NORTH CHICAGO, Ill., Oct. 29, 2021 /PRNewswire/ --
AbbVie (NYSE:ABBV) announced financial results for the third
quarter ended September 30, 2021.
"We continue to deliver excellent results, with balanced
performance across our portfolio driving double-digit operational
sales and EPS growth," said Richard A.
Gonzalez, chairman and chief executive officer, AbbVie.
"Based upon our strong momentum, we are increasing our full-year
2021 EPS guidance. We remain highly confident in AbbVie's long-term
outlook and are once again raising our dividend, which has grown
over 250 percent since inception."
Third-Quarter Results
- Worldwide net revenues were $14.342
billion, an increase of 11.2 percent on a GAAP basis.
Adjusted net revenues increased 11.3 percent on a reported basis,
or 10.8 percent on an operational basis.
- Global net revenues from the immunology portfolio were
$6.674 billion, an increase of 15.3
percent on a reported basis, or 14.9 percent on an operational
basis.
-
- Global Humira net revenues of $5.425
billion increased 5.6 percent on a reported basis, or 5.2
percent on an operational basis. U.S. Humira net revenues were
$4.613 billion, an increase of 10.1
percent. Internationally, Humira net revenues were $812 million, a decrease of 14.6 percent on a
reported basis, or 16.7 percent on an operational basis, due to
biosimilar competition.
- Global Skyrizi net revenues were $796
million.
- Global Rinvoq net revenues were $453
million.
- Global net revenues from the hematologic oncology portfolio
were $1.866 billion, an increase of
8.4 percent on a reported basis, or 8.1 percent on an operational
basis.
-
- Global Imbruvica net revenues were $1.374 billion, an increase of 0.3 percent, with
U.S. net revenues of $1.109 billion
and international profit sharing of $265
million.
- Global Venclexta net revenues were $492
million, an increase of 40.1 percent on a reported basis, or
38.7 percent on an operational basis.
- Global net revenues from the neuroscience portfolio were
$1.566 billion, an increase of 25.5
percent on a reported basis, or 25.0 percent on an operational
basis.
-
- Global Botox Therapeutic net revenues were $645 million, an increase of 23.4 percent on a
reported basis, or 22.5 percent on an operational basis.
- Vraylar net revenues were $461
million, an increase of 29.0 percent on a reported and
operational basis.
- Global Ubrelvy net revenues were $162
million.
- Global net revenues from the aesthetics portfolio were
$1.251 billion, an increase of 29.3
percent on a reported basis, or 27.7 percent on an operational
basis.
-
- Global Botox Cosmetic net revenues were $545 million, an increase of 38.5 percent on a
reported basis, or 36.9 percent on an operational basis.
- Global Juvederm net revenues were $354
million, an increase of 29.1 percent on a reported basis, or
26.6 percent on an operational basis.
- On a GAAP basis, the gross margin ratio in the third quarter
was 69.4 percent. The adjusted gross margin ratio was 83.2
percent.
- On a GAAP basis, selling, general and administrative expense
was 21.5 percent of net revenues. The adjusted SG&A expense was
20.6 percent of net revenues.
- On a GAAP basis, research and development expense was 11.7
percent of net revenues. The adjusted R&D expense was 11.4
percent of net revenues, reflecting funding actions supporting all
stages of our pipeline.
- On a GAAP basis, the operating margin in the third quarter was
30.0 percent. The adjusted operating margin was 51.1 percent.
- On a GAAP basis, net interest expense was $585 million.
- On a GAAP basis, the tax rate in the quarter was 13.8 percent.
The adjusted tax rate was 12.6 percent.
- Diluted EPS in the third quarter was $1.78 on a GAAP basis. Adjusted diluted EPS,
excluding specified items, was $3.33.
Note: "Operational"
comparisons are presented at constant currency rates that reflect
comparative local currency net revenues at the prior year's foreign
exchange rates.
|
Recent Events
- AbbVie announced the European Commission (EC) approved Rinvoq
(upadacitinib) for the treatment of moderate to severe atopic
dermatitis (AD) in adults and adolescents 12 years and older who
are candidates for systemic therapy. The recommended dose of Rinvoq
for AD in adults is 15 mg or 30 mg once daily based on individual
patient presentation, and 15 mg once daily for adolescents and
adults 65 years and older. The approval is supported by data from
one of the largest registrational Phase 3 programs in AD evaluating
Rinvoq monotherapy or with topical corticosteroids. This milestone
marks the fourth EC-approved indication for Rinvoq.
- AbbVie announced the European Medicines Agency's (EMA)
Committee for Medicinal Products for Human Use (CHMP) recommended
the approval of Skyrizi (risankizumab) for the treatment of active
psoriatic arthritis (PsA) in adults who have had an inadequate
response or who have been intolerant to one or more
disease-modifying antirheumatic drugs (DMARDs). The positive
opinion is based on data from two pivotal Phase 3 studies which
evaluated the efficacy and safety of Skyrizi in adults with active
PsA. If the CHMP recommendation is accepted by the EC, this will
mark the second indication for Skyrizi in the European Union.
Skyrizi is part of a collaboration between Boehringer Ingelheim and
AbbVie, with AbbVie leading development and commercialization
globally.
- AbbVie announced that it submitted applications to the U.S.
