AbbVie Reports Third-Quarter 2024 Financial Results

Core Insights - AbbVie reported third-quarter diluted EPS of $0.88 on a GAAP basis, a decrease of 12.0 percent, while adjusted diluted EPS was $3.00, an increase of 1.7 percent, impacted by an unfavorable $0.04 per share from acquired IPR&D and milestones expense [1][9] - The company achieved net revenues of $14.460 billion, reflecting a 3.8 percent increase on a reported basis and a 4.9 percent increase on an operational basis [2][26] - AbbVie raised its 2024 adjusted diluted EPS guidance from $10.67 - $10.87 to $10.90 - $10.94, including an unfavorable impact of $0.64 per share related to acquired IPR&D and milestones expense [1][25] Financial Performance - Global net revenues from the immunology portfolio were $7.046 billion, up 3.9 percent reported and 4.8 percent operationally; Humira revenues decreased by 37.2 percent to $2.227 billion, while Skyrizi and Rinvoq saw increases of 50.8 percent and 45.3 percent, respectively [3][32] - Oncology portfolio revenues reached $1.687 billion, an increase of 11.6 percent reported and 13.0 percent operationally, with Venclexta growing by 14.8 percent to $677 million [4][32] - Neuroscience portfolio revenues were $2.363 billion, up 15.6 percent reported and 16.0 percent operationally, with Botox Therapeutic and Vraylar contributing significantly to this growth [5][6][32] - Aesthetics portfolio revenues were $1.239 billion, showing a slight decrease of 0.1 percent reported but an increase of 1.8 percent operationally, with Botox Cosmetic revenues increasing by 8.2 percent [7][32] Strategic Developments - AbbVie completed the acquisition of Cerevel, enhancing its neuroscience portfolio with complementary assets, including potential treatments for schizophrenia and Parkinson's disease [11] - The company announced a 5.8 percent increase in its quarterly dividend, reflecting a commitment to returning cash to shareholders [27] - AbbVie received FDA approval for Vyalev, a new treatment for motor fluctuations in advanced Parkinson's disease, and positive results from the Phase 3 TEMPO-1 trial for tavapadon were reported [13][12]