AbbVie Inc. ABBV reported fourth-quarter 2024 adjusted earnings of $2.16 per share, which beat the Zacks Consensus Estimate of $2.13. The reported earnings also exceeded the company’s guidance of $2.06-$2.10 issued earlier this month. Earnings declined around 23% year over year due to increased IPR&D expenses incurred during the quarter.

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ABBV’s revenues of $15.10 billion beat the Zacks Consensus Estimate of $14.87 billion. Sales rose 5.6% year over year on a reported basis and 6.1% on an operational basis.

Revenues in the fourth quarter were driven by robust sales of key drugs Rinvoq, Skyrizi, Venclexta and Vraylar, coupled with significant contributions from newer drugs, namely Ubrelvy, Elahere, Epkinly and Qulipta. Sales of Humira and Imbruvica declined year over year.

All growth rates mentioned below are on a year-on-year basis and at constant exchange rates (CER).

Immunology Drugs Drive ABBV’s Top Line

In immunology, net revenues from Rinvoq for the fourth quarter totaled $1.83 billion, up 47.1%. The upside can be attributed to label expansions of the drug to include new patient populations in recent quarters. Rinvoq’s sales beat the Zacks Consensus Estimate and our model estimate of $1.72 billion and $1.70 billion, respectively.

Net revenues recorded from Skyrizi were $3.78 billion, up 57.9%. This surge in sales was due to label expansions of the drug to include new patient populations in recent quarters. Skyrizi sales beat the Zacks Consensus Estimate of $3.58 billion and our model estimate of $3.56 billion.

AbbVie’s flagship product Humira recorded a sales decline of 48.7% to $1.68 billion in the fourth quarter. Sales in the United States declined 54.5% to $1.25 billion, while ex-U.S. market sales were down 20.5% on an operating basis to $436 million. Humira sales missed the Zacks Consensus Estimate of $1.94 billion and our model estimate of $1.92 billion.

This substantial decline in Humira sales was due to the drug’s loss of exclusivity in the United States since January 2023. The drug lost its exclusivity in ex-U.S. territories following the launch of generics in 2018.

ABBV’s Neuroscience Drugs’ Performance

Sales from the neuroscience portfolio increased 19.9% to $2.51 billion, driven by higher sales of Botox Therapeutic, depression drug Vraylar, and migraine drugs Ubrelvy and Qulipta. Neuroscience sales beat the Zacks Consensus Estimate and our model estimate of $2.47 billion and $2.49 billion, respectively.

While Botox Therapeutic sales rose 13% to $873 million, sales of Vraylar increased 17.1% to $924 million.

Sales of Ubrelvy totaled $303 million, up 29.6%. Qulipta sales increased 76.2% to $201 million.

ABBV’s Oncology Drugs’ Performance

AbbVie’s oncology/hematology sales rose 12.9% to $1.69 billion in the quarter, as sales from the recently acquired ovarian cancer drug Elahere and rising Venclexta sales more than offset the declining Imbruvica sales. While the metric beat the Zacks Consensus Estimate of $1.67 billion, the same was in line with our model estimates.

Fourth-quarter net revenues from Imbruvica totaled $848 million, down 6.2%. However, sales of the drug beat the Zacks Consensus Estimate of $806 million and our model estimate of $819 million. ABBV markets this drug in partnership with Johnson & Johnson JNJ.

U.S. sales of J&J-partnered Imbruvica declined 8.6% to $625 million due to rising competition from novel oral treatments. AbbVie shares international profits earned from Imbruvica with J&J. The company’s share of profit from the drug’s international sales rose 1.2% to $223 million.

AbbVie’s leukemia drug Venclexta generated revenues of $655 million in the reported quarter, reflecting 13% growth. AbbVie markets Venclexta in collaboration with Roche RHHBY. Sales from the Roche-partnered drug missed both the Zacks Consensus Estimate and our model estimate of $674 million.

Elahere, added from this year’s acquisition of ImmunoGen, generated revenues of $148 million compared with $139 million reported in the third quarter of 2024. Sales of the drug beat the Zacks Consensus Estimate of $145 million as well as our model estimate of $146 million.

Epkinly sales, which comprise AbbVie’s share of profit from U.S. revenues and product revenues from international markets, amounted to $40 million in the quarter compared with $43 million in the previous quarter.

ABBV’s Aesthetics & Other Drugs

AbbVie’s aesthetics portfolio sales were down 4.4% to $1.30 billion. Botox Cosmetic sales fell 3.4% to $687 million. Juvederm sales declined 15.1% to $279 million.

Eye care portfolio sales rose 11.4% to $646 million. Sales of Ozurdex, a key drug in the portfolio, rose 1.4% to $120 million.

ABBV’s Cost Discussion

Adjusted SG&A expenses rose 0.6% year over year to $3.56 billion. Adjusted R&D expenses amounted to $2.27 billion, up 18.3%.

Full-Year 2024 Results

AbbVie reported revenues of $56.33 billion, up 4.6% year over year. The company’s adjusted earnings for the full year were $10.12 per share, down 8.9% from the year-ago period’s levels.

ABBV’s Updated Financial Outlook Encouraging

For 2025

AbbVie issued fresh guidance for 2025. It expects adjusted earnings per share (EPS) to be in the range of $12.12-$12.32. This guided range does not include any impact from the company’s proposed acquisitions and potential milestone payments. The Zacks Consensus Estimate for 2025 earnings is pinned at $12.18 per share.

Beyond 2025

Management reaffirmed its expectations for a high single-digit compound annual revenue growth rate through 2029. For calculation purposes, this forecast assumes 2024 as the base year.

The company also raised its 2027 forecast for combined Skyrizi and Rinvoq sales. It now expects to record combined revenues of more than $31 billion, up $4 billion over its previously issued forecast.

Shares of AbbVie were up over 5% in pre-market trading today, likely due to the encouraging guidance update. In the past year, the stock has gained about 5% against the industry’s 1% decline.

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Management also updated its long-term outlook for its aesthetics franchise. It now expects a high single-digit compound annual revenue growth rate for this franchise through 2029. For calculation purposes, this forecast assumes 2025 as the base year.

AbbVie Inc. Price and EPS Surprise

AbbVie Inc. price-eps-surprise | AbbVie Inc. Quote

ABBV’s Zacks Rank

AbbVie currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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