Reviews Complete-Yr Diluted EPS of $2.39 on a GAAP Foundation, a Lower of 12.1 P.c; Adjusted Diluted EPS of $10.12, a Lower of 8.9 P.c; Those Effects Come with an Unfavourable Affect of $1.52 According to Percentage Associated with 2024 Got IPR&D and Milestones Expense
Delivers Complete-Yr Internet Revenues of $56.334 Billion, an Building up of three.7 P.c on a Reported Foundation and four.6 P.c on an Operational Foundation
Complete-Yr World Internet Revenues from the Immunology Portfolio Had been $26.682 Billion, an Building up of two.1 P.c on a Reported Foundation, or 2.9 P.c on an Operational Foundation; World Humira Internet Revenues Had been $8.993 Billion; World Skyrizi Internet Revenues Had been $11.718 Billion; World Rinvoq Internet Revenues Had been $5.971 Billion
Complete-Yr World Internet Revenues from the Oncology Portfolio Had been $6.555 Billion, an Building up of 10.8 P.c on a Reported Foundation, or 12.0 P.c on an Operational Foundation; World Imbruvica Internet Revenues Had been $3.347 Billion; World Venclexta Internet Revenues Had been $2.583 Billion
Complete-Yr World Internet Revenues from the Neuroscience Portfolio Had been $8.999 Billion, an Building up of 16.6 P.c on a Reported Foundation, or 16.9 P.c on an Operational Foundation; World Botox Healing Internet Revenues Had been $3.283 Billion; World Vraylar Internet Revenues Had been $3.267 Billion; Blended World Ubrelvy and Qulipta Internet Revenues had been $1.664 Billion
Complete-Yr World Internet Revenues from the Aesthetics Portfolio Had been $5.176 Billion, a Lower of two.2 P.c on a Reported Foundation, or 0.6 P.c on an Operational Foundation; World Botox Beauty Internet Revenues Had been $2.720 Billion; World Juvederm Internet Revenues Had been $1.177 Billion
Reviews Fourth-Quarter Diluted Loss According to Percentage of $0.02 on a GAAP Foundation, Inclusive of the Contemporary Partial Intangible Asset Impairment Price Associated with Emraclidine; Adjusted Diluted EPS of $2.16; Those Effects Come with an Unfavourable Affect of $0.88 According to Percentage Associated with Fourth-Quarter 2024 Got IPR&D and Milestones Expense
Delivers Fourth-Quarter Internet Revenues of $15.102 Billion, an Building up of five.6 P.c on a Reported Foundation and six.1 P.c on an Operational Foundation
Supplies 2025 Adjusted Diluted EPS Steerage Vary of $12.12 to $12.32; Excludes Any Unfavourable Affect Associated with Got IPR&D and Milestones Expense
Reaffirms Expectancies for Prime Unmarried-Digit Compound Annual Earnings Expansion Fee thru 2029; Raises 2027 Blended Gross sales Outlook for Skyrizi and Rinvoq to Extra Than $31 Billion; Updates Outlook for Aesthetics to Ship Prime Unmarried-Digit Compound Annual Earnings Expansion Fee from 2025 thru 2029NORTH CHICAGO, In poor health., Jan. 31, 2025 /PRNewswire/ — AbbVie (NYSE:ABBV) introduced monetary effects for the fourth quarter and whole yr ended December 31, 2024.
“2024 used to be a yr of important development for AbbVie. Our enlargement platform delivered exceptional effects, we complicated our pipeline with key regulatory approvals and promising information, and we bolstered our trade thru strategic transactions,” mentioned Robert A. Michael, leader govt officer, AbbVie. “We’re coming into 2025 with vital momentum and be expecting internet revenues to exceed their earlier top in simply the second one complete yr following the U.S. Humira lack of exclusivity.”
Fourth-Quarter Effects
International internet revenues had been $15.102 billion, an building up of five.6 % on a reported foundation, or 6.1 % on an operational foundation.
World internet revenues from the immunology portfolio had been $7.294 billion, an building up of four.9 % on a reported foundation, or 5.3 % on an operational foundation.World Humira internet revenues of $1.682 billion diminished 49.1 % on a reported foundation, or 48.7 % on an operational foundation. U.S. Humira internet revenues had been $1.246 billion, a lower of 54.5 %. Across the world, Humira internet revenues had been $436 million, a lower of twenty-two.7 % on a reported foundation, or 20.5 % on an operational foundation.World Skyrizi internet revenues had been $3.778 billion, an building up of 57.7 % on a reported foundation, or 57.9 % on an operational foundation.World Rinvoq internet revenues had been $1.834 billion, an building up of 46.2 % on a reported foundation, or 47.1 % on an operational foundation.
