AbbVie Reports First-Quarter 2025 Financial Results

    --  Reports First-Quarter Diluted EPS of $0.72 on a GAAP Basis, a Decrease
        of 6.5 Percent; Adjusted Diluted EPS of $2.46, an Increase of 6.5
        Percent; These Results Include an Unfavorable Impact of $0.13 Per Share
        Related to Acquired IPR&D and Milestones Expense

    --  Delivers First-Quarter Net Revenues of $13.343 Billion, an Increase of
        8.4 Percent on a Reported Basis or 9.8 Percent on an Operational Basis

    --  First-Quarter Global Net Revenues from the Immunology Portfolio Were
        $6.264 Billion, an Increase of 16.6 Percent on a Reported Basis, or 18.1
        Percent on an Operational Basis; Global Skyrizi Net Revenues Were $3.425
        Billion; Global Rinvoq Net Revenues Were $1.718 Billion; Global Humira
        Net Revenues Were $1.121 Billion

    --  First-Quarter Global Net Revenues from the Neuroscience Portfolio Were
        $2.282 Billion, an Increase of 16.1 Percent on a Reported Basis, or 17.0
        Percent on an Operational Basis; Global Vraylar Net Revenues Were $765
        Million; Global Botox Therapeutic Net Revenues Were $866 Million;
        Combined Global Ubrelvy and Qulipta Net Revenues Were $433 Million

    --  First-Quarter Global Net Revenues from the Oncology Portfolio Were
        $1.633 Billion, an Increase of 5.8 Percent on a Reported Basis, or 7.5
        Percent on an Operational Basis; Global Imbruvica Net Revenues Were $738
        Million; Global Venclexta Net Revenues Were $665 Million; Global Elahere
        Net Revenues Were $179 Million

    --  First-Quarter Global Net Revenues from the Aesthetics Portfolio Were
        $1.102 Billion, a Decrease of 11.7 Percent on a Reported Basis, or 10.2
        Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were
        $556 Million; Global Juvederm Net Revenues Were $231 Million
    --  Raises 2025 Adjusted Diluted EPS Guidance Range from $11.99 - $12.19 to
        $12.09 - $12.29, which Includes an Unfavorable Impact of $0.13 Per Share
        Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date
        Through the First Quarter 2025

NORTH CHICAGO, Ill., April 25, 2025 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the first quarter ended March 31, 2025.

"AbbVie's first-quarter results were well ahead of our expectations and reflect an excellent start to the year," said Robert A. Michael, chief executive officer, AbbVie. "The fundamentals of our business are strong and we continue to bolster our outlook with pipeline advancements and strategic investments. Based on the progress we are making, AbbVie is well positioned for the long term."

First-Quarter Results

    --  Worldwide net revenues were $13.343 billion, an increase of 8.4 percent
        on a reported basis, or 9.8 percent on an operational basis.
    --  Global net revenues from the immunology portfolio were $6.264 billion,
        an increase of 16.6 percent on a reported basis, or 18.1 percent on an
        operational basis.
        --  Global Skyrizi net revenues were $3.425 billion, an increase of 70.5
            percent on a reported basis, or 72.0 percent on an operational
            basis.
        --  Global Rinvoq net revenues were $1.718 billion, an increase of 57.2
            percent on a reported basis, or 59.7 percent on an operational
            basis.

        --  Global Humira net revenues were $1.121 billion, a decrease of 50.6
            percent on a reported basis, or 49.5 percent on an operational
            basis.
    --  Global net revenues from the neuroscience portfolio were $2.282 billion,
        an increase of 16.1 percent on a reported basis, or 17.0 percent on an
        operational basis.
        --  Global Vraylar net revenues were $765 million, an increase of 10.3
            percent.
        --  Global Botox Therapeutic net revenues were $866 million, an increase
            of 15.8 percent on a reported basis, or 17.0 percent on an
            operational basis.
        --  Global Ubrelvy net revenues were $240 million, an increase of 17.8
            percent on a reported basis, or 18.0 percent on an operational
            basis.

