Core Insights - AbbVie has developed a strong neuroscience franchise, initially driven by blockbuster drugs like Botox Therapeutic and Vraylar, and has expanded its portfolio with new migraine treatments Qulipta and Ubrelvy, as well as Vyalev for Parkinson's disease [1][2]. Financial Performance - The neuroscience segment contributed over 17% to AbbVie's total sales in the first half of 2025, with revenues growing nearly 21% year over year, primarily due to increased sales of Botox Therapeutic and Vraylar, along with rising uptake of Ubrelvy and Qulipta [2][9]. - The strong performance in the neuroscience segment has helped mitigate the decline in Duodopa sales [2][9]. Product Launches and Acquisitions - AbbVie launched Vyalev in the U.S. earlier this year, and while initial sales have been modest, expectations are for its contribution to total revenues to grow over time [3]. - The company is actively investing in new therapies, including a recent agreement to acquire Gilgamesh Pharmaceuticals' lead pipeline drug for approximately $1.2 billion, which targets major depressive disorder (MDD). This follows a $1.4 billion acquisition of Aliada Therapeutics, which added an investigational antibody for Alzheimer's disease (AD) [4][5]. Competitive Landscape - Major competitors in the neuroscience space include Biogen and Johnson & Johnson. Biogen is diversifying its offerings due to declining revenues in its multiple sclerosis franchise and has partnered with Eisai to market an FDA-approved treatment for Alzheimer's disease [6]. - Johnson & Johnson has a strong neuroscience portfolio, including the antidepressant nasal spray Spravato and the antipsychotic Invega Sustenna, and recently acquired Intra-Cellular Therapies to enhance its offerings [7]. Valuation and Market Performance - AbbVie shares have outperformed the industry year to date, trading at a premium with a price/earnings (P/E) ratio of 15.59, compared to the industry average of 14.84 and above its five-year mean of 12.82 [8][11]. - Earnings per share (EPS) estimates for 2025 and 2026 have seen slight increases in the past 30 days [12].

Key Takeaways AbbVie will pay up to $1.2B to acquire rights to bretisilocin from Gilgamesh.Bretisilocin showed rapid and durable antidepressant effects in phase II studyAbbVie continues neuroscience deal spree to strengthen its early-stage pipeline.AbbVie (ABBV) has announced a deal with private neuroscience biotech, Gilgamesh Pharmaceuticals, to acquire the latter’s lead pipeline candidate, bretisilocin (GM-2505), a novel therapy being developed for treating major depressive disorder(MDD).Gilgamesh is curr ...

Core Insights - AbbVie's stock has increased by 11.5% in the past month due to strong second-quarter performance, beating earnings and sales estimates with earnings of $2.97 per share, a 12.1% year-over-year increase [1][2] Financial Performance - Revenues reached $15.42 billion, reflecting a 6.6% year-over-year increase, driven by strong sales of key drugs such as Rinvoq and Skyrizi, alongside contributions from newer drugs like Ubrelvy and Elahere [2][3] - AbbVie raised its revenue and EPS guidance for 2025, expecting adjusted EPS between $11.88-$12.08 and total revenues around $60.5 billion, up from previous estimates [3] Product Performance - AbbVie has successfully launched new immunology drugs, Skyrizi and Rinvoq, which are expected to replace declining sales from Humira, generating combined sales of $11.6 billion in the first half of 2025 [5][7] - Skyrizi and Rinvoq are projected to achieve combined sales exceeding $25 billion in 2025 and over $31 billion by 2027, with Skyrizi annualizing at nearly $18 billion and Rinvoq at over $8 billion [8][9] Oncology and Neuroscience Growth - The oncology segment generated $3.3 billion in the first half of 2025, a 4.2% year-over-year increase, supported by new drug launches and the addition of antibody-drug conjugates [11][13] - Sales in the neuroscience portfolio increased by 20.3% to nearly $5 billion, driven by products like Botox Therapeutic and newer migraine treatments [14] Acquisition Strategy - AbbVie has engaged in over 30 M&A transactions since early 2024, focusing on immunology, oncology, and neuroscience to enhance its early-stage pipeline [15][16] - Recent acquisitions include Capstan Therapeutics, adding a potential first-in-class CAR-T therapy to its immunology pipeline [16] Challenges and Market Dynamics - Humira's sales have declined over 50% in the first half of 2025 due to biosimilar erosion, with expectations of continued decline as more plans adopt exclusionary formularies [17] - Sales of Juvederm fillers have also decreased by 22.2% in the first half of 2025, impacted by macroeconomic challenges and weakened consumer sentiment [18] Stock Performance and Valuation - AbbVie's stock has gained 19.3% year-to-date, outperforming the industry and S&P 500 [19] - The stock trades at a price/earnings ratio of 15.31, higher than the industry average of 14.46, indicating a relatively high valuation compared to some peers [22] Future Outlook - AbbVie anticipates returning to mid-single-digit revenue growth in 2025, driven by the performance of Skyrizi and Rinvoq, with no significant loss of exclusivity events expected for the remainder of the decade [28][29]

