Corporate News
Reports Second-Quarter Diluted EPS of $0.52 on a GAAP Basis, a Decrease of 32.5 Percent; Adjusted Diluted EPS of $2.97, an Increase of 12.1 Percent; These Results Include an Unfavorable Impact of $0.42 Per Share Related to Acquired IPR&D and Milestones Expense Delivers Second-Quarter Net Revenues of $15.423 Billion, an Increase of 6.6 Percent on a Reported Basis or 6.5 Percent on an Operational Basis Second-Quarter Global Net Revenues from the Immunology Portfolio Were $7.631 Billion, an Increase of 9.5 Percent on a Reported Basis, or 9.2 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $4.423 Billion; Global Rinvoq Net Revenues Were $2.028 Billion; Global Humira Net Revenues Were $1.180 Billion Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were $2.683 Billion, an Increase of 24.2 Percent on a Reported Basis, or 24.0 Percent on an Operational Basis; Global Vraylar Net Revenues Were $900 Million; Global Botox Therapeutic Net Revenues Were $928 Million; Combined Global Ubrelvy and Qulipta Net Revenues Were $605 Million Second-Quarter Global Net Revenues from the Oncology Portfolio Were $1.676 Billion, an Increase of 2.6 Percent on a Reported Basis, or 2.4 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $754 Million; Global Venclexta Net Revenues Were $691 Million; Global Elahere Net Revenues Were $159 Million Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.279 Billion, a Decrease of 8.1 Percent on a Reported Basis, or 8.0 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $692 Million; Global Juvederm Net Revenues Were $260 Million Raises 2025 Adjusted Diluted EPS Guidance Range from $11.67 - $11.87 to $11.88 - $12.08, which Includes an Unfavorable Impact of $0.55 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Second Quarter 2025
NORTH CHICAGO, Ill., July 31, 2025 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the second quarter ended June 30, 2025.
"AbbVie delivered another outstanding quarter with strong performance from our diversified growth platform. We also made meaningful pipeline progress with several regulatory approvals, encouraging clinical data and strategic investments in promising external innovation," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We're entering the second half of the year with substantial momentum and are once again raising our full-year outlook."
Second-Quarter Results
Worldwide net revenues were $15.423 billion, an increase of 6.6 percent on a reported basis, or 6.5 percent on an operational basis. Global net revenues from the immunology portfolio were $7.631 billion, an increase of 9.5 percent on a reported basis, or 9.2 percent on an operational basis. Global Skyrizi net revenues were $4.423 billion, an increase of 62.2 percent on a reported basis, or 61.8 percent on an operational basis. Global Rinvoq net revenues were $2.028 billion, an increase of 41.8 percent on a reported basis, or 41.2 percent on an operational basis. Global Humira net revenues were $1.180 billion, a decrease of 58.1 percent on a reported basis, or 58.2 percent on an operational basis. Global net revenues from the neuroscience portfolio were $2.683 billion, an increase of 24.2 percent on a reported basis, or 24.0 percent on an operational basis. Global Vraylar net revenues were $900 million, an increase of 16.3 percent. Global Botox Therapeutic net revenues were $928 million, an increase of 14.1 percent on a reported basis, or 14.2 percent on an operational basis. Global Ubrelvy net revenues were $338 million, an increase of 47.1 percent on a reported basis, or 47.2 percent on an operational basis. Global Qulipta net revenues were $267 million, an increase of 77.5 percent on a reported basis, or 76.9 percent on an operational basis. Global net revenues from the oncology portfolio were $1.676 billion, an increase of 2.6 percent on a reported basis, or 2.4 percent on an operational basis. Global Imbruvica net revenues were $754 million, a decrease of 9.5 percent. Global Venclexta net revenues were $691 million, an increase of 8.5 percent on a reported basis, or 8.3 percent on an operational basis. Global Elahere net revenues were $159 million, an increase of 24.2 percent on a reported basis, or 23.7 percent on an operational basis. Global net revenues from the aesthetics portfolio were $1.279 billion, a decrease of 8.1 percent on a reported basis, or 8.0 percent on an operational basis. Global Botox Cosmetic net revenues were $692 million, a decrease of 5.0 percent on a reported basis, or 4.9 percent on an operational basis. Global Juvederm net revenues were $260 million, a decrease of 24.0 percent. On a GAAP basis, gross margin in the second quarter was 71.8 percent. The adjusted gross margin was 84.4 percent. On a GAAP basis, selling, general and administrative (SG&A) expense was 21.1 percent of net revenues. The adjusted SG&A expense was 21.0 percent of net revenues. On a GAAP basis, research and development (R&D) expense was 13.8 percent of net revenues. The adjusted R&D expense was 13.7 percent of net revenues. Acquired IPR&D and milestones expense was 5.3 percent of net revenues. On a GAAP basis, operating margin in the second quarter was 31.7 percent. The adjusted operating margin was 44.3 percent. Net interest expense was $678 million. On a GAAP basis, the tax rate in the quarter was 39.4 percent. The adjusted tax rate was 16.2 percent. Diluted EPS in the second quarter was $0.52 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $2.97. These results include an unfavorable impact of $0.42 per share related to acquired IPR&D and milestones expense.
