AbbVie Reports First-Quarter 2024 Financial Results

PR Newswire04-26

Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2430276339?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/.Xe1EIX7J6bie9vkkSC.wQ--~B/aD03MDt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/prnewswire.com/a5eaa0af5f515703fe951de405417559","is_english":true,"pubTime":"2024-04-26 19:35","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2430276339","market":"us","top_or_hot":-1,"title":"AbbVie Reports First-Quarter 2024 Financial Results","media":"PR Newswire","content":"<div>\n<p>Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08...</p>\n\n<a href=\"https://finance.yahoo.com/news/abbvie-reports-first-quarter-2024-113500152.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AbbVie Reports First-Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAbbVie Reports First-Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-26 19:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/abbvie-reports-first-quarter-2024-113500152.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08...</p>\n\n<a href=\"https://finance.yahoo.com/news/abbvie-reports-first-quarter-2024-113500152.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1732800096.USD","symbol_name":"摩根大通环球收益基金A (irc)","start_time":0,"source_url":"https://finance.yahoo.com/news/abbvie-reports-first-quarter-2024-113500152.html","article_id":"2430276339","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/.Xe1EIX7J6bie9vkkSC.wQ--~B/aD03MDt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/prnewswire.com/a5eaa0af5f515703fe951de405417559"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/abbvie-reports-first-quarter-2024-113500152.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2430276339","pubTimestamp":1714131300,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense. Delivers First-Quarter Net Revenues of $12.310 Billion, an Increase of 0.7 Percent on a Reported Basis and 1.6 Percent on an Operational Basis. First-Quarter Global Net Revenues from the Oncology Portfolio Were $1.543 Billion, an Increase of 9.0 Percent on a Reported Basis, or 9.8 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $838 Million; Global Venclexta Net Revenues Were $614 Million. \"I want to thank Rick for his exceptional leadership since AbbVie's inception and I am deeply honored to serve as the company's next CEO,\" said Robert A. Michael, president and chief operating officer, AbbVie. \"First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growt","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1732800096.USD":"摩根大通环球收益基金A (irc)","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","BK4585":"ETF&股票定投概念","FL":"富乐客","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","BK4139":"生物科技","ADC":"艾格里房产","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4080":"零售业房地产投资信托","AAN":"The Aaron's Company, Inc.","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","BK4588":"碎股","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4500":"航空公司","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0122379950.USD":"贝莱德世界健康科学A2","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","ABBV":"艾伯维公司","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","IBD":"Inspire Corporate Bond ETF","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","CD":"秦淮数据","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","BK4581":"高盛持仓","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","PROC":"Procaps","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","HA":"夏威夷控股","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","CEO":"中海油","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC"},"translate_title":"艾伯维报告2024年第一季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABBV":1,"PROC":1,"IBD":1,"HA":1,"FL":1,"CEO":1,"CD":1,"AAN":1,"ADC":1},"content_text":"Reports