AbbVie said it posted worldwide net revenues of $26.8 billion, operating earnings of $6.8 billion, diluted earnings per share of $1.53 and operating cash flows of $6.3 billion for the 6 months ended June 30, 2024.

10-QQuarterly reportFiled Aug 7, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

AbbVie said it posted worldwide net revenues of $26.8 billion, operating earnings of $6.8 billion, diluted earnings per share of $1.53 and operating cash flows of $6.3 billion for the 6 months ended June 30, 2024.
The company said Humira sales decreased 29% on a constant currency basis for the 3-month period in Q2 2024, while Skyrizi rose 46% and Rinvoq rose 59%. The company cited direct competition from biosimilars following the loss of exclusivity on January 31, 2023 as the driver of the Humira decline.
The company said it completed the acquisition of ImmunoGen on February 12, 2024. It said investing cash flows for the 6 months reflected cash consideration paid for the acquisition of $9.8 billion and cash acquired of $591 million. The company also said it issued total unsecured senior notes of $15.0 billion to fund the acquisitions of ImmunoGen and Cerevel Therapeutics.
The company said other expense, net included charges of $1.5 billion tied to changes in the fair value of contingent consideration liabilities for the 6-month period in Q2 2024 and $2.1 billion for the 3-month period. It cited higher estimated Skyrizi sales and the passage of time as the drivers of the change, which were partially offset by higher discount rates.

Key figures

Quarter ended June 30, 2024

Revenue: $14.5B
Operating income: $4.0B
Net income: $1.4B
EPS: $0.77

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

6-Month Net Revenues of $26.8 billion

AbbVie said it posted worldwide net revenues of $26.8 billion, operating earnings of $6.8 billion, diluted earnings per share of $1.53 and operating cash flows of $6.3 billion for the 6 months ended June 30, 2024.

Source · Based on the MD&A text of the filing

Humira Decline, Skyrizi and Rinvoq Growth

The company said Humira sales decreased 29% on a constant currency basis for the 3-month period in Q2 2024, while Skyrizi rose 46% and Rinvoq rose 59%. The company cited direct competition from biosimilars following the loss of exclusivity on January 31, 2023 as the driver of the Humira decline.

Source · Based on the MD&A text of the filing

Funding the ImmunoGen Acquisition

The company said it completed the acquisition of ImmunoGen on February 12, 2024. It said investing cash flows for the 6 months reflected cash consideration paid for the acquisition of $9.8 billion and cash acquired of $591 million. The company also said it issued total unsecured senior notes of $15.0 billion to fund the acquisitions of ImmunoGen and Cerevel Therapeutics.

Source · Based on the MD&A text of the filing

Contingent Consideration Fair Value Charges

The company said other expense, net included charges of $1.5 billion tied to changes in the fair value of contingent consideration liabilities for the 6-month period in Q2 2024 and $2.1 billion for the 3-month period. It cited higher estimated Skyrizi sales and the passage of time as the drivers of the change, which were partially offset by higher discount rates.

Source · Based on the MD&A text of the filing

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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