Summary by Moomoo AI
AbbVie, a global biopharmaceutical company, reported a slight increase in worldwide net revenues to $12.3 billion for the first quarter of 2024, compared to $12.2 billion in the same period of 2023. The company's operating earnings stood at $2.8 billion, with diluted earnings per share at $0.77 and cash flows from operations reaching $4.0 billion. Despite a 35% decrease in global Humira sales due to biosimilar competition, Skyrizi and Rinvoq saw revenue increases of 48% and 62%, respectively, driven by strong market share uptake and growth. Oncology product Venclexta also experienced a 16% revenue increase. The company's gross margin remained flat at 67%, while selling, general and administrative expenses rose to 27% of net revenues, influenced by acquisition and integration costs from the ImmunoGen acquisition. Research and development expenses decreased by...Show More