AbbVie Reports Second-Quarter 2025 Financial Results
AbbVie (NYSE:ABBV) reported strong Q2 2025 financial results with net revenues of $15.423 billion, up 6.6% year-over-year. The company's immunology portfolio led growth with $7.631 billion in revenues, driven by Skyrizi ($4.423B) and Rinvoq ($2.028B). Neuroscience portfolio revenues grew 24.2% to $2.683 billion.
Key highlights include FDA approval for Rinvoq in giant cell arteritis and Emrelis for non-small cell lung cancer. The company raised its 2025 adjusted EPS guidance to $11.88-$12.08 from $11.67-$11.87, despite a $0.55 per share impact from IPR&D expenses.
Q2 adjusted diluted EPS increased 12.1% to $2.97, while GAAP EPS decreased 32.5% to $0.52, impacted by $0.42 per share from IPR&D expenses.
AbbVie (NYSE:ABBV) ha riportato solidi risultati finanziari nel secondo trimestre del 2025 con ricavi netti pari a 15,423 miliardi di dollari, in crescita del 6,6% rispetto all'anno precedente. La crescita è stata guidata dal portafoglio di immunologia, che ha generato ricavi per 7,631 miliardi di dollari, trainati da Skyrizi (4,423 miliardi) e Rinvoq (2,028 miliardi). I ricavi del portafoglio neuroscienze sono aumentati del 24,2%, raggiungendo 2,683 miliardi di dollari.
Tra i principali risultati si segnala l'approvazione da parte della FDA di Rinvoq per l'arterite a cellule giganti e di Emrelis per il carcinoma polmonare non a piccole cellule. L'azienda ha alzato la guidance sull'EPS rettificato per il 2025 a 11,88-12,08 dollari da 11,67-11,87, nonostante un impatto di 0,55 dollari per azione derivante da spese IPR&D.
L'EPS diluito rettificato del secondo trimestre è aumentato del 12,1%, raggiungendo 2,97 dollari, mentre l'EPS GAAP è diminuito del 32,5% a 0,52 dollari, influenzato da un impatto di 0,42 dollari per azione legato alle spese IPR&D.
AbbVie (NYSE:ABBV) reportó sólidos resultados financieros en el segundo trimestre de 2025 con ingresos netos de 15.423 mil millones de dólares, un aumento del 6,6% interanual. El crecimiento estuvo liderado por la cartera de inmunología, que generó ingresos por 7.631 mil millones de dólares, impulsados por Skyrizi (4.423 mil millones) y Rinvoq (2.028 mil millones). Los ingresos de la cartera de neurociencia crecieron un 24,2%, alcanzando 2.683 mil millones de dólares.
Entre los puntos destacados se incluyen la aprobación de la FDA para Rinvoq en arteritis de células gigantes y Emrelis para cáncer de pulmón no microcítico. La compañía elevó su guía de BPA ajustado para 2025 a 11,88-12,08 dólares desde 11,67-11,87, a pesar de un impacto de 0,55 dólares por acción debido a gastos de IPR&D.
El BPA diluido ajustado del segundo trimestre aumentó un 12,1% hasta 2,97 dólares, mientras que el BPA GAAP disminuyó un 32,5% a 0,52 dólares, afectado por un impacto de 0,42 dólares por acción relacionado con gastos de IPR&D.
AbbVie (NYSE:ABBV)는 2025년 2분기 강력한 재무 실적을 보고했으며 순매출은 154.23억 달러로 전년 동기 대비 6.6% 증가했습니다. 면역학 포트폴리오가 성장을 주도했으며, 매출은 76.31억 달러에 달했으며 Skyrizi(44.23억 달러)와 Rinvoq(20.28억 달러)가 이끌었습니다. 신경과학 포트폴리오 매출은 24.2% 증가하여 26.83억 달러를 기록했습니다.
주요 하이라이트로는 거대세포 동맥염 치료제 Rinvoq와 비소세포폐암 치료제 Emrelis에 대한 FDA 승인입니다. 회사는 IPR&D 비용으로 주당 0.55달러의 영향에도 불구하고 2025년 조정 EPS 가이던스를 11.88-12.08달러로 상향 조정했습니다.
2분기 조정 희석 주당순이익은 12.1% 증가한 2.97달러를 기록했으며, GAAP EPS는 IPR&D 비용으로 인해 주당 0.42달러의 영향을 받아 32.5% 감소한 0.52달러를 기록했습니다.
