#United States #AbbVie #North Chicago #Humira #Skyrizi

AbbVie Reports Strong Financial Performance for 2024

AbbVie Inc. (NYSE: ABBV) has released its financial results for the fourth quarter and the full year ended December 31, 2024. The report indicates significant advancements despite facing challenges related to its leading product, Humira.

Full-Year Financial Results Highlights

For the full year, AbbVie reported a diluted earnings per share (EPS) of $2.39 based on Generally Accepted Accounting Principles (GAAP), marking a decline of 12.1%. However, the adjusted diluted EPS saw a smaller decrease of 8.9%, landing at $10.12. The results were impacted adversely by $1.52 per share due to expenses associated with acquired intellectual property rights and milestone charges.

Total net revenues for 2024 reached $56.334 billion, reflecting a 3.7% increase on a reported basis, or 4.6% on an operational basis. The report indicated specific strong performances in various therapeutic segments:

• - Immunology: This portfolio brought in $26.682 billion, an increase of 2.1%. Notably, revenues from Humira were $8.993 billion, while Skyrizi and Rinvoq accounted for $11.718 billion and $5.971 billion, respectively.
• - Oncology: Revenue from this sector was $6.555 billion, up 10.8% year-over-year, with Imbruvica and Venclexta generating $3.347 billion and $2.583 billion, respectively.
• - Neuroscience: This segment generated $8.999 billion, marking a robust growth of 16.6%. Noted products were Botox Therapeutic with $3.283 billion and Vraylar with $3.267 billion.
• - Aesthetics: Slightly down, this segment reported $5.176 billion in revenues, which is a decrease of 2.2%, led by Botox Cosmetic at $2.720 billion and Juvederm at $1.177 billion.

Fourth-Quarter Performance

For the fourth quarter alone, AbbVie faced a diluted loss per share of $0.02 due to a recent partial intangible asset impairment charge linked to emraclidine. The adjusted diluted EPS for Q4 was reported at $2.16, including a negative impact of $0.88 per share from acquired IPRD and milestones expense.
Quarterly net revenues reached $15.102 billion, which is a 5.6% improvement on a reported basis and 6.1% on an operational basis. The breakdown revealed:

• - Immunology revenues of $7.294 billion, with Humira down by 49.1% to $1.682 billion due to the competitive landscape following its loss of exclusivity.
• - Skyrizi experienced a significant boost with net revenues of $3.778 billion, marking a 57.7% increase.
• - Rinvoq also saw a strong rise of 46.2%, yielding $1.834 billion.
• - The oncology portfolio reflected a growing need with $1.691 billion in revenues, while neuroscience bolstered its earnings with $2.509 billion.

Strategic Outlook for 2025 and Beyond

As AbbVie transitions into 2025, it has disclosed an adjusted diluted EPS guidance of $12.12 to $12.32. The company remains confident about its long-term revenue growth, projecting a high single-digit compound annual growth rate through 2029, indicating robust demand for its leading therapies, particularly Skyrizi and Rinvoq. AbbVie now anticipates combined revenues for these products will exceed $31 billion by 2027, an increase from the previous forecast.

Furthermore, significant collaborations and acquisitions have bolstered AbbVie's pipeline, including partnerships aimed at overcoming cancer treatment challenges and enhancing its neuroscience portfolio. CEO Robert A. Michael emphasized that 2024 represented substantial progress for the company, underpinning its growth strategy for years forth.

Conclusion

Despite challenges, AbbVie has showcased resilience and adaptability within the competitive pharmaceutical landscape. With a solid foundation of products performing well and strategic partnerships in place, AbbVie appears poised for continued success and innovation in the healthcare sector as it moves into 2025.