Global Skyrizi net revenues were $4.423 billion, an increase of 62.2 percent on a reported basis, or 61.8 percent on an operational basis. Global Rinvoq net revenues were $2.028 billion, an increase of 41.8 percent on a reported basis, or 41.2 percent on an operational basis. Global Humira net revenues were $1.180 billion, a decrease of 58.1 percent on a reported basis, or 58.2 percent on an operational basis.
Global Vraylar net revenues were $900 million, an increase of 16.3 percent. Global Botox Therapeutic net revenues were $928 million, an increase of 14.1 percent on a reported basis, or 14.2 percent on an operational basis. Global Ubrelvy net revenues were $338 million, an increase of 47.1 percent on a reported basis, or 47.2 percent on an operational basis. Global Qulipta net revenues were $267 million, an increase of 77.5 percent on a reported basis, or 76.9 percent on an operational basis.
Global Imbruvica net revenues were $754 million, a decrease of 9.5 percent. Global Venclexta net revenues were $691 million, an increase of 8.5 percent on a reported basis, or 8.3 percent on an operational basis. Global Elahere net revenues were $159 million, an increase of 24.2 percent on a reported basis, or 23.7 percent on an operational basis.
Global Botox Cosmetic net revenues were $692 million, a decrease of 5.0 percent on a reported basis, or 4.9 percent on an operational basis. Global Juvederm net revenues were $260 million, a decrease of 24.0 percent.
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
Recent Events
AbbVie announced the U.S. Food and Drug Administration (FDA) approved Rinvoq (upadacitinib) as the first oral Janus Kinase (JAK) inhibitor approved for the treatment of adults with giant cell arteritis (GCA). The approval was supported by data from the pivotal Phase 3 SELECT-GCA trial, which met the primary endpoint of sustained remission and key secondary endpoints. This marks the ninth approved indication for Rinvoq in the U.S., across rheumatology, gastroenterology and dermatology. AbbVie announced positive topline results from the first of two pivotal studies in the Phase 3 UP-AA clinical program evaluating the safety and efficacy of Rinvoq in adult and adolescent patients with severe alopecia areata (AA). In the study, Rinvoq achieved the primary endpoint, demonstrating that 44.6% and 54.3% of patients with severe AA treated with Rinvoq 15mg and 30mg, respectively, reached 80% or more scalp hair coverage at week 24 as defined by the severity of alopecia tool (SALT) score ≤20. Key secondary endpoints, including improvements in eyebrows and eyelashes, as well as the percentage of subjects with 90% or more scalp coverage (SALT ≤10) and complete scalp hair coverage (SALT=0) at Week 24, were also met. Rinvoq's safety profile in AA was generally consistent with that in approved indications, and no new safety signals were identified in this study. AbbVie and Capstan Therapeutics, a clinical-stage biotechnology company dedicated to advancing in vivo engineering of cells through RNA delivery using targeted lipid nanoparticles (tLNPs), announced a definitive agreement under which AbbVie will acquire Capstan. The transaction includes CPTX2309, a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy candidate, currently in Phase 1 development for the treatment of B cell-mediated autoimmune diseases. Additionally, AbbVie will acquire Capstan's proprietary tLNP platform technology designed to deliver RNA payloads, such as mRNA, capable of engineering specific cell types in vivo. AbbVie announced new data from its Phase 3 TEMPLE head-to-head study evaluating the tolerability, safety and efficacy of Qulipta (atogepant) compared to topiramate for the preventive treatment of migraine in adult patients with a history of four or more migraine days per month. In the study, Qulipta met the primary endpoint of fewer treatment discontinuations attributed to adverse events versus topiramate, and all six secondary endpoints achieved statistical significance for superiority versus topiramate, demonstrating clinical efficacy. Full results from the TEMPLE study will be presented at an