The following is a summary of the AbbVie Inc. (ABBV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AbbVie marked a return to growth, reporting Q1 revenues of $12.3 billion driven primarily by a more than 15% growth from the ex-Humira portfolio.

• The adjusted earnings per share for Q1 were $2.31, slightly above the company's projected midpoint.

• Full year earnings guidance has been raised to between $11.13 and $11.33 with projected total net revenues of around $55 billion.

• However, revenues from Humira significantly declined by 35.2% due to budding biosimilar competition.

• The firm also observed marginal improvement in Q1 performance over initial forecasts, attributing most of Humira's erosion to price.

Business Progress:

• AbbVie's neuro franchise, including Vraylar and its migraine drugs, has shown robust performance, gaining market share.

• Qulipta became the leading preventive agent among injectable and oral CGRPs, demonstrating the firm's progress in the neuro franchise.

• The successful acquisition of ImmunoGen is expected to strengthen AbbVie's oncology pipeline and accelerate entry into the solid tumor market.

• The FDA granted full approval for Elahere for FR alpha positive platinum resistant ovarian cancer, marking a key R&D pipeline progress.

• AbbVie expects to close its transaction with Cerevel by mid-year which will enhance its neuroscience portfolio.

• A major operational change announced was CEO Rick Gonzalez's retirement, with Rob Michael set to succeed him.

• The company anticipates economic headwinds in the Chinese aesthetics market to persist until 2024, but expects recovery facilitated by investment in consumer activation, injector training, and new product launches.

More details: AbbVie IR

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