First-Quarter Diluted EPS of $0.77 on a GAAP Basis, an Increase of 492.3 Percent; Adjusted Diluted EPS of $2.31, a Decrease of 6.1 Percent; These Results Include an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense\nDelivers First-Quarter Net Revenues of $12.310 Billion, an Increase of 0.7 Percent on a Reported Basis and 1.6 Percent on an Operational Basis\nFirst-Quarter Global Net Revenues from the Immunology Portfolio Were $5.371 Billion, a Decrease of 3.9 Percent on a Reported Basis, or 3.1 Percent on an Operational Basis, Due to Humira Biosimilar Competition; Global Humira Net Revenues Were $2.270 Billion; Global Skyrizi Net Revenues Were $2.008 Billion; Global Rinvoq Net Revenues Were $1.093 Billion\nFirst-Quarter Global Net Revenues from the Oncology Portfolio Were $1.543 Billion, an Increase of 9.0 Percent on a Reported Basis, or 9.8 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $838 Million; Global Venclexta Net Revenues Were $614 Million\nFirst-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.965 Billion, an Increase of 15.9 Percent on a Reported Basis, or 16.0 Percent on an Operational Basis; Global Botox Therapeutic Net Revenues Were $748 Million; Global Vraylar Net Revenues Were $694 Million; Combined Global Ubrelvy and Qulipta Net Revenues Were $334 Million\nFirst-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.249 Billion, a Decrease of 4.0 Percent on a Reported Basis, or 2.5 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $633 Million; Global Juvederm Net Revenues Were $297 Million\nSuccessfully Completed Acquisition of ImmunoGen and its Flagship Cancer Therapy, Elahere\nRaises 2024 Adjusted Diluted EPS Guidance Range from $10.97 - $11.17 to $11.13 - $11.33, which Includes an Unfavorable Impact of $0.08 Per Share Related to Acquired IPR&D and Milestones Expense Incurred During the First Quarter 2024\n\nNORTH CHICAGO, Ill., April 26, 2024 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the first quarter ended March 31, 2024.\n\"We continue to demonstrate outstanding operational execution and delivered another quarter of strong results,\" said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. \"I couldn't be more proud of the organization we have built over the past 11 years. We've established an exemplary company culture, developed a productive R&D engine, delivered top-tier financial performance and made a remarkable impact on patients and the communities we serve.\"\n\"I want to thank Rick for his exceptional leadership since AbbVie's inception and I am deeply honored to serve as the company's next CEO,\" said Robert A. Michael, president and chief operating officer, AbbVie. \"First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform. Based on our strong results and significant momentum, we are raising our full-year outlook.\"\nFirst-Quarter Results\n\nWorldwide net revenues were $12.310 billion, an increase of 0.7 percent on a reported basis, or 1.6 percent on an operational basis.\nGlobal net revenues from the immunology portfolio were $5.371 billion, a decrease of 3.9 percent on a reported basis, or 3.1 percent on an operational basis, due to Humira biosimilar competition.\n   \nGlobal Humira net revenues of $2.270 billion decreased 35.9 percent on a reported basis, or 35.2 percent on an operational basis. U.S. Humira net revenues were $1.771 billion, a decrease of 39.9 percent. Internationally, Humira net revenues were $499 million, a decrease of 15.8 percent on a reported basis, or 11.6 percent on an operational basis.\nGlobal Skyrizi net revenues were $2.008 billion, an increase of 47.6 percent on a reported basis, or 48.0 percent on an operational basis.\nGlobal Rinvoq net revenues were $1.093 billion, an increase of 59.3 percent on a reported basis, or 61.9 percent on an operational basis.