- Reports First-Quarter Diluted EPS of $0.13 on a GAAP Basis, a Decrease of 94.8
Percent; Adjusted Diluted EPS of $2.46, a Decrease of 22.2 Percent; These Results
Include an Unfavorable Impact of $0.08 Per Share related to Acquired IPR&D and
Milestones Expense
- Delivers First-Quarter Net Revenues of $12.225 Billion, a Decrease of 9.7 Percent on a
Reported Basis and 8.3 Percent on an Operational Basis
- First-Quarter Global Net Revenues from the Immunology
Portfolio Were $5.587 Billion, a
Decrease of 9.0 Percent on a Reported Basis, or 7.8 Percent on an
Operational Basis; Global Humira Net Revenues Were $3.541 Billion; Global Skyrizi Net Revenues Were
$1.360 Billion; Global Rinvoq Net
Revenues Were $686 Million
- First-Quarter Global Net Revenues from the
Hematologic Oncology Portfolio Were $1.416
Billion, a Decrease of 14.0 Percent on a Reported Basis, or
12.9 Percent on an Operational Basis; Global Imbruvica Net Revenues
Were $878 Million; Global Venclexta
Net Revenues Were $538
Million
- First-Quarter Global Net Revenues from the
Neuroscience Portfolio Were $1.695
Billion, an Increase of 13.9 Percent on a Reported Basis, or
15.0 Percent on an Operational Basis; Global Botox Therapeutic Net
Revenues Were $719 Million; Global
Vraylar Net Revenues Were $561
Million
- First-Quarter Global Net Revenues from the Aesthetics
Portfolio Were $1.300 Billion, a
Decrease of 5.4 Percent on a Reported Basis, or 2.0 Percent on an
Operational Basis; Global Botox Cosmetic Net Revenues Were
$659 Million; Global Juvederm Net
Revenues Were $355 Million
- Raises 2023 Adjusted Diluted EPS Guidance Range from
$10.62 - $11.02 to $10.72 -
$11.12, which Includes an Unfavorable
Impact of $0.08 Per Share Related to
Acquired IPR&D and Milestones Expense Incurred During the First
Quarter 2023
NORTH
CHICAGO, Ill., April 27,
2023 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced
financial results for the first quarter ended March 31, 2023.
"This year is off to an excellent start, with first-quarter
revenues and EPS ahead of our expectations, driven by strong
commercial execution across all areas of our diversified
portfolio," said Richard A.
Gonzalez, chairman and chief executive officer, AbbVie.
"These balanced results give us confidence to increase our
full-year guidance and we see numerous opportunities for key assets
to drive compelling long-term growth."
First-Quarter Results
- Worldwide net revenues were $12.225
billion, a decrease of 9.7 percent on a reported basis, or
8.3 percent on an operational basis.
- Global net revenues from the immunology portfolio were
$5.587 billion, a decrease of 9.0
percent on a reported basis, or 7.8 percent on an operational
basis.
-
- Global Humira net revenues of $3.541
billion decreased 25.2 percent on a reported basis, or 24.3
percent on an operational basis. U.S. Humira net revenues were
$2.948 billion, a decrease of 26.1
percent. Internationally, Humira net revenues were $593 million, a decrease of 20.3 percent on a
reported basis, or 14.8 percent on an operational basis.
- Global Skyrizi net revenues were $1.360
billion, an increase of 44.7 percent on a reported basis, or
46.3 percent on an operational basis.
- Global Rinvoq net revenues were $686
million, an increase of 47.5 percent on a reported basis, or
51.2 percent on an operational basis.
- Global net revenues from the hematologic oncology portfolio
were $1.416 billion, a decrease of
14.0 percent on a reported basis, or 12.9 percent on an operational
basis.
-
- Global Imbruvica net revenues were $878
million, a decrease of 25.2 percent, with U.S. net revenues
of $638 million and international
profit sharing of $240 million.
- Global Venclexta net revenues were $538
million, an increase of 13.7 percent on a reported basis, or
17.5 percent on an operational basis.
- Global net revenues from the neuroscience portfolio were
$1.695 billion, an increase of 13.9
percent on a reported basis, or 15.0 percent on an operational
basis.