upcoming medical meeting. AbbVie announced that Emrelis (telisotuzumab vedotin-tllv) was granted accelerated approval by the FDA for the treatment of adult patients with locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) with high c-Met protein overexpression who have received a prior systemic therapy. Emrelis is the first treatment approved for previously treated advanced NSCLC patients with high c-Met protein overexpression, a population that often faces poor prognosis and has limited treatment options. AbbVie announced the submission of a supplemental New Drug Application (sNDA) to the FDA for Venclexta (venetoclax) and acalabrutinib combination therapy for the treatment of chronic lymphocytic leukemia (CLL). This combination therapy has potential to be the first all oral, fixed-duration regimen for previously untreated patients with CLL. The submission is supported by data from the Phase 3 AMPLIFY trial which demonstrated that the combination regimen of Venclexta and acalabrutinib improved progression-free survival (PFS) compared to standard chemoimmunotherapy in previously untreated patients with CLL. At the American Society of Clinical Oncology (ASCO) Annual Meeting, AbbVie presented key data that showcased significant progress across AbbVie's robust oncology pipeline, in a range of difficult-to-treat solid tumors and blood cancers. Highlights included new data from AbbVie's novel investigational antibody-drug conjugates (ADCs) telisotuzumab adizutecan (ABBV-400, Temab-A) in advanced NSCLC, ABBV-706 in high-grade neuroendocrine neoplasms (NENs) and pivekimab sunirine (PVEK) in blastic plasmacytoid dendritic cell neoplasm (BPDCN). AbbVie announced the global Phase 3 VERONA trial evaluating Venclexta (venetoclax) in combination with azacitidine in the treatment of newly diagnosed higher-risk myelodysplastic syndrome (MDS) did not meet the primary endpoint of overall survival. No new safety signals were observed and results from the trial will be available in a future medical congress and/or publication. AbbVie and Ichnos Glenmark Innovation (IGI) announced an exclusive licensing agreement for IGI's lead investigational asset, ISB 2001, which is being investigated for the treatment of oncology and autoimmune diseases. ISB 2001 is a first-in-class trispecific T-cell engager currently in Phase 1 development for relapsed/refractory (r/r) multiple myeloma (MM). AbbVie announced the FDA approved a label expansion for Mavyret (glecaprevir/pibrentasvir), an oral pangenotypic direct acting antiviral (DAA) therapy. Mavyret is the first oral eight-week pangenotypic treatment option approved for people with acute or chronic hepatitis C virus (HCV). With this approval, providers can now treat HCV patients immediately at the time of diagnosis. AbbVie and ADARx Pharmaceuticals, a late clinical-stage biotechnology company developing next-generation RNA therapeutics, announced a collaboration and license option agreement to develop small interfering RNA (siRNA) therapeutics across multiple disease areas. The collaboration will leverage AbbVie's expertise in biotherapeutic drug development and commercialization with ADARx's proprietary RNA technology to advance next-generation siRNA therapies across neuroscience, immunology and oncology.
Full-Year 2025 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $11.67 - $11.87 to $11.88 - $12.08, which includes an unfavorable impact of $0.55 per share related to acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2025. The company's 2025 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2025, as both cannot be reliably forecasted.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas: immunology, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on X (formerly Twitter), Facebook, Instagram, YouTube or LinkedIn.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our second-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.
Non-GAAP Financial Results
Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Media:
Investors:
Gabby Tarbert
Liz Shea
(224) 244-0111
(847) 935-2211
Todd Bosse
(847) 936-1182
Jeffrey Byrne
(847) 938-2923
AbbVie Inc.