\n\nGlobal net revenues from the oncology portfolio were $1.543 billion, an increase of 9.0 percent on a reported basis, or 9.8 percent on an operational basis.\n   \nGlobal Imbruvica net revenues were $838 million, a decrease of 4.5 percent, with U.S. net revenues of $610 million and international profit sharing of $228 million.\nGlobal Venclexta net revenues were $614 million, an increase of 14.2 percent on a reported basis, or 16.3 percent on an operational basis.\nGlobal Elahere net revenues were $64 million, reflecting a partial quarter of sales based on the February 12, 2024 close date of the ImmunoGen acquisition.\n\nGlobal net revenues from the neuroscience portfolio were $1.965 billion, an increase of 15.9 percent on a reported basis, or 16.0 percent on an operational basis.\n   \nGlobal Botox Therapeutic net revenues were $748 million, an increase of 4.1 percent on a reported basis, or 4.5 percent on an operational basis.\nGlobal Vraylar net revenues were $694 million, an increase of 23.6 percent.\nGlobal Ubrelvy net revenues were $203 million, an increase of 33.8 percent.\nGlobal Qulipta net revenues were $131 million, an increase of 97.7 percent.\n\nGlobal net revenues from the aesthetics portfolio were $1.249 billion, a decrease of 4.0 percent on a reported basis, or 2.5 percent on an operational basis.\n   \nGlobal Botox Cosmetic net revenues were $633 million, a decrease of 3.9 percent on a reported basis, or 2.6 percent on an operational basis.\nGlobal Juvederm net revenues were $297 million, a decrease of 16.4 percent on a reported basis, or 13.7 percent on an operational basis.\n\nOn a GAAP basis, the gross margin ratio in the first quarter was 66.7 percent. The adjusted gross margin ratio was 82.9 percent.\nOn a GAAP basis, selling, general and administrative (SG&A) expense was 26.9 percent of net revenues. The adjusted SG&A expense was 24.6 percent of net revenues.\nOn a GAAP basis, research and development (R&D) expense was 15.8 percent of net revenues. The adjusted R&D expense was 14.7 percent of net revenues.\nAcquired IPR&D and milestones expense was 1.3 percent of net revenues.\nOn a GAAP basis, the operating margin in the first quarter was 22.7 percent. The adjusted operating margin was 42.2 percent.\nOn a GAAP basis, net interest expense was $453 million. The adjusted net interest expense was $429 million.\nOn a GAAP basis, the tax rate in the quarter was 21.8 percent. The adjusted tax rate was 14.8 percent.\nDiluted EPS in the first quarter was $0.77 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $2.31. These results include an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense.\n\nNote: \"Operational\" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.\nRecent Events\n\nAbbVie announced that its board of directors unanimously selected Robert A. Michael, AbbVie's current president and chief operating officer, to succeed Richard A. Gonzalez as the company's chief executive officer (CEO). Mr. Gonzalez, who has served as CEO since AbbVie's formation in 2013, will retire from the role of CEO and become executive chairman of the board of directors, effective July 1, 2024. Additionally, the board has appointed Mr. Michael as a member of the board of directors effective July 1, 2024.\nAbbVie announced that it completed its acquisition of ImmunoGen. This transaction added ImmunoGen's flagship antibody-drug conjugate (ADC), Elahere (mirvetuximab soravtansine-gynx), for folate receptor-alpha (FRα)-positive platinum-resistant ovarian cancer (PROC), to AbbVie's portfolio. Late-stage development programs for Elahere provide opportunity to expand into additional patient populations. The transaction also included a pipeline of ADCs that further build on AbbVie's existing oncology pipeline of novel targeted therapies and next-generation immuno-oncology assets, which have the potential to create new treatment possibilities across multiple solid tumors and hematologic malignancies.