AbbVie, a global biopharmaceutical company, reported a slight increase in worldwide net revenues to $12.3 billion for the first quarter of 2024, compared to $12.2 billion in the same period of 2023. The company's operating earnings stood at $2.8 billion, with diluted earnings per share at $0.77 and cash flows from operations reaching $4.0 billion. Despite a 35% decrease in global Humira sales due to biosimilar competition, Skyrizi and Rinvoq saw revenue increases of 48% and 62%, respectively, driven by strong market share uptake and growth. Oncology product Venclexta also experienced a 16% revenue increase. The company's gross margin remained flat at 67%, while selling, general and administrative expenses rose to 27% of net revenues, influenced by acquisition and integration costs from the ImmunoGen acquisition. Research and development expenses decreased by...Show More

AbbVie, a global biopharmaceutical company, reported a slight increase in worldwide net revenues to $12.3 billion for the first quarter of 2024, compared to $12.2 billion in the same period of 2023. The company's operating earnings stood at $2.8 billion, with diluted earnings per share at $0.77 and cash flows from operations reaching $4.0 billion. Despite a 35% decrease in global Humira sales due to biosimilar competition, Skyrizi and Rinvoq saw revenue increases of 48% and 62%, respectively, driven by strong market share uptake and growth. Oncology product Venclexta also experienced a 16% revenue increase. The company's gross margin remained flat at 67%, while selling, general and administrative expenses rose to 27% of net revenues, influenced by acquisition and integration costs from the ImmunoGen acquisition. Research and development expenses decreased by 15% due to a prior year intangible asset impairment charge. AbbVie's strategic objectives for 2024 include maximizing diversified revenue, leveraging commercial strength, investing in the pipeline, and generating substantial operating cash flows. The company anticipates several regulatory submissions and clinical trial data readouts in the next 12 months. AbbVie's product portfolio spans immunology, oncology, aesthetics, neuroscience, and eye care, with approximately 90 compounds or indications in development.