World internet revenues from the oncology portfolio had been $1.691 billion, an building up of 12.0 % on a reported foundation, or 12.9 % on an operational foundation.World Imbruvica internet revenues had been $848 million, a lower of 6.2 %, with U.S. internet revenues of $625 million and world benefit sharing of $223 million.World Venclexta internet revenues had been $655 million, an building up of eleven.0 % on a reported foundation, or 13.0 % on an operational foundation.World Elahere internet revenues had been $148 million.
World internet revenues from the neuroscience portfolio had been $2.509 billion, an building up of nineteen.8 % on a reported foundation, or 19.9 % on an operational foundation.World Botox Healing internet revenues had been $873 million, an building up of 12.5 % on a reported foundation, or 13.0 % on an operational foundation.World Vraylar internet revenues had been $924 million, an building up of 17.1 %.World Ubrelvy internet revenues had been $303 million, an building up of 29.6 %.World Qulipta internet revenues had been $201 million, an building up of 76.4 % on a reported foundation, or 76.2 % on an operational foundation.
World internet revenues from the aesthetics portfolio had been $1.298 billion, a lower of five.2 % on a reported foundation, or 4.4 % on an operational foundation.World Botox Beauty internet revenues had been $687 million, a lower of four.2 % on a reported foundation, or 3.4 % on an operational foundation.World Juvederm internet revenues had been $279 million, a lower of 16.3 % on a reported foundation, or 15.1 % on an operational foundation.
On a GAAP foundation, the gross margin ratio within the fourth quarter used to be 70.9 %. The adjusted gross margin ratio used to be 83.8 %.
On a GAAP foundation, promoting, normal and administrative (SG&A) expense used to be 25.5 % of internet revenues. The adjusted SG&A expense used to be 23.6 % of internet revenues.
On a GAAP foundation, analysis and building (R&D) expense used to be 44.9 % of internet revenues. The adjusted R&D expense used to be 15.1 % of internet revenues.
Got IPR&D and milestones expense used to be 10.4 % of internet revenues.
On a GAAP foundation, the working margin within the fourth quarter used to be detrimental 9.9 %. The adjusted working margin used to be 34.7 %.
Internet pastime expense used to be $610 million.
On a GAAP foundation, the tax price within the quarter used to be 99.0 %. The adjusted tax price used to be 20.2 %.
Diluted loss in keeping with proportion within the fourth quarter used to be $0.02 on a GAAP foundation, inclusive of the hot partial intangible asset impairment rate associated with emraclidine. Adjusted diluted EPS, except specified pieces, used to be $2.16. Those effects come with an negative affect of $0.88 in keeping with proportion associated with got IPR&D and milestones expense.Word: “Operational” comparisons are introduced at consistent foreign money charges that mirror comparative native foreign money internet revenues on the prior yr’s foreign currencies charges.
Contemporary Occasions
AbbVie introduced the Ecu Fee (EC) granted advertising and marketing authorization for Elahere (mirvetuximab soravtansine) for the remedy of grownup sufferers with folate receptor-alpha (FRα) certain, platinum-resistant top grade serous epithelial ovarian, fallopian tube or number one peritoneal most cancers who’ve gained one to 3 prior systemic remedy regimens. Elahere is the primary novel treatment authorized within the Ecu Union (EU) particularly for sufferers with FRα certain, platinum-resistant ovarian most cancers.
On the American Society of Hematology (ASH) Annual Assembly, AbbVie introduced up to date scientific trial effects that confirmed Epkinly (epcoritamab) aggregate treatment demonstrated top reaction charges in grownup sufferers with relapsed or refractory (r/r) follicular lymphoma (FL). The corporate additionally introduced new effects from two ongoing scientific trials which confirmed Epkinly triggered sturdy whole responses as monotherapy and aggregate remedy in sufferers with diffuse huge B-cell lymphoma (DLBCL). Epkinly is being co-developed by means of AbbVie and Genmab.
AbbVie and EvolveImmune Therapeutics, an immuno-oncology corporate growing next-generation biotherapeutics to conquer the healing demanding situations of most cancers cellular resistance to present immunotherapies, introduced a collaboration and option-to-license settlement to broaden multispecific biologics for a couple of goals in oncology. The invention partnership will leverage AbbVie’s oncology experience and EvolveImmune’s T-cell engager platform to broaden novel antibody-based remedies for forged and hematologic malignancies.
AbbVie and Simcere Zaiming introduced a partnership to broaden a singular trispecific antibody candidate in a couple of myeloma (MM). This selection-to-license settlement will broaden SIM0500, an investigational new drug candidate this is these days in Segment 1 scientific trials in sufferers with r/r MM.
