The company said it recorded worldwide net revenues of $12.3 billion, operating earnings of $2.8 billion, diluted earnings per share of $0.77 and cash flows from operations of $4.0 billion for the 3 months ended March 31, 2024. Net revenues increased 1% on a reported basis and 2% on a constant currency basis.

1. 01

   The company said it recorded worldwide net revenues of $12.3 billion, operating earnings of $2.8 billion, diluted earnings per share of $0.77 and cash flows from operations of $4.0 billion for the 3 months ended March 31, 2024. Net revenues increased 1% on a reported basis and 2% on a constant currency basis.

2. 02

   The company said it completed the acquisition of ImmunoGen on February 12, 2024. It said diluted earnings per share for Q1 included after-tax costs of $1.6 billion for amortization of intangible assets, $643 million for the change in fair value of contingent consideration liabilities and $486 million for acquisition and integration expenses.

3. 03

   The company said worldwide Humira sales decreased 35% on a constant currency basis for Q1 2024, while Skyrizi sales increased 48% and Rinvoq sales increased 62%. The company cited direct competition from biosimilars following the loss of exclusivity in the United States on January 31, 2023 as the factor behind the decline in U.S. Humira sales.

4. 04

   The company said it issued senior unsecured notes totaling $15.0 billion in principal amount in Q1 2024 to finance the acquisition of ImmunoGen and the proposed acquisition of Cerevel Therapeutics. It also said it paid dividends of $2.8 billion and repurchased 5 million shares for $959 million.

Key figures

Quarter ended March 31, 2024

Revenue

$12.3B

Operating income

$2.8B

Net income

$1.4B

EPS

$0.77

Operating cash flow

$4.0B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. 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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.