LOGIN  |  REGISTER
Assertio

AbbVie Reports Second-Quarter 2025 Financial Results

July 31, 2025 | Last Trade: US$195.22 6.20 3.28

Reports Second-Quarter Diluted EPS of $0.52 on a GAAP Basis, a Decrease of 32.5 Percent; Adjusted Diluted EPS of $2.97, an Increase of 12.1 Percent; These Results Include an Unfavorable Impact of $0.42 Per Share Related to Acquired IPR&D and Milestones Expense 

Delivers Second-Quarter Net Revenues of $15.423 Billion, an Increase of 6.6 Percent on a Reported Basis or 6.5 Percent on an Operational Basis

Second-Quarter Global Net Revenues from the Immunology Portfolio Were $7.631 Billion, an Increase of 9.5 Percent on a Reported Basis, or 9.2 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $4.423 Billion; Global Rinvoq Net Revenues Were $2.028 Billion; Global Humira Net Revenues Were $1.180 Billion

Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were $2.683 Billion, an Increase of 24.2 Percent on a Reported Basis, or 24.0 Percent on an Operational Basis; Global Vraylar Net Revenues Were $900 Million; Global Botox Therapeutic Net Revenues Were $928 Million; Combined Global Ubrelvy and Qulipta Net Revenues Were $605 Million

Second-Quarter Global Net Revenues from the Oncology Portfolio Were $1.676 Billion, an Increase of 2.6 Percent on a Reported Basis, or 2.4 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $754 Million; Global Venclexta Net Revenues Were $691 Million; Global Elahere Net Revenues Were $159 Million

Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.279 Billion, a Decrease of 8.1 Percent on a Reported Basis, or 8.0 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $692 Million; Global Juvederm Net Revenues Were $260 Millio

Raises 2025 Adjusted Diluted EPS Guidance Range from $11.67 - $11.87 to $11.88 - $12.08, which Includes an Unfavorable Impact of $0.55 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Second Quarter 2025

NORTH CHICAGO, Ill., July 31, 2025 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the second quarter ended June 30, 2025.

"AbbVie delivered another outstanding quarter with strong performance from our diversified growth platform. We also made meaningful pipeline progress with several regulatory approvals, encouraging clinical data and strategic investments in promising external innovation," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We're entering the second half of the year with substantial momentum and are once again raising our full-year outlook."

Second-Quarter Results

  • Worldwide net revenues were $15.423 billion, an increase of 6.6 percent on a reported basis, or 6.5 percent on an operational basis.
     
  • Global net revenues from the immunology portfolio were $7.631 billion, an increase of 9.5 percent on a reported basis, or 9.2 percent on an operational basis.
    • Global Skyrizi net revenues were $4.423 billion, an increase of 62.2 percent on a reported basis, or 61.8 percent on an operational basis.
    • Global Rinvoq net revenues were $2.028 billion, an increase of 41.8 percent on a reported basis, or 41.2 percent on an operational basis.
    • Global Humira net revenues were $1.180 billion, a decrease of 58.1 percent on a reported basis, or 58.2 percent on an operational basis.
       
  • Global net revenues from the neuroscience portfolio were $2.683 billion, an increase of 24.2 percent on a reported basis, or 24.0 percent on an operational basis.
    • Global Vraylar net revenues were $900 million, an increase of 16.3 percent.
    • Global Botox Therapeutic net revenues were $928 million, an increase of 14.1 percent on a reported basis, or 14.2 percent on an operational basis.
    • Global Ubrelvy net revenues were $338 million, an increase of 47.1 percent on a reported basis, or 47.2 percent on an operational basis.
    • Global Qulipta net revenues were $267 million, an increase of 77.5 percent on a reported basis, or 76.9 percent on an operational basis.
       