AbbVie and Neomorph introduced a collaboration and license settlement that can leverage AbbVie’s drug building experience and Neomorph’s main molecular glue discovery platform to broaden novel molecular glue degraders for a couple of goals throughout oncology and immunology.
AbbVie introduced that it finished its acquisition of Nimble Therapeutics, strengthening AbbVie’s pipeline and R&D functions. The transaction comprises Nimble’s lead asset, an investigational oral peptide IL23R inhibitor in preclinical building for the remedy of psoriasis (PsO) in addition to Nimble’s peptide synthesis, screening, and optimization platform used to assist force fast discovery and optimization of peptide applicants for a variety of goals.
AbbVie introduced certain topline effects from its pivotal Segment 3 TEMPO-2 trial comparing tavapadon as a flexible-dose monotherapy in early Parkinson’s illness (PD). Within the find out about, tavapadon met the main endpoint, demonstrating a statistically vital development from baseline within the Motion Dysfunction Society – Unified Parkinson’s Illness Score Scale (MDS-UPDRS) Portions II and III blended ranking at week 26. Tavapadon additionally met the important thing secondary endpoint, demonstrating statistically vital development from baseline within the MDS-UPDRS Section II ranking. Tavapadon has demonstrated certain effects throughout all 3 Segment 3 TEMPO trials and AbbVie stays on target to publish a New Drug Software (NDA) to the U.S. Meals and Drug Management (FDA) later this yr.
AbbVie introduced that its two Segment 2 EMPOWER trials investigating emraclidine as a once-daily, oral monotherapy remedy for adults with schizophrenia who’re experiencing an acute exacerbation of psychotic signs, didn’t meet their number one endpoint of revealing a statistically vital relief (development) within the alternate from baseline within the Certain and Unfavorable Syndrome Scale (PANSS) general ranking in comparison to the placebo team at week 6. Following the result of those trials, AbbVie started an analysis of the emraclidine intangible asset for impairment which led to an important lower within the estimated long term coins flows for the product. In accordance with the revised coins flows, the corporate recorded a non-cash after-tax intangible asset impairment rate of $3.5 billion. AbbVie continues to judge knowledge with recognize to the Cerevel-related scientific building systems and can observe the remainder intangible property of $3.6 billion.AbbVie introduced that it finished its acquisition of Aliada Therapeutics. The transaction strengthens AbbVie’s neuroscience pipeline and R&D functions with the addition of a possible best-in-class disease-modifying treatment for Alzheimer’s illness (AD), ALIA-1758, and novel blood-brain barrier (BBB)-crossing era.Complete-Yr 2025 Outlook
AbbVie is issuing its adjusted diluted EPS steering for the full-year 2025 of $12.12 to $12.32. The corporate’s 2025 adjusted diluted EPS steering excludes any affect from got IPR&D and milestones that can be incurred throughout 2025, as each can’t be reliably forecasted.
Lengthy-Time period Outlook
AbbVie is reaffirming its expectancies for a top single-digit compound annual income enlargement price thru 2029. This steering assumes 2024 as the bottom yr within the compound annual enlargement price calculation.
AbbVie is elevating its long-term outlook for Skyrizi and Rinvoq revenues. The corporate now expects blended Skyrizi and Rinvoq 2027 revenues of greater than $31 billion, an building up of roughly $4 billion in comparison to earlier steering for blended revenues of greater than $27 billion in 2027. This steering assumes Skyrizi revenues of greater than $20 billion and Rinvoq revenues of greater than $11 billion in 2027.
AbbVie may be updating its outlook for aesthetics revenues. The corporate now expects a top single-digit compound annual income enlargement price for aesthetics thru 2029. This steering assumes 2025 as the bottom yr within the compound annual enlargement price calculation.
About AbbVie
AbbVie’s undertaking is to find and ship cutting edge medications that resolve severe well being problems lately and deal with the scientific demanding situations of the following day. We try to have a exceptional affect on other folks’s lives throughout a number of key healing spaces: immunology, oncology, neuroscience and eye care – and services throughout our Allergan Aesthetics portfolio. For more info about AbbVie, please consult with us at www.abbvie.com. Apply @abbvie on X (previously Twitter), Fb, Instagram, YouTube or LinkedIn.
Convention Name
AbbVie will host an investor convention name lately at 8:00 a.m. Central Time to speak about our fourth-quarter efficiency. The decision will likely be webcast thru AbbVie’s Investor Family members web site at traders.abbvie.com. An archived version of the decision will likely be to be had after 11:00 a.m. Central Time.
