The company said worldwide net revenues for 2023 decreased 6% to $54.3 billion on both a reported and constant currency basis, citing Humira biosimilar competition as the cause. Operating earnings were $12.8 billion, and cash flows from operations were $22.8 billion.

1. 01

   The company said worldwide net revenues for 2023 decreased 6% to $54.3 billion on both a reported and constant currency basis, citing Humira biosimilar competition as the cause. Operating earnings were $12.8 billion, and cash flows from operations were $22.8 billion.

2. 02

   AbbVie said diluted earnings per share for 2023 were $2.72, reflecting after-tax charges of $6.7 billion for amortization of intangible assets, $5.0 billion for changes in the fair value of contingent consideration liabilities and $3.5 billion for intangible asset impairments, which were partially offset by an after-tax gain from a litigation settlement of $381 million.

3. 03

   The company said Skyrizi net revenues rose 51% and Rinvoq rose 58% in 2023, while worldwide Humira sales fell 32%. It said U.S. Humira sales fell 35% after loss of exclusivity on January 31, 2023, citing direct biosimilar competition as the driver.

4. 04

   The company said it paid cash dividends of $10.5 billion in 2023 and repurchased 10 million shares for $1.6 billion. It also said it completed the ImmunoGen acquisition on February 12, 2024 and borrowed $5.0 billion under its term loan credit agreement.

Key figures

Fiscal year ended December 31, 2023

Operating income

$12.8B

Net income

$4.9B

EPS

$2.72

Gross profit

$8.6B

Operating cash flow

$22.8B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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