  • Global net revenues from the oncology portfolio were $1.676 billion, an increase of 2.6 percent on a reported basis, or 2.4 percent on an operational basis.
    • Global Imbruvica net revenues were $754 million, a decrease of 9.5 percent.
    • Global Venclexta net revenues were $691 million, an increase of 8.5 percent on a reported basis, or 8.3 percent on an operational basis.
    • Global Elahere net revenues were $159 million, an increase of 24.2 percent on a reported basis, or 23.7 percent on an operational basis.
       
  • Global net revenues from the aesthetics portfolio were $1.279 billion, a decrease of 8.1 percent on a reported basis, or 8.0 percent on an operational basis.
    • Global Botox Cosmetic net revenues were $692 million, a decrease of 5.0 percent on a reported basis, or 4.9 percent on an operational basis.
    • Global Juvederm net revenues were $260 million, a decrease of 24.0 percent.

  • On a GAAP basis, gross margin in the second quarter was 71.8 percent. The adjusted gross margin was 84.4 percent.
     
  • On a GAAP basis, selling, general and administrative (SG&A) expense was 21.1 percent of net revenues. The adjusted SG&A expense was 21.0 percent of net revenues.
     
  • On a GAAP basis, research and development (R&D) expense was 13.8 percent of net revenues. The adjusted R&D expense was 13.7 percent of net revenues.
     
  • Acquired IPR&D and milestones expense was 5.3 percent of net revenues.
     
  • On a GAAP basis, operating margin in the second quarter was 31.7 percent. The adjusted operating margin was 44.3 percent.
     
  • Net interest expense was $678 million.
     
  • On a GAAP basis, the tax rate in the quarter was 39.4 percent. The adjusted tax rate was 16.2 percent.
     
  • Diluted EPS in the second quarter was $0.52 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $2.97. These results include an unfavorable impact of $0.42 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 the U.S. Food and Drug Administration (FDA) approved Rinvoq (upadacitinib) as the first oral Janus Kinase (JAK) inhibitor approved for the treatment of adults with giant cell arteritis (GCA). The approval was supported by data from the pivotal Phase 3 SELECT-GCA trial, which met the primary endpoint of sustained remission and key secondary endpoints. This marks the ninth approved indication for Rinvoq in the U.S., across rheumatology, gastroenterology and dermatology.
     
  • AbbVie announced positive topline results from the first of two pivotal studies in the Phase 3 UP-AA clinical program evaluating the safety and efficacy of Rinvoq in adult and adolescent patients with severe alopecia areata (AA). In the study, Rinvoq achieved the primary endpoint, demonstrating that 44.6% and 54.3% of patients with severe AA treated with Rinvoq 15mg and 30mg, respectively, reached 80% or more scalp hair coverage at week 24 as defined by the severity of alopecia tool (SALT) score ≤20. Key secondary endpoints, including improvements in eyebrows and eyelashes, as well as the percentage of subjects with 90% or more scalp coverage (SALT ≤10) and complete scalp hair coverage (SALT=0) at Week 24, were also met. Rinvoq's safety profile in AA was generally consistent with that in approved indications, and no new safety signals were identified in this study.
     
  • AbbVie and Capstan Therapeutics, a clinical-stage biotechnology company dedicated to advancing in vivo engineering of cells through RNA delivery using targeted lipid nanoparticles (tLNPs), announced a definitive agreement under which AbbVie will acquire Capstan. The transaction includes CPTX2309, a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy candidate, currently in Phase 1 development for the treatment of B cell-mediated autoimmune diseases. Additionally, AbbVie will acquire Capstan's proprietary tLNP platform technology designed to deliver RNA payloads, such as mRNA, capable of engineering specific cell types in vivo.
     
  • AbbVie announced new data from its Phase 3 TEMPLE head-to-head study evaluating the tolerability, safety and efficacy of Qulipta (atogepant) compared to topiramate for the preventive treatment of migraine in adult patients with a history of four or more migraine days per month. In the study, Qulipta met the primary endpoint of fewer treatment discontinuations attributed to adverse events versus topiramate, and all six secondary endpoints achieved statistical significance for superiority versus topiramate, demonstrating clinical efficacy. Full results from the TEMPLE study will be presented at an upcoming medical meeting.
     