Non-GAAP Monetary Effects
Monetary effects for 2024 and 2023 are introduced on each a reported and a non-GAAP foundation. Reported effects had been ready according to GAAP and come with all income and bills identified throughout the duration. Non-GAAP effects modify for sure non-cash pieces and for elements which might be abnormal or unpredictable, and exclude the ones prices, bills, and different specified pieces introduced within the reconciliation tables later on this liberate. AbbVie’s control believes non-GAAP monetary measures supply helpful knowledge to traders relating to AbbVie’s result of operations and lend a hand control, analysts, and traders in comparing the efficiency of the trade. Non-GAAP monetary measures must be thought to be along with, and now not as an alternative to, measures of economic efficiency ready according to GAAP.
Ahead-Having a look Statements
Some statements on this information liberate are, or could also be thought to be, forward-looking statements for functions of the Non-public Securities Litigation Reform Act of 1995. The phrases “consider,” “be expecting,” “watch for,” “undertaking” and an identical expressions and makes use of of long term or conditional verbs, usually establish forward-looking statements. AbbVie cautions that those forward-looking statements are topic to dangers and uncertainties that can motive precise effects to range materially from the ones expressed or implied within the forward-looking statements. Such dangers and uncertainties come with, however don’t seem to be restricted to, demanding situations to highbrow belongings, festival from different merchandise, difficulties inherent within the analysis and building procedure, hostile litigation or executive motion, and adjustments to regulations and rules appropriate to our trade. Further details about the industrial, aggressive, governmental, technological and different elements that can have an effect on AbbVie’s operations is about forth in Merchandise 1A, “Chance Components,” of AbbVie’s 2023 Annual Record on Shape 10-Okay, which has been filed with the Securities and Alternate Fee, as up to date by means of its Quarterly Reviews on Shape 10-Q and in different paperwork that AbbVie due to this fact information with the Securities and Alternate Fee that replace, complement or supersede such knowledge. AbbVie undertakes no legal responsibility, and particularly declines, to liberate publicly any revisions to forward-looking statements because of next occasions or traits, aside from as required by means of legislation.
Media:
Traders:
Gabby Tarbert
Liz Shea
(224) 244-0111
(847) 935-2211
Todd Bosse
(847) 936-1182
Jeffrey Byrne
(847) 938-2923
AbbVie Inc.
Key Product Revenues
Quarter Ended December 31, 2024
(Unaudited)
% Exchange vs. 4Q23
Internet Revenues (in thousands and thousands)
Reported
Operationala
U.S.
Int’l.
General
U.S.
Int’l.
General
Int’l.
General
NET REVENUES
$ 11,734
$ 3,368
$ 15,102
5.6 %
5.6 %
5.6 %
7.8 %
6.1 %
Immunology
5,905
1,389
7,294
2.2
17.8
4.9
20.2
5.3
Humira
1,246
436
1,682
(54.5)
(22.7)
(49.1)
(20.5)
(48.7)
Skyrizi
3,312
466
3,778
57.3
61.1
57.7
62.4
57.9
Rinvoq
1,347
487
1,834
45.0
49.5
46.2
53.1
47.1
Oncology
1,102
589
1,691
13.4
9.4
12.0
11.8
12.9
Imbruvicab
625
223
848
(8.6)
1.2
(6.2)
1.2
(6.2)
Venclexta
313
342
655
13.0
9.3
11.0
13.2
13.0
Elahere
146
2
148
n/m
n/m
n/m
n/m
n/m
Epkinlyc
18
22
40
48.9
>100.0
>100.0
>100.0
>100.0
Aesthetics
839
459
1,298
(5.0)
(5.6)
(5.2)
(3.2)
(4.4)
Botox Beauty
429
258
687
(5.2)
(2.5)
(4.2)
(0.3)
(3.4)
Juvederm Assortment
120
159
279
(22.5)
(10.9)
(16.3)
(8.7)
(15.1)
Different Aesthetics
290
42
332
5.2
(2.3)
4.2
1.5
4.7
Neuroscience
2,210
299
2,509
18.8
28.4
19.8
29.3
19.9
Botox Healing
730
143
873
12.4
13.2
12.5
16.3
13.0
Vraylar
922
2
924
17.1
25.8
17.1
26.4
17.1
Duodopa
24
84
108
2.8
(8.1)
(5.8)
(9.7)
(7.0)
Ubrelvy
296
7
303
28.9
65.3
29.6
66.2
29.6
Qulipta
186
15
201
65.7
>100.0
76.4
>100.0
76.2
Different Neuroscience
52
48
100
(11.7)
>100.0
50.9
>100.0
50.4
Eye Care
358
288
646
12.8
7.3
10.2
9.8
11.4
Ozurdex
36
84
120
(3.2)
3.0
1.1
3.5
1.4
Lumigan/Ganfort
58
61
119
83.9
0.9
29.4
2.2
30.2
Alphagan/Combigan
41
37
78
33.6
6.8
19.2
10.2
21.0
Restasis
102
12
114
(13.7)
14.9
(11.3)
19.7
(10.9)
Different Eye Care
121
94
215
20.9
15.4
18.4
20.3
20.6
Different Key Merchandise
748
164
912
(3.8)
(14.1)
(5.8)
(13.9)
(5.8)
Mavyret
137
154
291
7.8
(15.4)
(5.8)
(15.1)
(5.6)
Creon
388
—
388
3.3
n/m
3.3
n/m
3.3
Linzess/Constella
223
10
233
(18.7)
11.0
(17.8)
10.3
(17.8)
a
“Operational” comparisons are introduced at consistent foreign money charges that mirror comparative native foreign money internet revenues on the prior yr’s foreign currencies charges.
