First Quarter Revenue: $12.3 billion, approximately $400 million ahead of expectations.
Adjusted Earnings Per Share: $2.31, which is $0.11 above the guidance midpoint.
Immunology Revenue: Total revenues of approximately $5.4 billion, exceeding expectations.
SKYRIZI Global Sales: $2 billion, reflecting operational growth of 48%.
RINVOQ Global Sales: Approximately $1.1 billion, reflecting operational growth of 61.9%.
HUMIRA Global Sales: Approximately $2.3 billion, down 35.2% on an operational basis due to biosimilar competition in the U.S.
Oncology Total Revenues: More than $1.5 billion, exceeding expectations.
Neuroscience Total Revenues: Nearly $2 billion, up 16% on an operational basis.
Global Aesthetics Sales: Over $1.2 billion, with a modest decline on an operational basis.
Future Guidance
Adjusted Earnings Per Share Guidance for Full Year: Raised by $0.16, now expecting between $11.13 and $11.33.
Long-term Outlook: High single-digit revenue CAGR (Compound Annual Growth Rate) anticipated through the end of the decade.
SKYRIZI: Expected to add more than $1 billion of incremental sales growth this year.
RINVOQ: Projected strong performance across all approved indications.
Trends, Market Conditions, Sentiment
SKYRIZI: Demonstrating exceptional momentum across all approved indications, achieving in-play share leadership in nearly 30 key countries.
RINVOQ: Significant prescription growth across four approved indications, capturing high-teens in-play patient share in ulcerative colitis and Crohn’s disease.
Biosimilar Competition: HUMIRA’s U.S. market erosion slightly better than expected, primarily driven by price.
Oncology: Solid performance despite competitive pressures, with new approvals adding to long-term growth.
Neuroscience: Continued double-digit growth driven by key assets like Vraylar, Ubrelvy, and Qulipta.
Global Aesthetics Market: Showing signs of recovery, especially in facial injectables in the U.S. Economic headwinds in China impacted growth, with expectations of recovery in the second half of the year.
Investments in R&D: AbbVie highlighted substantial increases in R&D investments for the future, emphasizing the importance of innovation to sustain long-term growth.
Business Development: Strategic acquisitions and collaborations aimed at strengthening the portfolio, particularly in oncology and immunology, suggesting a proactive approach to addressing future challenges and capitalizing on growth opportunities.
Notable Quotes
Rick Gonzalez on CEO Transition: “Our business is performing very well and is in a strong position for the long term.”
Rob Michael on AbbVie’s Performance: “We’re off to an excellent start to the year with strong top and bottom line results.”
Jeff Stewart on Immunology Performance: “SKYRIZI and RINVOQ growth above 50% in their fifth full year on the market…demonstrates the strength of our diversified portfolio.”
Carrie Strom on Aesthetics Trends: “The underlying trends across our aesthetics portfolio align well with our previous expectations…”
Roopal Thakkar on R&D Advances: “We continue to make very good progress with our inflammatory bowel disease programs…”