AbbVie (NYSE:ABBV) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires net de 15,423 milliards de dollars, en hausse de 6,6 % par rapport à l'année précédente. Le portefeuille immunologie a mené la croissance avec des revenus de 7,631 milliards de dollars, principalement grâce à Skyrizi (4,423 milliards) et Rinvoq (2,028 milliards). Les revenus du portefeuille neurosciences ont augmenté de 24,2 % pour atteindre 2,683 milliards de dollars.
Les faits marquants comprennent l'approbation par la FDA de Rinvoq pour l'artérite à cellules géantes et d'Emrelis pour le cancer du poumon non à petites cellules. La société a relevé ses prévisions de BPA ajusté pour 2025 à 11,88-12,08 dollars contre 11,67-11,87, malgré un impact de 0,55 dollar par action lié aux dépenses IPR&D.
Le BPA dilué ajusté du deuxième trimestre a augmenté de 12,1 % pour atteindre 2,97 dollars, tandis que le BPA selon les normes GAAP a diminué de 32,5 % à 0,52 dollar, impacté par un coût de 0,42 dollar par action lié aux dépenses IPR&D.
AbbVie (NYSE:ABBV) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Nettoumsätzen von 15,423 Milliarden US-Dollar, ein Anstieg von 6,6 % im Jahresvergleich. Das Immunologie-Portfolio trieb das Wachstum mit Umsätzen von 7,631 Milliarden US-Dollar an, hauptsächlich durch Skyrizi (4,423 Milliarden) und Rinvoq (2,028 Milliarden). Die Umsätze im Neurowissenschafts-Portfolio stiegen um 24,2 % auf 2,683 Milliarden US-Dollar.
Wichtige Highlights sind die FDA-Zulassung für Rinvoq bei Riesenzellarteriitis und Emrelis bei nicht-kleinzelligem Lungenkrebs. Das Unternehmen hob die Prognose für das bereinigte Ergebnis je Aktie (EPS) 2025 auf 11,88-12,08 US-Dollar von zuvor 11,67-11,87 an, trotz eines Einflusses von 0,55 US-Dollar je Aktie durch IPR&D-Aufwendungen.
Das bereinigte verwässerte Ergebnis je Aktie im zweiten Quartal stieg um 12,1 % auf 2,97 US-Dollar, während das GAAP-Ergebnis je Aktie um 32,5 % auf 0,52 US-Dollar sank, beeinflusst durch einen Aufwand von 0,42 US-Dollar je Aktie für IPR&D.
- Net revenues increased 6.6% to $15.423 billion
- Immunology portfolio grew 9.5% to $7.631 billion
- Skyrizi revenues surged 62.2% to $4.423 billion
- Rinvoq revenues increased 41.8% to $2.028 billion
- Neuroscience portfolio grew 24.2% to $2.683 billion
- Adjusted diluted EPS increased 12.1% to $2.97
- Raised full-year 2025 EPS guidance to $11.88-$12.08
- Multiple FDA approvals and positive clinical trial results
- GAAP EPS decreased 32.5% to $0.52
- Humira revenues declined 58.1% to $1.180 billion
- Aesthetics portfolio decreased 8.1% to $1.279 billion
- Imbruvica revenues declined 9.5% to $754 million
- Juvederm revenues decreased 24.0% to $260 million
- Phase 3 VERONA trial failed to meet primary endpoint
Insights
AbbVie delivered strong Q2 results with 6.6% revenue growth, raised 2025 guidance, despite aesthetics weakness and Humira decline.
AbbVie posted $15.42 billion in Q2 revenue, growing
The immunology portfolio remains the growth engine, generating
The neuroscience portfolio showed impressive
Oncology grew modestly at
Profitability metrics remain strong with
AbbVie's pipeline progression is impressive, with Rinvoq securing FDA approval for giant cell arteritis (its ninth indication), promising Phase 3 data for alopecia areata, and Emrelis gaining accelerated approval for NSCLC with c-Met protein overexpression. Strategic acquisitions of Capstan Therapeutics and collaborations with ADARx position AbbVie well for future growth in cell therapy and RNA therapeutics.