b
Displays benefit sharing for Imbruvica world revenues.
c
Epkinly U.S. revenues mirror benefit sharing. Global revenues mirror product revenues in addition to benefit sharing from sure world territories.
n/m = now not significant
AbbVie Inc.
Key Product Revenues
Twelve Months Ended December 31, 2024
(Unaudited)
% Exchange vs. 12M23
Internet Revenues (in thousands and thousands)
Reported
Operationala
U.S.
Int’l.
General
U.S.
Int’l.
General
Int’l.
General
NET REVENUES
$ 43,029
$ 13,305
$ 56,334
2.7 %
7.0 %
3.7 %
11.1 %
4.6 %
Immunology
21,487
5,195
26,682
(1.2)
18.1
2.1
23.1
2.9
Humira
7,142
1,851
8,993
(41.3)
(17.5)
(37.6)
(13.2)
(36.9)
Skyrizi
10,086
1,632
11,718
49.3
61.6
50.9
65.4
51.4
Rinvoq
4,259
1,712
5,971
50.8
49.6
50.4
57.0
52.5
Oncology
4,219
2,336
6,555
11.7
9.3
10.8
12.5
12.0
Imbruvicab
2,448
899
3,347
(8.1)
(3.5)
(6.9)
(3.5)
(6.9)
Venclexta
1,234
1,349
2,583
13.5
12.3
12.9
18.0
15.9
Elaherec
477
2
479
n/m
n/m
n/m
n/m
n/m
Epkinlyd
60
86
146
>100.0
>100.0
>100.0
>100.0
>100.0
Aesthetics
3,269
1,907
5,176
0.6
(6.7)
(2.2)
(2.5)
(0.6)
Botox Beauty
1,682
1,038
2,720
0.7
2.7
1.4
6.7
2.9
Juvederm Assortment
469
708
1,177
(9.6)
(17.6)
(14.6)
(13.4)
(12.0)
Different Aesthetics
1,118
161
1,279
5.5
(7.1)
3.7
(1.0)
4.6
Neuroscience
7,907
1,092
8,999
16.5
17.7
16.6
20.1
16.9
Botox Healing
2,718
565
3,283
9.8
9.8
9.8
14.0
10.5
Vraylar
3,260
7
3,267
18.4
57.8
18.4
58.6
18.4
Duodopa
96
351
447
(1.8)
(5.3)
(4.6)
(5.4)
(4.7)
Ubrelvy
981
25
1,006
22.1
>100.0
23.4
>100.0
23.4
Qulipta
628
30
658
55.3
>100.0
61.3
>100.0
61.3
Different Neuroscience
224
114
338
(11.6)
>100.0
22.4
>100.0
22.7
Eye Care
1,064
1,178
2,242
(15.3)
1.5
(7.2)
5.2
(5.4)
Ozurdex
138
356
494
(4.1)
8.3
4.5
10.7
6.2
Lumigan/Ganfort
187
242
429
7.5
(6.4)
(0.9)
(3.9)
0.6
Alphagan/Combigan
95
153
248
(21.8)
1.5
(8.8)
7.6
(5.4)
Restasis
172
52
224
(55.2)
(3.0)
(48.7)
2.1
(48.1)
Different Eye Care
472
375
847
8.9
1.5
5.5
6.1
7.6
Different Key Merchandise
2,894
754
3,648
(3.5)
(6.5)
(4.2)
(3.9)
(3.7)
Mavyret
595
716
1,311
(9.7)
(7.2)
(8.3)
(4.5)
(6.9)
Creon
1,383
—
1,383
9.1
n/m
9.1
n/m
9.1
Linzess/Constella
916
38
954
(14.6)
7.5
(13.9)
7.2
(13.9)
a
“Operational” comparisons are introduced at consistent foreign money charges that mirror comparative native foreign money internet revenues on the prior yr’s foreign currencies charges.
b
Displays benefit sharing for Imbruvica world revenues.
c
Displays partial yr Elahere income in response to the February 12, 2024 shut date of the ImmunoGen acquisition.
d
Epkinly U.S. revenues mirror benefit sharing. Global revenues mirror product revenues in addition to benefit sharing from sure world territories.
n/m = now not significant
AbbVie Inc.