Key Product Revenues
Quarter Ended June 30, 2025
(Unaudited)
% Change vs. 2Q24
Net Revenues (in millions)
Reported
Operationala
U.S.
Int'l.
Total
U.S.
Int'l.
Total
Int'l.
Total
NET REVENUES
$11,762
$3,661
$15,423
5.9 %
9.1 %
6.6 %
8.4 %
6.5 %
Immunology
6,097
1,534
7,631
6.7
22.3
9.5
20.7
9.2
Skyrizi
3,843
580
4,423
64.3
49.7
62.2
47.2
61.8
Rinvoq
1,452
576
2,028
42.7
39.6
41.8
37.5
41.2
Humira
802
378
1,180
(66.0)
(16.8)
(58.1)
(17.2)
(58.2)
Neuroscience
2,333
350
2,683
23.2
30.6
24.2
28.7
24.0
Vraylar
898
2
900
16.2
72.8
16.3
76.8
16.3
Botox Therapeutic
775
153
928
15.9
5.7
14.1
6.0
14.2
Ubrelvy
330
8
338
46.5
73.9
47.1
76.7
47.2
Qulipta
237
30
267
62.8
>100.0
77.5
>100.0
76.9
Vyalev
22
76
98
n/m
>100.0
>100.0
>100.0
>100.0
Duodopa
20
77
97
(13.6)
(13.7)
(13.7)
(16.3)
(15.7)
Other Neuroscience
51
4
55
(11.4)
(23.3)
(12.3)
(21.3)
(12.2)
Oncology
1,026
650
1,676
(1.0)
8.7
2.6
8.3
2.4
Imbruvicab
543
211
754
(8.9)
(11.2)
(9.5)
(11.2)
(9.5)
Venclexta
321
370
691
7.4
9.5
8.5
9.1
8.3
Elahere
138
21
159
8.0
n/m
24.2
n/m
23.7
Epkinlyc
22
48
70
57.4
>100.0
93.9
>100.0
92.3
Other Oncology
2
—
2
n/m
n/m
n/m
n/m
n/m
Aesthetics
797
482
1,279
(7.8)
(8.5)
(8.1)
(8.3)
(8.0)
Botox Cosmetic
410
282
692
(8.7)
0.9
(5.0)
1.2
(4.9)
Juvederm Collection
105
155
260
(23.6)
(24.4)
(24.0)
(24.4)
(24.0)
Other Aesthetics
282
45
327
1.6
5.8
2.2
6.4
2.3
Eye Care
226
288
514
(5.7)
(2.4)
(3.9)
(1.5)
(3.4)
Ozurdex
30
95
125
(12.6)
5.8
0.6
4.4
(0.4)
Lumigan/Ganfort
52
51
103
19.9
(15.4)
(0.8)
(15.2)
(0.7)
Alphagan/Combigan
—
36
36
(91.6)
(3.1)
(25.6)
(0.2)
(23.5)
Other Eye Care
144
106
250
(4.3)
(1.7)
(3.2)
0.9
(2.1)
Other Key Products
835
202
1,037
11.2
(4.4)
7.8
(5.8)
7.5
Mavyret
184
191
375
9.7
(5.1)
1.6
(6.5)
0.8
Creon
404
—
404
8.4
n/m
8.4
n/m
8.4
Linzess/Constella
247
11
258
17.4
10.8
17.1
10.3
17.1
a
"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b
Reflects profit sharing for Imbruvica international revenues.
c
Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.
Key Product Revenues
Six Months Ended June 30, 2025
(Unaudited)
% Change vs. 6M24
Net Revenues (in millions)
Reported
Operationala
U.S.
Int'l.
Total
U.S.
Int'l.
Total
Int'l.