\nAbbVie announced that the U.S. Food and Drug Administration (FDA) granted full approval for Elahere for the treatment of FRα-positive, platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal adult cancer patients treated with up to three prior therapies. The full approval of Elahere was based on the confirmatory MIRASOL Phase 3 trial in which data showed that Elahere treatment resulted in an overall survival (OS) benefit and reduced the risk of cancer progression by 35%.\nAbbVie announced that the FDA granted Priority Review of the supplemental Biologics License Application (sBLA) for Epkinly (epcoritamab), for the treatment of adult relapsed or refractory (R/R) follicular lymphoma (FL) after two or more lines of therapy. If approved, Epkinly will be the only subcutaneous bispecific antibody to treat adults with R/R FL after two lines of prior therapy, marking its second indication following FDA and European Medicines Agency (EMA) approval of R/R third-line diffuse large B-cell lymphoma (DLBCL) treatment. The FDA had previously granted this investigational indication Breakthrough Therapy Designation (BTD). The sBLA is supported by data from the Phase 1/2 EPCORE NHL-1 clinical trial. Epkinly is being co-developed by AbbVie and Genmab.\nAbbVie announced positive top-line results from the Phase 3 SELECT-GCA study, showing Rinvoq (upadacitinib, 15 mg, once daily) in combination with a 26-week steroid taper regimen achieved its primary endpoint of sustained remission from week 12 through week 52 in adults with giant cell arteritis (GCA). In this study, 46 percent of patients receiving Rinvoq in combination with a 26-week steroid taper regimen achieved sustained remission compared to 29 percent of patients receiving placebo in combination with a 52-week steroid taper regimen. Rinvoq's safety profile in GCA was generally consistent with that in approved indications, and no new safety signals were identified.\nAbbVie announced positive topline results from the Phase 3b/4 LEVEL UP study, that evaluated the efficacy and safety of Rinvoq (15 mg, once daily starting dose and dose-adjusted based on clinical response) versus Dupixent (dupilumab) in adults and adolescents with moderate to severe atopic dermatitis (AD) who had inadequate response to systemic therapy or when use of those therapies was inadvisable. Rinvoq demonstrated superiority versus Dupixent in the primary endpoint of simultaneous achievement of near complete skin clearance (Eczema Area and Severity Index 90) and no to little itch (Worst Pruritus Numerical Rating Scale of 0 or 1) at Week 16. Rinvoq also showed superiority versus Dupixent for all ranked secondary endpoints, including the rapid onset of achieving near complete skin clearance and no to little itch. The safety profile of Rinvoq was consistent with the profile in previous AD studies with no new safety signals identified during the 16-week period.\nAt the Congress of European Crohn's and Colitis Organisation (ECCO), AbbVie presented 17 abstracts, including nine oral presentations and eight posters, from a range of studies across its inflammatory bowel disease (IBD) portfolio. Oral presentations included new post-hoc analysis of clinical and endoscopic outcomes from the Phase 3 SEQUENCE trial comparing Skyrizi (risankizumab) versus Stelara (ustekinumab) in patients with moderate to severe Crohn's disease (CD), results from the Phase 3 COMMAND study of Skyrizi as a maintenance therapy in adult patients with moderately to severely active ulcerative colitis (UC), and long-term safety results from the Phase 3 U-ENDURE trial of Rinvoq in adult patients with moderately to severely active CD. Skyrizi is part of a collaboration between Boehringer Ingelheim and AbbVie, with AbbVie leading development and commercialization globally.