Consolidated Statements of Profits
(Unaudited)
(in thousands and thousands, aside from in keeping with proportion information)
Fourth Quarter
Ended December 31
Twelve Months
Ended December 31
2024
2023
2024
2023
Internet revenues
$ 15,102
$ 14,301
$ 56,334
$ 54,318
Value of goods bought
4,396
5,704
16,904
20,415
Promoting, normal and administrative
3,855
3,193
14,752
12,872
Analysis and building
6,774
1,927
12,791
7,675
Got IPR&D and milestones
1,574
282
2,757
778
Different working source of revenue, internet
(7)
—
(7)
(179)
General working prices and bills
16,592
11,106
47,197
41,561
Working income (loss)
(1,490)
3,195
9,137
12,757
Passion expense, internet
610
378
2,160
1,684
Internet foreign currencies loss
19
49
21
146
Different expense, internet
150
1,556
3,240
4,677
Profits (loss) sooner than source of revenue tax expense
(2,269)
1,212
3,716
6,250
Source of revenue tax expense (get advantages)
(2,246)
388
(570)
1,377
Internet income (loss)
(23)
824
4,286
4,873
Internet income (loss) because of noncontrolling pastime
(1)
2
8
10
Internet income (loss) because of AbbVie Inc.
$ (22)
$ 822
$ 4,278
$ 4,863
Diluted income (loss) in keeping with proportion because of AbbVie Inc.
$ (0.02)
$ 0.46
$ 2.39
$ 2.72
Adjusted diluted income in keeping with sharea
$ 2.16
$ 2.79
$ 10.12
$ 11.11
Weighted-average diluted stocks exceptional
1,769
1,772
1,773
1,773
Adjusted weighted-average diluted stocks outstandinga
1,773
1,772
1,773
1,773
a
Discuss with the Reconciliation of GAAP Reported to Non-GAAP Adjusted Data for additional main points. Weighted-average diluted stocks exceptional comprises the impact of dilutive securities. Because of the GAAP internet loss within the fourth quarter ended December 31, 2024, sure stocks issuable beneath stock-based repayment plans that had been dilutive on a non-GAAP foundation had been excluded from the computation of GAAP diluted EPS for the reason that results would had been antidilutive.
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Data
(Unaudited)
1. Specified pieces impacted effects as follows:
Quarter Ended December 31, 2024
(in thousands and thousands, aside from in keeping with proportion information)
Profits (Loss)
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ (2,269)
$ (22)
$ (0.02)
Adjusted for specified pieces:
Intangible asset amortization
1,896
1,607
0.90
Intangible asset impairment
4,476
3,512
1.98
Exchange in truthful price of contingent attention
279
271
0.15
Litigation issues
173
136
0.08
Source of revenue tax pieces
—
(1,869)
(1.05)
Different
258
209
0.12
As adjusted (non-GAAP)
$ 4,813
$ 3,844
$ 2.16
a Represents internet income (loss) because of AbbVie Inc.
Intangible asset impairment displays a partial after-tax impairment rate of $3.5 billion associated with the emraclidine intangible asset
got as a part of the Cerevel Therapeutics acquisition. Source of revenue tax pieces essentially mirror an source of revenue tax get advantages associated with the
agreement of source of revenue tax examinations, partly offset by means of adjustments in source of revenue tax reserves.
Reported GAAP income and changed non-GAAP income for the 3 months ended December 31, 2024 integrated got
IPR&D and milestones expense of $1.6 billion on a pre-tax and after-tax foundation, representing an negative affect of $0.88 to
each diluted EPS and changed diluted EPS.