- Reports Second-Quarter Diluted EPS of
$0.52 $2.97 $0.42
- Delivers Second-Quarter Net Revenues of
$15.42 3 Billion
- Second-Quarter Global Net Revenues from the Immunology Portfolio Were
$7.63 1 Billion$4.42 3 Billion$2.02 8 Billion$1.18 0 Billion
- Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were
$2.68 3 Billion$900 Million $928 Million $605 Million
- Second-Quarter Global Net Revenues from the Oncology Portfolio Were
$1.67 6 Billion$754 Million $691 Million $159 Million
- Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were
$1.27 9 Billion$692 Million $260 Million - Raises 2025 Adjusted Diluted EPS Guidance Range from
$11.67 $11.87 $11.88 $12.08 $0.55
"AbbVie delivered another outstanding quarter with strong performance from our diversified growth platform. We also made meaningful pipeline progress with several regulatory approvals, encouraging clinical data and strategic investments in promising external innovation," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We're entering the second half of the year with substantial momentum and are once again raising our full-year outlook."
Second-Quarter Results
- Worldwide net revenues were
$15.42 3 billion
- Global net revenues from the immunology portfolio were
$7.63 1 billion- Global Skyrizi net revenues were
$4.42 3 billion - Global Rinvoq net revenues were
$2.02 8 billion - Global Humira net revenues were
$1.18 0 billion
- Global Skyrizi net revenues were
- Global net revenues from the neuroscience portfolio were
$2.68 3 billion- Global Vraylar net revenues were
$900 million - Global Botox Therapeutic net revenues were
$928 million - Global Ubrelvy net revenues were
$338 million - Global Qulipta net revenues were
$267 million
- Global Vraylar net revenues were
- Global net revenues from the oncology portfolio were
$1.67 6 billion- Global Imbruvica net revenues were
$754 million - Global Venclexta net revenues were
$691 million - Global Elahere net revenues were
$159 million
- Global Imbruvica net revenues were
- Global net revenues from the aesthetics portfolio were
$1.27 9 billion- Global Botox Cosmetic net revenues were
$692 million - Global Juvederm net revenues were
$260 million
- Global Botox Cosmetic net revenues were
- On a GAAP basis, gross margin in the second quarter was 71.8 percent. The adjusted gross margin was 84.4 percent.
- On a GAAP basis, selling, general and administrative (SG&A) expense was 21.1 percent of net revenues. The adjusted SG&A expense was 21.0 percent of net revenues.
- On a GAAP basis, research and development (R&D) expense was 13.8 percent of net revenues. The adjusted R&D expense was 13.7 percent of net revenues.
- Acquired IPR&D and milestones expense was 5.3 percent of net revenues.
- On a GAAP basis, operating margin in the second quarter was 31.7 percent. The adjusted operating margin was 44.3 percent.
- Net interest expense was
$678 million
- On a GAAP basis, the tax rate in the quarter was 39.4 percent. The adjusted tax rate was 16.2 percent.
- Diluted EPS in the second quarter was
$0.52 $2.97 $0.42
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
Recent Events
- AbbVie announced the
U.S. Food and Drug Administration (FDA) approved Rinvoq (upadacitinib) as the first oral Janus Kinase (JAK) inhibitor approved for the treatment of adults with giant cell arteritis (GCA). The approval was supported by data from the pivotal Phase 3 SELECT-GCA trial, which met the primary endpoint of sustained remission and key secondary endpoints. This marks the ninth approved indication for Rinvoq in theU.S. , across rheumatology, gastroenterology and dermatology.
- AbbVie announced positive topline results from the first of two pivotal studies in the Phase 3 UP-AA clinical program evaluating the safety and efficacy of Rinvoq in adult and adolescent patients with severe alopecia areata (AA). In the study, Rinvoq achieved the primary endpoint, demonstrating that
44.6% and54.3% of patients with severe AA treated with Rinvoq 15mg and 30mg, respectively, reached80% or more scalp hair coverage at week 24 as defined by the severity of alopecia tool (SALT) score ≤20. Key secondary endpoints, including improvements in eyebrows and eyelashes, as well as the percentage of subjects with90% or more scalp coverage (SALT ≤10) and complete scalp hair coverage (SALT=0) at Week 24, were also met. Rinvoq's safety profile in AA was generally consistent with that in approved indications, and no new safety signals were identified in this study.
- AbbVie and Capstan Therapeutics, a clinical-stage biotechnology company dedicated to advancing in vivo engineering of cells through RNA delivery using targeted lipid nanoparticles (tLNPs), announced a definitive agreement under which AbbVie will acquire Capstan. The transaction includes CPTX2309, a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy candidate, currently in Phase 1 development for the treatment of B cell-mediated autoimmune diseases. Additionally, AbbVie will acquire Capstan's proprietary tLNP platform technology designed to deliver RNA payloads, such as mRNA, capable of engineering specific cell types in vivo.
