Summary by Moomoo AI
On February 2, 2024, AbbVie Inc. reported its financial results for the fourth quarter and the full year that ended on December 31, 2023. The company experienced a decrease in full-year diluted EPS by 59.0% to $2.72 on a GAAP basis and a 19.3% decrease in adjusted diluted EPS to $11.11. Full-year net revenues declined by 6.4% to $54.318 billion, with a notable decrease in global net revenues from the immunology portfolio due to Humira biosimilar competition. However, the neuroscience portfolio saw an increase of 18.2% in global net revenues. The fourth-quarter diluted EPS also decreased by 66.7% to $0.46 on a GAAP basis and by 22.5% to $2.79 in adjusted diluted EPS. AbbVie also announced definitive agreements to acquire ImmunoGen and Cerevel Therapeutics, aiming to strengthen its oncology and neuroscience portfolios. The company provided an adjusted diluted EPS guidance range of $11.05 to $11.25 for 2024, which includes a dilutive impact from the aforementioned acquisitions. AbbVie reaffirmed its expectation for a high single-digit compound annual revenue growth rate through 2029 and raised its combined sales outlook for Skyrizi and Rinvoq to more than $27 billion by 2027.