1、PRESSRELEASEAbbVieReportsFirst-Quarter2025FinancialResultsReportsFirst-QuarterDilutedEPSof$0.72onaGAAPBasis,aDecreaseof6.5Percent;AdjustedDilutedEPSof$2.46,anIncreaseof6.5Percent;TheseResultsIncludeanUnfavorableImpactof$0.13PerShareRelatedtoAcquiredIPR&DandMilestonesExpenseDeliversFirst-QuarterNetRe

2、venuesof$13.343Billion,anIncreaseof8.4PercentonaReportedBasisor9.8PercentonanOperationalBasisFirst-QuarterGlobalNetRevenuesfromtheImmunologyPortfolioWere$6.264Billion,anIncreaseof16.6PercentonaReportedBasis,or18.1PercentonanOperationalBasis;GlobalSkyriziNetRevenuesWere$3.425Billion;GlobalRinvoqNetRe

3、venuesWere$1.718Billion;GlobalHumiraNetRevenuesWere$1.121BillionFirst-QuarterGlobalNetRevenuesfromtheNeurosciencePortfolioWere$2.282Billion,anIncreaseof16.1PercentonaReportedBasis,or17.0PercentonanOperationalBasis;GlobalVraylarNetRevenuesWere$765Million;GlobalBotoxTherapeuticNetRevenuesWere$866Milli

4、on;CombinedGlobalUbrelvyandQuliptaNetRevenuesWere$433MillionFirst-QuarterGlobalNetRevenuesfromtheOncologyPortfolioWere$1.633Billion,anIncreaseof5.8PercentonaReportedBasis,or7.5PercentonanOperationalBasis;GlobalImbruvicaNetRevenuesWere$738Million;GlobalVenclextaNetRevenuesWere$665Million;GlobalElaher

5、eNetRevenuesWere$179MillionFirst-QuarterGlobalNetRevenuesfromtheAestheticsPortfolioWere$1.102Billion,aDecreaseof11.7PercentonaReportedBasis,or10.2PercentonanOperationalBasis;GlobalBotoxCosmeticNetRevenuesWere$556Million;GlobalJuvedermNetRevenuesWere$231MillionRaises2025AdjustedDilutedEPSGuidanceRang

6、efrom$11.99-$12.19to$12.09-$12.29,whichIncludesanUnfavorableImpactof$0.13PerShareRelatedtoAcquiredIPR&DandMilestonesExpenseIncurredYear-To-DateThroughtheFirstQuarter2025NORTHCHICAGO,Ill.,April25,2025AbbVie(NYSE:ABBV)announcedfinancialresultsforthefirstquarterendedMarch31,2025.AbbViesfirst-quarterres

7、ultswerewellaheadofourexpectationsandreflectanexcellentstarttotheyear,saidRobertA.Michael,chiefexecutiveofficer,AbbVie.Thefundamentalsofourbusinessarestrongandwecontinuetobolsterouroutlookwithpipelineadvancementsandstrategicinvestments.Basedontheprogresswearemaking,AbbVieiswellpositionedforthelongte

8、rm.Note:Operationalcomparisonsarepresentedatconstantcurrencyratesthatreflectcomparativelocalcurrencynetrevenuesattheprioryearsforeignexchangerates.1First-QuarterResultsWorldwidenetrevenueswere$13.343billion,anincreaseof8.4percentonareportedbasis,or9.8percentonanoperationalbasis.Globalnetrevenuesfrom

9、theimmunologyportfoliowere$6.264billion,anincreaseof16.6percentonareportedbasis,or18.1percentonanoperationalbasis.GlobalSkyrizinetrevenueswere$3.425billion,anincreaseof70.5percentonareportedbasis,or72.0percentonanoperationalbasis.GlobalRinvoqnetrevenueswere$1.718billion,anincreaseof57.2percentonarep

10、ortedbasis,or59.7percentonanoperationalbasis.GlobalHumiranetrevenueswere$1.121billion,adecreaseof50.6percentonareportedbasis,or49.5percentonanoperationalbasis.Globalnetrevenuesfromtheneuroscienceportfoliowere$2.282billion,anincreaseof16.1percentonareportedbasis,or17.0percentonanoperationalbasis.Glob