- AbbVie announced new data from its Phase 3 TEMPLE head-to-head study evaluating the tolerability, safety and efficacy of Qulipta (atogepant) compared to topiramate for the preventive treatment of migraine in adult patients with a history of four or more migraine days per month. In the study, Qulipta met the primary endpoint of fewer treatment discontinuations attributed to adverse events versus topiramate, and all six secondary endpoints achieved statistical significance for superiority versus topiramate, demonstrating clinical efficacy. Full results from the TEMPLE study will be presented at an upcoming medical meeting.
- AbbVie announced that Emrelis (telisotuzumab vedotin-tllv) was granted accelerated approval by the FDA for the treatment of adult patients with locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) with high c-Met protein overexpression who have received a prior systemic therapy. Emrelis is the first treatment approved for previously treated advanced NSCLC patients with high c-Met protein overexpression, a population that often faces poor prognosis and has limited treatment options.
- AbbVie announced the submission of a supplemental New Drug Application (sNDA) to the FDA for Venclexta (venetoclax) and acalabrutinib combination therapy for the treatment of chronic lymphocytic leukemia (CLL). This combination therapy has potential to be the first all oral, fixed-duration regimen for previously untreated patients with CLL. The submission is supported by data from the Phase 3 AMPLIFY trial which demonstrated that the combination regimen of Venclexta and acalabrutinib improved progression-free survival (PFS) compared to standard chemoimmunotherapy in previously untreated patients with CLL.
- At the American Society of Clinical Oncology (ASCO) Annual Meeting, AbbVie presented key data that showcased significant progress across AbbVie's robust oncology pipeline, in a range of difficult-to-treat solid tumors and blood cancers. Highlights included new data from AbbVie's novel investigational antibody-drug conjugates (ADCs) telisotuzumab adizutecan (ABBV-400, Temab-A) in advanced NSCLC, ABBV-706 in high-grade neuroendocrine neoplasms (NENs) and pivekimab sunirine (PVEK) in blastic plasmacytoid dendritic cell neoplasm (BPDCN).
- AbbVie announced the global Phase 3 VERONA trial evaluating Venclexta (venetoclax) in combination with azacitidine in the treatment of newly diagnosed higher-risk myelodysplastic syndrome (MDS) did not meet the primary endpoint of overall survival. No new safety signals were observed and results from the trial will be available in a future medical congress and/or publication.
- AbbVie and Ichnos Glenmark Innovation (IGI) announced an exclusive licensing agreement for IGI's lead investigational asset, ISB 2001, which is being investigated for the treatment of oncology and autoimmune diseases. ISB 2001 is a first-in-class trispecific T-cell engager currently in Phase 1 development for relapsed/refractory (r/r) multiple myeloma (MM).
- AbbVie announced the FDA approved a label expansion for Mavyret (glecaprevir/pibrentasvir), an oral pangenotypic direct acting antiviral (DAA) therapy. Mavyret is the first oral eight-week pangenotypic treatment option approved for people with acute or chronic hepatitis C virus (HCV). With this approval, providers can now treat HCV patients immediately at the time of diagnosis.
- AbbVie and ADARx Pharmaceuticals, a late clinical-stage biotechnology company developing next-generation RNA therapeutics, announced a collaboration and license option agreement to develop small interfering RNA (siRNA) therapeutics across multiple disease areas. The collaboration will leverage AbbVie's expertise in biotherapeutic drug development and commercialization with ADARx's proprietary RNA technology to advance next-generation siRNA therapies across neuroscience, immunology and oncology.
Full-Year 2025 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas: immunology, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on X (formerly Twitter), Facebook, Instagram, YouTube or LinkedIn.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our second-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.
