AbbVie Tops Q3 Expectations As Skyrizi, Rinvoq Drive Growth

On Wednesday, AbbVie Inc. (NYSE:ABBV) reported third-quarter adjusted EPS of $3.00, up from $2.95 a year ago, beating the consensus of $2.92.

Net revenues reached $14.46 billion, up 3.8%, beating the consensus of $14.28 billion. Sales were up 4.9% on an operational basis.

The immunology portfolio generated $7.05 billion in sales, up 3.9% on a reported basis or 4.8% on an operational basis.

• Humira revenues were $2.23 billion (down 37.2%), Skyrizi sales reached $3.21 billion (up 50.8%), and Rinvoq revenues were $1.61 billion (up 45.3%). 

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Oncology product sales were $1.69 billion, up 11.6% or 13.0% on an operational basis.

• Imbruvica revenues were $828 million (down 8.8%), Venclexta sales increased 14.8% to $677 million, and Elahere's net revenues were $139 million.

Neuroscience revenues reached $2.36 billion, up 15.6% on a reported basis or 16.0% on an operational basis.

• Botox Therapeutic sales were $848 million, up 13.4%. Aesthetics portfolio sales reached $1.24 billion, down 0.1%. Global Botox Cosmetic revenues were $671 million, up 8.2%.

Dividend: AbbVie also increased its quarterly cash dividend from $1.55 per share to $1.64 per share, beginning with the dividend payable on Feb. 14, 2025, to shareholders of record as of Jan. 15, 2025.

Monday, AbbVie agreed to acquire Aliada Therapeutics for $1.4 billion in cash.

Aliada is a biotechnology company advancing therapies using a novel blood-brain barrier-crossing technology for the treatment of central nervous system diseases. Aliada’s lead investigational asset utilizing this delivery technology, ALIA-1758, is in development for Alzheimer’s disease.

Guidance: AbbVie raised its 2024 adjusted EPS guidance to $10.90-$10.94 from prior guidance of $10.67-$10.87 compared to consensus of $10.85, which includes an unfavorable impact of 64 cents per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2024.

In a conference call, AbbVie said it expects Skyrizi sales of $11.5 billion and Rinvoq sales of $5.8 billion in 2024.

Price Action: ABBV stock is up 1.8% at $192.95 at last check on Wednesday.

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