-
- Global Botox Therapeutic net revenues were $719 million, an increase of 17.1 percent on a
reported basis, or 18.7 percent on an operational basis.
- Global Vraylar net revenues were $561
million, an increase of 31.3 percent.
- Global Ubrelvy net revenues were $152
million, an increase of 10.0 percent.
- Global net revenues from the aesthetics portfolio were
$1.300 billion, a decrease of 5.4
percent on a reported basis, or 2.0 percent on an operational
basis.
-
- Global Botox Cosmetic net revenues were $659 million, an increase of 2.9 percent on a
reported basis, or 5.8 percent on an operational basis.
- Global Juvederm net revenues were $355
million, a decrease of 13.4 percent on a reported basis, or
7.4 percent on an operational basis.
- On a GAAP basis, the gross margin ratio in the first quarter
was 67.4 percent. The adjusted gross margin ratio was 84.2
percent.
- On a GAAP basis, selling, general and administrative (SG&A)
expense was 24.9 percent of net revenues. The adjusted SG&A
expense was 24.4 percent of net revenues.
- On a GAAP basis, research and development (R&D) expense was
18.8 percent of net revenues. The adjusted R&D expense was 13.6
percent of net revenues, reflecting funding actions supporting all
stages of our pipeline.
- Acquired IPR&D and milestones expense was 1.2 percent of
net revenues.
- On a GAAP basis, the operating margin in the first quarter was
22.6 percent. The adjusted operating margin was 45.0 percent.
- Net interest expense was $454
million.
- On a GAAP basis, the tax rate in the quarter was 49.3 percent.
The adjusted tax rate was 13.7 percent.
- Diluted EPS in the first quarter was $0.13 on a GAAP basis. Adjusted diluted EPS,
excluding specified items, was $2.46.
These results include an unfavorable impact of $0.08 per share related to acquired IPR&D and
milestones expense.
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, 45 mg induction dose, 15 mg and 30 mg maintenance
doses) as the first oral Janus Kinase (JAK) inhibitor for the
treatment of adult patients with moderately to severely active
Crohn's disease (CD) who have had an inadequate response, lost
response or were intolerant to either conventional therapy or a
biologic agent. The approval is based on results from three studies
in which Rinvoq achieved the co-primary endpoints of clinical
remission and endoscopic response, compared to placebo, as both
induction and maintenance therapy. This is the seventh approved
indication for Rinvoq in the European Union (EU).
- AbbVie announced positive top-line results from INSPIRE, a
Phase 3 induction study, showing Skyrizi (risankizumab, 1200 mg
intravenous (IV), at weeks 0, 4 and 8) met the primary endpoint of
clinical remission at week 12, as well as all secondary endpoints
in adult patients with moderately to severely active ulcerative
colitis (UC). Safety results in this study were consistent with the
known safety profile of Skyrizi, with no new safety risks observed.
Skyrizi is part of a collaboration between Boehringer Ingelheim and
AbbVie, with AbbVie leading development and commercialization
globally.
- AbbVie announced positive top-line results from a Phase 2 study
of Rinvoq (30 mg, once daily), given alone or as combination
therapy (ABBV-599) with a Bruton's Tyrosine Kinase inhibitor
(elsubrutinib, 60 mg), in patients with moderately to severely
active systemic lupus erythematosus (SLE). The study met the
primary endpoint of SLE Responder Index (SRI-4) with a steroid dose
of less than or equal to 10 mg per day at week 24 in patients with
moderately to severely active SLE. Based on these results, AbbVie
intends to advance its clinical program of Rinvoq in SLE to Phase
3.
- At the Congress of European Crohn's and Colitis Organisation
(ECCO), AbbVie presented 24 abstracts, including four oral
presentations, two digital oral presentations and 18 posters from a
broad range of studies across its inflammatory bowel disease (IBD)
portfolio. Highlights included data from the ADVANCE, MOTIVATE and
FORTIFY studies highlighting efficacy outcomes and clinical
response in patients receiving Skyrizi for treatment of moderately
to severely active CD, sub-analyses from the U-EXCEL, U-EXCEED and
U-ENDURE studies evaluating Rinvoq for the treatment of moderately
to severely active CD and analyses evaluating Rinvoq for the
treatment of UC.