Non-GAAP Financial Results
Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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AbbVie Inc. Key Product Revenues Quarter Ended June 30, 2025 (Unaudited) | |||||||||||||||
% Change vs. 2Q24 | |||||||||||||||
Net Revenues (in millions) | Reported | Operationala | |||||||||||||
Int'l. | Total | Int'l. | Total | Int'l. | Total | ||||||||||
NET REVENUES | 5.9 % | 9.1 % | 6.6 % | 8.4 % | 6.5 % | ||||||||||
Immunology | 6,097 | 1,534 | 7,631 | 6.7 | 22.3 | 9.5 | 20.7 | 9.2 | |||||||
Skyrizi | 3,843 | 580 | 4,423 | 64.3 | 49.7 | 62.2 | 47.2 | 61.8 | |||||||
Rinvoq | 1,452 | 576 | 2,028 | 42.7 | 39.6 | 41.8 | 37.5 | 41.2 | |||||||
Humira | 802 | 378 | 1,180 | (66.0) | (16.8) | (58.1) | (17.2) | (58.2) | |||||||
Neuroscience | 2,333 | 350 | 2,683 | 23.2 | 30.6 | 24.2 | 28.7 | 24.0 | |||||||
Vraylar | 898 | 2 | 900 | 16.2 | 72.8 | 16.3 | 76.8 | 16.3 | |||||||
Botox Therapeutic | 775 | 153 | 928 | 15.9 | 5.7 | 14.1 | 6.0 | 14.2 | |||||||
Ubrelvy | 330 | 8 | 338 | 46.5 | 73.9 | 47.1 | 76.7 | 47.2 | |||||||
Qulipta | 237 | 30 | 267 | 62.8 | >100.0 | 77.5 | >100.0 | 76.9 | |||||||
Vyalev | 22 | 76 | 98 | n/m | >100.0 | >100.0 | >100.0 | >100.0 | |||||||
Duodopa | 20 | 77 | 97 | (13.6) | (13.7) | (13.7) | (16.3) | (15.7) | |||||||
Other Neuroscience | 51 | 4 | 55 | (11.4) | (23.3) | (12.3) | (21.3) | (12.2) | |||||||
Oncology | 1,026 | 650 | 1,676 | (1.0) | 8.7 | 2.6 | 8.3 | 2.4 | |||||||
Imbruvicab | 543 | 211 | 754 | (8.9) | (11.2) | (9.5) | (11.2) | (9.5) | |||||||
Venclexta | 321 | 370 | 691 | 7.4 | 9.5 | 8.5 | 9.1 | 8.3 | |||||||
Elahere | 138 | 21 | 159 | 8.0 | n/m | 24.2 | n/m | 23.7 | |||||||
Epkinlyc | 22 | 48 | 70 | 57.4 | >100.0 | 93.9 | >100.0 | 92.3 | |||||||
Other Oncology | 2 | — | 2 | n/m | n/m | n/m | n/m | n/m | |||||||
Aesthetics | 797 | 482 | 1,279 | (7.8) | (8.5) | (8.1) | (8.3) | (8.0) | |||||||
Botox Cosmetic | 410 | 282 | 692 | (8.7) | 0.9 | (5.0) | 1.2 | (4.9) | |||||||
Juvederm Collection | 105 | 155 | 260 | (23.6) | (24.4) | (24.0) | (24.4) | (24.0) | |||||||
Other Aesthetics | 282 | 45 | 327 | 1.6 | 5.8 | 2.2 | 6.4 | 2.3 | |||||||
Eye Care | 226 | 288 | 514 | (5.7) | (2.4) | (3.9) | (1.5) | (3.4) | |||||||
Ozurdex | 30 | 95 | 125 | (12.6) | 5.8 | 0.6 | 4.4 | (0.4) | |||||||
Lumigan/Ganfort | 52 | 51 | 103 | 19.9 | (15.4) | (0.8) | (15.2) | (0.7) | |||||||
Alphagan/Combigan | — | 36 | 36 | (91.6) | (3.1) | (25.6) | (0.2) | (23.5) | |||||||
Other Eye Care | 144 | 106 | 250 | (4.3) | (1.7) | (3.2) | 0.9 | (2.1) | |||||||
Other Key Products | 835 | 202 | 1,037 | 11.2 | (4.4) | 7.8 | (5.8) | 7.5 | |||||||
Mavyret | 184 | 191 | 375 | 9.7 | (5.1) | 1.6 | (6.5) | 0.8 | |||||||
Creon | 404 | — | 404 | 8.4 | n/m | 8.4 | n/m | 8.4 | |||||||
Linzess/Constella | 247 | 11 | 258 | 17.4 | 10.8 | 17.1 | 10.3 | 17.1 | |||||||
a | "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
b | Reflects profit sharing for Imbruvica international revenues. |
c | Epkinly |
n/m = not meaningful | |
AbbVie Inc. Key Product Revenues Six Months Ended June 30, 2025 (Unaudited) | |||||||||||||||
% Change vs. 6M24 | |||||||||||||||
Net Revenues (in millions) | Reported | Operationala | |||||||||||||
Int'l. | Total | Int'l. | Total | Int'l. | Total | ||||||||||
NET REVENUES | 7.9 % | 6.0 % | 7.4 % | 8.3 % | 8.0 % | ||||||||||
Immunology | 10,980 | 2,915 | 13,895 | 11.3 | 17.9 | 12.6 | 20.4 | 13.1 | |||||||