Food and Drug Administration (FDA) and EMA seeking approval for
Rinvoq (45 mg (induction dose) and 15 mg and 30 mg (maintenance
dose)) for the treatment of adults with moderately to severely
active ulcerative colitis (UC). The applications are supported by
data from two Phase 3 induction studies and one maintenance study.
In these studies, significantly more patients treated with Rinvoq
achieved the primary and all secondary endpoints compared to
placebo. The safety results of Rinvoq, including the 45 mg dose as
induction therapy, in these studies were generally consistent with
the known safety profile of Rinvoq, with no new important safety
risks observed.
- AbbVie announced that it submitted an application to the FDA
seeking approval for Skyrizi (600 mg intravenous induction and 360
mg subcutaneous maintenance therapy) for the treatment of patients
16 years and older with moderate to severe Crohn's disease (CD).
The submission is supported by three pivotal Phase 3 studies in
which Skyrizi demonstrated significant improvements in clinical
remission and endoscopic response as both induction and maintenance
therapy. The overall safety findings in these pivotal studies were
generally consistent with the known safety profile of Skyrizi.
- AbbVie announced positive top-line results from two studies of
the Phase 3 SELECT-AXIS 2 clinical trial evaluating the efficacy
and safety of Rinvoq in patients with active ankylosing spondylitis
(AS) or non-radiographic axial spondyloarthritis (nr-axSpA). In
Study 1, Rinvoq (15 mg, once daily) met the primary endpoint of
Assessment in SpondyloArthritis International Society (ASAS) 40 at
week 14 versus placebo (45 percent compared to 18 percent) in
patients with AS who have had an inadequate response to biologic
DMARD therapy. All ranked secondary endpoints were also met. In
Study 2, Rinvoq (15 mg, once daily) met the primary endpoint of
ASAS40 at week 14 versus placebo (45 percent compared to 23
percent) and met the first 12 of 14 ranked secondary endpoints in
patients with nr-axSpA. Across both studies, safety data were
consistent with SELECT-AXIS 1, previous Phase 3 studies in other
indications and the known safety profile of Rinvoq, with no new
risks identified. Full results from the SELECT-AXIS 2 trial will be
presented at a future medical meeting and submitted for publication
in a peer-reviewed journal.
- At the United European Gastroenterology (UEG) Week, AbbVie
shared 13 abstracts including 7 live presentations that reinforced
AbbVie's commitment to advancing research in inflammatory bowel
disease (IBD). Highlights included new results from the 52-week
Phase 3 maintenance studies evaluating the efficacy and safety of
Skyrizi in patients with CD and Rinvoq in patients with UC.
- At the European Academy of Dermatology and Venereology (EADV)
Congress, AbbVie shared 27 abstracts from across its dermatology
portfolio that underscored AbbVie's commitment to advancing
standards of care in dermatology for people living with serious
skin diseases. Highlights included new analyses from the Phase 3
Rinvoq AD clinical trial program as well as new long-term efficacy
and safety data from the KEEPsAKE 1 and KEEPsAKE 2 trials
evaluating Skyrizi in adults with PsA treated through 52
weeks.
- AbbVie announced that Skyrizi is now available in the U.S. as a
single-dose 150 mg injection for the treatment of adults with
moderate to severe plaque psoriasis (PsO). Previously two 75 mg
injections per dose, Skyrizi 150 mg is now administered with one
injection per dose via either a prefilled pen or syringe every 12
weeks following two starter doses.
- AbbVie announced that the FDA approved Qulipta (atogepant) for
the preventive treatment of episodic migraine in adults. The
approval is supported by data from a robust clinical program
evaluating the efficacy, safety and tolerability of Qulipta in
nearly 2,000 patients who experienced 4 to 14 migraine days per
month including the pivotal Phase 3 ADVANCE study, the pivotal
Phase 2b/3 study and the Phase 3
long-term safety study. AbbVie is the only pharmaceutical company
to offer three treatments across the full spectrum of migraine to
help patients living with this debilitating disease.
- At the International Headache Congress (IHC) 2021, AbbVie
presented data showcasing its migraine portfolio and shared a total
of 23 abstracts including 2 oral presentations and 1 abstract
lecture. Highlights included results from an open-label,
multicenter extension to the pivotal Phase 3 ADVANCE trial
evaluating the safety and tolerability of oral Qulipta for the
preventive treatment of migraine, data from the observational
cross-sectional UNIVERSE study highlighting the real-world
effectiveness and patient satisfaction of Ubrelvy (ubrogepant) in
acute migraine as well as results from a post-hoc analysis of the
Phase 3 PREEMPT trials evaluating the use of Botox
(onabotulinumtoxinA) for chronic migraine.
- AbbVie announced ABBV-951 (foslevodopa/foscarbidopa) met the
primary endpoint in a pivotal Phase 3 trial in patients with
advanced Parkinson's Disease (PD). Patients who received the
continuous 24 hours/day subcutaneous infusion of ABBV-951 showed
statistically significant increases in "On" time without
troublesome dyskinesia, compared to oral levodopa/carbidopa, after
12 weeks. A significant reduction in "Off" time was also observed.
Systemic adverse events were generally consistent with the
well-established safety profile of levodopa/carbidopa medications
and infusion site adverse events were mostly non-serious and mild
or moderate in severity. Data from this head-to-head superiority
study will be a key component of global regulatory submissions and
full results will be presented at a future medical meeting or
submitted for publication in a peer-reviewed journal.