11、alVraylarnetrevenueswere$765million,anincreaseof10.3percent.GlobalBotoxTherapeuticnetrevenueswere$866million,anincreaseof15.8percentonareportedbasis,or17.0percentonanoperationalbasis.GlobalUbrelvynetrevenueswere$240million,anincreaseof17.8percentonareportedbasis,or18.0percentonanoperationalbasis.Glo

12、balQuliptanetrevenueswere$193million,anincreaseof47.6percentonareportedbasis,or48.3percentonanoperationalbasis.Globalnetrevenuesfromtheoncologyportfoliowere$1.633billion,anincreaseof5.8percentonareportedbasis,or7.5percentonanoperationalbasis.GlobalImbruvicanetrevenueswere$738million,adecreaseof11.9p

13、ercent.GlobalVenclextanetrevenueswere$665million,anincreaseof8.3percentonareportedbasis,or12.3percentonanoperationalbasis.GlobalElaherenetrevenueswere$179million.Globalnetrevenuesfromtheaestheticsportfoliowere$1.102billion,adecreaseof11.7percentonareportedbasis,or10.2percentonanoperationalbasis.Glob

14、alBotoxCosmeticnetrevenueswere$556million,adecreaseof12.3percentonareportedbasis,or10.7percentonanoperationalbasis.GlobalJuvedermnetrevenueswere$231million,adecreaseof22.2percentonareportedbasis,or20.0percentonanoperationalbasis.OnaGAAPbasis,grossmargininthefirstquarterwas70.0percent.Theadjustedgros

15、smarginwas84.1percent.OnaGAAPbasis,selling,generalandadministrative(SG&A)expensewas24.7percentofnetrevenues.TheadjustedSG&Aexpensewas24.6percentofnetrevenues.OnaGAAPbasis,researchanddevelopment(R&D)expensewas15.5percentofnetrevenues.TheadjustedR&Dexpensewas15.4percentofnetrevenues.AcquiredIPR&Dandmi

16、lestonesexpensewas1.9percentofnetrevenues.OnaGAAPbasis,operatingmargininthefirstquarterwas28.0percent.Theadjustedoperatingmarginwas42.3percent.Netinterestexpensewas$627million.OnaGAAPbasis,thetaxrateinthequarterwas22.4percent.Theadjustedtaxratewas14.2percent.DilutedEPSinthefirstquarterwas$0.72onaGAA

17、Pbasis.AdjusteddilutedEPS,excludingspecifieditems,was$2.46.Theseresultsincludeanunfavorableimpactof$0.13persharerelatedtoacquiredIPR&Dandmilestonesexpense.Note:Operationalcomparisonsarepresentedatconstantcurrencyratesthatreflectcomparativelocalcurrencynetrevenuesattheprioryearsforeignexchangerates.2

18、RecentEventsAbbVieannouncedthatitsboardofdirectorsunanimouslyelectedchiefexecutiveofficer(CEO)RobertA.Michaeltoassumetheadditionalpositionofchairmanoftheboardofdirectors,effectiveJuly1,2025.HewillsucceedRichardA.Gonzalez,whoformerlyservedasAbbViesCEOandhasbeenchairmansincetheCompanysformationin2013.

19、AbbVieannouncedthattheEuropeanCommission(EC)grantedmarketingauthorizationtoRinvoq(upadacitinib)forthetreatmentofgiantcellarteritis(GCA)inadultpatients.TheapprovalwassupportedbydatafromthepivotalPhase3SELECT-GCAtrialwhichdemonstratedthatRinvoqachievedtheprimaryendpointofsustainedremissionandkeysecond

20、aryendpoints,includingreductionindiseaseflares,lowercumulativesteroidexposureandcompleteremission.ThisauthorizationmarkstheeighthapprovedindicationforRinvoqintheEuropeanUnion(EU).AttheSocietyofGynecologicOncology(SGO)AnnualMeeting,AbbVieannouncedfinaldataanalysisfromthePhase3MIRASOLtrialevaluatingth

