AbbVie has announced its financial results for the second quarter (Q2) of 2024, revealing a 32.1% decrease in net earnings attributable to the company of $1.37bn from $2.02bn in the corresponding quarter of the previous year.
For the second quarter ended 30 June 2024, the company’s diluted earnings per share (EPS) on a generally accepted accounting principles (GAAP) basis was $0.77, marking a 32.5% decrease from $1.14 in the same period of 2023.
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Adjusted diluted EPS, which excluded specified items, stood at $2.65 compared to $2.91 in Q2 2023 – an 8.9% decrease.
Despite the fall in earnings, worldwide net revenues increased by 4.3% on a reported basis to $14.46bn, up from $13.86bn in Q2 2023.
On an operational basis, the figures represented a growth of 5.6%.
The immunology portfolio contributed $6.97bn to the global net revenues, a 2.3% increase on a reported basis, or 3.5% on an operational basis.
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By GlobalDataGlobal Humira net revenues saw a significant decrease of 29.8% on a reported basis to $2.81bn. However, in the US, Humira net revenues fell by 31.6%, while international revenues declined by 18.9% on a reported basis, or 12.5% on an operational basis.
AbbVie’s oncology portfolio performed better, with global net revenues reaching $1.63bn, up 10.5% on a reported basis, or 12.2% on an operational basis.
The neuroscience portfolio also saw robust growth, with global revenues of $2.16bn, an increase of 14.7% on a reported basis, or 15.2% on an operational basis.
On the expenditure front, research and development (R&D) expense on a GAAP basis was 13.5% of net revenues, with an adjusted R&D expense of 13.3%.
The GAAP operating margin for the second quarter stood at 27.6%, with an adjusted operating margin of 42.6%.
Looking forward, AbbVie raised its adjusted diluted EPS guidance for the full year 2024 from between $10.61 and $10.81 to between $10.71 and $10.91.
This updated forecast excludes acquired in-process R&D and milestones incurred year-to-date through Q2 2024.
AbbVie CEO Robert Michael said: “Our business continues to perform exceptionally well, with second-quarter results meaningfully ahead of our expectations.
“Based upon the significant momentum of our ex-Humira growth platform, our continued investments in the business and our pipeline progress, we are very well positioned to deliver our top-tier long-term outlook.”
In February 2024, the company reported a decrease in net revenues to $54.32bn for the year ended 31 December 2023 – a 6.4% decline from the previous year’s $58.05bn.