Core Viewpoint - AbbVie has significantly outperformed the broader market since its split from Abbott Laboratories in 2013, driven by strong sales from its immunology drug Humira and subsequent products Skyrizi and Rinvoq [1][2][4]. Performance Analysis - AbbVie's shares have increased by 353.3% over the past decade, translating to an annual growth rate of 16.3%, outperforming the S&P 500 [4]. - A $1,000 investment in AbbVie 10 years ago would be worth $4,530.75, compared to $3,690.99 for the S&P 500 [4]. Key Products - Humira was the cornerstone of AbbVie's success, achieving peak sales of $22.1 billion before losing patent protection in the U.S. in 2023 [7]. - AbbVie is transitioning to Skyrizi and Rinvoq, which are expected to generate combined sales of $31 billion by 2027, surpassing Humira's peak sales [9]. Future Outlook - The company has a robust pipeline and has expanded its product offerings through acquisitions, including the $63 billion acquisition of Allergan in 2020 [10]. - AbbVie is actively developing new products, such as GUB014295 for weight management, to ensure continued growth [11]. Dividend Performance - AbbVie has increased its dividend payouts by 221.6% over the past decade and has a forward yield of 3.2%, significantly higher than the S&P 500's average of 1.3% [12]. - The company is recognized as a Dividend King, with 53 consecutive years of payout increases [12]. Investment Potential - AbbVie is positioned to continue delivering strong returns, particularly for investors who reinvest dividends [13].

AbbVie(ABBV 0.13%) reported second quarter 2025 results on July 31, 2025, delivering adjusted EPS of $2.97 (up $0.11 from guidance midpoint) and net revenues of $15.4 billion (up $400 million from expectations). Drug pipeline and deals reshape future growth profile Management raised full-year revenue guidance by $800 million, to $60.5 billion, and adjusted EPS (non- GAAP) guidance by $0.21 to a range of $11.88-$12.08, fueled by robust growth in immunology (SKYRIZI, RINVOQ) and neuroscience portfolios. The f ...

Financial Performance - AbbVie Inc. reported second-quarter 2025 adjusted EPS of $2.97, exceeding the Zacks Consensus Estimate of $2.89 and the company's guidance of $2.84-$2.88, with earnings rising 12.1% year over year [1] - Revenues for the quarter reached $15.42 billion, surpassing the Zacks Consensus Estimate of $15.07 billion, with a year-over-year increase of 6.6% on a reported basis and 6.5% on an operational basis [2] Key Drug Performance - Sales of Rinvoq totaled $2.03 billion, up 41.2%, driven by market share gains and recent label expansion [4] - Skyrizi generated $4.42 billion in sales, reflecting a 61.8% increase, attributed to strong volume growth and market share gains [5] - Humira experienced a significant sales decline of 58.2% to $1.18 billion, with U.S. sales down 66% to $802 million due to loss of exclusivity [6][7] - Neuroscience portfolio sales increased 24% to $2.68 billion, driven by higher sales of Botox Therapeutic, Vraylar, Ubrelvy, and Qulipta [8] Oncology and Other Drug Sales - Oncology franchise sales rose 2.4% to $1.68 billion, supported by newer drugs like Epkinly and Elahere, despite a decline in Imbruvica sales [10][11] - Venclexta generated revenues of $691 million, reflecting 8.3% growth, while Elahere sales rose 23.7% to $159 million, although it missed expectations [13] Cost and Guidance - Adjusted SG&A expenses decreased 2.3% year over year to $3.24 billion, while adjusted R&D expenses increased 10.3% to $2.12 billion [16] - AbbVie raised its full-year 2025 EPS guidance to a range of $11.88-$12.08, up from the previous range of $11.67-$11.87 [17] Market Reaction and Strategic Moves - AbbVie shares rose over 5% in pre-market trading following the upward revision in guidance, with a year-to-date stock gain of about 7% compared to the industry's 4% decline [20] - The company continues to invest in its future pipeline through strategic collaborations, including a licensing deal for an investigational trispecific antibody and interest in acquiring Gilgamesh Pharmaceuticals [22]

