AbbVie has reported a decrease in net revenues to $54.32bn for the year ended 31 December 2023, marking a 6.4% decline from the previous year’s $58.05bn.
The company¡¯s diluted earnings per share (EPS) on a generally accepted accounting principles basis also fell sharply by 59% to $2.72, compared to $6.63 in 2022.
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Adjusted diluted EPS saw a 19.3% decrease from $13.77 to $11.11.
The company’s global immunology portfolio, which faced stiff competition from Humira biosimilars, saw revenues decrease by 9.6% to $26.14bn.
Humira’s global net revenues stood at $14.40bn while Skyrizi and Rinvoq contributed $7.76bn and $3.97bn respectively.
In the oncology sector, AbbVie’s global net revenues experienced a 10.1% decrease, amounting to $5.92bn.
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By GlobalDataIts neuroscience portfolio showed resilience with an 18.2% increase in global net revenues, reaching $7.72bn.
The aesthetics portfolio, however, recorded a slight decrease of 0.8%, with revenues of $5.29bn.
AbbVie has provided an adjusted diluted EPS guidance range for 2024 between $11.05 and $11.25.
The forecast includes a $0.32 per share dilutive impact due to the anticipated mid-2024 acquisitions of ImmunoGen and Cerevel Therapeutics.
AbbVie chairman and CEO Richard Gonzalez stated: ¡°2023 was another outstanding year, marked by strong operational execution and significant overperformance from our non-Humira growth platform. During the year, we meaningfully increased research and development investment and bolstered our pipeline with the proposed ImmunoGen and Cerevel Therapeutics acquisitions.
¡°2024 is an exciting year for AbbVie, as we are well positioned to fully absorb Humira erosion and achieve modest operational revenue growth, followed by a return to robust growth in 2025 and a high single-digit compound annual growth rate through the end of the decade.¡±
Before this development, the UK National Institute for Health and Care Excellence recommended AbbVie¡¯s Tepkinly (epcoritamab) as a third-line treatment option for adults with relapsed or refractory diffuse large B-cell lymphoma.
