AbbVie Inc. ABBV reported fourth-quarter 2024 adjusted earnings of $2.16 per share, which beat the Zacks Consensus Estimate of $2.13. The reported earnings additionally exceeded the corporate’s steering of $2.06-$2.10 issued earlier this month. Earnings declined round 23% yr over yr attributable to elevated IPR&D bills incurred throughout the quarter.
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ABBV’s revenues of $15.10 billion beat the Zacks Consensus Estimate of $14.87 billion. Gross sales rose 5.6% yr over yr on a reported foundation and 6.1% on an operational foundation.
Revenues within the fourth quarter have been pushed by sturdy gross sales of key medicine Rinvoq, Skyrizi, Venclexta and Vraylar, coupled with important contributions from newer medicine, specifically Ubrelvy, Elahere, Epkinly and Qulipta. Gross sales of Humira and Imbruvica declined yr over yr.
All progress charges talked about under are on a year-on-year foundation and at fixed trade charges (CER).
Immunology Medicine Drive ABBV’s Prime Line
In immunology, web revenues from Rinvoq for the fourth quarter totaled $1.83 billion, up 47.1%. The upside could be attributed to label expansions of the drug to incorporate new affected person populations in current quarters. Rinvoq’s gross sales beat the Zacks Consensus Estimate and our mannequin estimate of $1.72 billion and $1.70 billion, respectively.
Web revenues recorded from Skyrizi have been $3.78 billion, up 57.9%. This surge in gross sales was attributable to label expansions of the drug to incorporate new affected person populations in current quarters. Skyrizi gross sales beat the Zacks Consensus Estimate of $3.58 billion and our mannequin estimate of $3.56 billion.
AbbVie’s flagship product Humira recorded a gross sales decline of 48.7% to $1.68 billion within the fourth quarter. Gross sales in the US declined 54.5% to $1.25 billion, whereas ex-U.S. market gross sales have been down 20.5% on an working foundation to $436 million. Humira gross sales missed the Zacks Consensus Estimate of $1.94 billion and our mannequin estimate of $1.92 billion.
This substantial decline in Humira gross sales was as a result of drug’s lack of exclusivity in the US since January 2023. The drug misplaced its exclusivity in ex-U.S. territories following the launch of generics in 2018.
ABBV’s Neuroscience Medicine’ Efficiency
Gross sales from the neuroscience portfolio elevated 19.9% to $2.51 billion, pushed by larger gross sales of Botox Therapeutic, despair drug Vraylar, and migraine medicine Ubrelvy and Qulipta. Neuroscience gross sales beat the Zacks Consensus Estimate and our mannequin estimate of $2.47 billion and $2.49 billion, respectively.
Whereas Botox Therapeutic gross sales rose 13% to $873 million, gross sales of Vraylar elevated 17.1% to $924 million.
Gross sales of Ubrelvy totaled $303 million, up 29.6%. Qulipta gross sales elevated 76.2% to $201 million.
ABBV’s Oncology Medicine’ Efficiency
AbbVie’s oncology/hematology gross sales rose 12.9% to $1.69 billion within the quarter, as gross sales from the just lately acquired ovarian most cancers drug Elahere and rising Venclexta gross sales greater than offset the declining Imbruvica gross sales. Whereas the metric beat the Zacks Consensus Estimate of $1.67 billion, the identical was according to our mannequin estimates.
Fourth-quarter web revenues from Imbruvica totaled $848 million, down 6.2%. Nevertheless, gross sales of the drug beat the Zacks Consensus Estimate of $806 million and our mannequin estimate of $819 million. ABBV markets this drug in partnership with Johnson & Johnson JNJ.
U.S. gross sales of J&J-partnered Imbruvica declined 8.6% to $625 million attributable to rising competitors from novel oral remedies. AbbVie shares worldwide earnings earned from Imbruvica with J&J. The corporate’s share of revenue from the drug’s worldwide gross sales rose 1.2% to $223 million.
AbbVie’s leukemia drug Venclexta generated revenues of $655 million within the reported quarter, reflecting 13% progress. AbbVie markets Venclexta in collaboration with Roche RHHBY. Gross sales from the Roche-partnered drug missed each the Zacks Consensus Estimate and our mannequin estimate of $674 million.
Elahere, added from this yr’s acquisition of ImmunoGen, generated revenues of $148 million in contrast with $139 million reported within the third quarter of 2024. Gross sales of the drug beat the Zacks Consensus Estimate of $145 million in addition to our mannequin estimate of $146 million.
Epkinly gross sales, which comprise AbbVie’s share of revenue from U.S. revenues and product revenues from worldwide markets, amounted to $40 million within the quarter in contrast with $43 million within the earlier quarter.
ABBV’s Aesthetics & Different Medicine
AbbVie’s aesthetics portfolio gross sales have been down 4.4% to $1.30 billion. Botox Beauty gross sales fell 3.4% to $687 million. Juvederm gross sales declined 15.1% to $279 million.
Eye care portfolio gross sales rose 11.4% to $646 million. Gross sales of Ozurdex, a key drug within the portfolio, rose 1.4% to $120 million.
ABBV’s Price Dialogue
Adjusted SG&A bills rose 0.6% yr over yr to $3.56 billion. Adjusted R&D bills amounted to $2.27 billion, up 18.3%.
Full-12 months 2024 Outcomes
AbbVie reported revenues of $56.33 billion, up 4.6% yr over yr. The corporate’s adjusted earnings for the total yr have been $10.12 per share, down 8.9% from the year-ago interval’s ranges.
ABBV’s Up to date Monetary Outlook Encouraging
For 2025
AbbVie issued recent steering for 2025. It expects adjusted earnings per share (EPS) to be within the vary of $12.12-$12.32. This guided vary doesn’t embrace any affect from the corporate’s proposed acquisitions and potential milestone funds. The Zacks Consensus Estimate for 2025 earnings is pinned at $12.18 per share.
Past 2025
Administration reaffirmed its expectations for a excessive single-digit compound annual income progress charge by means of 2029. For calculation functions, this forecast assumes 2024 as the bottom yr.
The corporate additionally raised its 2027 forecast for mixed Skyrizi and Rinvoq gross sales. It now expects to file mixed revenues of greater than $31 billion, up $4 billion over its beforehand issued forecast.
Shares of AbbVie have been up over 5% in pre-market buying and selling in the present day, possible as a result of encouraging steering replace. Up to now yr, the inventory has gained about 5% towards the industry’s 1% decline.
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Administration additionally up to date its long-term outlook for its aesthetics franchise. It now expects a excessive single-digit compound annual income progress charge for this franchise by means of 2029. For calculation functions, this forecast assumes 2025 as the bottom yr.
AbbVie Inc. Value and EPS Shock
AbbVie Inc. price-eps-surprise | AbbVie Inc. Quote
ABBV’s Zacks Rank
AbbVie at the moment has a Zacks Rank #3 (Maintain). You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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