- At the 2023 American Academy of Dermatology (AAD) Annual
Meeting, AbbVie presented more than 20 abstracts showcasing the
strength of its dermatology portfolio. Notable presentations
included late-breaking data that demonstrated Skyrizi improved
plaque psoriasis (PsO) signs and symptoms among moderate to severe
PsO patients that previously had a suboptimal response to IL-17
inhibitor therapy; abstracts assessing long-term outcomes of
Skyrizi in patients with active psoriatic arthritis (PsA); subgroup
analyses of outcomes in adults and adolescents with atopic
dermatitis (AD) from three Phase 3 trials assessing the efficacy
and safety of Rinvoq across 52 weeks; and results from a Phase 2
study evaluating the efficacy and safety of Rinvoq in
moderate-to-severe hidradenitis suppurativa (HS).
- AbbVie announced that it intends to voluntarily withdraw the
U.S. accelerated Imbruvica (ibrutinib) approvals for patients with
mantle cell lymphoma (MCL) who received at least one prior therapy
and patients with marginal zone lymphoma (MZL) who require systemic
therapy and received at least one prior anti-CD20-based therapy.
This voluntary action was due to requirements related to the
accelerated approval status granted by the U.S. Food and Drug
Administration (FDA) for MCL and MZL. Other approved indications
for Imbruvica in the U.S. were not affected by this withdrawal and
Imbruvica's established clinical profile in other approved
indications is unchanged. Imbruvica is jointly developed and
commercialized with Janssen Biotech, Inc.
Recent Events (Continued)
- AbbVie announced that the FDA approved expanding the indication
of Qulipta (atogepant) for the preventive treatment of migraine in
adults. The approval makes Qulipta the only oral calcitonin
gene-related peptide (CGRP) receptor antagonist approved to prevent
episodic and chronic migraine. The expanded indication provides an
additional treatment option for those with chronic migraine whose
frequent disabling attacks negatively impact performance of daily
activities. Approval is based on a clinical trial that demonstrated
statistically significant reduction from baseline in mean monthly
migraine days and improvements in function and reduction in
activity impairment.
- AbbVie announced it received a Complete Response Letter (CRL)
from the FDA for the New Drug Application (NDA) for ABBV-951
(foscarbidopa/foslevodopa) for the treatment of motor fluctuations
in adults with advanced Parkinson's disease (PD). In its letter,
the FDA requested additional information about the device (pump) as
part of the NDA review. The CRL did not request that AbbVie conduct
additional efficacy and safety trials related to the drug. AbbVie
plans to resubmit the NDA as soon as possible.
- AbbVie and Capsida Biotherapeutics Inc. (Capsida) announced an
expanded strategic collaboration to develop genetic medicines for
eye diseases with high unmet need. The collaboration builds on the
partnership announced in 2021. Under the expanded collaboration,
AbbVie's extensive capabilities will be paired with Capsida's novel
adeno-associated virus (AAV) engineering platform and manufacturing
capability to identify and advance three programs.
Full-Year 2023 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full
year 2023 from $10.62 - $11.02
to $10.72 - $11.12, which includes an unfavorable impact of
$0.08 per share related to acquired
IPR&D and milestones expense incurred during the first quarter
2023. The company's 2023 adjusted diluted EPS guidance excludes any
impact from acquired IPR&D and milestones that may be incurred
beyond the first quarter of 2023, as both cannot be reliably
forecasted.
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 and gastroenterology, in
addition to products and services across our Allergan Aesthetics
portfolio. For more information about AbbVie, please visit us at
www.abbvie.com. Follow @abbvie on Twitter, Facebook or
LinkedIn.
Conference Call
AbbVie will host an investor conference call today at
8:00 a.m. Central time to discuss our
first-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 2023 and 2022 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.