Total
NET REVENUES
$21,741
$7,025
$28,766
7.9 %
6.0 %
7.4 %
8.3 %
8.0 %
Immunology
10,980
2,915
13,895
11.3
17.9
12.6
20.4
13.1
Skyrizi
6,762
1,086
7,848
69.2
46.9
65.8
49.6
66.2
Rinvoq
2,672
1,074
3,746
53.3
37.6
48.5
40.1
49.3
Humira
1,546
755
2,301
(62.6)
(20.8)
(54.7)
(18.4)
(54.3)
Neuroscience
4,305
660
4,965
19.3
27.4
20.3
29.8
20.6
Vraylar
1,661
4
1,665
13.4
41.8
13.5
47.4
13.5
Botox Therapeutic
1,498
296
1,794
17.0
5.2
14.9
8.6
15.5
Ubrelvy
563
15
578
33.0
46.7
33.3
51.2
33.4
Qulipta
409
51
460
49.5
>100.0
63.6
>100.0
63.6
Vyalev
28
133
161
n/m
>100.0
>100.0
>100.0
>100.0
Duodopa
40
153
193
(16.6)
(14.9)
(15.2)
(14.0)
(14.5)
Other Neuroscience
106
8
114
(10.4)
(12.7)
(10.5)
(8.1)
(10.2)
Oncology
2,053
1,256
3,309
2.4
7.1
4.2
9.1
5.0
Imbruvicab
1,072
420
1,492
(11.1)
(9.7)
(10.7)
(9.7)
(10.7)
Venclexta
633
723
1,356
9.1
7.8
8.4
11.3
10.3
Elahere
303
35
338
57.5
n/m
75.5
n/m
75.5
Epkinlyc
43
78
121
61.8
>100.0
92.1
>100.0
93.3
Other Oncology
2
—
2
n/m
n/m
n/m
n/m
n/m
Aesthetics
1,437
944
2,381
(12.3)
(5.6)
(9.8)
(3.6)
(9.0)
Botox Cosmetic
705
543
1,248
(15.9)
3.7
(8.4)
5.8
(7.6)
Juvederm Collection
180
311
491
(25.9)
(21.5)
(23.2)
(19.8)
(22.2)
Other Aesthetics
552
90
642
(1.0)
11.7
0.6
14.5
0.9
Eye Care
447
573
1,020
(4.2)
(5.3)
(4.8)
(1.8)
(2.8)
Ozurdex
60
188
248
(12.4)
0.8
(2.8)
2.7
(1.4)
Lumigan/Ganfort
100
109
209
39.4
(11.0)
7.5
(7.7)
9.6
Alphagan/Combigan
26
70
96
(3.6)
(13.1)
(10.6)
(8.5)
(7.2)
Other Eye Care
261
206
467
(12.8)
(4.4)
(9.3)
0.3
(7.3)
Other Key Products
1,471
375
1,846
2.5
(12.0)
(0.8)
(10.4)
(0.4)
Mavyret
326
355
681
4.9
(12.8)
(5.1)
(11.2)
(4.2)
Creon
759
—
759
15.4
n/m
15.4
n/m
15.4
Linzess/Constella
386
20
406
(17.4)
7.0
(16.5)
9.7
(16.4)
a
"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b
Reflects profit sharing for Imbruvica international revenues.
c
Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.
Consolidated Statements of Earnings
(Unaudited)
(in millions, except per share data)
Second Quarter
Ended June 30
Six Months
Ended June 30
2025
2024
2025
2024
Net revenues
$ 15,423
$ 14,462
$ 28,766
$ 26,772
Cost of products sold
4,346
4,202
8,348
8,296
Selling, general and administrative
3,253
3,377
6,546
6,692
Research and development
2,131
1,948
4,198
3,887
Acquired IPR&D and milestones
823
937
1,071
1,101
Other operating income
(24)
—
(24)
—
Total operating costs and expenses
10,529
10,464
20,139
19,976
Operating earnings
4,894
3,998
8,627
6,796
Interest expense, net
678
506
1,305
959
Net foreign exchange loss
23
1
27
5
Other expense, net
2,639
1,345
4,080
1,931
Earnings before income tax expense
1,554
2,146
3,215
3,901
Income tax expense
613
773
985
1,156
Net earnings
941
1,373
2,230
2,745
Net earnings attributable to noncontrolling interest
3
3
6
6
Net earnings attributable to AbbVie Inc.
$ 938
$ 1,370
$ 2,224
$ 2,739
Diluted earnings per share attributable to AbbVie Inc.