- At the International Parkinson and Movement Disorder Society
(MDS) Virtual Congress 2021, AbbVie presented more than 20
abstracts showcasing AbbVie's continued focus on advancing the
management of movement disorders. Highlights included final results
from PROviDE, a long-term, real-world study, evaluating the
effectiveness of Duodopa (levodopa-carbidopa intestinal gel) in
patients with advanced PD as well as additional data on the
long-term, real-world use of Botox in patients with spasticity and
cervical dystonia.
- AbbVie and REGENXBIO announced a partnership to develop and
commercialize RGX-314, a potential one-time gene therapy for the
treatment of wet age-related macular degeneration (wet AMD),
diabetic retinopathy (DR) and other chronic retinal diseases.
RGX-314 is currently being evaluated in patients with wet AMD in a
pivotal trial utilizing subretinal delivery as well as in patients
with wet AMD and DR in two separate Phase II clinical trials
utilizing in-office suprachoroidal delivery. Under the terms of the
agreement, AbbVie will pay REGENXBIO a $370
million upfront payment with the potential for REGENXBIO to
receive up to $1.38 billion in
additional development, regulatory and commercial milestones. The
transaction is expected to close by the end of 2021, subject to the
satisfaction of customary closing conditions, including applicable
regulatory approvals.
Full-Year 2021 Outlook
AbbVie is raising its GAAP diluted EPS guidance for the
full-year 2021 from $6.04 to
$6.14 to $6.29 to $6.33.
AbbVie is raising its adjusted diluted EPS for the full-year 2021
from $12.52 to $12.62 to $12.63 to
$12.67. The company's 2021 adjusted
diluted EPS guidance excludes $6.34
per share of intangible asset amortization expense, non-cash
charges for contingent consideration adjustments and other
specified items.
Company Declares Dividend Increase of 8.5 Percent
AbbVie is announcing today that its board of directors declared
an increase in the company's quarterly cash dividend from
$1.30 per share to $1.41 per share beginning with the dividend
payable on February 15, 2022 to
shareholders of record as of January 14,
2022. This reflects an increase of approximately 8.5
percent, continuing AbbVie's strong commitment to returning cash to
shareholders through a growing dividend. Since the company's
inception in 2013, AbbVie has increased its quarterly dividend by
more than 250 percent. AbbVie is a member of the S&P Dividend
Aristocrats Index, which tracks companies that have annually
increased their dividend for at least 25 consecutive years.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines
that solve serious health issues today and address the medical
challenges of tomorrow. We strive to have a remarkable impact on
people's lives across several key therapeutic areas: immunology,
oncology, neuroscience, eye care, virology, women's health and
gastroenterology, in addition to products and services across its
Allergan Aesthetics portfolio. For more information about AbbVie,
please visit us at www.abbvie.com. Follow @abbvie on Twitter,
Facebook, Instagram, YouTube, and LinkedIn.
Conference Call
AbbVie will host an investor conference call today at
8:00 a.m. Central time to discuss our
third-quarter performance. The call will be webcast through
AbbVie's Investor Relations website at investors.abbvie.com. An
archived edition of the call will be available after 11:00 a.m. Central time.
Non-GAAP Financial Results
Financial results for 2021 and 2020 are presented on both a
reported and a non-GAAP basis. Reported results were prepared in
accordance with GAAP and include all revenue and expenses
recognized during the period. Non-GAAP results adjust for certain
non-cash items and for factors that are unusual or unpredictable,
and exclude those costs, expenses, and other specified items
presented in the reconciliation tables later in this release.
AbbVie's management believes non-GAAP financial measures provide
useful information to investors regarding AbbVie's results of
operations and assist management, analysts, and investors in
evaluating the performance of the business. Non-GAAP financial
measures should be considered in addition to, and not as a
substitute for, measures of financial performance prepared in
accordance with GAAP. The company's 2021 financial guidance is also
being provided on both a reported and a non-GAAP basis.
Forward-Looking Statements
Some statements in this news release are, or may be considered,
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect,"
"anticipate," "project" and similar expressions, among others,
generally identify forward-looking statements. AbbVie cautions that
these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those indicated in the forward-looking statements. Such risks
and uncertainties include, but are not limited to, the failure to
realize the expected benefits of AbbVie's acquisition of Allergan
or to promptly and effectively integrate Allergan's business,
challenges to intellectual property, competition from other
products, difficulties inherent in the research and development
process, adverse litigation or government action, and changes to
laws and regulations applicable to our industry. Additional
information about the economic, competitive, governmental,
technological and other factors that may affect AbbVie's operations
is set forth in Item 1A, "Risk Factors," of AbbVie's 2020 Annual
Report on Form 10-K, which has been filed with the Securities and
Exchange Commission, as updated by its Quarterly Reports on Form
10-Q and in other documents that AbbVie subsequently files with the
Securities and Exchange Commission that update, supplement or
supersede such information. AbbVie undertakes no obligation to
release publicly any revisions to forward-looking statements as a
result of subsequent events or developments, except as required by
law.
