AbbVie, a global biopharmaceutical company, reported a 3.8% increase in net revenues to $14.46 billion for the third quarter of 2024 compared to $13.93 billion in the same period of 2023. The company's net revenues for the nine months ended September 30, 2024, rose by 3% to $41.23 billion from $40.02 billion in the previous year. The growth was primarily driven by strong performance in the immunology portfolio, with Skyrizi and Rinvoq showing significant increases in sales. However, Humira sales in the United States saw a 42% decline due to biosimilar competition. Gross margin improved to 71% from 53% in the third quarter, and to 70% from 63% over the nine-month period, attributed to lower amortization of intangibles and lower intangible asset impairment charges. Selling, general and administrative expenses increased, reflecting higher litigation...Show More

AbbVie, a global biopharmaceutical company, reported a 3.8% increase in net revenues to $14.46 billion for the third quarter of 2024 compared to $13.93 billion in the same period of 2023. The company's net revenues for the nine months ended September 30, 2024, rose by 3% to $41.23 billion from $40.02 billion in the previous year. The growth was primarily driven by strong performance in the immunology portfolio, with Skyrizi and Rinvoq showing significant increases in sales. However, Humira sales in the United States saw a 42% decline due to biosimilar competition. Gross margin improved to 71% from 53% in the third quarter, and to 70% from 63% over the nine-month period, attributed to lower amortization of intangibles and lower intangible asset impairment charges. Selling, general and administrative expenses increased, reflecting higher litigation reserve charges and costs related to the acquisitions of ImmunoGen and Cerevel Therapeutics. Research and development expenses also rose due to increased funding for pipeline assets and acquisition-related costs. AbbVie completed the acquisitions of Cerevel Therapeutics and ImmunoGen, enhancing its neuroscience and oncology portfolios, respectively. The company anticipates several regulatory submissions and clinical trial data readouts in the next 12 months. AbbVie's strategic objectives for 2024 include maximizing diversified revenue, strong commercial execution of new product launches, and investing in research and development to support its pipeline.