\nAt the 2024 American Academy of Dermatology (AAD) Annual Meeting, AbbVie presented 29 abstracts including three late-breaking presentations. The presented data across AbbVie and Allergan Aesthetics' extensive portfolios reinforce the companies' ongoing commitment to developing transformative medical dermatology and aesthetic treatments to advance and redefine the standard of care for patients.\nAllergan Aesthetics announced the FDA approval of Juvederm Voluma XC for injection in the temple region to improve moderate to severe temple hollowing in adults over the age of 21. Juvederm Voluma XC is the first and only hyaluronic acid (HA) dermal filler to receive FDA approval for the improvement of moderate to severe temple hollowing with results lasting up to 13 months with optimal treatment.\nAt the American Academy of Neurology (AAN) Annual Meeting, AbbVie announced an interim analysis of an ongoing 156-week extension study that supports the long-term safety, tolerability and efficacy of Qulipta (atogepant) to prevent chronic and episodic migraine. The overall long-term safety results were consistent with the known safety profile of Qulipta in chronic and episodic migraine, and no new safety signals were identified. These results also support improvements in key efficacy outcomes, including reduction in monthly acute medication use days.\nAbbVie and Landos Biopharma announced a definitive agreement under which AbbVie will acquire Landos, a clinical stage biopharmaceutical company focused on the development of novel, oral therapeutics for patients with autoimmune diseases. Landos' lead investigational asset is NX-13, a first-in-class, oral NLRX1 agonist in Phase 2 for the treatment of UC.\nAbbVie and OSE Immunotherapeutics, a clinical-stage immunotherapy company, announced a strategic partnership to develop OSE-230, a monoclonal antibody designed to resolve chronic and severe inflammation, currently in the pre-clinical development stage.\nAbbVie and Tentarix Biotherapeutics announced a multi-year collaboration focused on the discovery and development of conditionally-active, multi-specific biologic candidates in oncology and immunology. The collaboration will leverage AbbVie's therapeutic area expertise and Tentarix's Tentacles platform.\n\nFull-Year 2024 Outlook\nAbbVie is raising its adjusted diluted EPS guidance for the full year 2024 from $10.97 - $11.17 to $11.13 - $11.33, which includes an unfavorable impact of $0.08 per share related to acquired IPR&D and milestones expense incurred during the first quarter 2024. The company's 2024 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the first quarter of 2024, as both cannot be reliably forecasted.\nAbout AbbVie\nAbbVie'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, oncology, neuroscience 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.\nConference Call\nAbbVie 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.\nNon-GAAP Financial Results\nFinancial results for 2024 and 2023 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.\nForward-Looking Statements\nSome 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, risks related to the proposed acquisition of Cerevel Therapeutics, including the possibility that the acquisition may not be consummated on the anticipated timeframe or at all, risks related to the ability to realize the anticipated benefits of the proposed acquisition on the anticipated timeframe or at all, risks that the costs to consummate the proposed acquisition or to obtain the anticipated benefits of the proposed acquisition could be greater than expected, the risk that an event occurs that could give rise to the right of AbbVie, on the one hand, or Cerevel Therapeutics, on the other hand, to terminate the acquisition agreement for such transaction, the risk that the business will not be integrated successfully, disruption from the proposed acquisition