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AbbVie | 8-K: AbbVie Reports Third-Quarter 2024 Financial Results

SEC ·  Oct 30 19:47

Summary by Futu AI

On October 30, 2024, AbbVie Inc. reported its financial results for the third quarter ending September 30, 2024. The company announced a 3.8% increase in net revenues to $14.46 billion on a reported basis, and a 4.9% increase on an operational basis. Notably, the immunology portfolio contributed $7.046 billion, a 3.9% reported increase, with significant revenue from Skyrizi and Rinvoq. The oncology portfolio saw an 11.6% reported increase to $1.687 billion, while the neuroscience portfolio jumped 15.6% to $2.363 billion. However, the aesthetics portfolio experienced a slight decrease of 0.1% in revenues. AbbVie's GAAP diluted EPS was $0.88, a 12% decrease, while the adjusted diluted EPS was $3.00, a 1.7% increase. The company also completed the acquisition of Cerevel, enhancing its neuroscience portfolio, and raised its full-year adjusted diluted EPS guidance from $10.67 - $10.87 to $10.90 - $10.94. Additionally, AbbVie announced a 5.8% dividend increase to be paid in February 2025. CEO Robert A. Michael expressed confidence in the company's momentum and long-term growth outlook.
On October 30, 2024, AbbVie Inc. reported its financial results for the third quarter ending September 30, 2024. The company announced a 3.8% increase in net revenues to $14.46 billion on a reported basis, and a 4.9% increase on an operational basis. Notably, the immunology portfolio contributed $7.046 billion, a 3.9% reported increase, with significant revenue from Skyrizi and Rinvoq. The oncology portfolio saw an 11.6% reported increase to $1.687 billion, while the neuroscience portfolio jumped 15.6% to $2.363 billion. However, the aesthetics portfolio experienced a slight decrease of 0.1% in revenues. AbbVie's GAAP diluted EPS was $0.88, a 12% decrease, while the adjusted diluted EPS was $3.00, a 1.7% increase. The company also completed the acquisition of Cerevel, enhancing its neuroscience portfolio, and raised its full-year adjusted diluted EPS guidance from $10.67 - $10.87 to $10.90 - $10.94. Additionally, AbbVie announced a 5.8% dividend increase to be paid in February 2025. CEO Robert A. Michael expressed confidence in the company's momentum and long-term growth outlook.

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