First-Quarter 2024 Financial Results Released by AbbVie

AbbVie (NYSE: ABBV) has released its financial results for the first quarter ending March 31, 2024. Richard A. Gonzalez, the chairman and CEO of AbbVie, expressed satisfaction with the company’s strong performance, highlighting their consistent operational execution. He also commended the organization’s culture, R&D efforts, financial achievements, and impact on patients and communities.

Robert A. Michael, AbbVie’s president and COO, expressed gratitude for Gonzalez’s leadership and anticipation for his upcoming role as CEO. Michael also noted that the first-quarter results surpassed expectations, driven by strong performance in the ex-Humira growth platform. Consequently, AbbVie has revised its full-year outlook based on this positive momentum.

Key highlights from the first-quarter results include:

  • Worldwide net revenues reached $12.310 billion, marking a 0.7% increase on a reported basis and a 1.6% increase on an operational basis.
  • Global net revenues from the immunology portfolio totaled $5.371 billion, with notable contributions from Skyrizi and Rinvoq.
  • The oncology portfolio achieved global net revenues of $1.543 billion, showing a 9.0% increase on a reported basis and a 9.8% increase on an operational basis.
  • Net revenues from the neuroscience portfolio amounted to $1.965 billion, reflecting a 15.9% increase on a reported basis and a 16.0% increase on an operational basis.
  • Aesthetics portfolio revenues totaled $1.249 billion, representing a 4.0% decrease on a reported basis and a 2.5% decrease on an operational basis.
  • The company’s gross margin ratio was 66.7% on a GAAP basis and 82.9% on an adjusted basis.
  • Operating margin stood at 22.7% on a GAAP basis and 42.2% on an adjusted basis.
  • AbbVie’s full-year adjusted diluted EPS guidance for 2024 has been raised from $10.97 – $11.17 to $11.13 – $11.33, considering an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense incurred during the first quarter of 2024.

AbbVie also announced several recent developments, including the appointment of Robert A. Michael as the next CEO, the completion of its acquisition of ImmunoGen, and positive clinical trial results for various drugs in its pipeline. These developments reflect AbbVie’s commitment to advancing innovative therapies and driving growth in key therapeutic areas.

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