  • AbbVie announced that Emrelis (telisotuzumab vedotin-tllv) was granted accelerated approval by the FDA for the treatment of adult patients with locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) with high c-Met protein overexpression who have received a prior systemic therapy. Emrelis is the first treatment approved for previously treated advanced NSCLC patients with high c-Met protein overexpression, a population that often faces poor prognosis and has limited treatment options.
     
  • AbbVie announced the submission of a supplemental New Drug Application (sNDA) to the FDA for Venclexta (venetoclax) and acalabrutinib combination therapy for the treatment of chronic lymphocytic leukemia (CLL). This combination therapy has potential to be the first all oral, fixed-duration regimen for previously untreated patients with CLL. The submission is supported by data from the Phase 3 AMPLIFY trial which demonstrated that the combination regimen of Venclexta and acalabrutinib improved progression-free survival (PFS) compared to standard chemoimmunotherapy in previously untreated patients with CLL.
     
  • At the American Society of Clinical Oncology (ASCO) Annual Meeting, AbbVie presented key data that showcased significant progress across AbbVie's robust oncology pipeline, in a range of difficult-to-treat solid tumors and blood cancers. Highlights included new data from AbbVie's novel investigational antibody-drug conjugates (ADCs) telisotuzumab adizutecan (ABBV-400, Temab-A) in advanced NSCLC, ABBV-706 in high-grade neuroendocrine neoplasms (NENs) and pivekimab sunirine (PVEK) in blastic plasmacytoid dendritic cell neoplasm (BPDCN).
     
  • AbbVie announced the global Phase 3 VERONA trial evaluating Venclexta (venetoclax) in combination with azacitidine in the treatment of newly diagnosed higher-risk myelodysplastic syndrome (MDS) did not meet the primary endpoint of overall survival. No new safety signals were observed and results from the trial will be available in a future medical congress and/or publication.
     
  • AbbVie and Ichnos Glenmark Innovation (IGI) announced an exclusive licensing agreement for IGI's lead investigational asset, ISB 2001, which is being investigated for the treatment of oncology and autoimmune diseases. ISB 2001 is a first-in-class trispecific T-cell engager currently in Phase 1 development for relapsed/refractory (r/r) multiple myeloma (MM).
     
  • AbbVie announced the FDA approved a label expansion for Mavyret (glecaprevir/pibrentasvir), an oral pangenotypic direct acting antiviral (DAA) therapy. Mavyret is the first oral eight-week pangenotypic treatment option approved for people with acute or chronic hepatitis C virus (HCV). With this approval, providers can now treat HCV patients immediately at the time of diagnosis.
     
  • AbbVie and ADARx Pharmaceuticals, a late clinical-stage biotechnology company developing next-generation RNA therapeutics, announced a collaboration and license option agreement to develop small interfering RNA (siRNA) therapeutics across multiple disease areas. The collaboration will leverage AbbVie's expertise in biotherapeutic drug development and commercialization with ADARx's proprietary RNA technology to advance next-generation siRNA therapies across neuroscience, immunology and oncology.

Full-Year 2025 Outlook

AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $11.67 - $11.87 to $11.88 - $12.08, which includes an unfavorable impact of $0.55 per share related to acquired IPR&D and milestones expense incurred year-to-date through the second 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 second quarter of 2025, as both cannot be reliably forecasted.

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 second-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.

Media:

Investors:

Gabby Tarbert

Liz Shea

(224) 244-0111

(847) 935-2211

  
 

Todd Bosse

 

(847) 936-1182

  
 

Jeffrey Byrne

 

(847) 938-2923

AbbVie Inc.