2. The affect of the required pieces by means of line merchandise used to be as follows:
Quarter Ended December 31, 2024
(in thousands and thousands)
Value of
merchandise
bought
SG&A
R&D
Different
working
source of revenue,
internet
Different
expense,
internet
As reported (GAAP)
$ 4,396
$ 3,855
$ 6,774
$ (7)
$ 150
Adjusted for specified pieces:
Intangible asset amortization
(1,896)
—
—
—
—
Intangible asset impairment
—
—
(4,476)
—
—
Exchange in truthful price of contingent attention
—
—
—
—
(279)
Litigation issues
—
(173)
—
—
—
Different
(47)
(121)
(25)
7
(72)
As adjusted (non-GAAP)
$ 2,453
$ 3,561
$ 2,273
$ —
$ (201)
3. The adjusted tax price for the fourth quarter of 2024 used to be 20.2 %, as detailed underneath:
Quarter Ended December 31, 2024
(bucks in thousands and thousands)
Pre-tax
income (loss)
Source of revenue taxes
Tax price
As reported (GAAP)
$ (2,269)
$ (2,246)
99.0 %
Specified pieces
7,082
3,216
45.4 %
As adjusted (non-GAAP)
$ 4,813
$ 970
20.2 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Data
(Unaudited)
1. Specified pieces impacted effects as follows:
Quarter Ended December 31, 2023
(in thousands and thousands, aside from in keeping with proportion information)
Profits
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 1,212
$ 822
$ 0.46
Adjusted for specified pieces:
Intangible asset amortization
1,889
1,584
0.89
Intangible asset impairment
1,405
1,166
0.66
Acquisition and integration prices
123
107
0.06
Exchange in truthful price of contingent attention
1,696
1,655
0.93
Litigation issues
(491)
(386)
(0.22)
Different
156
11
0.01
As adjusted (non-GAAP)
$ 5,990
$ 4,959
$ 2.79
a Represents internet income because of AbbVie Inc.
Intangible asset impairment essentially displays a partial impairment rate associated with the CoolSculpting intangible asset brought about by means of
a strategic determination to cut back ongoing gross sales and advertising and marketing funding for the product. Litigation issues essentially comprises source of revenue
associated with a positive agreement of a litigation topic.
Reported GAAP income and changed non-GAAP income for the 3 months ended December 31, 2023 integrated got
IPR&D and milestones expense of $282 million on a pre-tax and $264 million on an after-tax foundation, representing an negative
affect of $0.15 to each diluted EPS and changed diluted EPS.
2. The affect of the required pieces by means of line merchandise used to be as follows:
Quarter Ended December 31, 2023
(in thousands and thousands)
Value of
merchandise
bought
SG&A
R&D
Passion
expense,
internet
Different
expense,
internet
As reported (GAAP)
$ 5,704
$ 3,193
$ 1,927
$ 378
$ 1,556
Adjusted for specified pieces:
Intangible asset amortization
(1,889)
—
—
—
—
Intangible asset impairment
(1,405)
—
—
—
—
Acquisition and integration prices
(24)
(78)
(6)
(15)
—
Exchange in truthful price of contingent attention
—
—
—
—
(1,696)
Litigation issues
—
491
—
—
—
Different
(89)
(66)
1
—
(2)
As adjusted (non-GAAP)
$ 2,297
$ 3,540
$ 1,922
$ 363
$ (142)
3. The adjusted tax price for the fourth quarter of 2023 used to be 17.2 %, as detailed underneath:
Quarter Ended December 31, 2023
(bucks in thousands and thousands)
Pre-tax
income
Source of revenue taxes
Tax price
As reported (GAAP)
$ 1,212
$ 388
32.1 %
Specified pieces
4,778
641
13.4 %
As adjusted (non-GAAP)
$ 5,990
$ 1,029
17.2 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Data
(Unaudited)
1. Specified pieces impacted effects as follows:
Twelve Months Ended December 31, 2024
(in thousands and thousands, aside from in keeping with proportion information)
Profits
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 3,716
$ 4,278
$ 2.39
Adjusted for specified pieces:
Intangible asset amortization
7,622
6,461
3.63
Intangible asset impairment
4,476
3,512
1.98
Acquisition and integration prices
1,061
978
0.55
Exchange in truthful price of contingent attention
3,771
3,673
2.07
Litigation issues
910
721
0.41
Source of revenue tax pieces
—
(1,819)
(1.02)
Different
256
197
0.11
As adjusted (non-GAAP)
$ 21,812
$ 18,001
$ 10.12
a Represents internet income because of AbbVie Inc.
Intangible asset impairment displays a partial after-tax impairment rate of $3.5 billion associated with the emraclidine intangible asset
got as a part of the Cerevel Therapeutics acquisition. Acquisition and integration prices essentially mirror prices associated with the
ImmunoGen and Cerevel Therapeutics acquisitions. Source of revenue tax pieces essentially mirror an source of revenue tax get advantages associated with the
agreement of source of revenue tax examinations, partly offset by means of adjustments in source of revenue tax reserves. Litigation issues essentially come with
fees associated with precise and doable settlements of litigation.
Reported GAAP income and changed non-GAAP income for the 12 months ended December 31, 2024 integrated got
IPR&D and milestones expense of $2.8 billion on a pre-tax and $2.7 billion on an after-tax foundation, representing an negative
affect of $1.52 to each diluted EPS and changed diluted EPS.