Skyrizi | 6,762 | 1,086 | 7,848 | 69.2 | 46.9 | 65.8 | 49.6 | 66.2 | |||||||
Rinvoq | 2,672 | 1,074 | 3,746 | 53.3 | 37.6 | 48.5 | 40.1 | 49.3 | |||||||
Humira | 1,546 | 755 | 2,301 | (62.6) | (20.8) | (54.7) | (18.4) | (54.3) | |||||||
Neuroscience | 4,305 | 660 | 4,965 | 19.3 | 27.4 | 20.3 | 29.8 | 20.6 | |||||||
Vraylar | 1,661 | 4 | 1,665 | 13.4 | 41.8 | 13.5 | 47.4 | 13.5 | |||||||
Botox Therapeutic | 1,498 | 296 | 1,794 | 17.0 | 5.2 | 14.9 | 8.6 | 15.5 | |||||||
Ubrelvy | 563 | 15 | 578 | 33.0 | 46.7 | 33.3 | 51.2 | 33.4 | |||||||
Qulipta | 409 | 51 | 460 | 49.5 | >100.0 | 63.6 | >100.0 | 63.6 | |||||||
Vyalev | 28 | 133 | 161 | n/m | >100.0 | >100.0 | >100.0 | >100.0 | |||||||
Duodopa | 40 | 153 | 193 | (16.6) | (14.9) | (15.2) | (14.0) | (14.5) | |||||||
Other Neuroscience | 106 | 8 | 114 | (10.4) | (12.7) | (10.5) | (8.1) | (10.2) | |||||||
Oncology | 2,053 | 1,256 | 3,309 | 2.4 | 7.1 | 4.2 | 9.1 | 5.0 | |||||||
Imbruvicab | 1,072 | 420 | 1,492 | (11.1) | (9.7) | (10.7) | (9.7) | (10.7) | |||||||
Venclexta | 633 | 723 | 1,356 | 9.1 | 7.8 | 8.4 | 11.3 | 10.3 | |||||||
Elahere | 303 | 35 | 338 | 57.5 | n/m | 75.5 | n/m | 75.5 | |||||||
Epkinlyc | 43 | 78 | 121 | 61.8 | >100.0 | 92.1 | >100.0 | 93.3 | |||||||
Other Oncology | 2 | — | 2 | n/m | n/m | n/m | n/m | n/m | |||||||
Aesthetics | 1,437 | 944 | 2,381 | (12.3) | (5.6) | (9.8) | (3.6) | (9.0) | |||||||
Botox Cosmetic | 705 | 543 | 1,248 | (15.9) | 3.7 | (8.4) | 5.8 | (7.6) | |||||||
Juvederm Collection | 180 | 311 | 491 | (25.9) | (21.5) | (23.2) | (19.8) | (22.2) | |||||||
Other Aesthetics | 552 | 90 | 642 | (1.0) | 11.7 | 0.6 | 14.5 | 0.9 | |||||||
Eye Care | 447 | 573 | 1,020 | (4.2) | (5.3) | (4.8) | (1.8) | (2.8) | |||||||
Ozurdex | 60 | 188 | 248 | (12.4) | 0.8 | (2.8) | 2.7 | (1.4) | |||||||
Lumigan/Ganfort | 100 | 109 | 209 | 39.4 | (11.0) | 7.5 | (7.7) | 9.6 | |||||||
Alphagan/Combigan | 26 | 70 | 96 | (3.6) | (13.1) | (10.6) | (8.5) | (7.2) | |||||||
Other Eye Care | 261 | 206 | 467 | (12.8) | (4.4) | (9.3) | 0.3 | (7.3) | |||||||
Other Key Products | 1,471 | 375 | 1,846 | 2.5 | (12.0) | (0.8) | (10.4) | (0.4) | |||||||
Mavyret | 326 | 355 | 681 | 4.9 | (12.8) | (5.1) | (11.2) | (4.2) | |||||||
Creon | 759 | — | 759 | 15.4 | n/m | 15.4 | n/m | 15.4 | |||||||
Linzess/Constella | 386 | 20 | 406 | (17.4) | 7.0 | (16.5) | 9.7 | (16.4) | |||||||
a | "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
b | Reflects profit sharing for Imbruvica international revenues. |
c | Epkinly |
n/m = not meaningful | |
AbbVie Inc. Consolidated Statements of Earnings (Unaudited) | |||||||
(in millions, except per share data) | Second Quarter Ended June 30 | Six Months Ended June 30 | |||||
2025 | 2024 | 2025 | 2024 | ||||
Net revenues | $ 15,423 | $ 14,462 | $ 28,766 | $ 26,772 | |||
Cost of products sold | 4,346 | 4,202 | 8,348 | 8,296 | |||
Selling, general and administrative | 3,253 | 3,377 | 6,546 | 6,692 | |||
Research and development | 2,131 | 1,948 | 4,198 | 3,887 | |||
Acquired IPR&D and milestones | 823 | 937 | 1,071 | 1,101 | |||
Other operating income | (24) | — | (24) | — | |||
Total operating costs and expenses | 10,529 | 10,464 | 20,139 | 19,976 | |||
Operating earnings | 4,894 | 3,998 | 8,627 | 6,796 | |||
Interest expense, net | 678 | 506 | 1,305 | 959 | |||
Net foreign exchange loss | 23 | 1 | 27 | 5 | |||
Other expense, net | 2,639 | 1,345 | 4,080 | 1,931 | |||
Earnings before income tax expense | 1,554 | 2,146 | 3,215 | 3,901 | |||