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 and uses of future
or conditional verbs, 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 expressed or implied in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to 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 2022 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, and specifically declines, 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 March
31, 2023
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
1Q22
|
|
Net Revenues (in
millions)
|
|
Reported
|
|
Operationala
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
Int'l.
|
|
Total
|
NET
REVENUES
|
$9,201
|
|
$3,024
|
|
$12,225
|
|
(11.1) %
|
|
(5.2) %
|
|
(9.7) %
|
|
0.9 %
|
|
(8.3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
4,536
|
|
1,051
|
|
5,587
|
|
(10.8)
|
|
(0.6)
|
|
(9.0)
|
|
6.3
|
|
(7.8)
|
Humira
|
2,948
|
|
593
|
|
3,541
|
|
(26.1)
|
|
(20.3)
|
|
(25.2)
|
|
(14.8)
|
|
(24.3)
|
Skyrizi
|
1,139
|
|
221
|
|
1,360
|
|
45.9
|
|
38.5
|
|
44.7
|
|
47.7
|
|
46.3
|
Rinvoq
|
449
|
|
237
|
|
686
|
|
44.4
|
|
53.7
|
|
47.5
|
|
64.9
|
|
51.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
903
|
|
513
|
|
1,416
|
|
(18.2)
|
|
(5.5)
|
|
(14.0)
|
|
(2.2)
|
|
(12.9)
|
Imbruvicab
|
638
|
|
240
|
|
878
|
|
(27.0)
|
|
(19.7)
|
|
(25.2)
|
|
(19.7)
|
|
(25.2)
|
Venclexta
|
265
|
|
273
|
|
538
|
|
15.7
|
|
11.8
|
|
13.7
|
|
19.2
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
777
|
|
523
|
|
1,300
|
|
(8.1)
|
|
(1.1)
|
|
(5.4)
|
|
7.8
|
|
(2.0)
|
Botox
Cosmetic
|
409
|
|
250
|
|
659
|
|
(0.7)
|
|
9.4
|
|
2.9
|
|
17.5
|
|
5.8
|
Juvederm
Collection
|
122
|
|
233
|
|
355
|
|
(17.9)
|
|
(10.9)
|
|
(13.4)
|
|
(1.4)
|
|
(7.4)
|
Other
Aesthetics
|
246
|
|
40
|
|
286
|
|
(13.6)
|
|
3.6
|
|
(11.5)
|
|
12.7
|
|
(10.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
1,463
|
|
232
|
|
1,695
|
|
15.0
|
|
7.5
|
|
13.9
|
|
15.0
|
|
15.0
|
Botox
Therapeutic
|
587
|
|
132
|
|
719
|
|
17.5
|
|
15.5
|
|
17.1
|
|
24.2
|
|
18.7
|
Vraylar
|
560
|
|
1
|
|
561
|
|
31.2
|
|
n/m
|
|
31.3
|
|
n/m
|
|
31.3
|
Duodopa
|
25
|
|
93
|
|
118
|
|
6.5
|
|
(4.3)
|
|
(2.2)
|
|
1.7
|
|
2.6
|
Ubrelvy
|
150
|
|
2
|
|
152
|
|
9.0
|
|
n/m
|
|
10.0
|
|
n/m
|
|
10.0
|
Qulipta
|
66
|
|
—
|
|
66
|
|
>100.0
|
|
n/m
|
|
>100.0
|
|
n/m
|
|
>100.0
|
Other
Neuroscience
|
75
|
|
4
|
|
79
|
|
(56.7)
|
|
6.9
|
|
(55.2)
|
|
12.6
|
|
(55.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
319
|
|
289
|
|
608
|
|
(35.7)
|
|
5.0
|
|
(21.2)
|
|
11.0
|
|
(19.0)
|
Ozurdex
|
39
|
|
76
|
|
115
|
|
16.1
|
|
3.2
|
|
7.3
|
|
10.3
|
|
12.2
|
Lumigan/Ganfort
|
63
|
|
67
|
|
130
|
|
(6.8)
|
|
(7.2)
|
|
(7.0)
|
|
(2.7)
|
|
(4.7)
|
Alphagan/Combigan
|
28
|
|
43
|
|
71
|
|
(59.4)
|
|
16.9
|
|
(33.3)
|
|
24.2
|
|
(30.8)
|
Restasis
|
79
|
|
13
|
|
92
|
|
(66.5)
|
|
20.4
|
|
(62.8)
|
|
25.1
|
|
(62.6)
|
Other Eye
Care
|
110
|
|
90
|
|
200
|
|
22.9
|
|
10.3
|
|
16.9
|
|
16.3
|
|
19.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
727
|
|
201
|
|
928
|
|
5.5
|
|
(7.4)
|
|
2.4
|
|
(1.1)
|
|
3.9
|
Mavyret
|
171
|
|
193
|
|
364
|
|
1.2
|
|
(8.1)
|
|
(4.0)
|
|
(1.8)
|
|
(0.5)
|
Creon
|
305
|
|
—
|
|
305
|
|
6.3
|
|
n/m
|
|
6.3
|
|
n/m
|
|
6.3
|
Linzess/Constella
|
251
|
|
8
|
|
259
|
|
7.7
|
|
11.9
|
|
7.8
|
|
17.8
|
|
8.0
|
|
|
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
|
Reflects profit sharing
for Imbruvica international revenues.