AbbVie
Inc.
|
Key Product
Revenues
|
Quarter Ended
September 30, 2021
|
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
Net Revenues (in
millions)
|
|
Reported
|
|
Operationala
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
Int'l.
|
|
Total
|
ADJUSTED NET
REVENUESb
|
$11,279
|
|
$3,063
|
|
$14,342
|
|
14.1%
|
|
2.4%
|
|
11.3%
|
|
0.1%
|
|
10.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
5,640
|
|
1,034
|
|
6,674
|
|
18.6
|
|
0.2
|
|
15.3
|
|
(2.1)
|
|
14.9
|
Humira
|
4,613
|
|
812
|
|
5,425
|
|
10.1
|
|
(14.6)
|
|
5.6
|
|
(16.7)
|
|
5.2
|
Skyrizi
|
679
|
|
117
|
|
796
|
|
79.6
|
|
>100.0
|
|
83.3
|
|
>100.0
|
|
82.8
|
Rinvoq
|
348
|
|
105
|
|
453
|
|
82.5
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
1,346
|
|
520
|
|
1,866
|
|
1.8
|
|
30.6
|
|
8.4
|
|
29.3
|
|
8.1
|
Imbruvicac
|
1,109
|
|
265
|
|
1,374
|
|
(0.9)
|
|
5.7
|
|
0.3
|
|
5.7
|
|
0.3
|
Venclexta
|
237
|
|
255
|
|
492
|
|
16.3
|
|
73.0
|
|
40.1
|
|
69.5
|
|
38.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
820
|
|
431
|
|
1,251
|
|
32.7
|
|
23.2
|
|
29.3
|
|
18.9
|
|
27.7
|
Botox
Cosmetic
|
356
|
|
189
|
|
545
|
|
49.6
|
|
21.6
|
|
38.5
|
|
17.5
|
|
36.9
|
Juvederm
Collection
|
159
|
|
195
|
|
354
|
|
37.6
|
|
22.9
|
|
29.1
|
|
18.6
|
|
26.6
|
Other
Aesthetics
|
305
|
|
47
|
|
352
|
|
15.4
|
|
31.5
|
|
17.3
|
|
26.5
|
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
1,346
|
|
220
|
|
1,566
|
|
28.0
|
|
11.5
|
|
25.5
|
|
8.0
|
|
25.0
|
Botox
Therapeutic
|
534
|
|
111
|
|
645
|
|
24.4
|
|
18.6
|
|
23.4
|
|
13.8
|
|
22.5
|
Vraylar
|
461
|
|
—
|
|
461
|
|
29.0
|
|
n/a
|
|
29.0
|
|
n/a
|
|
29.0
|
Duodopa
|
23
|
|
104
|
|
127
|
|
(3.9)
|
|
6.0
|
|
3.9
|
|
3.9
|
|
2.2
|
Ubrelvy
|
162
|
|
—
|
|
162
|
|
>100.0
|
|
n/a
|
|
>100.0
|
|
n/a
|
|
>100.0
|
Other
Neuroscience
|
166
|
|
5
|
|
171
|
|
(17.8)
|
|
(12.1)
|
|
(17.7)
|
|
(18.5)
|
|
(17.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
585
|
|
286
|
|
871
|
|
6.5
|
|
(1.4)
|
|
3.8
|
|
(3.9)
|
|
2.9
|
Lumigan/Ganfort
|
63
|
|
75
|
|
138
|
|
(0.1)
|
|
(12.9)
|
|
(7.5)
|
|
(15.8)
|
|
(9.2)
|
Alphagan/Combigan
|
89
|
|
39
|
|
128
|
|
6.2
|
|
1.2
|
|
4.6
|
|
(0.9)
|
|
3.9
|
Restasis
|
305
|
|
14
|
|
319
|
|
7.5
|
|
(7.4)
|
|
6.7
|
|
(6.5)
|
|
6.7
|
Other Eye
Care
|
128
|
|
158
|
|
286
|
|
8.1
|
|
5.1
|
|
6.4
|
|
2.4
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
199
|
|
3
|
|
202
|
|
(12.9)
|
|
(67.4)
|
|
(15.6)
|
|
(70.4)
|
|
(15.8)
|
Lo Loestrin
|
105
|
|
2
|
|
107
|
|
(20.3)
|
|
(27.2)
|
|
(20.6)
|
|
(32.4)
|
|
(20.8)
|
Orilissa/Oriahnn
|
37
|
|
1
|
|
38
|
|
50.5
|
|
47.5
|
|
50.4
|
|
38.4
|
|
50.0
|
Other Women's
Health
|
57
|
|
—
|
|
57
|
|
(20.9)
|
|
(100.0)
|
|
(28.4)
|
|
(100.0)
|
|
(28.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
1,068
|
|
297
|
|
1,365
|
|
7.4
|
|
9.6
|
|
7.9
|
|
8.4
|
|
7.6
|
Mavyret
|
183
|
|
243
|
|
426
|
|
0.2
|
|
5.7
|
|
3.3
|
|
4.9
|
|
2.9
|
Creon
|
310
|
|
—
|
|
310
|
|
10.0
|
|
n/a
|
|
10.0
|
|
n/a
|
|
10.0
|
Lupron
|
134
|
|
46
|
|
180
|
|
35.7
|
|
34.7
|
|
35.4
|
|
31.4
|
|
34.5
|
Linzess/Constella
|
253
|
|
8
|
|
261
|
|
4.8
|
|
10.7
|
|
5.0
|
|
4.5
|
|
4.8
|
Synthroid
|
188
|
|
—
|
|
188
|
|
(0.8)
|
|
n/a
|
|
(0.8)
|
|
n/a
|
|
(0.8)
|
|
|
a
|
"Operational"
comparisons are presented at constant currency rates that reflect
comparative local currency net revenues at the prior year's foreign
exchange rates.
|
|
|
b
|
Adjusted net revenues
exclude specified items. Refer to the Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information for further details.