21、eefficacyandsafetyofElahere(mirvetuximabsoravtansine-gynx)inwomenwithfolatereceptoralpha(FR)-positiveplatinum-resistantovariancancer(PROC)comparedtochemotherapy.At30.5monthsmedianfollow-up,treatmentwithElaherecontinuedtoshowsignificantimprovementsinprogression-freesurvival(PFS)andoverallsurvival(OS)

22、comparedtoinvestigatorschoice(IC)chemotherapy.AbbVieandXilioTherapeutics,aclinical-stagebiotechnologycompany,announcedacollaborationandoption-to-licenseagreementthatwillcombineAbbViesoncologyexpertisewithXiliosproprietarytumor-activationtechnologytodevelopnovelimmunotherapies,includingmaskedT-cellen

23、gagers,forpeoplelivingwithcancer.AbbVieannouncedthatitsubmittedaBiologicsLicenseApplication(BLA)totheU.S.FoodandDrugAdministration(FDA)forapprovaloftrenibotulinumtoxinE(BoNT/E)forthetreatmentofmoderatetosevereglabellarlines.TrenibotulinumtoxinEisafirst-in-classbotulinumneurotoxinserotypeEcharacteriz

24、edbyarapidonsetofactionasearlyas8hoursafteradministrationandshortdurationofeffectof2-3weeks.Ifapproved,trenibotulinumtoxinEwillbethefirstneurotoxinofitskindavailabletopatients.AllerganAestheticsannouncedthattheAllerganMedicalInstitute(AMI)willopenthreenewstate-of-the-arttrainingcentersintheU.S.,expa

25、ndingaccesstohigh-quality,tailoredtrainingforlicensedaestheticsproviders.ThefirsttrainingcenterisscheduledtoopeninIrvine,CA,withadditionallocationstofollowinAtlanta,GAandAustin,TX.AbbVieandGubraannouncedalicenseagreementtodevelopGUB014295(ABBV-295),apotentialbest-in-class,long-actingamylinanalogfort

26、hetreatmentofobesity.ThispartnershipmarksAbbViesentranceintotheobesityfieldandunderthetermsoftheagreement,AbbViewillleaddevelopmentandcommercializationofGUB014295globally.Priortothecloseoftheagreement,GubraannouncedpositiveinterimresultsfromPartAofaPhase1multipleascendingdose(MAD)study,whichshowedth

27、atGUB014295waswelltoleratedwithbodyweightlossthatwassustainedinamannerconsistentwithdatafromapreviouslyannouncedsingleascendingdose(SAD)study.AbbVieannouncedthattheFDAapprovedEmblaveo(aztreonamandavibactam),asthefirstmonobactam/-lactamaseinhibitorcombinationantibiotictherapytotreatcomplicatedintra-a

28、bdominalinfections,includingthosecausedbyGram-negativebacteria.TheapprovalofEmblaveowassupportedbypriorfindingsregardingtheefficacyandsafetyofaztreonamforthetreatmentofcomplicatedintra-abdominalinfectionsaswellasclinicaltrialresultsfromthePhase3REVISITstudy,whichevaluatedtheefficacy,safety,andtolera

29、bilityofEmblaveoforthetreatmentofseriousinfectionsduetoGram-negativebacteria.3Full-Year2025OutlookAbbVieisraisingitsadjusteddilutedEPSguidanceforthefullyear2025from$11.99-$12.19to$12.09-$12.29,whichincludesanunfavorableimpactof$0.13persharerelatedtoacquiredIPR&Dandmilestonesexpenseincurredyear-to-da

30、tethroughthefirstquarter2025.Thecompanys2025adjusteddilutedEPSguidanceexcludesanyimpactfromacquiredIPR&Dandmilestonesthatmaybeincurredbeyondthefirstquarterof2025,asbothcannotbereliablyforecasted.ThisguidancedoesnotreflecttheacquiredIPR&DandmilestonesimpactrelatedtoAbbVieandGubraslicensingagreementto