Key Product Revenues

Quarter Ended June 30, 2025

(Unaudited) 

 
       

% Change vs. 2Q24

 

Net Revenues (in millions)

 

Reported

 

Operationala

 

U.S.

 

Int'l.

 

Total

 

U.S.

 

Int'l.

 

Total

 

Int'l.

 

Total

NET REVENUES     

$11,762

 

$3,661

 

$15,423

 

5.9 %

 

9.1 %

 

6.6 %

 

8.4 %

 

6.5 %

                

Immunology

6,097

 

1,534

 

7,631

 

6.7

 

22.3

 

9.5

 

20.7

 

9.2

Skyrizi

3,843

 

580

 

4,423

 

64.3

 

49.7

 

62.2

 

47.2

 

61.8

Rinvoq

1,452

 

576

 

2,028

 

42.7

 

39.6

 

41.8

 

37.5

 

41.2

Humira

802

 

378

 

1,180

 

(66.0)

 

(16.8)

 

(58.1)

 

(17.2)

 

(58.2)

                

Neuroscience

2,333

 

350

 

2,683

 

23.2

 

30.6

 

24.2

 

28.7

 

24.0

Vraylar

898

 

2

 

900

 

16.2

 

72.8

 

16.3

 

76.8

 

16.3

Botox Therapeutic

775

 

153

 

928

 

15.9

 

5.7

 

14.1

 

6.0

 

14.2

Ubrelvy

330

 

8

 

338

 

46.5

 

73.9

 

47.1

 

76.7

 

47.2

Qulipta

237

 

30

 

267

 

62.8

 

>100.0

 

77.5

 

>100.0

 

76.9

Vyalev

22

 

76

 

98

 

n/m 

 

>100.0

 

>100.0

 

>100.0

 

>100.0

Duodopa

20

 

77

 

97

 

(13.6)

 

(13.7)

 

(13.7)

 

(16.3)

 

(15.7)

Other Neuroscience

51

 

4

 

55

 

(11.4)

 

(23.3)

 

(12.3)

 

(21.3)

 

(12.2)

                

Oncology

1,026

 

650

 

1,676

 

(1.0)

 

8.7

 

2.6

 

8.3

 

2.4

Imbruvicab

543

 

211

 

754

 

(8.9)

 

(11.2)

 

(9.5)

 

(11.2)

 

(9.5)

Venclexta

321

 

370

 

691

 

7.4

 

9.5

 

8.5

 

9.1

 

8.3

Elahere

138

 

21

 

159

 

8.0

 

n/m

 

24.2

 

n/m

 

23.7

Epkinlyc

22

 

48

 

70

 

57.4

 

>100.0

 

93.9

 

>100.0

 

92.3

Other Oncology

2

 

 

2

 

n/m

 

n/m

 

n/m

 

n/m

 

n/m

                

Aesthetics

797

 

482

 

1,279

 

(7.8)

 

(8.5)

 

(8.1)

 

(8.3)

 

(8.0)

Botox Cosmetic

410

 

282

 

692

 

(8.7)

 

0.9

 

(5.0)

 

1.2

 

(4.9)

Juvederm Collection

105

 

155

 

260

 

(23.6)

 

(24.4)

 

(24.0)

 

(24.4)

 

(24.0)

Other Aesthetics

282

 

45

 

327

 

1.6

 

5.8

 

2.2

 

6.4

 

2.3

                

Eye Care

226

 

288

 

514

 

(5.7)

 

(2.4)

 

(3.9)

 

(1.5)

 

(3.4)

Ozurdex

30

 

95

 

125

 

(12.6)

 

5.8

 

0.6

 

4.4

 

(0.4)

Lumigan/Ganfort

52

 

51

 

103

 

19.9

 

(15.4)

 

(0.8)

 

(15.2)

 

(0.7)

Alphagan/Combigan

 

36

 

36

 

(91.6)

 

(3.1)

 

(25.6)

 

(0.2)

 

(23.5)

Other Eye Care

144

 