        --  Global Qulipta net revenues were $193 million, an increase of 47.6
            percent on a reported basis, or 48.3 percent on an operational
            basis.
    --  Global net revenues from the oncology portfolio were $1.633 billion, an
        increase of 5.8 percent on a reported basis, or 7.5 percent on an
        operational basis.
        --  Global Imbruvica net revenues were $738 million, a decrease of 11.9
            percent.
        --  Global Venclexta net revenues were $665 million, an increase of 8.3
            percent on a reported basis, or 12.3 percent on an operational
            basis.

        --  Global Elahere net revenues were $179 million.
    --  Global net revenues from the aesthetics portfolio were $1.102 billion, a
        decrease of 11.7 percent on a reported basis, or 10.2 percent on an
        operational basis.
        --  Global Botox Cosmetic net revenues were $556 million, a decrease of
            12.3 percent on a reported basis, or 10.7 percent on an operational
            basis.

        --  Global Juvederm net revenues were $231 million, a decrease of 22.2
            percent on a reported basis, or 20.0 percent on an operational
            basis.

    --  On a GAAP basis, gross margin in the first quarter was 70.0 percent. The
        adjusted gross margin was 84.1 percent.

    --  On a GAAP basis, selling, general and administrative (SG&A) expense was
        24.7 percent of net revenues. The adjusted SG&A expense was 24.6 percent
        of net revenues.

    --  On a GAAP basis, research and development (R&D) expense was 15.5 percent
        of net revenues. The adjusted R&D expense was 15.4 percent of net
        revenues.

    --  Acquired IPR&D and milestones expense was 1.9 percent of net revenues.

    --  On a GAAP basis, operating margin in the first quarter was 28.0 percent.
        The adjusted operating margin was 42.3 percent.

    --  Net interest expense was $627 million.

    --  On a GAAP basis, the tax rate in the quarter was 22.4 percent. The
        adjusted tax rate was 14.2 percent.
    --  Diluted EPS in the first quarter was $0.72 on a GAAP basis. Adjusted
        diluted EPS, excluding specified items, was $2.46. These results include
        an unfavorable impact of $0.13 per share related to acquired IPR&D and
        milestones expense.


     Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Recent Events

    --  AbbVie announced that its board of directors unanimously elected chief
        executive officer (CEO) Robert A. Michael to assume the additional
        position of chairman of the board of directors, effective July 1, 2025.
        He will succeed Richard A. Gonzalez, who formerly served as AbbVie's CEO
        and has been chairman since the Company's formation in 2013.

    --  AbbVie announced that the European Commission (EC) granted marketing
        authorization to Rinvoq (upadacitinib) for the treatment of giant cell
        arteritis (GCA) in adult patients. The approval was supported by data
        from the pivotal Phase 3 SELECT-GCA trial which demonstrated that Rinvoq
        achieved the primary endpoint of sustained remission and key secondary
        endpoints, including reduction in disease flares, lower cumulative
        steroid exposure and complete remission. This authorization marks the
        eighth approved indication for Rinvoq in the European Union (EU).

    --  At the Society of Gynecologic Oncology (SGO) Annual Meeting, AbbVie
        announced final data analysis from the Phase 3 MIRASOL trial evaluating
        the efficacy and safety of Elahere (mirvetuximab soravtansine-gynx) in
        women with folate receptor alpha (FR )-positive platinum-resistant
        ovarian cancer (PROC) compared to chemotherapy. At 30.5 months median
        follow-up, treatment with Elahere continued to show significant
        improvements in progression-free survival (PFS) and overall survival
        (OS) compared to investigator's choice (IC) chemotherapy.

    --  AbbVie and Xilio Therapeutics, a clinical-stage biotechnology company,
        announced a collaboration and option-to-license agreement that will
        combine AbbVie's oncology expertise with Xilio's proprietary
        tumor-activation technology to develop novel immunotherapies, including
        masked T-cell engagers, for people living with cancer.

    --  AbbVie announced that it submitted a Biologics License Application (BLA)
        to the U.S. Food and Drug Administration (FDA) for approval of
        trenibotulinumtoxinE (BoNT/E) for the treatment of moderate to severe
        glabellar lines. TrenibotulinumtoxinE is a first-in-class botulinum
        neurotoxin serotype E characterized by a rapid onset of action as early
        as 8 hours after administration and short duration of effect of 2-3
        weeks. If approved, trenibotulinumtoxinE will be the first neurotoxin of
        its kind available to patients.

