Q3 2024 AbbVie Inc Earnings Call Transcript
Key Points
- AbbVie Inc (ABBV) reported sales that were $260 million above expectations, driven by robust mid-single-digit operational sales growth.
- The ex-Humira platform, including Skyrizi and Rinvoq, showed impressive growth, with combined sales expected to exceed $17 billion this year.
- AbbVie Inc (ABBV) raised its full-year revenue guidance by $500 million and adjusted EPS guidance by $0.15, reflecting strong business performance.
- The acquisition of Cerevel Therapeutics has strengthened AbbVie Inc (ABBV)'s neuroscience pipeline, with positive Phase 3 results for Tavapadon in Parkinson's.
- AbbVie Inc (ABBV) announced a 5.8% increase in its quarterly cash dividend, marking a significant return to shareholders.
- Humira's global sales declined by 36.5% due to biosimilar competition, impacting overall revenue.
- The aesthetics segment faced challenges, with Juvederm sales impacted by economic conditions, leading to a decrease in the full-year sales outlook.
- Imbruvica's global revenues decreased by 8.8%, reflecting competitive dynamics in the chronic lymphocytic leukemia (CLL) market.
- The eye care segment remains a modest contributor to AbbVie Inc (ABBV)'s overall revenue, with limited growth prospects compared to other segments.
- There is uncertainty regarding the economic recovery's impact on the aesthetics market, which could affect long-term growth targets.
Good morning, and thank you for standing by. Welcome to the AbbVie third quarter 2024 earnings conference call. (Operator Instructions) Today's call is being recorded.
I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.
Good morning, and thanks for joining us. Also on the call with me today are Rob Michael, Chief Executive Officer; Jeff Stewart, Executive Vice President, Chief Commercial Officer; Roopal Thakkar, Executive Vice President, Research and Development, Chief Scientific Officer; Scott Reents, Executive Vice President, Chief Financial Officer; and Carrie Strom, Senior Vice President, AbbVie and President Global Allergan Aesthetics.
Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those
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