Revenue (Q1 2024 vs Q1 2023)

Reported growth of 0.7% and 1.6% operationally " "

Decline in Humira sales (down 35.9% globally with U.S. −39.9%) due to biosimilar competition was largely offset by robust performance from newer products like Skyrizi (+47.6%) and Rinvoq (+59.3%), leading to overall marginal revenue growth " " " "

Revenue (Q1 2025 vs Q1 2024)

Reported increase of 8.4% (9.8% operational) " "

Strong immunology portfolio expansion—Skyrizi grew by 70.5% and Rinvoq by 57.2%—propelled revenue growth despite a further decline in Humira (−50.6%), while gains in neuroscience and oncology also contributed " " " "

Geographic Revenue (Q1 2024 vs Q1 2023)

U.S. revenue down 1.7%; International revenue up 8.1% " "

Divergent regional performance emerged as U.S. revenues suffered from product exclusivity challenges, whereas international markets benefited from a 16.0% growth in immunology products (despite a modest foreign exchange headwind of −0.9%) " " "

Geographic Revenue (Q1 2025 vs Q1 2024)

U.S. revenue up 10.4%; International revenue up 2.9% " "

Improved domestic performance driven by recovery in U.S. markets and enhanced market share for key immunology products, while international gains were tempered by modest growth and tariff impacts " " "

Cash Flow (Q1 2024 vs Q1 2023)

Operating: from $4,193M to $4,040M; Investing: from –$499M to –$9,588M; Financing: from –$6,192M to +$10,819M " "

Operating cash flow declined slightly due to higher R&D funding and product mix shifts; a massive investing outflow was due to the $9.8B ImmunoGen acquisition, while financing cash inflows surged with the issuance of unsecured senior notes " "

Cash Flow (Q1 2025 vs Q1 2024)

Operating dropped to $1,635M; Investing improved to –$735M; Financing shifted to –$1,258M " "

Further reduction in operating cash flow was linked to working capital timing and litigation payments; investing outflows decreased as acquisition-related expenses subsided, while financing turned negative because of principal repayments and adjustments in note issues " "

Balance Sheet (Q1 2024 vs Dec 2023)

Cash increased from $12,814M to $18,067M; Intangible assets rose by $6.6B; Goodwill increased by $1.1B; LT Debt grew from $52,194M to $63,805M " " "

The increases were driven by proceeds from financing activities and the ImmunoGen acquisition, which bolstered intangibles and goodwill, while the significant debt uptick reflects funding obtained for the acquisition " " "

Balance Sheet (Q1 2025 vs Q1 2024)

Accounts receivable up from $10,919M to $12,477M; Inventories increased by $345M; Cash modestly decreased from $5,524M to $5,175M; Short-term borrowings emerged at $1,593M; LT Debt increased from $60,340M to $64,527M " "

Rising accounts receivable and inventory levels mirror higher sales activity, while a slight drop in cash reflects operating outflows; new short-term borrowings and debt increases, along with share repurchases, influenced the overall equity composition " "

Income Statement (Q1 2024 vs Q1 2023)

Net revenues edged up from $12,225M to $12,310M (0.7% reported); Cost of products, SG&A increased; R&D decreased; Other expenses dropped from $1.9B to $586M; Net earnings jumped from $239M to $1,369M; GAAP EPS from $0.13 to $0.77 " " "

Despite only modest revenue growth, reduced other expenses (partly from lower contingent consideration items) and a significant drop in the effective tax rate (from 49% to 22%) boosted net earnings and EPS markedly in Q1 2024 " " "

Income Statement (Q1 2025 vs Q1 2024)

Net revenue increased by 8.4% to $13.343B; Humira further declined (–50.6%); R&D expenses increased from $1.939B to $2.067B; Other expenses rose to $1.441B; Net earnings fell slightly from $1,369M to $1,286M; GAAP EPS decreased from $0.77 to $0.72; Adjusted EPS improved " " " " "

Revenue was buoyed by strong performances in immunology, neuroscience, and oncology, yet a sharper drop in Humira and higher R&D plus IPR&D costs (with increased other expenses from contingent adjustments) compressed net earnings and GAAP EPS despite an improved adjusted result and lower tax rate " " " " "

Adjusted EPS

FY 2025

$12.09 to $12.29 " "

$11.88 to $12.08 " "

lowered

Total Net Revenues

FY 2025

$59.7 billion "

$60.5 billion " "

raised

Adjusted Gross Margin

FY 2025

84% "

84% "

no change

Adjusted R&D Expense

FY 2025

$8.9 billion "

$9 billion "

raised

Adjusted SG&A Expense

FY 2025

$13.2 billion "

$13.5 billion "

raised

Adjusted Operating Margin Ratio

FY 2025

46.5% "

45% "

lowered

Foreign Exchange Impact

FY 2025

0.6% unfavorable impact "

Relatively neutral "

raised

SKYRIZI Global Revenues

FY 2025

$16.5 billion (increase of $600 million) "

$17.1 billion (increase of $600 million) "

raised

U.S. HUMIRA Revenues

FY 2025

$3.5 billion (decrease of $500 million) "

$3.0 billion (decrease of $500 million) "

lowered

IMBRUVICA Global Revenues

FY 2025

$2.8 billion (increase of $100 million) "

