Abbvie ( (ABBV) ) has realeased its Q3 earnings. Here is a breakdown of the information Abbvie presented to its investors.
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AbbVie Inc. is a global pharmaceutical company specializing in developing innovative medicines in key therapeutic areas, including immunology, oncology, neuroscience, and eye care, with a significant focus on its Allergan Aesthetics portfolio.
In the third quarter of 2024, AbbVie reported a diluted earnings per share (EPS) of $0.88 on a GAAP basis, a 12% decrease, and an adjusted EPS of $3.00, marking a 1.7% increase. The company achieved net revenues of $14.460 billion, representing a 3.8% increase on a reported basis. This period also saw AbbVie successfully complete the acquisition of Cerevel, enhancing its neuroscience portfolio.
AbbVie reported strong growth in its immunology portfolio, with Skyrizi and Rinvoq showing notable revenue increases of over 50% and 45%, respectively. The oncology and neuroscience portfolios also performed well, with revenues climbing by over 11% and 15%. The aesthetics portfolio remained stable, with Botox Cosmetic revenue increasing despite a slight decrease in overall aesthetics revenue. Additionally, AbbVie raised its 2024 adjusted EPS guidance and announced a 5.8% increase in its 2025 dividend.
Looking ahead, AbbVie is optimistic about its long-term growth prospects, as reflected in its updated full-year guidance and increased dividend. The company’s strategic acquisitions and pipeline advancements position it well for future performance, aiming to enhance shareholder value and maintain its leadership in the pharmaceutical industry.