106

 

250

 

(4.3)

 

(1.7)

 

(3.2)

 

0.9

 

(2.1)

                

Other Key Products

835

 

202

 

1,037

 

11.2

 

(4.4)

 

7.8

 

(5.8)

 

7.5

Mavyret

184

 

191

 

375

 

9.7

 

(5.1)

 

1.6

 

(6.5)

 

0.8

Creon

404

 

 

404

 

8.4

 

n/m

 

8.4

 

n/m

 

8.4

Linzess/Constella

247

 

11

 

258

 

17.4

 

10.8

 

17.1

 

10.3

 

17.1

  

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.

Key Product Revenues

Six Months Ended June 30, 2025

(Unaudited)

 
       

% Change vs. 6M24

 

Net Revenues (in millions)

 

Reported

 

Operationala

 

U.S.

 

Int'l.

 

Total

 

U.S.

 

Int'l.

 

Total

 

Int'l.

 

Total

NET REVENUES       

$21,741

 

$7,025

 

$28,766

 

7.9 %

 

6.0 %

 

7.4 %

 

8.3 %

 

8.0 %

                

Immunology

10,980

 

2,915

 

13,895

 

11.3

 

17.9

 

12.6

 

20.4

 

13.1

Skyrizi

6,762

 

1,086

 

7,848

 

69.2

 

46.9

 

65.8

 

49.6

 

66.2

Rinvoq

2,672

 

1,074

 

3,746

 

53.3

 

37.6

 

48.5

 

40.1

 

49.3

Humira

1,546

 

755

 

2,301

 

(62.6)

 

(20.8)

 

(54.7)

 

(18.4)

 

(54.3)

                

Neuroscience

4,305

 

660

 

4,965

 

19.3

 

27.4

 

20.3

 

29.8

 

20.6

Vraylar

1,661

 

4

 

1,665

 

13.4

 

41.8

 

13.5

 

47.4

 

13.5

Botox Therapeutic

1,498

 

296

 

1,794

 

17.0

 

5.2

 

14.9

 

8.6

 

15.5

Ubrelvy

563

 

15

 

578

 

33.0

 

46.7

 

33.3

 

51.2

 

33.4

Qulipta

409

 

51

 

460

 

49.5

 

>100.0

 

63.6

 

>100.0

 

63.6

Vyalev

28

 

133

 

161

 

n/m

 

>100.0

 

>100.0

 

>100.0

 

>100.0

Duodopa

40

 

153

 

193

 

(16.6)

 

(14.9)

 

(15.2)

 

(14.0)

 

(14.5)

Other Neuroscience

106

 

8

 

114

 

(10.4)

 

(12.7)

 

(10.5)

 

(8.1)

 

(10.2)

                

Oncology

2,053

 

1,256

 

3,309

 

2.4

 

7.1

 

4.2

 

9.1

 

5.0

Imbruvicab

1,072

 

420

 

1,492

 

(11.1)

 

(9.7)

 

(10.7)

 

(9.7)

 

(10.7)

Venclexta

633

 

723

 

1,356

 

9.1

 

7.8

 

8.4

 

11.3

 

10.3

Elahere

303

 

35

 

338

 

57.5

 

n/m

 

75.5

 

n/m

 

75.5

Epkinlyc

43

 

78

 

121

 

61.8

 

>100.0

 

92.1

 

>100.0

 

93.3

Other Oncology

2

 

 

2

 

n/m

 

n/m

 

n/m

 

n/m

 

n/m

                

Aesthetics

1,437

 

944

 

2,381

 

(12.3)

 

(5.6)

 

(9.8)

 

(3.6)

 

(9.0)

Botox Cosmetic

705

 

543

 

1,248

 

(15.9)

 

3.7

 

(8.4)

 

5.8

 

(7.6)

Juvederm Collection

180

 

311

 

491

 

(25.9)

 

(21.5)

 

(23.2)