    --  Allergan Aesthetics announced that the Allergan Medical Institute (AMI)
        will open three new state-of-the-art training centers in the U.S.,
        expanding access to high-quality, tailored training for licensed
        aesthetics providers. The first training center is scheduled to open in
        Irvine, CA, with additional locations to follow in Atlanta, GA and
        Austin, TX.

    --  AbbVie and Gubra announced a license agreement to develop GUB014295
        (ABBV-295), a potential best-in-class, long-acting amylin analog for the
        treatment of obesity. This partnership marks AbbVie's entrance into the
        obesity field and under the terms of the agreement, AbbVie will lead
        development and commercialization of GUB014295 globally. Prior to the
        close of the agreement, Gubra announced positive interim results from
        Part A of a Phase 1 multiple ascending dose (MAD) study, which showed
        that GUB014295 was well tolerated with body weight loss that was
        sustained in a manner consistent with data from a previously announced
        single ascending dose (SAD) study.
    --  AbbVie announced that the FDA approved Emblaveo (aztreonam and
        avibactam), as the first monobactam/ -lactamase inhibitor combination
        antibiotic therapy to treat complicated intra-abdominal infections,
        including those caused by Gram-negative bacteria. The approval of
        Emblaveo was supported by prior findings regarding the efficacy and
        safety of aztreonam for the treatment of complicated intra-abdominal
        infections as well as clinical trial results from the Phase 3 REVISIT
        study, which evaluated the efficacy, safety, and tolerability of
        Emblaveo for the treatment of serious infections due to Gram-negative
        bacteria.

Full-Year 2025 Outlook

AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $11.99 - $12.19 to $12.09 - $12.29, which includes an unfavorable impact of $0.13 per share related to acquired IPR&D and milestones expense incurred year-to-date through the first quarter 2025. The company's 2025 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the first quarter of 2025, as both cannot be reliably forecasted. This guidance does not reflect the acquired IPR&D and milestones impact related to AbbVie and Gubra's licensing agreement to develop GUB014295, as that transaction closed after the first quarter of 2025. Additionally, this guidance is based on the existing trade environment and does not reflect any trade policy shifts, including pharmaceutical sector tariffs, that could impact AbbVie's business.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas: immunology, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on X (formerly Twitter), Facebook, Instagram, YouTube or LinkedIn.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our first-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.

Non-GAAP Financial Results

Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts, and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.


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             AbbVie Inc.

                                                                            
         
           Key Product Revenues

                                                                          
         
         Quarter Ended March 31, 2025

                                                                              
         
             (Unaudited)




                                                                                                                                                              
        
       % Change vs. 1Q24


                                             Net Revenues (in millions)                                                                    Reported                                                               Operationala


                                        U.S.                      Int'l.                  Total                               U.S.                      Int'l.                           Total                      Int'l.              Total

                                                                                                                                                                                                                                          ---

                   NET REVENUES       $9,979                       $3,364                 $13,343                              10.4 %                       2.9 %                           8.4 %                       8.3 %              9.8 %




                   Immunology          4,883                        1,381                   6,264                                17.6                         13.4                             16.6                         20.1                18.1



     Skyrizi                          2,919                          506                   3,425                                76.2                         43.9                             70.5                         52.3                72.0



     Rinvoq                           1,220                          498                   1,718                                68.3                         35.3                             57.2                         42.8                59.7



     Humira                             744                          377                   1,121                              (58.0)                      (24.4)                          (50.6)                      (19.5)             (49.5)




                   Neuroscience        1,972                          310                   2,282                                15.0                         24.0                             16.1                         31.0                17.0



     Vraylar                            763                            2                     765                                10.3                         13.1                             10.3                         20.2                10.3



     Botox Therapeutic                  723                          143                     866                                18.2                          4.8                             15.8                         11.4                17.0



     Ubrelvy                            233                            7                     240                                17.6                         23.3                             17.8                         29.3                18.0



     Qulipta                            172                           21                     193                                34.2  >100.0                                                 47.6    >100.0                                  48.3



     Vyalev                               6                           57                      63                         n/m         >100.0                         >100.0                         >100.0                       >100.0



     Duodopa                             20                           76                      96                              (19.4)                      (16.0)                          (16.7)                      (11.7)             (13.3)