making it more difficult to maintain business and operational relationships, the diversion of management's attention from ongoing business operations and opportunities, negative effects of the consummation of the proposed acquisition on business or employee relationships or the market price of the Company's common stock and/or operating results, significant transaction costs, the assumption of unknown liabilities, the risk of litigation and/or regulatory actions related to the proposed acquisition of Cerevel Therapeutics's business, risks related to the financing of the proposed acquisition, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's and Cerevel Therapeutics's operations is set forth in Item 1A, \"Risk Factors,\" of AbbVie's 2023 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; Item 1A, \"Risk Factors,\" of Cerevel Therapeutics's 2023 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 Cerevel Therapeutics 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.\n\n\n\n\nAbbVie Inc. Key Product Revenues Quarter Ended March 31, 2024 (Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n% Change vs. 1Q23 \n\n\n\nNet Revenues (in millions) \n\nReported \n\nOperationala \n\n\n\nU.S. \n\nInt'l. \n\nTotal \n\nU.S. \n\nInt'l. \n\nTotal \n\nInt'l. \n\nTotal \n\n\nNET REVENUES \n$9,041 \n\n$3,269 \n\n$12,310 \n\n(1.7) % \n\n8.1 % \n\n0.7 % \n\n11.6 % \n\n1.6 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nImmunology \n4,152 \n\n1,219 \n\n5,371 \n\n(8.5) \n\n16.0 \n\n(3.9) \n\n20.5 \n\n(3.1) \n\n\nHumira \n1,771 \n\n499 \n\n2,270 \n\n(39.9) \n\n(15.8) \n\n(35.9) \n\n(11.6) \n\n(35.2) \n\n\nSkyrizi \n1,656 \n\n352 \n\n2,008 \n\n45.3 \n\n59.4 \n\n47.6 \n\n61.6 \n\n48.0 \n\n\nRinvoq \n725 \n\n368 \n\n1,093 \n\n61.4 \n\n55.3 \n\n59.3 \n\n62.8 \n\n61.9 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOncology \n967 \n\n576 \n\n1,543 \n\n7.3 \n\n12.1 \n\n9.0 \n\n14.3 \n\n9.8 \n\n\nImbruvicab \n610 \n\n228 \n\n838 \n\n(4.3) \n\n(5.1) \n\n(4.5) \n\n(5.1) \n\n(4.5) \n\n\nVenclexta \n281 \n\n333 \n\n614 \n\n6.2 \n\n21.9 \n\n14.2 \n\n26.1 \n\n16.3 \n\n\nElaherec \n64 \n\n— \n\n64 \n\nn/m \n\nn/m \n\nn/m \n\nn/m \n\nn/m \n\n\nEpkinlyd \n12 \n\n15 \n\n27 \n\nn/m \n\nn/m \n\nn/m \n\nn/m \n\nn/m \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAesthetics \n776 \n\n473 \n\n1,249 \n\n(0.3) \n\n(9.4) \n\n(4.0) \n\n(5.5) \n\n(2.5) \n\n\nBotox Cosmetic \n389 \n\n244 \n\n633 \n\n(4.9) \n\n(2.2) \n\n(3.9) \n\n1.2 \n\n(2.6) \n\n\nJuvederm Collection \n106 \n\n191 \n\n297 \n\n(13.2) \n\n(18.1) \n\n(16.4) \n\n(14.0) \n\n(13.7) \n\n\nOther Aesthetics \n281 \n\n38 \n\n319 \n\n13.7 \n\n(3.7) \n\n11.3 \n\n1.2 \n\n12.0 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNeuroscience \n1,714 \n\n251 \n\n1,965 \n\n17.1 \n\n7.9 \n\n15.9 \n\n8.9 \n\n16.0 \n\n\nBotox Therapeutic \n611 \n\n137 \n\n748 \n\n4.1 \n\n3.9 \n\n4.1 \n\n6.3 \n\n4.5 \n\n\nVraylar \n692 \n\n2 \n\n694 \n\n23.5 \n\n>100.0 \n\n23.6 \n\n>100.0 \n\n23.6 \n\n\nDuodopa \n25 \n\n90 \n\n115 \n\n(2.6) \n\n(2.7) \n\n(2.7) \n\n(3.7) \n\n(3.5) \n\n\nUbrelvy \n197 \n\n6 \n\n203 \n\n31.5 \n\n>100.0 \n\n33.8 \n\n>100.0 \n\n33.8 \n\n\nQulipta \n128 \n\n3 \n\n131 \n\n94.5 \n\n>100.0 \n\n97.7 \n\n>100.0 \n\n97.7 \n\n\nOther Neuroscience \n61 \n\n13 \n\n74 \n\n(18.5) \n\n>100.0 \n\n(6.9) \n\n>100.0 \n\n(6.7) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEye Care \n227 \n\n311 \n\n538 \n\n(29.2) \n\n7.6 \n\n(11.7) \n\n10.3 \n\n(10.4) \n\n\nOzurdex \n34 \n\n97 \n\n131 \n\n(13.7) \n\n27.9 \n\n13.7 \n\n29.3 \n\n14.6 \n\n\nLumigan/Ganfort \n29 \n\n62 \n\n91 \n\n(55.0) \n\n(7.6) \n\n(30.5) \n\n(6.4) \n\n(29.9) \n\n\nAlphagan/Combigan \n15 \n\n44 \n\n59 \n\n(47.0) \n\n1.9 \n\n(17.7) \n\n6.9 \n\n(14.7) \n\n\nRestasis \n44 \n\n13 \n\n57 \n\n(44.1) \n\n(1.4) \n\n(38.1) \n\n4.1 \n\n(37.3) \n\n\nOther Eye Care \n105 \n\n95 \n\n200 \n\n(4.8) \n\n5.9 \n\n— \n\n9.3 \n\n1.5 