Summary by Moomoo AI
On April 26, 2024, AbbVie Inc. reported its financial results for the first quarter ending March 31, 2024. The company announced a slight increase in net revenues to $12.310 billion, up 0.7% on a reported basis and 1.6% on an operational basis. Despite facing competition from Humira biosimilars, which led to a 3.9% decrease in global net revenues from the immunology portfolio, AbbVie saw growth in other areas. The oncology portfolio increased by 9.0% on a reported basis, and the neuroscience portfolio by 15.9%. The aesthetics portfolio experienced a 4.0% decrease. AbbVie's GAAP diluted EPS was $0.77, a significant increase from the previous year, while the adjusted diluted EPS was $2.31, a decrease of 6.1%. The company also completed the acquisition of ImmunoGen, adding the cancer therapy Elahere to its portfolio. AbbVie raised its full-year adjusted diluted EPS guidance from $10.97 - $11.17 to $11.13 - $11.33. Additionally, Robert A. Michael was announced as the new CEO, succeeding Richard A. Gonzalez effective July 1, 2024. The company's shares are traded on the New York Stock Exchange under the ticker ABBV.