$2.9 billion (increase of $100 million) "

raised

VENCLEXTA Global Sales

FY 2025

$2.7 billion (increase of $100 million) "

$2.8 billion (increase of $100 million) "

raised

Net Revenues

Q3 2025

no prior guidance

$15.5 billion (includes 1% favorable forex impact) "

no prior guidance

Adjusted EPS

Q3 2025

no prior guidance

$3.24 to $3.28 (excludes acquired IPR&D expense) "

no prior guidance

Immunology Assets

Strong performance of SKYRIZI and RINVOQ with notable market share gains and accompanying Humira erosion in Q1 ( " " ), Q4 ( " " ) and Q3 ( " " )

Robust immunology asset performance with SKYRIZI growing 61.8% and RINVOQ 41.2%, while Humira saw deeper erosion (–58.2%) ( " " )

Consistent strength in immunology with intensifying competitive challenges for Humira " " "

Pipeline Expansion and Diversification

Ongoing pipeline growth across immunology, oncology and neuroscience with strategic transactions in Q1 ( " " " ) and diversified expansion with early-stage deals and regulatory milestones noted in Q4 ( " " ); Q3 provided broader pipeline discussion without alopecia areata details ( " )

Emphasis on new indications such as alopecia areata with Phase III data and combination trials, adding a distinct focus to the ongoing diversification ( " " )

New topical focus (alopecia areata) emerging while overall pipeline diversification continues " "

Manufacturing Expansion and Capital Investments

Robust U.S. manufacturing network and plans for expanding production capacity including multiple new sites and significant $10B investment highlighted in Q1 ( " " " ); earlier periods had limited or no discussion (Q3/Q4 not mentioned)

Reiterated broad U.S. manufacturing network with 11 sites and planned capital investments that reinforce supply reliability ( " )

Continued focus on U.S. capacity expansion with renewed emphasis on strategic supply reliability " "

Pricing Pressures and Regulatory Risks

Engagement on IRA and Medicare Part D redesign were discussed in Q1 ( " " " " ) and detailed Medicare Part D impact with a 4% net headwind in Q4 ( " " ); Q3 had minimal explicit discussion ( " )

Detailed focus on IRA negotiations, Medicare Part D redesign impact, and tariff/trade policy uncertainties underscoring operational and regulatory challenges ( " " " )

Increasing emphasis on policy risks and pricing pressures with more granular discussion in the current period " "

Competitive Pressures

Persistent biosimilar challenges with Humira decline and competitive pressure noted in Q1 ( " " ), Q4 ( " " ) and shifting volume dynamics in Q3 ( " )

Further highlighting of biosimilar impacts on Humira and the competitive advantage of SKYRIZI/RINVOQ in capturing patient share, with stronger emphasis on competitive dynamics ( " " " " )

Persistent and intensifying biosimilar pressures remain a core concern, partly offset by strong new product performance " " "

Aesthetics Business Performance

Short-term economic headwinds, market share pressures and tariff impacts were flagged in Q1 ( " " " ), Q4 indicated market share declines yet long-term growth potential ( " " ), while Q3 noted economic sensitivity and moderated outlook ( " " )

Reports indicate ongoing economic softness, consumer sentiment shifts (e.g. preference for natural looks), and tapering market growth for dermal fillers, but with long-term growth prospects supported by innovation such as new toxin products ( " " )

Ongoing short-term challenges balanced against a sustained long-term growth narrative driven by innovation and low market penetration " "

Strategic M&A and Acquisitions

Strategic transactions, including acquisitions like Nimble Therapeutics and Cerevel, and multiple early-stage deals were highlighted in Q1 ( " " " ), Q4 detailed over 20 early-stage deals plus Cerevel discussions ( " " " ), and Q3 stressed active M&A including Cerevel and Aliado ( " " " " " )

Continued strategic transactions aimed at bolstering pipeline depth through external deals and acquisitions, with focus on opportunities across immunology and neuroscience ( " " " )

Consistently active strategic M&A remains central to pipeline strengthening with a balanced portfolio emphasis " "

Emerging Oncology Assets

Q1 emphasized Tmab-A details and early promise of assets like ABBV 706 ( " " ); Q4 provided detailed progress on Tmab-A/ABBV-400 via Phase III and combination study plans ( " " " ); Q3 highlighted encouraging Phase I data for ABBV-400 in NSCLC and gastroesophageal cancer ( " )

Promising Phase I data for tMAbA (ABBV-400) in NSCLC demonstrated high response rates and plans for further studies, underscoring its potential ( " )

Consistent optimism and advancing clinical data in oncology assets reinforce their potential as future growth drivers " "

Neuroscience Pipeline Advancements

Q1 discussed pending emraclidine studies with plans for dose optimization and broader neuroscience investments ( " " " " ); Q4 provided detailed updates on emraclidine and positive Tavapadon results ( " " ); Q3 focused on pending emraclidine data and strategic acquisitions to strengthen the field ( " " " " " )

While Q2 did not provide specific emraclidine updates, it emphasized a growing overall focus on neuroscience with several portfolio advancements and strategic investments ( " )

Consistent pipeline strengthening in neuroscience persists, with robust investments offsetting selective delays in specific data releases " "