31、developGUB014295,asthattransactionclosedafterthefirstquarterof2025.Additionally,thisguidanceisbasedontheexistingtradeenvironmentanddoesnotreflectanytradepolicyshifts,includingpharmaceuticalsectortariffs,thatcouldimpactAbbViesbusiness.AboutAbbVieAbbViesmissionistodiscoveranddeliverinnovativemedicines

32、thatsolveserioushealthissuestodayandaddressthemedicalchallengesoftomorrow.Westrivetohavearemarkableimpactonpeopleslivesacrossseveralkeytherapeuticareas:immunology,neuroscience,oncology,andeyecare-andproductsandservicesacrossourAllerganAestheticsportfolio.FormoreinformationaboutAbbVie,.Followabbvieon

33、X(formerlyTwitter),Facebook,Instagram,YouTubeorLinkedIn.ConferenceCallAbbViewillhostaninvestorconferencecalltodayat8:00a.m.CentralTimetodiscussourfirst-quarterperformance.ThecallwillbewebcastthroughAbbViesInvestorR.Anarchivededitionofthecallwillbeavailableafter11:00a.m.CentralTime.Non-GAAPFinancialR

34、esultsFinancialresultsfor2025and2024arepresentedonbothareportedandanon-GAAPbasis.ReportedresultswerepreparedinaccordancewithGAAPandincludeallrevenueandexpensesrecognizedduringtheperiod.Non-GAAPresultsadjustforcertainnon-cashitemsandforfactorsthatareunusualorunpredictable,andexcludethosecosts,expense

35、s,andotherspecifieditemspresentedinthereconciliationtableslaterinthisrelease.AbbViesmanagementbelievesnon-GAAPfinancialmeasuresprovideusefulinformationtoinvestorsregardingAbbViesresultsofoperationsandassistmanagement,analysts,andinvestorsinevaluatingtheperformanceofthebusiness.Non-GAAPfinancialmeasu

36、resshouldbeconsideredinadditionto,andnotasasubstitutefor,measuresoffinancialperformancepreparedinaccordancewithGAAP.4Forward-LookingStatementsSomestatementsinthisnewsreleaseare,ormaybeconsidered,forward-lookingstatementsforpurposesofthePrivateSecuritiesLitigationReformActof1995.Thewords“believe,”“ex

37、pect,”“anticipate,”“project”andsimilarexpressionsandusesoffutureorconditionalverbs,generallyidentifyforward-lookingstatements.AbbViecautionsthattheseforward-lookingstatementsaresubjecttorisksanduncertaintiesthatmaycauseactualresultstodiffermateriallyfromthoseexpressedorimpliedintheforward-lookingsta

38、tements.Suchrisksanduncertaintiesinclude,butarenotlimitedto,challengestointellectualproperty,competitionfromotherproducts,difficultiesinherentintheresearchanddevelopmentprocess,adverselitigationorgovernmentaction,changestolawsandregulationsapplicabletoourindustry,theimpactofglobalmacroeconomicfactor

39、s,suchaseconomicdownturnsoruncertainty,internationalconflict,tradedisputesandtariffs,andotheruncertaintiesandrisksassociatedwithglobalbusinessoperations.Additionalinformationabouttheeconomic,competitive,governmental,technologicalandotherfactorsthatmayaffectAbbViesoperationsissetforthinItem1A,“RiskFa

40、ctors,”ofAbbVies2024AnnualReportonForm10-K,whichhasbeenfiledwiththeSecuritiesandExchangeCommission,asupdatedbyitsQuarterlyReportsonForm10-QandinotherdocumentsthatAbbViesubsequentlyfileswiththeSecuritiesandExchangeCommissionthatupdate,supplementorsupersedesuchinformation.AbbVieundertakesnoobligation,

41、andspecificallydeclines,toreleasepubliclyanyrevisionstoforward-lookingstatementsasaresultofsubsequenteventsordevelopments,exceptasrequiredbylaw.Media:Investors:GabbyTarbertLizShea(224)244-0111(847)935-2211ToddBosse(847)936-1182JeffreyByrne(847)938-29235AbbVieInc.KeyProductRevenuesQuarterEndedMarch31

