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AbbVie
🇺🇸 NYSE:ABBV
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Dec 31, 2023

AbbVie Q4 2023 Earnings Report

AbbVie's financial performance for Q4 2023 decreased compared to the previous year.

Key Takeaways

AbbVie reported a decrease in net revenues and diluted EPS for the fourth quarter of 2023. Worldwide net revenues were $14.301 billion, a decrease of 5.4 percent. Diluted EPS was $0.46 on a GAAP basis, a decrease of 66.7 percent, while adjusted diluted EPS was $2.79, a decrease of 22.5 percent.

Worldwide net revenues decreased by 5.4 percent to $14.301 billion.

Global net revenues from the immunology portfolio decreased by 12.3 percent to $6.953 billion.

Global net revenues from the oncology portfolio decreased by 7.4 percent to $1.509 billion.

Diluted EPS decreased by 66.7 percent to $0.46 on a GAAP basis, and adjusted diluted EPS decreased by 22.5 percent to $2.79.

Total Revenue
$14.3B
Previous year: $15.1B
-5.4%
EPS
$2.79
Previous year: $3.6
-22.5%
Gross Margin Ratio (GAAP)
60.1%
Adjusted Gross Margin Ratio
83.9%
SG&A Expense (GAAP)
22.3%
Gross Profit
$11.9B
Previous year: $11B
+8.8%
Cash and Equivalents
$12.8B
Previous year: $9.2B
+39.3%
Free Cash Flow
$4.55B
Previous year: $7.22B
-37.0%
Total Assets
$135B
Previous year: $139B
-2.9%

AbbVie

AbbVie

AbbVie Revenue by Segment

AbbVie Revenue by Geographic Location

Forward Guidance

AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2024 of $11.05 to $11.25. This guidance includes a $0.32 per share dilutive impact related to the proposed ImmunoGen and Cerevel Therapeutics acquisitions, which are anticipated to close in the middle of 2024.

Positive Outlook

  • Reaffirming expectations for high single-digit compound annual revenue growth rate through 2029.
  • Raising long-term outlook for Skyrizi and Rinvoq revenues, expecting combined 2027 revenues of more than $27 billion.
  • Raising long-term outlook for Ubrelvy and Qulipta revenues, expecting peak combined revenues of more than $3 billion.
  • Well positioned to fully absorb Humira erosion.
  • Achieve modest operational revenue growth.

Challenges Ahead

  • Includes a $0.32 per share dilutive impact related to the proposed ImmunoGen and Cerevel Therapeutics acquisitions.
  • Excludes any impact from acquired IPR&D and milestones that may be incurred during 2024.
  • 2024 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones.
  • Net revenues were $14.301 billion, a decrease of 5.4 percent.
  • Diluted EPS in the fourth quarter was $0.46 on a GAAP basis.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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