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther Key Products \n686 \n\n214 \n\n900 \n\n(5.6) \n\n6.3 \n\n(3.0) \n\n8.8 \n\n(2.4) \n\n\nMavyret \n144 \n\n205 \n\n349 \n\n(15.8) \n\n6.2 \n\n(4.1) \n\n9.0 \n\n(2.6) \n\n\nCreon \n285 \n\n— \n\n285 \n\n(6.6) \n\nn/m \n\n(6.6) \n\nn/m \n\n(6.6) \n\n\nLinzess/Constella \n257 \n\n9 \n\n266 \n\n2.5 \n\n9.2 \n\n2.8 \n\n6.8 \n\n2.7 \n\n\n\n\n\n\n\n\n\n\n\n\na  \n\"Operational\" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. \n\n\nb  \nReflects profit sharing for Imbruvica international revenues. \n\n\nc  \nReflects partial quarter Elahere revenue based on the February 12, 2024 close date of the ImmunoGen acquisition. \n\n\nd  \nEpkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certaininternational territories. \n\n\nn/m = not meaningful \n\n\n\n\n\n\n\n\nAbbVie Inc. Consolidated Statements of Earnings  (Unaudited) \n\n\n\n\n\n(in millions, except per share data)                                                                                             \n First Quarter Ended March 31 \n\n\n\n2024 \n\n2023 \n\n\nNet revenues \n$       12,310 \n\n$        12,225 \n\n\nCost of products sold \n4,094 \n\n3,986 \n\n\nSelling, general and administrative \n3,315 \n\n3,039 \n\n\nResearch and development \n1,939 \n\n2,292 \n\n\nAcquired IPR&D and milestones \n164 \n\n150 \n\n\nOther operating income \n— \n\n(10) \n\n\nTotal operating costs and expenses \n9,512 \n\n9,457 \n\n\n\n\n\n\n\n\nOperating earnings \n2,798 \n\n2,768 \n\n\n\n\n\n\n\n\nInterest expense, net \n453 \n\n454 \n\n\nNet foreign exchange loss \n4 \n\n35 \n\n\nOther expense, net \n586 \n\n1,804 \n\n\nEarnings before income tax expense \n1,755 \n\n475 \n\n\nIncome tax expense \n383 \n\n234 \n\n\nNet earnings \n1,372 \n\n241 \n\n\nNet earnings attributable to noncontrolling interest \n3 \n\n2 \n\n\nNet earnings attributable to AbbVie Inc. \n$          1,369 \n\n$             239 \n\n\n\n\n\n\n\n\nDiluted earnings per share attributable to AbbVie Inc. \n$            0.77 \n\n$            0.13 \n\n\n\n\n\n\n\n\nAdjusted diluted earnings per sharea \n$            2.31 \n\n$            2.46 \n\n\n\n\n\n\n\n\nWeighted-average diluted shares outstanding \n1,773 \n\n1,776 \n\n\n\n\n\n\n\n\n\n\n\n\na  \nRefer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. \n\n\n\n\n\n\n\n\nAbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) \n\n\n\n\n\n1.     Specified items impacted results as follows: \n\n\n\n\n\n\nQuarter Ended March 31, 2024 \n\n\n(in millions, except per share data)                                                         \nEarnings \n\nDiluted \n\n\n\nPre-tax \n\nAfter-taxa \n\nEPS \n\n\nAs reported (GAAP) \n$              1,755 \n\n$              1,369 \n\n$                0.77 \n\n\nAdjusted for specified items: \n\n\n\n\n\n\n\nIntangible asset amortization \n1,891 \n\n1,603 \n\n0.90 \n\n\nAcquisition and integration costs \n511 \n\n486 \n\n0.27 \n\n\nChange in fair value of contingent consideration  \n660 \n\n643 \n\n0.36 \n\n\nOther \n21 \n\n19 \n\n0.01 \n\n\nAs adjusted (non-GAAP) \n$              4,838 \n\n$              4,120 \n\n$                2.31 \n\n\n\n\n\n\n\n\n\n\n\na     Represents net earnings attributable to AbbVie Inc. \n\n\n\n\n\nAcquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition. \n\n\n\n\n\nReported 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 $0.08 to both diluted EPS and adjusted diluted EPS. \n\n\n\n\n\n\n\n\n\n\n\n2.     The impact of the specified items by line item was as follows:  \n\n\n\n\n\n\nQuarter Ended March 31, 2024 \n\n\n(in millions) \nCost of productssold \n\nSG&A \n\nR&D \n\nInterest expense, net \n\nOther expense,net \n\n\nAs reported (GAAP) \n$      4,094 \n\n$      3,315 \n\n$      1,939 \n\n$          453 \n\n$          586 \n\n\nAdjusted for specified items: \n\n\n\n\n\n\n\n\n\n\n\nIntangible asset amortization \n(1,891) \n\n— \n\n— \n\n— \n\n— \n\n\nAcquisition and integration costs \n(79) \n\n(280) \n\n(128) \n\n(24) \n\n— \n\n\nChange in fair value of contingent consideration       \n— \n\n— \n\n— \n\n— \n\n(660) \n\n\nOther \n(16) \n\n(3) \n\n— \n\n— \n\n(2) \n\n\nAs adjusted (non-GAAP) \n$      2,108 \n\n$      3,032 \n\n$      1,811 \n\n$          429 \n\n$          (76) \n\n\n\n\n\n\n\n\n\n\n\n3.     