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AbbVie Inc. (ABBV+0.48%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $56.3 billion, an increase of 4% from the previous year. This growth was driven by strong performance in the immunology segment, particularly from Skyrizi and Rinvoq, despite a decline in Humira sales due to biosimilar competition.
Operating earnings for 2024 were $9.1 billion, down from $12.8 billion in 2023. This decrease was primarily due to higher research and development expenses, including a $4.5 billion impairment charge related to emraclidine.
AbbVie completed the acquisitions of ImmunoGen, Inc. and Cerevel Therapeutics Holdings, Inc. in 2024, which contributed to its neuroscience and oncology portfolios. The acquisitions were valued at $9.8 billion and $8.7 billion, respectively.
The company reported an effective income tax rate of -15% for 2024, influenced by the resolution of various tax positions and the settlement of income tax examinations.
AbbVie declared cash dividends of $6.29 per share in 2024, reflecting a 5.8% increase over the previous year. The company also repurchased 7 million shares for $1.3 billion.
The filing details ongoing efforts to manage the impact of biosimilar competition on Humira, with continued investment in Skyrizi and Rinvoq to drive growth in the immunology segment.
AbbVie faces regulatory challenges, including the Inflation Reduction Act of 2022, which impacts pricing and reimbursement for certain products. Imbruvica was selected for government-set pricing beginning in 2026.
The company continues to focus on its pipeline, with approximately 90 compounds in development. Key developments include the approval of Rinvoq for pediatric indications and Skyrizi for ulcerative colitis.
AbbVie reported cash flows from operations of $18.8 billion, a decrease from $22.8 billion in 2023, influenced by higher contingent consideration payments and working capital timing.
The filing also highlights the company's strategic objectives, including maximizing revenue growth from key products, advancing its research and development pipeline, and managing the impact of Humira biosimilar erosion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AbbVie Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.