🔹 Adj. EPS: $2.16 (Est. $2.06) 🟢
🔹 Revenue: $15.10B (Est. $14.82B) 🟢
🔹 FY25 EPS Guidance: $12.12-$12.32 (Est. $12.13) 🟢
Segment Performance:
🔹 Immunology Revenue: $7.29B (Est. $7.14B) 🟢
- Humira: $1.68B (Est. $1.99B) (-49% YoY, impacted by biosimilar competition)
- Skyrizi: $3.78B (+57.7% YoY)
- Rinvoq: $1.83B (+46.2% YoY)
🔹 Oncology Revenue: $1.69B (Est. $1.63B) 🟢
- Imbruvica: $848M (-6.2% YoY)
- Venclexta: $655M (+11% YoY)
🔹 Neuroscience Revenue: $2.51B (Est. $2.44B) 🟢
- Botox Therapeutic: $873M (+12.5% YoY)
- Vraylar: $924M (+17.1% YoY)
- Ubrelvy: $303M (+29.6% YoY)
- Qulipta: $201M (+76.4% YoY)
🔹 Aesthetics Revenue: $1.30B (Est. $1.46B) 🔴
- Botox Cosmetic: $687M (-4.2% YoY)
- Juvederm: $279M (-16.3% YoY)
Key Financial Metrics:
🔹 Gross Margin: 83.8% (Adj.), 70.9% (GAAP)
🔹 Operating Margin: 34.7% (Adj.), -9.9% (GAAP)
🔹 SG&A Expense: 23.6% of Revenue
🔹 R&D Expense: 15.1% of Revenue
Cash Flow & Capital Allocation:
🔹 Operating Cash Flow: $5.45B (Est. $5.45B)
🔹 Free Cash Flow: Not Provided (Est. $5.20B)
🔹 Capital Expenditures: Not Provided (Est. $770M)
🔹 Debt Repayment & Acquisitions: $8.7B deal for Cerevel Therapeutics
Guidance & Strategic Updates:
🔹 FY25 Adj. EPS Guidance: $12.12 - $12.32 (Above Consensus)
🔹 Skyrizi & Rinvoq: Raised 2027 revenue outlook to >$31B (+$4B from prior guidance)
🔹 Humira Sales Decline: Offset by strong growth in Skyrizi & Rinvoq
🔹 Aesthetics Growth Outlook: High single-digit CAGR from 2025-2029
🔹 Neuroscience Pipeline Expansion: $8.7B Cerevel acquisition & Alzheimer's therapy ALIA-1758
CEO Robert Michael’s Commentary:
🔸 "Our growth platform delivered outstanding results, and we are entering 2025 with significant momentum."
🔸 "We expect net revenues to exceed previous peaks in 2025, just two years after Humira's U.S. loss of exclusivity."
🔸 "The combination of Skyrizi & Rinvoq will drive >$31B in revenue by 2027, positioning AbbVie for long-term growth."
