AbbVie, a global biopharmaceutical company, reported its 2023 financial results with worldwide net revenues of $54.3 billion, a decrease of 6% from the previous year, attributed to Humira biosimilar competition. Operating earnings were $12.8 billion, and diluted earnings per share stood at $2.72. The company generated $22.8 billion in cash flows from operations. Despite the decline in Humira sales, growth was seen across the non-Humira product portfolio. AbbVie's business development included a diversified product portfolio with leadership in immunology, oncology, aesthetics, neuroscience, and eye care. The company's strategic objectives for 2024 focus on maximizing diversified revenue, strong commercial execution, pipeline investment, and returning cash to shareholders. Future plans involve regulatory submissions, clinical trial data readouts, and integration of recent acquisitions ImmunoGen, Inc. and Cerevel...Show More

AbbVie, a global biopharmaceutical company, reported its 2023 financial results with worldwide net revenues of $54.3 billion, a decrease of 6% from the previous year, attributed to Humira biosimilar competition. Operating earnings were $12.8 billion, and diluted earnings per share stood at $2.72. The company generated $22.8 billion in cash flows from operations. Despite the decline in Humira sales, growth was seen across the non-Humira product portfolio. AbbVie's business development included a diversified product portfolio with leadership in immunology, oncology, aesthetics, neuroscience, and eye care. The company's strategic objectives for 2024 focus on maximizing diversified revenue, strong commercial execution, pipeline investment, and returning cash to shareholders. Future plans involve regulatory submissions, clinical trial data readouts, and integration of recent acquisitions ImmunoGen, Inc. and Cerevel Therapeutics. AbbVie anticipates growth driven by products like Skyrizi and Rinvoq, and aims to manage Humira biosimilar erosion. The company's R&D pipeline includes approximately 90 compounds or indications, with significant developments in immunology and oncology. AbbVie's financial position remains strong, with a commitment to a robust dividend, evidenced by an increase in the quarterly cash dividend to $1.55 per share.