The adjusted tax rate for the first quarter of 2024 was 14.8 percent, as detailed below: \n\n\n\n\n\n\nQuarter Ended March 31, 2024 \n\n\n(dollars in millions) \nPre-tax earnings \n\nIncome taxes \n\nTax rate \n\n\nAs reported (GAAP) \n$              1,755 \n\n$                 383 \n\n21.8 % \n\n\nSpecified items \n3,083 \n\n332 \n\n10.8 % \n\n\nAs adjusted (non-GAAP)                                                                         \n$              4,838 \n\n$                 715 \n\n14.8 % \n\n\n\n\n\n\n\n\nAbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) \n\n\n\n\n\n1.     Specified items impacted results as follows: \n\n\n\n\n\n\nQuarter Ended March 31, 2023 \n\n\n(in millions, except per share data)                                                     \nEarnings \n\nDiluted \n\n\n\nPre-tax \n\nAfter-taxa \n\nEPS \n\n\nAs reported (GAAP) \n$                 475 \n\n$                 239 \n\n$                0.13 \n\n\nAdjusted for specified items: \n\n\n\n\n\n\n\nIntangible asset amortization \n1,948 \n\n1,646 \n\n0.93 \n\n\nIntangible asset impairment \n710 \n\n629 \n\n0.35 \n\n\nAcquisition and integration costs \n61 \n\n55 \n\n0.03 \n\n\nChange in fair value of contingent consideration  \n1,872 \n\n1,822 \n\n1.02 \n\n\nOther \n17 \n\n(6) \n\n— \n\n\nAs adjusted (non-GAAP) \n$              5,083 \n\n$              4,385 \n\n$                2.46 \n\n\n\n\n\n\n\n\n\n\n\n a    Represents net earnings attributable to AbbVie Inc. \n\n\n\n\n\nAcquisition and integration costs reflect integration costs related to the Allergan acquisition. \n\n\n\n\n\nReported GAAP earnings and adjusted non-GAAP earnings for the three months ended March 31, 2023 included acquired IPR&Dand milestones expense of $150 million on a pre-tax and after-tax basis, representing an unfavorable impact of $0.08 to both dilutedEPS and adjusted diluted EPS. \n\n\n\n\n\n\n\n\n\n\n\n2.     The impact of the specified items by line item was as follows:  \n\n\n\n\n\n\nQuarter Ended March 31, 2023 \n\n\n(in millions) \nCost of products sold \n\nSG&A \n\nR&D \n\nOther operatingincome \n\nOtherexpense, net \n\n\nAs reported (GAAP) \n$     3,986 \n\n$     3,039 \n\n$     2,292 \n\n$        (10) \n\n$     1,804 \n\n\nAdjusted for specified items: \n\n\n\n\n\n\n\n\n\n\n\nIntangible asset amortization \n(1,948) \n\n— \n\n— \n\n— \n\n— \n\n\nIntangible asset impairment \n(80) \n\n— \n\n(630) \n\n— \n\n\n\n\nAcquisition and integration costs \n(15) \n\n(44) \n\n(2) \n\n— \n\n— \n\n\nChange in fair value of contingent consideration              \n— \n\n— \n\n— \n\n— \n\n(1,872) \n\n\nOther \n(12) \n\n(11) \n\n(3) \n\n10 \n\n(1) \n\n\nAs adjusted (non-GAAP) \n$     1,931 \n\n$     2,984 \n\n$     1,657 \n\n$           — \n\n$        (69) \n\n\n\n\n\n\n\n\n\n\n\n3.     The adjusted tax rate for the first quarter of 2023 was 13.7 percent, as detailed below: \n\n\n\n\n\n\nQuarter Ended March 31, 2023 \n\n\n(dollars in millions) \nPre-tax earnings \n\nIncome taxes \n\nTax rate \n\n\nAs reported (GAAP) \n$                 475 \n\n$                 234 \n\n49.3 % \n\n\nSpecified items \n4,608 \n\n462 \n\n10.0 % \n\n\nAs adjusted (non-GAAP)                                                                          \n$              5,083 \n\n$                 696 \n\n13.7 % \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/abbvie-reports-first-quarter-2024-financial-results-302128164.html\nSOURCE AbbVie","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430276339"}