2. The affect of the required pieces by means of line merchandise used to be as follows:
Twelve Months Ended December 31, 2024
(in thousands and thousands)
Value of
merchandise
bought
SG&A
R&D
Different
working
source of revenue,
internet
Passion
expense,
internet
Different
expense,
internet
As reported (GAAP)
$ 16,904
$ 14,752
$ 12,791
$ (7)
$ 2,160
$ 3,240
Adjusted for specified pieces:
Intangible asset amortization
(7,622)
—
—
—
—
—
Intangible asset impairment
—
—
(4,476)
—
—
—
Acquisition and integration prices
(225)
(554)
(258)
—
(24)
—
Exchange in truthful price of contingent attention
—
—
—
—
—
(3,771)
Litigation issues
—
(910)
—
—
—
—
Different
(110)
(54)
(1)
7
—
(98)
As adjusted (non-GAAP)
$ 8,947
$ 13,234
$ 8,056
$ —
$ 2,136
$ (629)
3. The adjusted tax price for the full-year 2024 used to be 17.4 %, as detailed underneath:
Twelve Months Ended December 31, 2024
(bucks in thousands and thousands)
Pre-tax
income
Source of revenue taxes
Tax price
As reported (GAAP)
$ 3,716
$ (570)
(15.3) %
Specified pieces
18,096
4,373
24.2 %
As adjusted (non-GAAP)
$ 21,812
$ 3,803
17.4 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Data
(Unaudited)
1. Specified pieces impacted effects as follows:
Twelve Months Ended December 31, 2023
(in thousands and thousands, aside from in keeping with proportion information)
Profits
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 6,250
$ 4,863
$ 2.72
Adjusted for specified pieces:
Intangible asset amortization
7,946
6,685
3.76
Intangible asset impairment
4,229
3,455
1.96
Acquisition and integration prices
161
122
0.07
Exchange in truthful price of contingent attention
5,128
5,003
2.81
Litigation issues
(485)
(381)
(0.22)
Different
225
22
0.01
As adjusted (non-GAAP)
$ 23,454
$ 19,769
$ 11.11
a Represents internet income because of AbbVie Inc.
Intangible asset impairment essentially displays partial impairment fees associated with the U.S. Imbruvica and CoolSculpting intangible
property. The Imbruvica impairment rate of $2.1 billion used to be brought about by means of choice of Imbruvica for value negotiation as a part of the
IRA of 2022 and the CoolSculpting impairment rate of $1.0 billion used to be brought about by means of a strategic determination to cut back ongoing gross sales
and advertising and marketing funding for the product. Acquisition and integration prices essentially come with prices associated with the Allergan acquisition,
together with a one-time achieve of $169 million associated with the termination of a building legal responsibility related to a up to now divested
product. Litigation issues essentially comprises source of revenue associated with a positive agreement of a litigation topic.
Reported GAAP income and changed non-GAAP income for the 12 months ended December 31, 2023 integrated got
IPR&D and milestones expense of $778 million on a pre-tax and $741 million on an after-tax foundation, representing an negative
affect of $0.42 to each diluted EPS and changed diluted EPS.
2. The affect of the required pieces by means of line merchandise used to be as follows:
Twelve Months Ended December 31, 2023
(in thousands and thousands)
Value of
merchandise
bought
SG&A
R&D
Different
working
source of revenue,
internet
Passion
expense,
internet
Different
expense,
internet
As reported (GAAP)
$ 20,415
$ 12,872
$ 7,675
$ (179)
$ 1,684
$ 4,677
Adjusted for specified pieces:
Intangible asset amortization
(7,946)
—
—
—
—
—
Intangible asset impairment
(3,599)
—
(630)
—
—
Acquisition and integration prices
(90)
(212)
(13)
169
(15)
—
Exchange in truthful price of contingent attention
—
—
—
—
—
(5,128)
Litigation issues
—
485
—
—
—
—
Different
(134)
(73)
(3)
10
—
(25)
As adjusted (non-GAAP)
$ 8,646
$ 13,072
$ 7,029
$ —
$ 1,669
$ (476)
3. The adjusted tax price for the full-year 2023 used to be 15.7 %, as detailed underneath:
Twelve Months Ended December 31, 2023
(bucks in thousands and thousands)
Pre-tax
income
Source of revenue taxes
Tax price
As reported (GAAP)
$ 6,250
$ 1,377
22.0 %
Specified pieces
17,204
2,298
13.4 %
As adjusted (non-GAAP)
$ 23,454
$ 3,675
15.7 %
SOURCE AbbVie
