AbbVie’s full year 2023 sees 6.4% net revenue drop

February 10, 2024  Source: drugdu 43


AbbVie has reported a decrease in net revenues to $54.32bn for the year ended 31 December 2023, marking a 6.4% decline from the previous year’s $58.05bn.The company’s diluted earnings per share (EPS) on a generally accepted accounting principles basis also fell sharply by 59% to $2.72, compared to $6.63 in 2022.Adjusted diluted EPS saw a 19.3% decrease from $13.77 to $11.11.

The company’s global immunology portfolio, which faced stiff competition from Humira biosimilars, saw revenues decrease by 9.6% to $26.14bn.Humira’s global net revenues stood at $14.40bn while Skyrizi and Rinvoq contributed $7.76bn and $3.97bn respectively.

In the oncology sector, AbbVie’s global net revenues experienced a 10.1% decrease, amounting to $5.92bn.Its neuroscience portfolio showed resilience with an 18.2% increase in global net revenues, reaching $7.72bn.

The aesthetics portfolio, however, recorded a slight decrease of 0.8%, with revenues of $5.29bn.AbbVie has provided an adjusted diluted EPS guidance range for 2024 between $11.05 and $11.25The forecast includes a $0.32 per share dilutive impact due to the anticipated mid-2024 acquisitions of ImmunoGen and Cerevel Therapeutics.

AbbVie chairman and CEO Richard Gonzalez stated: “2023 was another outstanding year, marked by strong operational execution and significant overperformance from our non-Humira growth platform. During the year, we meaningfully increased research and development investment and bolstered our pipeline with the proposed ImmunoGen and Cerevel Therapeutics acquisitions.

“2024 is an exciting year for AbbVie, as we are well positioned to fully absorb Humira erosion and achieve modest operational revenue growth, followed by a return to robust growth in 2025 and a high single-digit compound annual growth rate through the end of the decade.”Before this development, the UK National Institute for Health and Care Excellence recommended AbbVie’s Tepkinly (epcoritamab) as a third-line treatment option for adults with relapsed or refractory diffuse large B-cell lymphoma.

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