2024 Revenues ($USD) : $56.33B

Ranked #4 on the Pharma 50, AbbVie (NYSE: ABBV) reported full-year net revenues of $56.33 billion for 2024, a 3.7% increase on a reported basis (4.6% operational growth) compared to $54.32 billion in 2023. Headquartered in North Chicago, IL, the company employed approximately 55,000 people and held total assets of $135.16 billion at year-end.

AbbVie invested significantly in R&D, spending $12.80 billion in 2024, which represents 22.7% of its revenue. This is a notable increase in R&D intensity compared to the 14.1% ratio observed in 2023.

Despite revenue growth, AbbVie experienced a dip in GAAP earnings per share (EPS) for 2024. The company attributed this primarily to acquired In-Process Research & Development (IPR&D) and milestone expenses, largely related to the closing of its $10.1 billion acquisition of ImmunoGen in February 2024 and its $8.7 billion acquisition of Cerevel Therapeutics, which closed in August 2024 but likely incurred related expenses impacting the fiscal year. These acquisitions significantly bolstered AbbVie's oncology (ImmunoGen's Elahere ADC) and neuroscience (Cerevel's pipeline) portfolios.

Key performance drivers included the Immunology portfolio, which generated $26.7 billion in global net revenues (up 2.1% reported). Within this segment, the erosion of Humira revenue (down to $9.0 billion globally) due to biosimilar competition was largely offset by the continued strong growth of Skyrizi, which contributed $11.7 billion.

AbbVie also highlighted progress in its early-stage oncology pipeline, including recent presentations on:

ABBV-969: A novel STEAP1/PSMA dual-targeted antibody-drug conjugate (ADC) in Phase 1 for advanced prostate cancer.

ABBV-514: A novel CCR8 targeting antibody in Phase 1 for solid tumors, including non-small cell lung cancer (NSCLC) and head and neck cancer.

Looking ahead to fiscal year 2025, AbbVie provided initial adjusted diluted EPS guidance in early 2025, but subsequently lowered it due to further expected IPR&D and milestone impacts. As of early April 2025, the updated guidance projected FY2025 adjusted diluted EPS to be between $11.99 and $12.19.