Financial Data and Key Metrics Changes - AbbVie reported adjusted earnings per share of $2.97, which is $0.11 above the guidance midpoint [6] - Total net revenues were $15.4 billion, exceeding expectations by over $400 million, reflecting a 6.5% operational growth [7][36] - The company raised its full-year revenue guidance to $60.5 billion, an increase of $800 million, and adjusted EPS guidance to between $11.88 and $12.08 [8][37] Business Line Data and Key Metrics Changes - Immunology revenues exceeded $7.6 billion, with SKYRIZI global sales at $4.4 billion, up 61.8% operationally [10][11] - RINVOQ global sales reached $2 billion, up 41.2% operationally, with strong uptake in IBD [12][13] - Neuroscience revenues were approximately $2.7 billion, up 24% operationally, driven by Vraylar and UBRELVY [20] - Oncology revenues were nearly $1.7 billion, with IMBRUVICA sales down 9.5% and VENCLEXTA sales up 8.3% [16][17] - Aesthetics revenues were nearly $1.3 billion, down 8% operationally, impacted by economic challenges [18] Market Data and Key Metrics Changes - SKYRIZI continues to capture robust market share in psoriatic disease, leading in the US across all lines of therapy [10][11] - HUMIRA global sales were over $1.1 billion, down 58.2% due to biosimilar competition [15] - The aesthetics market is performing below historical levels, with economic challenges affecting consumer sentiment [18][19] Company Strategy and Development Direction - AbbVie is focused on advancing its pipeline and strategic transactions to support long-term growth, with over 30 business development transactions executed since last year [9] - The company is enhancing its immunology pipeline with innovative therapies and technologies, including the acquisition of Capstan Therapeutics [26][27] - AbbVie aims to leverage its global aesthetics commercial footprint to sell obesity drugs in the future [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong outlook for 2025 and beyond, driven by the performance of SKYRIZI and RINVOQ [10][41] - The company is well-positioned to manage potential impacts from tariffs and is investing in US manufacturing capacity [56] - Management highlighted the importance of external innovation and strategic investments to drive growth in the next decade [66] Other Important Information - AbbVie announced impressive Phase III results for RINVOQ in alopecia areata, indicating significant commercial potential [24][97] - The company is actively working to stabilize and grow the dermal filler market amid economic challenges [99] Q&A Session Summary Question: Impact of Stellara biosimilar on SKYRIZI and RINVOQ - Management noted that while there may be some impact, the core momentum for SKYRIZI and RINVOQ is driven by outstanding data and breadth of indications [44][46] Question: Confidence in SKYRIZI and RINVOQ long-term guidance - Management indicated strong performance and momentum, with updates to long-term guidance expected at appropriate times [52][54] Question: Commercial opportunity for alopecia areata - Management highlighted that the new indications for RINVOQ could add approximately $2 billion to peak year sales, with significant potential for momentum [97] Question: Impact of GLP-1s on aesthetics - Management stated that the overall effect is net neutral, with some potential tailwinds for dermal fillers due to patient concerns about facial aesthetics [90]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for the second quarter was $2.97, exceeding guidance by $0.11 [5][34] - Total net revenues reached $15.4 billion, surpassing expectations by over $400 million, reflecting a 6.5% operational growth [6][34] - Full-year revenue guidance raised to $60.5 billion, an increase of $800 million, with a total increase of $1.5 billion since the start of the year [6][35] - Adjusted EPS guidance for the full year increased by $0.21, now expected between $11.88 and $12.08 [7][35] Business Line Data and Key Metrics Changes - Immunology revenues exceeded $7.6 billion, with SKYRIZI global sales at $4.4 billion, up 61.8% operationally [10][11] - RINVOQ global sales reached $2 billion, reflecting a 41.2% operational growth [12][13] - Neuroscience revenues were approximately $2.7 billion, up 24% operationally, driven by Vraylar and UBRELVY [19][20] - Oncology revenues were nearly $1.7 billion, with IMBRUVICA sales down 9.5% and VENCLEXTA sales up 8.3% [15][16] - Aesthetics revenues were nearly $1.3 billion, down 8% operationally, impacted by economic challenges [17][18] Market Data and Key Metrics Changes - SKYRIZI continues to gain market share in psoriatic disease, with leadership in psoriasis therapy lines [10][11] - RINVOQ is capturing significant patient share in IBD, with strong uptake in ulcerative colitis and Crohn's disease [12][13] - HUMIRA sales declined to over $1.1 billion, down 58.2% due to biosimilar competition [14] - The aesthetics market is underperforming historical levels, with economic challenges affecting consumer sentiment [18][19] Company Strategy and Development Direction - The company is focused on advancing its pipeline and strategic transactions to support long-term growth [5][9] - Recent acquisitions include Gubra for obesity treatment and KapStan Therapeutics for CAR T platform [8][9] - The company aims to enhance its immunology pipeline with innovative therapies and technologies [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong outlook for 2025 and beyond, supported by robust performance across key products [10][38] - The company is well-positioned to navigate economic challenges and capitalize on growth opportunities in various therapeutic areas [19][38] Other Important Information - The company has executed over 30 business development transactions since the beginning of the previous year [8] - Regulatory submissions for new therapies are anticipated, including RINVOQ for alopecia areata and vitiligo [24][25] Q&A Session Summary Question: Impact of Stellara biosimilar on SKYRIZI and RINVOQ - Management noted that while there may be some impact, the core momentum for SKYRIZI and RINVOQ is driven by strong data and physician connections [41][42] Question: Confidence in SKYRIZI and RINVOQ long-term guidance - Management indicated that they are tracking well against long-term guidance and will update it at the appropriate time [47][48] Question: Leveraging global aesthetics footprint for obesity drugs - The company sees a strong opportunity to integrate obesity treatments into its aesthetics practices, capitalizing on existing patient flow [66][68] Question: Status of anti-amyloid monoclonal antibody - The company is evaluating the potential for a registrational trial based on imaging as an endpoint, but specific details were not disclosed [94]