Percentage change is calculated using adjusted net
revenues.
|
|
|
c
|
Reflects profit
sharing for Imbruvica international revenues.
|
|
n/a = not
applicable
|
AbbVie
Inc.
|
Key Product
Revenues
|
Nine Months Ended
September 30, 2021
|
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
Net Revenues (in
millions)
|
|
Reported
|
|
Comparable
Operationala, b
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
ADJUSTED NET
REVENUESc
|
$31,758
|
|
$9,478
|
|
$41,236
|
|
31.3%
|
|
22.6%
|
|
29.2%
|
|
13.3%
|
|
6.0%
|
|
11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
15,391
|
|
3,147
|
|
18,538
|
|
16.9
|
|
3.7
|
|
14.5
|
|
16.9
|
|
(1.2)
|
|
13.6
|
Humira
|
12,777
|
|
2,583
|
|
15,360
|
|
8.1
|
|
(9.7)
|
|
4.6
|
|
8.1
|
|
(13.9)
|
|
3.8
|
Skyrizi
|
1,725
|
|
319
|
|
2,044
|
|
84.9
|
|
>100.0
|
|
92.0
|
|
84.9
|
|
>100.0
|
|
90.4
|
Rinvoq
|
889
|
|
245
|
|
1,134
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
3,892
|
|
1,463
|
|
5,355
|
|
4.2
|
|
30.0
|
|
10.1
|
|
4.2
|
|
27.3
|
|
9.5
|
Imbruvicad
|
3,207
|
|
816
|
|
4,023
|
|
2.1
|
|
8.8
|
|
3.4
|
|
2.1
|
|
8.8
|
|
3.4
|
Venclexta
|
685
|
|
647
|
|
1,332
|
|
14.9
|
|
72.3
|
|
37.1
|
|
14.9
|
|
64.1
|
|
33.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
2,473
|
|
1,353
|
|
3,826
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
55.4
|
|
66.5
|
|
59.0
|
Botox
Cosmetic*
|
1,027
|
|
579
|
|
1,606
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
70.5
|
|
55.0
|
|
64.7
|
Juvederm
Collection*
|
478
|
|
625
|
|
1,103
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
69.6
|
|
75.4
|
|
72.8
|
Other
Aesthetics*
|
968
|
|
149
|
|
1,117
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
37.0
|
|
80.2
|
|
41.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
3,621
|
|
652
|
|
4,273
|
|
>100.0
|
|
50.5
|
|
>100.0
|
|
23.8
|
|
12.0
|
|
22.0
|
Botox
Therapeutic*
|
1,451
|
|
329
|
|
1,780
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
21.1
|
|
26.3
|
|
21.9
|
Vraylar*
|
1,239
|
|
—
|
|
1,239
|
|
>100.0
|
|
n/a
|
|
>100.0
|
|
25.6
|
|
n/a
|
|
25.6
|
Duodopa
|
73
|
|
310
|
|
383
|
|
(1.5)
|
|
6.9
|
|
5.2
|
|
(1.5)
|
|
0.1
|
|
(0.2)
|
Ubrelvy*
|
369
|
|
—
|
|
369
|
|
>100.0
|
|
n/a
|
|
>100.0
|
|
>100.0
|
|
n/a
|
|
>100.0
|
Other
Neuroscience*
|
489
|
|
13
|
|
502
|
|
59.7
|
|
97.2
|
|
60.5
|
|
(16.9)
|
|
7.6
|
|
(16.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
1,731
|
|
876
|
|
2,607
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
4.9
|
|
4.6
|
|
4.7
|
Lumigan/Ganfort*
|
201
|
|
229
|
|
430
|
|
>100.0
|
|
79.4
|
|
90.7
|
|
(2.1)
|
|
(10.6)
|
|
(6.7)
|
Alphagan/Combigan*
|
271
|
|
117
|
|
388
|
|
>100.0
|
|
90.5
|
|
>100.0
|
|
4.6
|
|
3.7
|
|
4.3
|
Restasis*
|
884
|
|
42
|
|
926
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
3.8
|
|
22.4
|
|
4.5
|
Other Eye
Care*
|
375
|
|
488
|
|
863
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
12.4
|
|
12.1
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
555
|
|
18
|
|
573
|
|
38.9
|
|
5.0
|
|
37.4
|
|
(17.2)
|
|
(36.6)
|
|
(18.0)
|
Lo
Loestrin*
|
300
|
|
9
|
|
309
|
|
43.7
|
|
55.6
|
|
44.1
|
|
(21.4)
|
|
(9.0)
|
|
(21.1)
|
Orilissa/Oriahnn
|
102
|
|
4
|
|
106
|
|
20.5
|
|
63.2
|
|
21.8
|
|
20.5
|
|
51.9
|
|
21.5
|
Other Women's
Health*
|
153
|
|
5
|
|
158
|
|
44.0
|
|
(51.3)
|
|
36.8
|
|
(25.0)
|
|
(73.5)
|
|
(28.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
3,176
|
|
884
|
|
4,060
|
|
14.1
|
|
(2.3)
|
|
10.1
|
|
3.6
|
|
(7.2)
|
|
1.1
|
Mavyret
|
557
|
|
726
|
|
1,283
|
|
(1.3)
|
|
(7.4)
|
|
(4.8)
|
|
(1.3)
|
|
(11.2)
|
|
(7.0)
|
Creon
|
864
|
|
—
|
|
864
|
|
6.6
|
|
n/a
|
|
6.6
|
|
6.6
|
|
n/a
|
|
6.6
|
Lupron
|
456
|
|
135
|
|
591
|
|
(1.2)
|
|
22.8
|
|
3.4
|
|
(1.2)
|
|
18.7
|
|
2.6
|
Linzess/Constella*
|
728
|
|
23
|
|
751
|
|
96.4
|
|
>100.0
|
|
96.9
|
|
11.4
|
|
7.2
|
|
11.2
|
Synthroid
|
571
|
|
—
|
|
571
|
|
(1.1)
|
|
n/a
|
|
(1.1)
|
|
(1.1)
|
|
n/a
|
|
(1.1)
|
|
|
a
|
"Comparable
Operational" comparisons include full-period current year and prior
year results for Allergan products, as if the acquisition closed on
January 1, 2019, and are presented at constant currency rates that
reflect comparative local currency net revenues at the prior year's
foreign exchange rates.