|
n/m = not
meaningful
|
AbbVie
Inc.
Consolidated
Statements of Earnings
(Unaudited)
|
|
(in millions, except
per share data)
|
First
Quarter
Ended March
31
|
|
2023
|
|
2022
|
Net revenues
|
$
12,225
|
|
$
13,538
|
Cost of products
sold
|
3,986
|
|
4,052
|
Selling, general and
administrative
|
3,039
|
|
3,127
|
Research and
development
|
2,292
|
|
1,497
|
Acquired IPR&D and
milestones
|
150
|
|
145
|
Other operating
income
|
(10)
|
|
—
|
Total operating costs
and expenses
|
9,457
|
|
8,821
|
|
|
|
|
Operating
earnings
|
2,768
|
|
4,717
|
|
|
|
|
Interest expense,
net
|
454
|
|
539
|
Net foreign exchange
loss
|
35
|
|
25
|
Other expense (income),
net
|
1,804
|
|
(776)
|
Earnings before income
tax expense
|
475
|
|
4,929
|
Income tax
expense
|
234
|
|
436
|
Net earnings
|
241
|
|
4,493
|
Net earnings
attributable to noncontrolling interest
|
2
|
|
3
|
Net earnings
attributable to AbbVie Inc.
|
$
239
|
|
$
4,490
|
|
|
|
|
Diluted earnings per
share attributable to AbbVie Inc.
|
$
0.13
|
|
$
2.51
|
|
|
|
|
Adjusted diluted
earnings per sharea
|
$
2.46
|
|
$
3.16
|
|
|
|
|
Weighted-average
diluted shares outstanding
|
1,776
|
|
1,778
|
|
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
(Unaudited)
|
|
1. Specified items impacted
results as follows:
|
|
|
|
|
|
|
Quarter Ended March
31, 2023
|
(in millions, except
per share data)
|
|
|
|
|
Earnings
|
|
Diluted
|
|
|
|
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
|
|
|
|
$
475
|
|
$
239
|
|
$
0.13
|
Adjusted for specified
items:
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
|
|
|
1,948
|
|
1,646
|
|
0.93
|
Intangible asset
impairment
|
|
|
|
|
710
|
|
629
|
|
0.35
|
Acquisition and
integration costs
|
|
|
|
|
61
|
|
55
|
|
0.03
|
Change in fair value
of contingent consideration
|
|
|
|
|
1,872
|
|
1,822
|
|
1.02
|
Other
|
|
|
|
|
17
|
|
(6)
|
|
—
|
As adjusted
(non-GAAP)
|
|
|
|
|
$
5,083
|
|
$
4,385
|
|
$
2.46
|
|
a
Represents net earnings attributable
to AbbVie Inc.
|
|
Acquisition and
integration costs primarily reflect integration costs related to
the Allergan acquisition.
|
|
Reported GAAP earnings
and adjusted non-GAAP earnings for the three months ended March 31,
2023 included acquired IPR&D and milestones
expense of $150 million on a pre-tax and after-tax basis,
representing an unfavorable impact of $0.08 to both diluted EPS and
adjusted diluted EPS.
