On July 25, 2024, AbbVie Inc (ABBV, Financial) released its 8-K filing for the second quarter ended June 30, 2024. AbbVie, a pharmaceutical firm with a strong presence in immunology and oncology, reported mixed results for the quarter.
Performance Overview
AbbVie Inc (ABBV, Financial) reported second-quarter net revenues of $14.462 billion, surpassing the analyst estimate of $14.026 billion. This represents a 4.3% increase on a reported basis and a 5.6% increase on an operational basis. However, the company’s GAAP diluted EPS of $0.77 fell short of the estimated $1.19, reflecting a 32.5% decrease year-over-year. Adjusted diluted EPS was $2.65, an 8.9% decline from the previous year, impacted by a $0.52 per share expense related to acquired IPR&D and milestones.
Key Financial Achievements
AbbVie’s immunology portfolio generated $6.971 billion in global net revenues, a 2.3% increase on a reported basis. Notably, Skyrizi and Rinvoq saw significant growth, with revenues increasing by 44.8% and 55.8%, respectively. However, Humira’s global net revenues declined by 29.8% due to competitive pressures.
The oncology portfolio also performed well, with global net revenues of $1.634 billion, a 10.5% increase. Venclexta revenues rose by 11.5%, while Imbruvica saw an 8.2% decline.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Revenues | $14.462 billion | $13.865 billion |
| Cost of Products Sold | $4.202 billion | $4.240 billion |
| SG&A Expense | $3.377 billion | $3.268 billion |
| R&D Expense | $1.948 billion | $1.733 billion |
| Net Earnings | $1.370 billion | $2.024 billion |
| Diluted EPS | $0.77 | $1.14 |
| Adjusted Diluted EPS | $2.65 | $2.91 |
Balance Sheet and Cash Flow
AbbVie’s balance sheet remains robust, with significant investments in R&D and strategic acquisitions. The company’s adjusted gross margin ratio was 85.2%, and the adjusted operating margin was 42.6%. Net interest expense for the quarter was $506 million, and the adjusted tax rate was 18.8%.
Recent Developments and Future Outlook
AbbVie raised its full-year 2024 adjusted diluted EPS guidance range from $10.61 - $10.81 to $10.71 - $10.91. The company continues to advance its pipeline with recent FDA approvals and positive trial results for key drugs like Skyrizi and Rinvoq.
"Our business continues to perform exceptionally well, with second quarter results meaningfully ahead of our expectations," said Robert A. Michael, chief executive officer, AbbVie.
For more detailed insights and analysis, visit the full 8-K filing.
Explore the complete 8-K earnings release (here) from AbbVie Inc for further details.