Income tax expense | 613 | 773 | 985 | 1,156 | |||
Net earnings | 941 | 1,373 | 2,230 | 2,745 | |||
Net earnings attributable to noncontrolling interest | 3 | 3 | 6 | 6 | |||
Net earnings attributable to AbbVie Inc. | $ 938 | $ 1,370 | $ 2,224 | $ 2,739 | |||
Diluted earnings per share attributable to AbbVie Inc. | $ 0.52 | $ 0.77 | $ 1.24 | $ 1.53 | |||
Adjusted diluted earnings per sharea | $ 2.97 | $ 2.65 | $ 5.43 | $ 4.96 | |||
Weighted-average diluted shares outstanding | 1,771 | 1,771 | 1,772 | 1,772 | |||
a | Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. |
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended June 30, 2025 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 1,554 | $ 938 | $ 0.52 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,864 | 1,571 | 0.89 | ||
Change in fair value of contingent consideration | 2,795 | 2,709 | 1.53 | ||
Other | 91 | 60 | 0.03 | ||
As adjusted (non-GAAP) | $ 6,304 | $ 5,278 | $ 2.97 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. | |||||
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2025 included acquired IPR&D | |||||
2. The impact of the specified items by line item was as follows: | |||||||||
Quarter Ended June 30, 2025 | |||||||||
(in millions) | Cost of | SG&A | R&D | Other | Other | ||||
As reported (GAAP) | $ 4,346 | $ 3,253 | $ 2,131 | $ (24) | $ 2,639 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (1,864) | — | — | — | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (2,795) | ||||
Other | (69) | (14) | (16) | 24 | (16) | ||||
As adjusted (non-GAAP) | $ 2,413 | $ 3,239 | $ 2,115 | $ — | $ (172) | ||||
3. The adjusted tax rate for the second quarter of 2025 was 16.2 percent, as detailed below: | |||||
Quarter Ended June 30, 2025 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 1,554 | $ 613 | 39.4 % | ||
Specified items | 4,750 | 410 | 8.6 % | ||
As adjusted (non-GAAP) | $ 6,304 | $ 1,023 | 16.2 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Quarter Ended June 30, 2024 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 2,146 | $ 1,370 | $ 0.77 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 1,947 | 1,651 | 0.93 | ||
Acquisition and integration costs | 145 | 125 | 0.07 | ||
Change in fair value of contingent consideration | 1,476 | 1,438 | 0.81 | ||
Other | 90 | 126 | 0.07 | ||
As adjusted (non-GAAP) | $ 5,804 | $ 4,710 | $ 2.65 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. | |||||
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition. | |||||
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2024 included acquired IPR&D | |||||
2. The impact of the specified items by line item was as follows: | |||||||
Quarter Ended June 30, 2024 | |||||||
(in millions) | Cost of | SG&A | R&D | Other | |||
As reported (GAAP) | $ 4,202 | $ 3,377 | $ 1,948 | $ 1,345 | |||
Adjusted for specified items: | |||||||
Intangible asset amortization | (1,947) | — | — | — | |||
Acquisition and integration costs | (79) | (35) | (31) | — | |||
Change in fair value of contingent consideration | — | — | — | (1,476) | |||
Other | (41) | (27) | — | (22) | |||
As adjusted (non-GAAP) | $ 2,135 | $ 3,315 | $ 1,917 | $ (153) | |||
3. The adjusted tax rate for the second quarter of 2024 was 18.8 percent, as detailed below: | |||||||
Quarter Ended June 30, 2024 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 2,146 | $ 773 | 36.0 % | ||