|
|
2. The impact of the
specified items by line item was as follows:
|
|
|
Quarter Ended March
31, 2023
|
(in
millions)
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Other
operating
income
|
|
Other
expense
(income),
net
|
As reported
(GAAP)
|
$
3,986
|
|
$
3,039
|
|
$
2,292
|
|
$
(10)
|
|
$
1,804
|
Adjusted for specified
items:
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,948)
|
|
—
|
|
—
|
|
—
|
|
—
|
Intangible asset
impairment
|
(80)
|
|
—
|
|
(630)
|
|
—
|
|
—
|
Acquisition and
integration costs
|
(15)
|
|
(44)
|
|
(2)
|
|
—
|
|
—
|
Change in fair value
of contingent consideration
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,872)
|
Other
|
(12)
|
|
(11)
|
|
(3)
|
|
10
|
|
(1)
|
As adjusted
(non-GAAP)
|
$
1,931
|
|
$
2,984
|
|
$
1,657
|
|
$
—
|
|
$
(69)
|
|
|
3. The adjusted tax rate for
the first quarter of 2023 was 13.7 percent, as detailed
below:
|
|
|
|
|
|
|
Quarter Ended March
31, 2023
|
(dollars in
millions)
|
|
|
|
|
Pre-tax
earnings
|
|
Income taxes
|
|
Tax rate
|
As reported
(GAAP)
|
|
|
|
|
$
475
|
|
$
234
|
|
49.3 %
|
Specified
items
|
|
|
|
|
4,608
|
|
462
|
|
10.0 %
|
As adjusted
(non-GAAP)
|
|
|
|
|
$
5,083
|
|
$
696
|
|
13.7 %
|
AbbVie
Inc.
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
|
|
1. Specified items impacted
results as follows:
|
|
|
|
|
Quarter Ended March
31, 2022
|
(in millions, except
per share data)
|
|
|
Earnings
|
|
Diluted
|
|
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
|
|
$
4,929
|
|
$
4,490
|
|
$
2.51
|
Adjusted for specified
items:
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
|
1,855
|
|
1,565
|
|
0.88
|
Acquisition and
integration costs
|
|
|
138
|
|
121
|
|
0.07
|
Change in fair value
of contingent consideration
|
|
|
(748)
|
|
(746)
|
|
(0.42)
|
Litigation
matters
|
|
|
184
|
|
148
|
|
0.08
|
Other
|
|
|
64
|
|
63
|
|
0.04
|
As adjusted
(non-GAAP)
|
|
|
$
6,422
|
|
$
5,641
|
|
$
3.16
|
|
a
Represents net earnings attributable to AbbVie
Inc.
|
|
Acquisition and
integration costs reflect integration costs related to the Allergan
acquisition. Other primarily includes restructuring charges
associated
with streamlining global operations.
|
|
Reported GAAP earnings
and adjusted non-GAAP earnings for the first quarter of 2022
included acquired IPR&D and milestones expense
of $145 million on a pre-tax and after-tax basis, representing
an unfavorable impact of $0.08 to both diluted EPS and adjusted
diluted EPS.
|
|
2. The impact of the
specified items by line item was as follows:
|
|
|
Quarter Ended March
31, 2022
|
(in
millions)
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Other
expense
(income),
net
|
As reported
(GAAP)
|
$
4,052
|
|
$
3,127
|
|
$
1,497
|
|
$
(776)
|
Adjusted for specified
items:
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,855)
|
|
—
|
|
—
|
|
—
|
Acquisition and
integration costs
|
(34)
|
|
(93)
|
|
(11)
|
|
—
|
Change in fair value
of contingent consideration
|
—
|
|
—
|
|
—
|
|
748
|
Litigation
matters
|
—
|
|
(184)
|
|
—
|
|
—
|
Other
|
(60)
|
|
2
|
|
(6)
|
|
—
|
As adjusted
(non-GAAP)
|
$
2,103
|
|
$
2,852
|
|
$
1,480
|
|
$
(28)
|
|
|
3. The adjusted tax rate for
the first quarter of 2022 was 12.1 percent, as detailed
below:
|
|
|
|
|
Quarter Ended March
31, 2022
|
(dollars in
millions)
|
|
|
Pre-tax
earnings
|
|
Income taxes
|
|
Tax rate
|
As reported
(GAAP)
|
|
|
$
4,929
|
|
$
436
|
|
8.8 %
|
Specified
items
|
|
|
1,493
|
|
342
|
|
22.9 %
|
As adjusted
(non-GAAP)
|
|
|
$
6,422
|
|
$
778
|
|
12.1 %
|
View original
content:https://www.prnewswire.com/news-releases/abbvie-reports-first-quarter-2023-financial-results-301808989.html
SOURCE AbbVie