42、,2025(Unaudited)%Changevs.1Q24NetRevenues(inmillions)ReportedOperationalaU.S.Intl.TotalU.S.Intl.TotalIntl.TotalNETREVENUES$9,979$3,364$13,34310.4%2.9%8.4%8.3%9.8%Immunology4,8831,3816,26417.613.416.620.118.1Skyrizi2,9195063,42576.243.970.552.372.0Rinvoq1,2204981,71868.335.357.242.859.7Humira7443771,

43、121(58.0)(24.4)(50.6)(19.5)(49.5)Neuroscience1,9723102,28215.024.016.131.017.0Vraylar763276510.313.110.320.210.3BotoxTherapeutic72314386618.24.815.811.417.0Ubrelvy233724017.623.317.829.318.0Qulipta1722119334.2100.047.6100.048.3Vyalev65763n/m100.0100.0100.0100.0Duodopa207696(19.4)(16.0)(16.7)(11.7)(1

44、3.3)OtherNeuroscience55459(9.5)(1.0)(8.9)6.5(8.4)Oncology1,0276061,6336.05.45.810.07.5Imbruvicab529209738(13.3)(8.2)(11.9)(8.2)(11.9)Venclexta31235366511.06.08.313.412.3Elahere16514179100.0n/m100.0n/m100.0Epkinlyc21305166.7100.089.8100.094.8Aesthetics6404621,102(17.4)(2.4)(11.7)1.6(10.2)BotoxCosmeti

45、c295261556(24.3)6.9(12.3)11.1(10.7)JuvedermCollection75156231(29.0)(18.5)(22.2)(15.0)(20.0)OtherAesthetics27045315(3.5)18.1(0.9)23.2(0.3)EyeCare221285506(2.6)(8.0)(5.7)(2.0)(2.2)Ozurdex3093123(12.1)(3.8)(6.0)1.1(2.4)Lumigan/Ganfort485810669.2(6.8)17.0(0.5)21.4Alphagan/Combigan26346068.5(21.4)1.9(15.

46、4)6.3OtherEyeCare117100217(21.4)(7.1)(15.4)(0.2)(12.5)OtherKeyProducts636173809(7.2)(19.4)(10.1)(14.8)(9.0)Mavyret142164306(0.7)(20.4)(12.3)(15.8)(9.6)Creon35535524.6n/m24.6n/m24.6Linzess/Constella1399148(46.1)3.1(44.4)9.3(44.2)aOperationalcomparisonsarepresentedatconstantcurrencyratesthatreflectcom

47、parativelocalcurrencynetrevenuesattheprioryearsforeignexchangerates.bReflectsprofitsharingforImbruvicainternationalrevenues.cEpkinlyU.S.revenuesreflectprofitsharing.Internationalrevenuesreflectproductrevenuesaswellasprofitsharingfromcertaininternationalterritories.n/m=notmeaningful6AbbVieInc.Consoli

48、datedStatementsofEarnings(Unaudited)(inmillions,exceptpersharedata)FirstQuarterEndedMarch3120252024Netrevenues$13,343$12,310Costofproductssold4,002 4,094Selling,generalandadministrative3,293 3,315Researchanddevelopment2,067 1,939AcquiredIPR&Dandmilestones248 164Totaloperatingcostsandexpenses9,610 9,

49、512Operatingearnings3,733 2,798Interestexpense,net627 453Netforeignexchangeloss4 4Otherexpense,net1,441 586Earningsbeforeincometaxexpense1,661 1,755Incometaxexpense372 383Netearnings1,289 1,372Netearningsattributabletononcontrollinginterest3 3NetearningsattributabletoAbbVieInc.$1,286$1,369Dilutedear

50、ningspershareattributabletoAbbVieInc.$0.72$0.77Adjusteddilutedearningspersharea$2.46$2.31Weighted-averagedilutedsharesoutstanding1,772 1,773aRefertotheReconciliationofGAAPReportedtoNon-GAAPAdjustedInformationforfurtherdetails.7AbbVieInc.ReconciliationofGAAPReportedtoNon-GAAPAdjustedInformation(Unaud