 

(19.8)

 

(22.2)

Other Aesthetics

552

 

90

 

642

 

(1.0)

 

11.7

 

0.6

 

14.5

 

0.9

                

Eye Care

447

 

573

 

1,020

 

(4.2)

 

(5.3)

 

(4.8)

 

(1.8)

 

(2.8)

Ozurdex

60

 

188

 

248

 

(12.4)

 

0.8

 

(2.8)

 

2.7

 

(1.4)

Lumigan/Ganfort

100

 

109

 

209

 

39.4

 

(11.0)

 

7.5

 

(7.7)

 

9.6

Alphagan/Combigan

26

 

70

 

96

 

(3.6)

 

(13.1)

 

(10.6)

 

(8.5)

 

(7.2)

Other Eye Care

261

 

206

 

467

 

(12.8)

 

(4.4)

 

(9.3)

 

0.3

 

(7.3)

                

Other Key Products

1,471

 

375

 

1,846

 

2.5

 

(12.0)

 

(0.8)

 

(10.4)

 

(0.4)

Mavyret

326

 

355

 

681

 

4.9

 

(12.8)

 

(5.1)

 

(11.2)

 

(4.2)

Creon

759

 

 

759

 

15.4

 

n/m

 

15.4

 

n/m

 

15.4

Linzess/Constella

386

 

20

 

406

 

(17.4)

 

7.0

 

(16.5)

 

9.7

 

(16.4)

  

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)

Second Quarter

Ended June 30

 

Six Months

Ended June 30

 

2025

 

2024

 

2025

 

2024

Net revenues

$       15,423

 

$       14,462

 

$       28,766

 

$        26,772

Cost of products sold

4,346

 

4,202

 

8,348

 

8,296

Selling, general and administrative

3,253

 

3,377

 

6,546

 

6,692

Research and development

2,131

 

1,948

 

4,198

 

3,887

Acquired IPR&D and milestones

823

 

937

 

1,071

 

1,101

Other operating income

(24)

 

 

(24)

 

Total operating costs and expenses

10,529

 

10,464

 

20,139

 

19,976

        

Operating earnings

4,894

 

3,998

 

8,627

 

6,796

        

Interest expense, net

678

 

506

 

1,305

 

959

Net foreign exchange loss

23

 

1

 

27

 

5

Other expense, net

2,639

 

1,345

 

4,080

 

1,931

Earnings before income tax expense

1,554

 

2,146

 

3,215

 

3,901

Income tax expense

613

 

773

 

985

 

1,156

Net earnings

941

 

1,373

 

2,230

 

2,745

Net earnings attributable to noncontrolling interest

3

 

3

 

6

 

6

Net earnings attributable to AbbVie Inc.

$             938

 

$          1,370

 

$          2,224

 

$          2,739

        

Diluted earnings per share attributable to AbbVie Inc.          

$            0.52

 

$            0.77

 

$            1.24

 

$            1.53

        

Adjusted diluted earnings per sharea

$            2.97

 

$            2.65

 

$            5.43

 

$            4.96

        

Weighted-average diluted shares outstanding

1,771

 

1,771

 

1,772

 

1,772

  

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 June 30, 2025

(in millions, except per share data)

Earnings

 

Diluted

 

Pre-tax

 

After-taxa

 

EPS

As reported (GAAP)

$              1,554

 

$                 938

 

$                0.52

Adjusted for specified items:

     

Intangible asset amortization

1,864

 

1,571

 

0.89

Change in fair value of contingent consideration

2,795

 

2,709

 

1.53

Other

91

 

60

 

0.03

As adjusted (non-GAAP)

$              6,304

 

$              5,278

 

$                2.97

 

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 June 30, 2025 included acquired IPR&D
and milestone expense of $823 million on a pre-tax and $737 million on an after-tax basis, representing an unfavorable impact
of $0.42 to both diluted EPS and adjusted diluted EPS.

