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Friday, AbbVie Inc (NYSE:ABBV) reported fourth-quarter adjusted EPS of $2.79, down 22.5% Y/Y, beating the consensus of $2.77.
Fourth-quarter net revenues reached $14.301 billion, down 5.4% Y/Y, beating the consensus of $14.02 billion.
The immunology portfolio generated $6.95 billion in sales, down 12.3%.
Humira revenues were $3.30 billion (down 40.8%), Skyrizi sales reached $2.39 billion (up 51.9%), and Rinvoq revenues were $1.26 billion (up 62.9%).
Related: Aesthetics Market Resilience: AbbVie Asserts Widely Used Botox Dominance Amidst Rising Competition.
Oncology product sales were $1.51 billion, down 7.4%. Imbruvica revenues were $903 million (down 19%), and Venclexta sales increased 14.3% to $589 million.
In November, AbbVie agreed to acquire ImmunoGen Inc (NASDAQ:IMGN) and its flagship cancer therapy, Elahere, for $31.26 per share in cash, with an equity value of approximately $10.1 billion.
Neuroscience revenues increased 22.6% to $2.09 billion. Botox Therapeutic sales were $776 million, up 6.6%.
Read Next: Botox And Similar Injections Have Associated Risks: Consumer Group Pushes for Stronger Warnings.
Aesthetics portfolio sales reached $1.37 billion, up 6.4%. Global Botox Cosmetic revenues were $718 million, up 11.8%.
During the quarter, AbbVie agreed to acquire Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) for a total equity value of approximately $8.7 billion, or $45 per share in cash, to boost its neurological portfolio.
Guidance: AbbVie expects fiscal year 2024 adjusted EPS of $11.05-$11.25, which includes a $0.32/share dilutive impact related to ImmunoGen and Cerevel Therapeutics acquisitions, versus the consensus of $11.29.
AbbVie is reaffirming its expectations for a high single-digit compound annual revenue growth rate through 2029.
The company raised its long-term outlook for Skyrizi and Rinvoq revenues and expects combined 2027 revenues of over $27 billion, compared to over $21 billion expected earlier.
AbbVie also raised its long-term outlook for Ubrelvy and Qulipta and forecasts peak combined revenues of over $3 billion, up from previous guidance for peak revenues of over $1 billion for each asset.
Price Action: ABBV shares are up 1.44% at $170.01 on the last check Friday.
Photo via Shutterstock
