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 " " " " "