|
|
|
b
|
All historically
reported Allergan revenues have been recast to conform to AbbVie's
revenue recognition accounting policies and reporting conventions
for certain rebates and discounts. Historically reported Allergan
revenues also exclude Zenpep and Viokace product revenues, which
were both divested as part of the acquisition, as well as specified
items.
|
|
|
c
|
Adjusted net revenues
exclude specified items. Refer to the Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information for further details.
Percentage change is calculated using adjusted net
revenues.
|
|
|
d
|
Reflects profit
sharing for Imbruvica international revenues.
|
|
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
|
n/a = not
applicable
|
AbbVie
Inc.
|
Consolidated
Statements of Earnings
|
Quarter and Nine
Months Ended September 30, 2021 and 2020
|
(Unaudited) (In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
Ended September
30
|
|
Nine
Months
Ended September
30
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
$
|
14,342
|
|
|
$
|
12,902
|
|
|
$
|
41,311
|
|
|
$
|
31,946
|
|
Cost of products
sold
|
|
|
|
|
|
|
|
|
|
|
4,390
|
|
|
5,050
|
|
|
13,126
|
|
|
10,703
|
|
Selling, general and
administrative
|
|
|
|
|
|
|
|
|
|
|
3,083
|
|
|
2,846
|
|
|
9,089
|
|
|
8,068
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
1,673
|
|
|
1,706
|
|
|
5,257
|
|
|
4,667
|
|
Acquired in-process
research and development
|
|
|
|
|
|
|
|
|
|
|
390
|
|
|
45
|
|
|
557
|
|
|
898
|
|
Other operating
expense, net
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
—
|
|
|
432
|
|
|
—
|
|
Total operating costs
and expenses
|
|
|
|
|
|
|
|
|
|
|
10,036
|
|
|
9,647
|
|
|
28,461
|
|
|
24,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
|
|
|
|
|
|
|
|
|
4,306
|
|
|
3,255
|
|
|
12,850
|
|
|
7,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
|
|
|
|
|
|
|
585
|
|
|
620
|
|
|
1,813
|
|
|
1,662
|
|
Net foreign exchange
loss
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
20
|
|
|
35
|
|
|
54
|
|
Other expense,
net
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
115
|
|
|
2,284
|
|
|
989
|
|
Earnings before
income tax expense
|
|
|
|
|
|
|
|
|
|
|
3,688
|
|
|
2,500
|
|
|
8,718
|
|
|
4,905
|
|
Income tax
expense
|
|
|
|
|
|
|
|
|
|
|
508
|
|
|
187
|
|
|
1,214
|
|
|
321
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
3,180
|
|
|
2,313
|
|
|
7,504
|
|
|
4,584
|
|
Net earnings
attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
5
|
|
|
6
|
|
|
4
|
|
Net earnings
attributable to AbbVie Inc.
|
|
|
|
|
|
|
|
|
|
|
$
|
3,179
|
|
|
$
|
2,308
|
|
|
$
|
7,498
|
|
|
$
|
4,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to AbbVie Inc.
|
|
|
|
|
|
|
|
|
|
|
$
|
1.78
|
|
|
$
|
1.29
|
|
|
$
|
4.19
|
|
|
$
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per sharea
|
|
|
|
|
|
|
|
|
|
|
$
|
3.33
|
|
|
$
|
2.83
|
|
|
$
|
9.39
|
|
|
$
|
7.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
diluted shares outstanding
|
|
|
|
|
|
|
|
|
|
|
1,777
|
|
|
1,774
|
|
|
1,776
|
|
|
1,637
|
|
|
|
a
|
Refer to the
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
for further details.