$ 0.52
$ 0.77
$ 1.24
$ 1.53
Adjusted diluted earnings per sharea
$ 2.97
$ 2.65
$ 5.43
$ 4.96
Weighted-average diluted shares outstanding
1,771
1,771
1,772
1,772
a
Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details.
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Quarter Ended June 30, 2025
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 1,554
$ 938
$ 0.52
Adjusted for specified items:
Intangible asset amortization
1,864
1,571
0.89
Change in fair value of contingent consideration
2,795
2,709
1.53
Other
91
60
0.03
As adjusted (non-GAAP)
$ 6,304
$ 5,278
$ 2.97
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2025 included acquired IPR&Dand milestone expense of $823 million on a pre-tax and $737 million on an after-tax basis, representing an unfavorable impact of $0.42 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended June 30, 2025
(in millions)
Cost ofproducts sold
SG&A
R&D
Other operatingincome
Other expense,net
As reported (GAAP)
$ 4,346
$ 3,253
$ 2,131
$ (24)
$ 2,639
Adjusted for specified items:
Intangible asset amortization
(1,864)
—
—
—
—
Change in fair value of contingent consideration
—
—
—
—
(2,795)
Other
(69)
(14)
(16)
24
(16)
As adjusted (non-GAAP)
$ 2,413
$ 3,239
$ 2,115
$ —
$ (172)
3. The adjusted tax rate for the second quarter of 2025 was 16.2 percent, as detailed below:
Quarter Ended June 30, 2025
(dollars in millions)
Pre-tax earnings
Income taxes
Tax rate
As reported (GAAP)
$ 1,554
$ 613
39.4 %
Specified items
4,750
410
8.6 %
As adjusted (non-GAAP)
$ 6,304
$ 1,023
16.2 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Quarter Ended June 30, 2024
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 2,146
$ 1,370
$ 0.77
Adjusted for specified items:
Intangible asset amortization
1,947
1,651
0.93
Acquisition and integration costs
145
125
0.07
Change in fair value of contingent consideration
1,476
1,438
0.81
Other
90
126
0.07
As adjusted (non-GAAP)
$ 5,804
$ 4,710
$ 2.65
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2024 included acquired IPR&Dand milestone expense of $937 million on a pre-tax and $924 million on an after-tax basis, representing an unfavorable impactof $0.52 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended June 30, 2024
(in millions)
Cost of products sold
SG&A
R&D
Other expense,net
As reported (GAAP)
$ 4,202
$ 3,377
$ 1,948
$ 1,345
Adjusted for specified items:
Intangible asset amortization
(1,947)
—
—
—
Acquisition and integration costs
(79)
(35)
(31)
—
Change in fair value of contingent consideration
—
—
—
(1,476)
Other
(41)
(27)
—
(22)
As adjusted (non-GAAP)
$ 2,135
$ 3,315
$ 1,917
$ (153)
3. The adjusted tax rate for the second quarter of 2024 was 18.8 percent, as detailed below:
Quarter Ended June 30, 2024
(dollars in millions)
Pre-tax earnings
Income taxes
Tax rate
As reported (GAAP)
$ 2,146
$ 773
36.0 %
Specified items
3,658
318
8.7 %
As adjusted(non-GAAP)
$ 5,804
$ 1,091
18.8 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Six Months Ended June 30, 2025
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 3,215
$ 2,224
$ 1.24
Adjusted for specified items:
Intangible asset amortization
3,722
3,145
1.78
Change in fair value of contingent consideration
4,313
4,186
2.36
Other
153
93
0.05
As adjusted (non-GAAP)
$ 11,403
$ 9,648
$ 5.43
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2025 included acquired IPR&D and milestones expense of $1.1 billion on a pre-tax and $975 million on an after-tax basis, representing an unfavorable impactof $0.55 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Six Months Ended June 30, 2025
(in millions)
Cost of products sold
SG&A
R&D
Otheroperating income
Other expense,net
As reported (GAAP)
$ 8,348
$ 6,546
$ 4,198
$ (24)
$ 4,080
Adjusted for specified items:
Intangible asset amortization
(3,722)
—
—
—
—
Change in fair value of contingent consideration
—
—
—
—
(4,313)
Other
(97)
(27)
(32)
24
(21)
As adjusted (non-GAAP)
$ 4,529
$ 6,519
$ 4,166
$ —
$ (254)
3. The adjusted tax rate for the first six months of 2025 was 15.3 percent, as detailed below:
Six Months Ended June 30, 2025
(dollars in millions)
Pre-tax earnings
Income taxes
Tax rate
As reported (GAAP)
$ 3,215
$ 985
30.6 %
Specified items
8,188
764
9.3 %
As adjusted (non-GAAP)
$ 11,403
$ 1,749
