AbbVie Inc (ABBV, Financial) released its financial results for the third quarter ended September 30, 2023, on October 27, 2023. The company reported a decrease in net revenues and diluted EPS, but also announced an increase in its 2023 adjusted diluted EPS guidance range.
Financial Performance
AbbVie Inc (ABBV, Financial) reported third-quarter net revenues of $13.927 billion, a decrease of 6.0 percent on a reported basis and 5.8 percent on an operational basis. The diluted EPS was $1.00 on a GAAP basis, a decrease of 54.8 percent. The adjusted diluted EPS was $2.95, a decrease of 19.4 percent.
Portfolio Performance
The company's immunology portfolio reported net revenues of $6.783 billion, a decrease of 11.3 percent. The oncology portfolio reported net revenues of $1.512 billion, a decrease of 8.4 percent on a reported basis, or 8.6 percent on an operational basis. The neuroscience portfolio reported an increase of 22.1 percent on a reported basis, or 22.0 percent on an operational basis, with net revenues of $2.043 billion. The aesthetics portfolio reported net revenues of $1.239 billion, a decrease of 4.7 percent on a reported basis, or 4.0 percent on an operational basis.
Guidance and Dividend Increase
AbbVie Inc (ABBV, Financial) raised its 2023 adjusted diluted EPS guidance range from $10.86 - $11.06 to $11.19 - $11.23. The company also raised its 2024 adjusted diluted EPS guidance floor from $10.70 to $11.00. The company announced a 4.7 percent increase in its 2024 dividend, beginning with the dividend payable in February 2024.
CEO Commentary
We delivered another quarter of outstanding results driven by accelerating performance across our non-Humira growth platform, which is demonstrating double-digit growth," said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. "Based upon the strength and momentum of our business, we are once again raising our full-year 2023 guidance as well as our floor EPS outlook for next year. We are also increasing our quarterly dividend, underscoring our confidence in AbbVie's long-term outlook."
Recent Events
AbbVie Inc (ABBV, Financial) announced several recent events, including the submission of applications for a new indication to the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) for Skyrizi (risankizumab) for the treatment of adult patients with moderately to severely active ulcerative colitis (UC). The company also announced positive topline results from SEQUENCE, a Phase 3 study evaluating Skyrizi versus Stelara (ustekinumab) in patients with moderately to severely active Crohn’s disease (CD) who have failed one or more anti-TNF therapies.
Explore the complete 8-K earnings release (here) from AbbVie Inc for further details.
