AbbVie, a global biopharmaceutical company, reported a 4.3% increase in net revenues to $14.46 billion for the quarter ended June 30, 2024, compared to $13.86 billion in the same period last year. The company's financial performance for the first half of 2024 included worldwide net revenues of $26.8 billion, operating earnings of $6.8 billion, diluted earnings per share of $1.53, and cash flows from operations of $6.3 billion. Notably, Skyrizi and Rinvoq saw significant revenue growth of 46% and 60% respectively, driven by strong market share uptake. Conversely, Humira sales in the U.S. declined by 32% due to biosimilar competition. Gross margin as a percentage of net revenues increased to 71% for the quarter, reflecting lower amortization of intangibles. Selling, general and administrative expenses as a percentage of net revenues decreased for...Show More

AbbVie, a global biopharmaceutical company, reported a 4.3% increase in net revenues to $14.46 billion for the quarter ended June 30, 2024, compared to $13.86 billion in the same period last year. The company's financial performance for the first half of 2024 included worldwide net revenues of $26.8 billion, operating earnings of $6.8 billion, diluted earnings per share of $1.53, and cash flows from operations of $6.3 billion. Notably, Skyrizi and Rinvoq saw significant revenue growth of 46% and 60% respectively, driven by strong market share uptake. Conversely, Humira sales in the U.S. declined by 32% due to biosimilar competition. Gross margin as a percentage of net revenues increased to 71% for the quarter, reflecting lower amortization of intangibles. Selling, general and administrative expenses as a percentage of net revenues decreased for the quarter but increased for the half-year, influenced by acquisition and integration costs from the ImmunoGen acquisition. Research and development expenses increased by 12% for the quarter, reflecting increased funding to support the company's pipeline assets. 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 data readouts from key clinical trials in the next 12 months. AbbVie completed the acquisition of ImmunoGen, which is expected to enhance its solid tumor pipeline and deliver potentially transformative therapies. The company's CEO transitioned on July 1, 2024, with Robert A. Michael succeeding Richard A. Gonzalez.