Specified items | 3,658 | 318 | 8.7 % | ||
As adjusted(non-GAAP) | $ 5,804 | $ 1,091 | 18.8 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Six Months Ended June 30, 2025 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 3,215 | $ 2,224 | $ 1.24 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 3,722 | 3,145 | 1.78 | ||
Change in fair value of contingent consideration | 4,313 | 4,186 | 2.36 | ||
Other | 153 | 93 | 0.05 | ||
As adjusted (non-GAAP) | $ 11,403 | $ 9,648 | $ 5.43 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. | |||||
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2025 included acquired IPR&D | |||||
2. The impact of the specified items by line item was as follows: | |||||||||
Six Months Ended June 30, 2025 | |||||||||
(in millions) | Cost of | SG&A | R&D | Other | Other | ||||
As reported (GAAP) | $ 8,348 | $ 6,546 | $ 4,198 | $ (24) | $ 4,080 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (3,722) | — | — | — | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (4,313) | ||||
Other | (97) | (27) | (32) | 24 | (21) | ||||
As adjusted (non-GAAP) | $ 4,529 | $ 6,519 | $ 4,166 | $ — | $ (254) | ||||
3. The adjusted tax rate for the first six months of 2025 was 15.3 percent, as detailed below: | |||||
Six Months Ended June 30, 2025 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 3,215 | $ 985 | 30.6 % | ||
Specified items | 8,188 | 764 | 9.3 % | ||
As adjusted (non-GAAP) | $ 11,403 | $ 1,749 | 15.3 % | ||
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited) | |||||
1. Specified items impacted results as follows: | |||||
Six Months Ended June 30, 2024 | |||||
(in millions, except per share data) | Earnings | Diluted | |||
Pre-tax | After-taxa | EPS | |||
As reported (GAAP) | $ 3,901 | $ 2,739 | $ 1.53 | ||
Adjusted for specified items: | |||||
Intangible asset amortization | 3,838 | 3,254 | 1.84 | ||
Acquisition and integration costs | 656 | 611 | 0.34 | ||
Change in fair value of contingent consideration | 2,136 | 2,081 | 1.17 | ||
Other | 111 | 145 | 0.08 | ||
As adjusted (non-GAAP) | $ 10,642 | $ 8,830 | $ 4.96 | ||
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. | |||||
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition. | |||||
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2024 included acquired IPR&D | |||||
2. The impact of the specified items by line item was as follows: | |||||||||
Six Months Ended June 30, 2024 | |||||||||
(in millions) | Cost of | SG&A | R&D | Interest | Other | ||||
As reported (GAAP) | $ 8,296 | $ 6,692 | $ 3,887 | $ 959 | $ 1,931 | ||||
Adjusted for specified items: | |||||||||
Intangible asset amortization | (3,838) | — | — | — | — | ||||
Acquisition and integration costs | (158) | (315) | (159) | (24) | — | ||||
Change in fair value of contingent consideration | — | — | — | — | (2,136) | ||||
Other | (57) | (30) | — | — | (24) | ||||
As adjusted (non-GAAP) | $ 4,243 | $ 6,347 | $ 3,728 | $ 935 | $ (229) | ||||
3. The adjusted tax rate for the first six months of 2024 was 17.0 percent, as detailed below: | |||||
Six Months Ended June 30, 2024 | |||||
(dollars in millions) | Pre-tax | Income taxes | Tax rate | ||
As reported (GAAP) | $ 3,901 | $ 1,156 | 29.6 % | ||
Specified items | 6,741 | 650 | 9.6 % | ||
As adjusted (non-GAAP) | $ 10,642 | $ 1,806 | 17.0 % | ||
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SOURCE AbbVie
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