     Other Neuroscience                  55                            4                      59                               (9.5)                       (1.0)                           (8.9)                         6.5               (8.4)





     
                Oncology            1,027                          606                   1,633                                 6.0                          5.4                              5.8                         10.0                 7.5



     Imbruvicab                         529                          209                     738                              (13.3)                       (8.2)                          (11.9)                       (8.2)             (11.9)



     Venclexta                          312                          353                     665                                11.0                          6.0                              8.3                         13.4                12.3



     Elahere                            165                           14                     179                  >100.0                           n/m              >100.0                                  n/m                 >100.0



     Epkinlyc                            21                           30                      51                                66.7  >100.0                                                 89.8    >100.0                                  94.8




                   Aesthetics            640                          462                   1,102                              (17.4)                       (2.4)                          (11.7)                         1.6              (10.2)



     Botox Cosmetic                     295                          261                     556                              (24.3)                         6.9                           (12.3)                        11.1              (10.7)



     Juvederm Collection                 75                          156                     231                              (29.0)                      (18.5)                          (22.2)                      (15.0)             (20.0)



     Other Aesthetics                   270                           45                     315                               (3.5)                        18.1                            (0.9)                        23.2               (0.3)





     
                Eye Care              221                          285                     506                               (2.6)                       (8.0)                           (5.7)                       (2.0)              (2.2)



     Ozurdex                             30                           93                     123                              (12.1)                       (3.8)                           (6.0)                         1.1               (2.4)



     Lumigan/Ganfort                     48                           58                     106                                69.2                        (6.8)                            17.0                        (0.5)               21.4



     Alphagan/Combigan                   26                           34                      60                                68.5                       (21.4)                             1.9                       (15.4)                6.3



     Other Eye Care                     117                          100                     217                              (21.4)                       (7.1)                          (15.4)                       (0.2)             (12.5)




                   Other Key Products    636                          173                     809                               (7.2)                      (19.4)                          (10.1)                      (14.8)              (9.0)



     Mavyret                            142                          164                     306                               (0.7)                      (20.4)                          (12.3)                      (15.8)              (9.6)



     Creon                              355                                                 355                                24.6                n/m                                      24.6             n/m                            24.6



     Linzess/Constella                  139                            9                     148                              (46.1)                         3.1                           (44.4)                         9.3              (44.2)



                   a         "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the
                              prior year's foreign exchange rates.


                   b       
     Reflects profit sharing for Imbruvica international revenues.


                   c         Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from
                              certain international territories.



     n/m = not meaningful


                                                                
     
                AbbVie Inc.

                                                             
     
       Consolidated Statements of Earnings

                                                                
     
                (Unaudited)





     
                (in millions, except per share data)                                                          First Quarter

                                                                                                                Ended March 31


                                                                                                          2025    2024



     Net revenues                                                                                     $13,343 $12,310



     Cost of products sold                                                                              4,002   4,094



     Selling, general and administrative                                                                3,293   3,315



     Research and development                                                                           2,067   1,939



     Acquired IPR&D and milestones                                                                        248     164



     Total operating costs and expenses                                                                 9,610   9,512





     Operating earnings                                                                                 3,733   2,798





     Interest expense, net                                                                                627     453



     Net foreign exchange loss                                                                              4       4



     Other expense, net                                                                                 1,441     586



     Earnings before income tax expense                                                                 1,661   1,755



     Income tax expense                                                                                   372     383



     Net earnings                                                                                       1,289   1,372



     Net earnings attributable to noncontrolling interest                                                   3       3



     Net earnings attributable to AbbVie Inc.                                                          $1,286  $1,369





     Diluted earnings per share attributable to AbbVie Inc.                                             $0.72   $0.77





     Adjusted diluted earnings per sharea                                                               $2.46   $2.31





     Weighted-average diluted shares outstanding                                                        1,772   1,773



     a Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
        for further details.


                                                            
              
                AbbVie Inc.