51、ited)1.Specifieditemsimpactedresultsasfollows:QuarterEndedMarch31,2025(inmillions,exceptpersharedata)EarningsDilutedPre-taxAfter-taxaEPSAsreported(GAAP)$1,661$1,286$0.72Adjustedforspecifieditems:Intangibleassetamortization1,858 1,574 0.89Changeinfairvalueofcontingentconsideration1,518 1,477 0.83Othe

52、r62 33 0.02Asadjusted(non-GAAP)$5,099$4,370$2.46aRepresentsnetearningsattributabletoAbbVieInc.Specifieditemsreflecttheimpactofapplicablestatutorytaxrates.ReportedGAAPearningsandadjustednon-GAAPearningsforthethreemonthsendedMarch31,2025includedacquiredIPR&Dandmilestonesexpenseof$248milliononapre-taxa

53、nd$238milliononanafter-taxbasis,representinganunfavorableimpactof$0.13tobothdilutedEPSandadjusteddilutedEPS.2.Theimpactofthespecifieditemsbylineitemwasasfollows:QuarterEndedMarch31,2025(inmillions)CostofproductssoldSG&AR&DOtherexpense,netAsreported(GAAP)$4,002$3,293$2,067$1,441Adjustedforspecifiedit

54、ems:Intangibleassetamortization(1,858)Changeinfairvalueofcontingentconsideration (1,518)Other(28)(13)(16)(5)Asadjusted(non-GAAP)$2,116$3,280$2,051$(82)3.Theadjustedtaxrateforthefirstquarterof2025was14.2percent,asdetailedbelow:QuarterEndedMarch31,2025(dollarsinmillions)Pre-taxearningsIncometaxesTaxra

55、teAsreported(GAAP)$1,661$372 22.4%Specifieditems3,438 354 10.3%Asadjusted(non-GAAP)$5,099$726 14.2%8AbbVieInc.ReconciliationofGAAPReportedtoNon-GAAPAdjustedInformation(Unaudited)1.Specifieditemsimpactedresultsasfollows:QuarterEndedMarch31,2024(inmillions,exceptpersharedata)EarningsDilutedPre-taxAfte

56、r-taxaEPSAsreported(GAAP)$1,755$1,369$0.77Adjustedforspecifieditems:Intangibleassetamortization1,891 1,603 0.90Acquisitionandintegrationcosts511 486 0.27Changeinfairvalueofcontingentconsideration660 643 0.36Other21 19 0.01Asadjusted(non-GAAP)$4,838$4,120$2.31aRepresentsnetearningsattributabletoAbbVi

57、eInc.Specifieditemsreflecttheimpactofapplicablestatutorytaxrates.AcquisitionandintegrationcostsprimarilyreflectcostsrelatedtotheImmunoGenacquisition.ReportedGAAPearningsandadjustednon-GAAPearningsforthethreemonthsendedMarch31,2024includedacquiredIPR&Dandmilestonesexpenseof$164milliononapre-taxand$13

58、8milliononanafter-taxbasis,representinganunfavorableimpactof$0.08tobothdilutedEPSandadjusteddilutedEPS.2.Theimpactofthespecifieditemsbylineitemwasasfollows:QuarterEndedMarch31,2024(inmillions)CostofproductssoldSG&AR&DInterestexpense,netOtherexpense,netAsreported(GAAP)$4,094$3,315$1,939$453$586Adjust

59、edforspecifieditems:Intangibleassetamortization(1,891)Acquisitionandintegrationcosts(79)(280)(128)(24)Changeinfairvalueofcontingentconsideration (660)Other(16)(3)(2)Asadjusted(non-GAAP)$2,108$3,032$1,811$429$(76)3.Theadjustedtaxrateforthefirstquarterof2024was14.8percent,asdetailedbelow:QuarterEndedMarch31,2024(dollarsinmillions)Pre-taxearningsIncometaxesTaxrateAsreported(GAAP)$1,755$383 21.8%Specifieditems3,083 332 10.8%Asadjusted(non-GAAP)$4,838$715 14.8%9