• Adjusted Earnings Per Share (EPS): $2.46, $0.10 above guidance midpoint.
• Total Net Revenues: Over $13.3 billion, $550 million ahead of expectations.
• Ex-Humira Platform Sales Growth: More than 21% increase.
• Immunology Revenues: Over $6.2 billion, exceeding expectations.
• Skyrizi and Rinvoq Combined Sales: $5.1 billion, over 65% growth.
• Humira Global Sales: $1.1 billion, down 49.5% operationally.
• Oncology Revenues: $1.6 billion, exceeding expectations.
• Aesthetics Global Sales: $1.1 billion, down 10.2% operationally.
• Neuroscience Revenues: Approximately $2.3 billion, up 17% operationally.
• Adjusted Gross Margin: 84.1% of sales.
• Adjusted R&D Expense: 15.4% of sales.
• Adjusted SG&A Expense: 24.6% of sales.
• Adjusted Operating Margin Ratio: 42.3% of sales.
• Net Interest Expense: $627 million.
• Adjusted Tax Rate: 14.2%.
• Full Year Adjusted EPS Guidance: Raised to $12.09 - $12.29.
• Full Year Revenue Forecast: Approximately $59.7 billion, $700 million increase.
• Skyrizi Global Revenue Guidance: $16.5 billion, $600 million increase.
• Rinvoq Global Sales Guidance: $8.2 billion, $300 million increase.
• US Humira Revenue Guidance: $3.5 billion, $500 million decrease.
• Botox Therapeutic Global Sales Guidance: $3.6 billion, $100 million increase.
• Total Oral CGRP Revenue Guidance: $2.2 billion, $100 million increase.
• Imbruvica Global Revenue Guidance: $2.8 billion, $100 million increase.
• Venclexta Global Sales Guidance: $2.7 billion, $100 million increase.
• Aesthetics Global Sales Guidance: $5.1 billion, with Botox and Juvederm each lowered by $100 million.

Release Date: April 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• AbbVie Inc (ABBV, Financial) exceeded expectations with first-quarter adjusted earnings per share of $2.46, which is $0.10 above the guidance midpoint.
• Total net revenues were more than $13.3 billion, nearly $550 million ahead of expectations, driven by strong performance across multiple therapeutic areas.
• The ex-Humira platform delivered robust sales growth of more than 21%, with significant contributions from immunology, neuroscience, oncology, and aesthetics.
• Skyrizi and Rinvoq showed exceptional performance, contributing $5.1 billion in combined sales this quarter, reflecting growth of more than 65%.
• AbbVie Inc (ABBV) raised its full-year adjusted earnings per share guidance by $0.10, now expecting adjusted EPS between $12.09 and $12.29.

Negative Points

• Global sales of Humira were down 49.5% on an operational basis, primarily due to faster share erosion from biosimilar competition.
• Aesthetics global sales were down 10.2% on an operational basis, with Botox cosmetic revenues down 10.7% and Juvederm sales down 20%, impacted by economic headwinds.
• The company is moderating its assumptions for category growth globally in aesthetics due to a decline in recent consumer sentiment.
• Imbruvica global sales were down 11.9%, reflecting competitive dynamics in chronic lymphocytic leukemia (CLL).
• AbbVie Inc (ABBV) faces potential risks from sectoral tariffs and other trade policy shifts, which have not been included in the current guidance.

Q & A Highlights

Q: Can you elaborate on the increased guidance for Skyrizi and Rinvoq, and discuss the competitive landscape, particularly with Tremfya launching in IBD? A: Scott Reents, CFO, explained that Skyrizi's guidance was raised by $600 million, split between psoriatic and IBD indications, while Rinvoq's was increased by $300 million across all approved indications. Jeff Stewart, CCO, added that despite competition, Skyrizi and Rinvoq are performing well due to their strong profiles and efficacy, particularly in IBD, where they are capturing significant market share.

Q: What mitigation strategies are you considering in response to potential tariffs, and can you elaborate on the Amylin program's next steps? A: CEO Robert Michael mentioned potential mitigation strategies like inventory management and cost efficiencies. Roopal Thakkar, CSO, discussed the Amylin program, noting plans to test higher doses and longer durations in upcoming studies, with a focus on tolerability and efficacy.

Q: How are you addressing drug pricing concerns and the potential impact of international reference pricing? A: CEO Robert Michael emphasized the importance of balancing affordability with innovation. He expressed concern about international reference pricing's potential negative impact on US healthcare and innovation, while supporting policies that encourage proper valuation of innovation.

Q: Can you provide insights into the pricing strategy for BoNT/E and its potential market impact? A: Jeff Stewart, CCO, explained that BoNT/E is expected to stimulate market growth by attracting new patients due to its short duration. The pricing strategy will consider its market-stimulating potential and the lifetime value of new patients, with a decision expected closer to launch.

Q: What are your thoughts on PBM reform and its potential impact on patient affordability? A: CEO Robert Michael stated that AbbVie supports reforms that improve patient affordability. He emphasized the importance of addressing affordability while maintaining incentives for innovation, and expressed support for efforts to reform PBM practices.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.