15.3 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Six Months Ended June 30, 2024
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 3,901
$ 2,739
$ 1.53
Adjusted for specified items:
Intangible asset amortization
3,838
3,254
1.84
Acquisition and integration costs
656
611
0.34
Change in fair value of contingent consideration
2,136
2,081
1.17
Other
111
145
0.08
As adjusted (non-GAAP)
$ 10,642
$ 8,830
$ 4.96
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2024 included acquired IPR&Dand milestones expense of $1.1 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.60 to bothdiluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Six Months Ended June 30, 2024
(in millions)
Cost of productssold
SG&A
R&D
Interestexpense, net
Otherexpense, net
As reported (GAAP)
$ 8,296
$ 6,692
$ 3,887
$ 959
$ 1,931
Adjusted for specified items:
Intangible asset amortization
(3,838)
—
—
—
—
Acquisition and integration costs
(158)
(315)
(159)
(24)
—
Change in fair value of contingent consideration
—
—
—
—
(2,136)
Other
(57)
(30)
—
—
(24)
As adjusted (non-GAAP)
$ 4,243
$ 6,347
$ 3,728
$ 935
$ (229)
3. The adjusted tax rate for the first six months of 2024 was 17.0 percent, as detailed below:
Six Months Ended June 30, 2024
(dollars in millions)
Pre-tax earnings
Income taxes
Tax rate
As reported (GAAP)
$ 3,901
$ 1,156
29.6 %
Specified items
6,741
650
9.6 %
As adjusted (non-GAAP)
$ 10,642
$ 1,806
17.0 %
SOURCE AbbVie
For more information Contact us »
Subscribe for email alerts Sign up Subscription management
We also welcome the opportunity to hear from you in these social channels, but remember we work in a highly-regulated industry with unique legal considerations. Before engaging, please read and adhere to our established community guidelines for each channel.
View our social media channel guidelines »
AbbVie.com | Site Map | Terms of Use | Privacy Notice | Consumer Health Data Privacy Notice | Cookies Settings | Your Privacy Choices
Copyright © 2025 AbbVie Inc. North Chicago, Illinois, U.S.A.
Unless otherwise specified, all product names appearing in this Internet site are trademarks owned by or licensed to AbbVie Inc., its subsidiaries or affiliates. No use of any AbbVie trademark, trade name, or trade dress in this site may be made without the prior written authorization of AbbVie Inc., except to identify the product or services of the company.
YOU ARE ABOUT TO LEAVE FOR A 3RD PARTY WEBSITE
Notice
The "Yes" link below will take you out of the AbbVie family of websites.
Links which take you out of the AbbVie worldwide websites are not under the control of AbbVie, and AbbVie is not responsible for the contents of any such site or any further links from such site. AbbVie is providing these links to you only as a convenience and the inclusion of any link does not imply endorsement of the linked site by AbbVie.
The Internet site that you have requested may not be optimized to your screen size.
Do you wish to leave this site?
These cookies are necessary for the website to function and cannot be switched off in our systems. They may be set by us or by third party providers whose services we have added to our pages. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy or language preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not work.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They may be set by us or by third party providers whose services we have added to our pages. They help us to know which pages are the most and least popular and see how visitors move around the site. If you do not allow these cookies we will not be able to monitor our site’s performance or learn how to make it better but the site will still work.
Anonymous Performance Cookies Switch Label label These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They may be set by us or by third party providers whose services we have added to our pages. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our site’s performance or learn how to make it better.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They may be set by us or by third party providers whose services we have added to our pages. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our site’s performance or learn how to make it better.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.