 

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

 
 

Quarter Ended June 30, 2025

(in millions)

Cost of
products
sold

 

SG&A

 

R&D

 

Other
operating
income

 

Other
expense,
net

As reported (GAAP)

$      4,346

 

$      3,253

 

$      2,131

 

$         (24)

 

$      2,639

Adjusted for specified items:

         

Intangible asset amortization

(1,864)

 

 

 

 

Change in fair value of contingent consideration       

 

 

 

 

(2,795)

Other

(69)

 

(14)

 

(16)

 

24

 

(16)

As adjusted (non-GAAP)

$      2,413

 

$      3,239

 

$      2,115

 

$            —

 

$       (172)

 

3.     The adjusted tax rate for the second quarter of 2025 was 16.2 percent, as detailed below:                                                        

 
 

Quarter Ended June 30, 2025

(dollars in millions)

Pre-tax
earnings

 

Income taxes

 

Tax rate

As reported (GAAP)

$              1,554

 

$                 613

 

39.4 %

Specified items

4,750

 

410

 

8.6 %

As adjusted (non-GAAP)                                                                    

$              6,304

 

$              1,023

 

16.2 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

 

1.     Specified items impacted results as follows:

 
 

Quarter Ended June 30, 2024

(in millions, except per share data)

Earnings

 

Diluted

 

Pre-tax

 

After-taxa

 

EPS

As reported (GAAP)

$              2,146

 

$              1,370

 

$                0.77

Adjusted for specified items:

     

Intangible asset amortization

1,947

 

1,651

 

0.93

Acquisition and integration costs

145

 

125

 

0.07

Change in fair value of contingent consideration

1,476

 

1,438

 

0.81

Other

90

 

126

 

0.07

As adjusted (non-GAAP)

$              5,804

 

$              4,710

 

$                2.65

 

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 June 30, 2024 included acquired IPR&D
and milestone expense of $937 million on a pre-tax and $924 million on an after-tax basis, representing an unfavorable impact
of $0.52 to both diluted EPS and adjusted diluted EPS.

 

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

 
 

Quarter Ended June 30, 2024

(in millions)

Cost of
products
sold

 

SG&A

 

R&D

 

Other
expense,
net

As reported (GAAP)

$     4,202

 

$     3,377

 

$     1,948

 

$     1,345

Adjusted for specified items:

       

Intangible asset amortization

(1,947)

 

 

 

Acquisition and integration costs

(79)

 

(35)

 

(31)

 

Change in fair value of contingent consideration                                   

 

 

 

(1,476)

Other

(41)

 

(27)

 

 

(22)

As adjusted (non-GAAP)

$     2,135

 

$     3,315

 

$     1,917

 

$      (153)

 

 3.     The adjusted tax rate for the second quarter of 2024 was 18.8 percent, as detailed below:  

 
 

Quarter Ended June 30, 2024

(dollars in millions)

Pre-tax
earnings

 

Income taxes

 

Tax rate

As reported (GAAP)

$              2,146

 

$                 773

 

36.0 %

Specified items

3,658

 

318

 

8.7 %

As adjusted(non-GAAP)                                                                      

$              5,804

 

$              1,091

 

18.8 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

 

1.     Specified items impacted results as follows:

 
 

Six Months Ended June 30, 2025

(in millions, except per share data)

Earnings

 

Diluted

 

Pre-tax

 

After-taxa

 

EPS

As reported (GAAP)

$              3,215

 

$              2,224

 

$                1.24

Adjusted for specified items:

     

Intangible asset amortization

3,722

 

3,145

 

1.78

Change in fair value of contingent consideration

4,313

 

4,186

 

2.36

Other

153

 

93

 

0.05

As adjusted (non-GAAP)

$           11,403

 

$              9,648

 

$                5.43

 

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 six months ended June 30, 2025 included acquired IPR&D
and milestones expense of $1.1 billion on a pre-tax and $975 million on an after-tax basis, representing an unfavorable impact
of $0.55 to both diluted EPS and adjusted diluted EPS.