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended
September 30, 2021
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
3Q21
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
3,688
|
|
|
$
|
3,179
|
|
|
$
|
1.78
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
1,904
|
|
|
1,585
|
|
|
0.88
|
|
Acquisition and
integration costs
|
176
|
|
|
166
|
|
|
0.09
|
|
Milestones and other
R&D expenses
|
12
|
|
|
12
|
|
|
0.01
|
|
Acquired
IPR&D
|
390
|
|
|
384
|
|
|
0.21
|
|
Calico
collaboration
|
500
|
|
|
500
|
|
|
0.28
|
|
Change in fair value
of contingent consideration
|
98
|
|
|
98
|
|
|
0.06
|
|
Other
|
48
|
|
|
29
|
|
|
0.02
|
|
As adjusted
(non-GAAP)
|
$
|
6,816
|
|
|
$
|
5,953
|
|
|
$
|
3.33
|
|
|
a Represents net
earnings attributable to AbbVie Inc.
|
|
Acquisition and
integration costs reflect Allergan-related integration costs.
Milestones and other R&D expenses include milestone payments
for previously announced collaborations. Acquired IPR&D
represents initial costs to acquire rights to in-process R&D
projects through R&D collaborations, licensing arrangements or
other asset acquisitions. Other primarily includes restructuring
charges associated with streamlining global operations and COVID-19
related expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
3Q21
|
|
Cost of products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Other
operating
expense,
net
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
4,390
|
|
|
$
|
3,083
|
|
|
$
|
1,673
|
|
|
$
|
390
|
|
|
$
|
500
|
|
|
$
|
21
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,904)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
(49)
|
|
|
(105)
|
|
|
(22)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(390)
|
|
|
—
|
|
|
—
|
|
Calico
collaboration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500)
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(98)
|
|
Other
|
(24)
|
|
|
(17)
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
2,413
|
|
|
$
|
2,961
|
|
|
$
|
1,632
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(77)
|
|
|
3. The adjusted tax rate for
the third quarter of 2021 was 12.6 percent, as detailed
below:
|
|
3Q21
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
3,688
|
|
|
$
|
508
|
|
|
13.8
|
%
|
Specified
items
|
3,128
|
|
|
354
|
|
|
11.3
|
%
|
As
adjusted (non-GAAP)
|
$
|
6,816
|
|
|
$
|
862
|
|
|
12.6
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended
September 30, 2020
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
3Q20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,500
|
|
|
$
|
2,308
|
|
|
$
|
1.29
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
2,117
|
|
|
1,800
|
|
|
1.02
|
|
Acquisition and
integration costs
|
792
|
|
|
682
|
|
|
0.38
|
|
Milestones and other
R&D expenses
|
40
|
|
|
38
|
|
|
0.02
|
|
Acquired
IPR&D
|
45
|
|
|
45
|
|
|
0.02
|
|
Change in fair value
of contingent consideration
|
197
|
|
|
197
|
|
|
0.11
|
|
Other
|
30
|
|
|
(22)
|
|
|
(0.01)
|
|
As adjusted
(non-GAAP)
|
$
|
5,721
|
|
|
$
|
5,048
|
|
|
$
|
2.83
|
|
|
a
Represents net earnings attributable to
AbbVie Inc.
|
|
Acquisition and
integration costs reflect amortization of the acquisition date fair
value step-up for inventory as well as compensation expense and
other integration costs related to the Allergan acquisition.
Milestones and other R&D expenses include milestone payments
for previously announced collaborations. Acquired IPR&D
represents initial costs to acquire rights to in-process R&D
projects through R&D collaborations, licensing arrangements or
other asset acquisitions. Other primarily includes tax settlements
and COVID-19 related expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
3Q20
|
|
Net
revenues
|
|
Cost of products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Net
foreign
exchange
loss
|
|
Other
expense, net
|
As reported
(GAAP)
|
$
|
12,902
|
|
|
$
|
5,050
|
|
|
$
|
2,846
|
|
|
$
|
1,706
|
|
|
$
|
45
|
|
|
$
|
20
|
|
|
$
|
115
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
—
|
|
|
(2,117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
—
|
|
|
(551)
|
|
|
(104)
|
|
|
(137)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197)
|
|
Other
|
(20)
|
|
|
(20)
|
|
|
(19)
|
|
|
(16)
|
|
|
—
|
|
|
5
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
12,882
|
|
|
$
|
2,362
|
|
|
$
|
2,723
|
|
|
$
|
1,513
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
(82)
|
|
|
3. The adjusted tax
rate for the third quarter of 2020 was 11.7 percent, as detailed
below:
|
|
3Q20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,500
|
|
|
$
|
187
|
|
|
7.5
|
%
|
Specified
items
|
3,221
|
|
|
481
|
|
|
14.9
|
%
|
As
adjusted (non-GAAP)
|
$
|
5,721
|
|
|
$
|
668
|
|
|
11.7
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Nine Months Ended
September 30, 2021
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
9M21
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
8,718
|
|
|
$
|
7,498
|
|
|
$
|
4.19
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
5,912
|
|
|
4,929
|
|
|
2.77
|
|
Acquisition and
integration costs
|
535
|
|
|
427
|
|
|
0.23
|
|
Milestones and other
R&D expenses
|
359
|
|
|
307
|
|
|
0.17
|
|
Acquired
IPR&D
|
557
|
|
|
543
|
|
|
0.30
|
|
Calico
collaboration
|
500
|
|
|
500
|
|
|
0.28
|
|
Change in fair value
of contingent consideration
|
2,447
|
|
|
2,445
|
|
|
1.38
|
|
Litigation
matters
|
107
|
|
|
86
|
|
|
0.05
|
|
Other
|
47
|
|
|
42
|
|
|
0.02
|
|
As adjusted
(non-GAAP)
|
$
|
19,182
|
|
|
$
|
16,777
|
|
|
$
|
9.39
|
|
|
a
Represents net earnings attributable to
AbbVie Inc.
