1% to $2.39 and adjusted diluted EPS fell 8.9% to $10.12. Both figures absorbed an unfavorable $1.52 per share from 2024 acquired IPR&D and milestones expense. Fourth-quarter GAAP diluted EPS was a loss of $0.02, driven by a $3.5 billion after-tax impairment on the emraclidine intangible asset following two failed Phase 2 schizophrenia trials, while adjusted EPS was $2.16 on net revenues of $15.102 billion, up 5.6%.

The growth engine continues to shift away from Humira. Skyrizi ($11.718 billionb, up 50.9%) and Rinvoq ($5.971 billion, up 50.4%) drove immunology, while Humira fell 37.6% to $8.993 billion after U.S. loss of exclusivity. Neuroscience grew 16.6% to $8.999 billion, led by Vraylar and Botox Therapeutic, and oncology grew 10.8% to $6.555 billion.

Aesthetics was the weak spot, declining 2.2%. Management raised its 2027 Skyrizi and Rinvoq outlook to more than $31 billionc from more than $27 billion, reaffirmed high single-digit compound annual revenue growth through 2029, and guided 2025 adjusted diluted EPS to $12.12 to $12.32, excluding any future acquired IPR&D charges.

For investors, the key questions are the pace of Skyrizi and Rinvoq growth offsetting Humira erosion, the durability of pipeline and business development spending (which continues to generate large IPR&D charges), and the remaining $3.6 billiond of intangible assets tied to Cerevel programs that could face further impairment. Pipeline news included positive Phase 3 TEMPO-2 data for tavapadon in Parkinson's disease with an NDA planned for 2025, plus several acquisitions and licensing deals.

02—Key points

Key Highlights

  1. FY2024 net revenues of $56.334B, up 3.7% reported (4.6% operational), with Q4 revenues of $15.102B, up 5.6%.
  2. GAAP diluted EPS fell 12.1% to $2.39 for FY2024; adjusted diluted EPS fell 8.9% to $10.12, both reduced by $1.52 per share of acquired IPR&D and milestones expense.
  3. Q4 GAAP diluted loss of $0.02 reflected a $3.5B after-tax emraclidine intangible asset impairment after failed Phase 2 EMPOWER trials; Q4 adjusted EPS was $2.16.
  4. Skyrizi (+50.9%, $11.718B) and Rinvoq (+50.4%, $5.971B) are offsetting Humira's decline (-37.6% to $8.993B) and now drive immunology growth.
  5. Raised 2027 Skyrizi and Rinvoq revenue outlook to more than $31B from more than $27B; reaffirmed high single-digit revenue CAGR through 2029.
  6. 2025 adjusted diluted EPS guidance of $12.12 to $12.32, excluding any future acquired IPR&D and milestones charges.
  7. Aesthetics was the weakest segment, declining 2.2% for FY2024, prompting an updated high single-digit CAGR outlook from 2025 through 2029.

03—Questions

Frequently Asked Questions

  1. Why did GAAP earnings fall so sharply in Q4 2024?

    Q4 GAAP results were hit by a $4.476 billion pre-tax intangible asset impairment, of which $3.5 billion after tax relates to emraclidine after its Phase 2 schizophrenia trials missed their primary endpoint. Acquired IPR&D and milestones expense of $1.574 billion, or $0.88 per share, also weighed on results. Adjusted EPS of $2.16 excludes these items.

  2. Is Humira's decline still a major concern for AbbVie?

    Humira's revenue fell 37.6% in 2024 to $8.993 billion, and Q4 U.S. Humira sales dropped 54.5%. However, growth from Skyrizi and Rinvoq, along with neuroscience and oncology, has more than offset this decline. Management expects total net revenues to exceed their previous peak in the second full year after Humira's U.S. loss of exclusivity.

  3. What are the key 2025 and long-term financial targets?

    AbbVie guided 2025 adjusted diluted EPS to $12.12 to $12.32, excluding any future acquired IPR&D and milestones charges, which cannot be reliably forecast. It reaffirmed a high single-digit revenue CAGR through 2029 using 2024 as the base year and raised its 2027 Skyrizi and Rinvoq revenue target to more than $31 billion.

  4. What remaining risk does the Cerevel acquisition pose?

    After the emraclidine impairment, AbbVie has $3.6 billion of remaining intangible assets tied to Cerevel programs. The company said it continues to evaluate Cerevel-related development programs and will monitor these assets, so further impairments are possible if clinical or commercial prospects weaken.

  5. What pipeline catalysts were highlighted?

    Phase 3 TEMPO-2 met its primary and key secondary endpoints for tavapadon in early Parkinson's disease, and AbbVie plans to submit an NDA to the FDA later in 2025. The company also reported Epkinly data in follicular lymphoma and DLBCL, received EU approval for Elahere in platinum-resistant ovarian cancer, and completed the Aliada and Nimble acquisitions.

04—Continue

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