 

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

 
 

Six Months Ended June 30, 2025

(in millions)

Cost of
products
sold

 

SG&A

 

R&D

 

Other
operating
income

 

Other
expense,
net

As reported (GAAP)

$      8,348

 

$      6,546

 

$      4,198

 

$          (24)

 

$      4,080

Adjusted for specified items:

         

Intangible asset amortization

(3,722)

 

 

 

 

Change in fair value of contingent consideration   

 

 

 

 

(4,313)

Other

(97)

 

(27)

 

(32)

 

24

 

(21)

As adjusted (non-GAAP)

$      4,529

 

$      6,519

 

$      4,166

 

$            —

 

$        (254)

 

3.     The adjusted tax rate for the first six months of 2025 was 15.3 percent, as detailed below:                                                    

 
 

Six Months Ended June 30, 2025

(dollars in millions)

Pre-tax
earnings

 

Income taxes

 

Tax rate

As reported (GAAP)

$              3,215

 

$                 985

 

30.6 %

Specified items

8,188

 

764

 

9.3 %

As adjusted (non-GAAP)                                                            

$            11,403

 

$              1,749

 

15.3 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

 

1.     Specified items impacted results as follows:

 
 

Six Months Ended June 30, 2024

(in millions, except per share data)

Earnings

 

Diluted

 

Pre-tax

 

After-taxa

 

EPS

As reported (GAAP)

$              3,901

 

$              2,739

 

$                1.53

Adjusted for specified items:

     

Intangible asset amortization

3,838

 

3,254

 

1.84

Acquisition and integration costs

656

 

611

 

0.34

Change in fair value of contingent consideration

2,136

 

2,081

 

1.17

Other

111

 

145

 

0.08

As adjusted (non-GAAP)

$           10,642

 

$              8,830

 

$                4.96

 

 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 six months ended June 30, 2024 included acquired IPR&D
and milestones expense of $1.1 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.60 to both
diluted EPS and adjusted diluted EPS.

 

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

 
 

Six Months Ended June 30, 2024

(in millions)

Cost of
products
sold

 

SG&A

 

R&D

 

Interest
expense,
net

 

Other
expense,
net

As reported (GAAP)

$     8,296

 

$     6,692

 

$     3,887

 

$        959

 

$     1,931

Adjusted for specified items:

         

Intangible asset amortization

(3,838)

 

 

 

 

Acquisition and integration costs

(158)

 

(315)

 

(159)

 

(24)

 

Change in fair value of contingent consideration         

 

 

 

 

(2,136)

Other

(57)

 

(30)

 

 

 

(24)

As adjusted (non-GAAP)

$     4,243

 

$     6,347

 

$     3,728

 

$        935

 

$      (229)

 

3.     The adjusted tax rate for the first six months of 2024 was 17.0 percent, as detailed below:                                                     

 
 

Six Months Ended June 30, 2024

(dollars in millions)

Pre-tax
earnings

 

Income taxes

 

Tax rate

As reported (GAAP)

$              3,901

 

$              1,156

 

29.6 %

Specified items

6,741

 

650

 

9.6 %

As adjusted (non-GAAP)                                                      

$            10,642

 

$              1,806

 

17.0 %

 
Assertio

Stock Quote

Featured Stock

Terns Pharmaceuticals

Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity. Terns’ pipeline contains three clinical stage development programs including GLP-1 receptor...

CLICK TO LEARN MORE

Featured Stock

Cue Biopharma

Cue Biopharma is developing the first-ever class of therapeutics for the treatment of cancer that mimic the natural signals, or “Cues”, of the immune system. This novel class of injectable biologics selectively engages and modulates tumor-specific T cells directly within the patient’s body to transform...

CLICK TO LEARN MORE

End of content

No more pages to load

Next page