|
|
Acquisition and
integration costs reflect integration costs as well as amortization
of the acquisition date fair value step-up for inventory related to
the Allergan acquisition. Milestones and other R&D expenses
include milestone payments for previously announced collaborations
and the purchase of FDA priority review vouchers from third
parties. Acquired IPR&D represents initial costs to acquire
rights to in-process R&D projects through R&D
collaborations, licensing arrangements or other asset acquisitions.
Other primarily includes restructuring charges associated with
streamlining global operations and COVID-19 related expenses,
offset by milestone revenue under an existing collaboration
agreement.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
9M21
|
|
Net
revenues
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Other
operating
expense,
net
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
41,311
|
|
|
$
|
13,126
|
|
|
$
|
9,089
|
|
|
$
|
5,257
|
|
|
$
|
557
|
|
|
$
|
432
|
|
|
$
|
2,284
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
—
|
|
|
(5,912)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
—
|
|
|
(172)
|
|
|
(275)
|
|
|
(88)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(359)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(557)
|
|
|
—
|
|
|
—
|
|
Calico
collaboration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500)
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,447)
|
|
Litigation
matters
|
—
|
|
|
—
|
|
|
(107)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
(75)
|
|
|
(65)
|
|
|
(50)
|
|
|
(90)
|
|
|
—
|
|
|
68
|
|
|
15
|
|
As
adjusted (non-GAAP)
|
$
|
41,236
|
|
|
$
|
6,977
|
|
|
$
|
8,657
|
|
|
$
|
4,720
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(148)
|
|
|
3. The adjusted tax rate for
the first nine months of 2021 was 12.5 percent, as detailed
below:
|
|
9M21
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
8,718
|
|
|
$
|
1,214
|
|
|
13.9
|
%
|
Specified
items
|
10,464
|
|
|
1,185
|
|
|
11.3
|
%
|
As
adjusted (non-GAAP)
|
$
|
19,182
|
|
|
$
|
2,399
|
|
|
12.5
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Nine Months Ended
September 30, 2020
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
9M20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
4,905
|
|
|
$
|
4,580
|
|
|
$
|
2.77
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
3,967
|
|
|
3,361
|
|
|
2.05
|
|
Acquisition and
integration costs
|
2,899
|
|
|
2,624
|
|
|
1.60
|
|
Milestones and other
R&D expenses
|
225
|
|
|
202
|
|
|
0.12
|
|
Acquired
IPR&D
|
898
|
|
|
898
|
|
|
0.54
|
|
Change in fair value
of contingent consideration
|
1,078
|
|
|
1,078
|
|
|
0.65
|
|
Other
|
147
|
|
|
(187)
|
|
|
(0.11)
|
|
As adjusted
(non-GAAP)
|
$
|
14,119
|
|
|
$
|
12,556
|
|
|
$
|
7.62
|
|
|
a Represents
net earnings attributable to AbbVie Inc.
|
|
Acquisition and
integration costs reflect transaction and financing costs,
compensation expense and other integration costs as well as
amortization of the acquisition date fair value step-up for
inventory related to the Allergan acquisition. Milestones and other
R&D expenses include milestone payments for previously
announced collaborations and the purchase of an FDA priority review
voucher from a third party. Acquired IPR&D represents initial
costs to acquire rights to in-process R&D projects through
R&D collaborations, licensing arrangements or other asset
acquisitions. Other primarily includes the impacts of tax law
changes, tax settlements and COVID-19 related charitable
contributions and expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
9M20
|
|
Net
revenues
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest
expense,
net
|
|
|
Net
foreign
exchange
loss
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
31,946
|
|
|
$
|
10,703
|
|
|
$
|
8,068
|
|
|
$
|
4,667
|
|
|
$
|
898
|
|
|
$
|
1,662
|
|
|
$
|
54
|
|
|
$
|
989
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
—
|
|
|
(3,967)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
—
|
|
|
(1,020)
|
|
|
(1,290)
|
|
|
(315)
|
|
|
—
|
|
|
(274)
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(225)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(898)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,078)
|
|
Other
|
(20)
|
|
|
(64)
|
|
|
(64)
|
|
|
(48)
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
31,926
|
|
|
$
|
5,652
|
|
|
$
|
6,714
|
|
|
$
|
4,079
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
|
$
|
63
|
|
|
$
|
(89)
|
|
|
3. The adjusted tax rate for
the first nine months of 2020 was 11.0 percent, as detailed
below:
|
|
9M20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
4,905
|
|
|
$
|
321
|
|
|
6.5
|
%
|
Specified
items
|
9,214
|
|
|
1,238
|
|
|
13.4
|
%
|
As
adjusted (non-GAAP)
|
$
|
14,119
|
|
|
$
|
1,559
|
|
|
11.0
|
%
|
View original
content:https://www.prnewswire.com/news-releases/abbvie-reports-third-quarter-2021-financial-results-301411843.html
SOURCE AbbVie