                                         
              
         Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

                                                            
              
                (Unaudited)





     1.     Specified items impacted results as follows:




                                                                                                                                          Quarter Ended March 31, 2025



     
                (in millions, except per share data)                                                                     
          Earnings                            Diluted


                                                                                                                           Pre-tax              After-taxa                   EPS



     
                As reported (GAAP)                                                                                       $1,661                   $1,286                    $0.72



     Adjusted for specified items:



     Intangible asset amortization                                                                                          1,858                    1,574                     0.89



     Change in fair value of contingent consideration                                                                       1,518                    1,477                     0.83



     Other                                                                                                                     62                       33                     0.02



     
                As adjusted (non-GAAP)                                                                                   $5,099                   $4,370                    $2.46




              
                a     Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.





              Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended March 31, 2025 included acquired
    IPR&D and milestones expense of $248 million on a pre-tax and $238 million on an after-tax basis, representing an
    unfavorable impact of $0.13 to both diluted EPS and adjusted diluted EPS.


     2.     The impact of the specified items by line item was as follows:




                                                                                          Quarter Ended March 31, 2025



     
                (in millions)                                                  Cost of  SG&A                  R&D          Other
                                                                            products                                   expense,
                                                                              sold                                        net



     
                As reported (GAAP)                                              $4,002 $3,293                $2,067          $1,441



     Adjusted for specified items:



     Intangible asset amortization                                               (1,858)



     Change in fair value of contingent consideration                                  -                                   (1,518)



     Other                                                                          (28)  (13)                 (16)            (5)



     
                As adjusted (non-GAAP)                                          $2,116 $3,280                $2,051           $(82)




     3.     The adjusted tax rate for the first quarter of 2025 was 14.2 percent, as detailed below:




                                                                                                                   Quarter Ended March 31, 2025



     
                (dollars in millions)                                                                   Pre-tax       Income taxes           Tax
                                                                                                                                                rate
                                                                                                      earnings



     
                As reported (GAAP)                                                                       $1,661                $372          22.4 %



     Specified items                                                                                        3,438                 354          10.3 %



     
                As adjusted (non-GAAP)                                                                   $5,099                $726          14.2 %


                                                            
              
                AbbVie Inc.

                                        
              
          Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

                                                            
              
                (Unaudited)





     1.     Specified items impacted results as follows:




                                                                                                                                          Quarter Ended March 31, 2024



     
                (in millions, except per share data)                                                                     
          Earnings                            Diluted


                                                                                                                           Pre-tax              After-taxa                   EPS



     
                As reported (GAAP)                                                                                       $1,755                   $1,369                    $0.77



     Adjusted for specified items:



     Intangible asset amortization                                                                                          1,891                    1,603                     0.90



     Acquisition and integration costs                                                                                        511                      486                     0.27



     Change in fair value of contingent consideration                                                                         660                      643                     0.36



     Other                                                                                                                     21                       19                     0.01



     
                As adjusted (non-GAAP)                                                                                   $4,838                   $4,120                    $2.31




               a    Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.





              Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition.





              Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended March 31, 2024 included acquired
    IPR&D and milestones expense of $164 million on a pre-tax and $138 million on an after-tax basis, representing an
    unfavorable impact of $0.08 to both diluted EPS and adjusted diluted EPS.


     2.     The impact of the specified items by line item was as follows:




                                                                                          
     
            Quarter Ended March 31, 2024



     
                (in millions)                                                  Cost of      SG&A              R&D                  Interest           Other
                                                                            products                                            expense,          expense,
                                                                               sold                                                net               net



     
                As reported (GAAP)                                              $4,094     $3,315            $1,939                       $453             $586



     Adjusted for specified items:



     Intangible asset amortization                                               (1,891)



     Acquisition and integration costs                                              (79)     (280)            (128)                      (24)



     Change in fair value of contingent consideration                                  -                                                                (660)



     Other                                                                          (16)       (3)                                                        (2)



     
                As adjusted (non-GAAP)                                          $2,108     $3,032            $1,811                       $429            $(76)




     3.     The adjusted tax rate for the first quarter of 2024 was 14.8 percent, as detailed below:




                                                                                                                   Quarter Ended March 31, 2024



     
                (dollars in millions)                                                                   Pre-tax       Income taxes           Tax
                                                                                                                                                rate
                                                                                                      earnings



     
                As reported (GAAP)                                                                       $1,755                $383          21.8 %



     Specified items                                                                                        3,083                 332          10.8 %



     
                As adjusted (non-GAAP)                                                                   $4,838                $715          14.8 %

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