Core Insights - AbbVie reported strong financial results for the second quarter of 2025, with significant growth in its diversified growth platform and pipeline advancements, leading to an increased full-year outlook [2][4][10] Financial Performance - The company achieved second-quarter net revenues of $15.423 billion, reflecting a 6.6% increase on a reported basis and a 6.5% increase on an operational basis [4][5] - Diluted EPS on a GAAP basis was $0.52, a decrease of 32.5%, while adjusted diluted EPS was $2.97, an increase of 12.1% [4][21] - The gross margin for the second quarter was 71.8% on a GAAP basis and 84.4% on an adjusted basis [8] Revenue Breakdown by Portfolio - Immunology portfolio revenues were $7.631 billion, up 9.5% on a reported basis, with Skyrizi and Rinvoq showing significant growth of 62.2% and 41.8%, respectively [4][5][16] - Neuroscience portfolio revenues reached $2.683 billion, an increase of 24.2%, driven by Vraylar and Botox Therapeutic [4][5][16] - Oncology portfolio revenues were $1.676 billion, a modest increase of 2.6%, with Imbruvica experiencing a decline of 9.5% [4][5][16] - Aesthetics portfolio revenues decreased to $1.279 billion, down 8.1%, with Botox Cosmetic and Juvederm also showing declines [4][5][16] Pipeline Developments - AbbVie received FDA approval for Rinvoq as the first oral JAK inhibitor for giant cell arteritis, marking its ninth indication in the U.S. [8] - Positive results were reported from the Phase 3 UP-AA clinical program for Rinvoq in severe alopecia areata, achieving key endpoints [8] - The company announced the acquisition of Capstan Therapeutics, enhancing its capabilities in RNA delivery for cell engineering [8] - Emrelis received accelerated FDA approval for advanced non-small cell lung cancer, expanding AbbVie's oncology treatment options [9] Full-Year Guidance - AbbVie raised its adjusted diluted EPS guidance for 2025 from a range of $11.67 - $11.87 to $11.88 - $12.08, accounting for an unfavorable impact of $0.55 per share related to acquired IPR&D and milestones [10][4]

如果交易成功，将增强艾伯维在精神疾病治疗方面的产品管线。此前，艾伯维曾收购一款用于治疗精神 分裂症的药物，但该药去年在中期临床试验中失败。艾伯维目前销售一款名为Vraylar的药物，用于治疗 精神分裂症和双相情感障碍。、 如果达成收购，这将是在艾伯维与Gilgamesh在一年多前签署一项选择性授权协议之后的进一步动作， 双方当时同意共同开发用于精神疾病治疗的新型疗法。 据悉，Gilgamesh正在研发被称为"神经可塑原"(neuroplastogens)的新一代迷幻化合物。Gilgamesh由创始 人兼首席执行官Jonathan Sporn领导，专注于开发用于治疗抑郁症、焦虑症、药物成瘾及其他精神疾病 的疗法。今年5月，该公司宣布其治疗重度抑郁症候群(MDD)的候选药物GM-2505在一项中期临床试验 中取得了积极的初步结果。 智通财经APP获悉，据知情人士透露，艾伯维(ABBV.US)正在洽谈收购专注于精神健康治疗的 Gilgamesh Pharmaceuticals。知情人士表示，这笔潜在交易会对未上市的Gilgamesh的估值可能达到约 10亿美元。他们表示，相关公告可能会在未来几周内公布。知情人士补充 ...