Earnings Summary AbbVie Reports ThirdQuarter Financial Results for 2024
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Earnings Summary: AbbVie Reports Third-Quarter Financial Results for 2024
NORTH CHICAGO, Ill., Oct. 30, 2024 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
Metric | Q3 2024 | YoY Change | Wall Street Consensus |
---|---|---|---|
Total Revenue | $14.46B | +3.8% | $14.28B |
Adjusted EPS | $3.00 | +1.7% | $2.91 |
GAAP Diluted EPS | $0.88 | -12.0% | - |
AbbVie's total revenue for Q3 2024 exceeded Wall Street estimates, showing a 3.8% increase year-over-year. The adjusted EPS was $3.00, surpassing consensus estimates as well.
Revenue Performance by Segment
Segment | Revenue (Q3 2024) | YoY Change (%) | Operational Basis Change (%) |
---|---|---|---|
Immunology | $7.046B | +3.9% | +4.8% |
Oncology | $1.687B | +11.6% | +13.0% |
Neuroscience | $2.363B | +15.6% | +16.0% |
Aesthetics | $1.239B | -0.1% | +1.8% |
AbbVie delivered strong segment performance, particularly in Neuroscience and Oncology, demonstrating double-digit growth. However, Aesthetics experienced a slight decline on a reported basis but showed growth operationally.
Key Developments and Operational Highlights
- Successfully completed the acquisition of Cerevel, enhancing its Neuroscience portfolio.
- Announced positive topline results from the Phase 3 TEMPO-1 trial for early Parkinson’s disease.
- FDA approved Vyalev for the treatment of advanced Parkinson's disease.
- Acquired Aliada Therapeutics to advance CNS diseases treatment.
Comments from Company Officers
Robert A. Michael, CEO of AbbVie, highlighted the strong commercial execution and substantial pipeline progress achieved during the quarter. The company is confident in its long-term growth outlook and has subsequently increased its full-year guidance and quarterly dividend.
Dividend and Share Repurchase Program
- AbbVie announced a 5.8% increase in its quarterly dividend, with the new rate payable in February 2025.
Forward Guidance
AbbVie raised its adjusted diluted EPS guidance for the full year 2024 to a range of $10.90 - $10.94, reflecting confidence in continued operational strength.
Stock Price Movement
Following the earnings release, AbbVie's stock experienced a slight increase of approximately 0.40%.
Overall, AbbVie exhibited solid financial performance with notable growth in its key segments, supported by strategic acquisitions and product approvals, underpinning a positive outlook for the remainder of the year and beyond.
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