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AbbVie Reports Full-Year and Fourth-Quarter 2021 Financial Results AbbVie (NYSE:ABBV) announced financial results for the fourth quarter and full year ended December 31, 2021. We delivered another year of...

Wednesday, February 2, 2022 4 min read
Key Takeaway: NORTH CHICAGO, Ill., Feb. 2, 2022 /PRNewswire/ -- AbbVie (NYSE: ABBV ) announced financial results for the fourth quarter and full year ended December 31, 2021 . "We delivered another year of outstanding performance in 2021 with double-digit revenue and EPS growth that were well

Full Press Release Details

NORTH CHICAGO, Ill., Feb. 2, 2022 /PRNewswire/ -- AbbVie (NYSE: ABBV ) announced financial results for the fourth quarter and full year ended December 31, 2021 .
"We delivered another year of outstanding performance in 2021 with double-digit revenue and EPS growth that were well above our initial expectations," said Richard A. Gonzalez , chairman and chief executive officer, AbbVie. "We are entering 2022 with significant momentum and expect our diverse set of growth assets, robust pipeline and excellent execution to deliver continued strong performance this year and over the long term."
Fourth-Quarter Results
Full-Year 2022 Outlook
AbbVie is issuing its GAAP diluted EPS guidance for the full-year 2022 of $9.26 to $9.46 . AbbVie expects to deliver adjusted diluted EPS for the full-year 2022 of $14.00 to $14.20 . The company's 2022 adjusted diluted EPS guidance excludes $4.74 per share of intangible asset amortization expense, non-cash charges for contingent consideration adjustments and other specified items.
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 , LinkedIn or Instagram .
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central time to discuss our fourth-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 2022 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 December 31, 2021
(Unaudited)
% Change vs. 4Q20
Net Revenues (in millions) Reported Operational a
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $11,677 $3,209 $14,886 9.5% 0.5% 7.4% 0.9% 7.5%
Immunology 5,696 1,050 6,746 14.2 8.3 13.2 9.0 13.3
Humira 4,553 781 5,334 6.0 (9.1) 3.5 (8.8) 3.5
Skyrizi 761 134 895 68.6 82.1 70.5 84.8 70.9
Rinvoq 382 135 517 57.1 >100.0 84.4 >100.0 85.2
Hematologic Oncology 1,363 510 1,873 (0.7) 22.5 4.6 23.1 4.7
Imbruvica b 1,114 271 1,385 (4.3) 4.6 (2.7) 4.6 (2.7)
Venclexta 249 239 488 19.4 51.8 33.3 53.5 34.0
Aesthetics 877 530 1,407 21.1 27.1 23.3 25.8 22.8
Botox Cosmetic 397 229 626 31.3 20.3 27.0 19.3 26.6
Juvederm Collection 180 252 432 22.8 36.8 30.6 35.3 29.8
Other Aesthetics 300 49 349 9.1 15.3 9.9 13.9 9.7
Neuroscience 1,440 214 1,654 21.1 7.1 19.0 7.0 19.0
Botox Therapeutic 561 110 671 18.9 15.4 18.3 14.1 18.1
Vraylar 489 — 489 21.8 n/a 21.8 n/a 21.8
Duodopa 29 99 128 0.1 (2.0) (1.5) (0.7) (0.5)
Ubrelvy 183 — 183 >100.0 n/a >100.0 n/a >100.0
Other Neuroscience 178 5 183 (19.9) 42.0 (18.9) 34.3 (19.0)
Eye Care 672 288 960 7.6 (4.7) 3.6 (3.8) 3.9
Lumigan/Ganfort 72 77 149 6.2 (9.2) (2.4) (9.0) (2.3)
Alphagan/Combigan 102 39 141 9.0 (4.3) 4.9 (3.6) 5.1
Restasis 350 14 364 4.9 28.1 5.7 32.8 5.9
Other Eye Care 148 158 306 14.2 (4.8) 3.6 (3.7) 4.2
Women's Health 216 7 223 (12.5) (18.4) (12.7) (22.1) (12.8)
Lo Loestrin 123 5 128 (10.6) 16.1 (10.0) 9.9 (10.1)
Orilissa/Oriahnn 37 2 39 3.6 44.1 4.8 37.2 4.6
Other Women's Health 56 — 56 (24.2) (75.9) (26.2) (75.8) (26.2)
Other Key Products 1,146 283 1,429 0.9 (8.6) (1.1) (6.8) (0.7)
Mavyret 197 230 427 (10.9) (11.6) (11.3) (9.4) (10.1)
Creon 327 — 327 7.8 n/a 7.8 n/a 7.8
Lupron 148 44 192 6.1 5.4 6.0 5.5 6.0
Linzess/Constella 278 9 287 0.1 20.4 0.6 17.4 0.5
Synthroid 196 — 196 0.9 n/a 0.9 n/a 0.9
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/a = not applicable
AbbVie Inc.
Key Product Revenues
Twelve Months Ended December 31, 2021
(Unaudited)
% Change vs. 12M20
Net Revenues (in millions) Reported Comparable Operational a, b
U.S. Int'l. Total U.S. Int'l. Total U.S. Int'l. Total
ADJUSTED NET REVENUES c $43,435 $12,687 $56,122 24.6% 16.1% 22.6% 12.3% 4.7% 10.5%
Immunology 21,087 4,197 25,284 16.2 4.8 14.1 16.2 1.2 13.5
Humira 17,330 3,364 20,694 7.6 (9.6) 4.3 7.6 (12.8) 3.7
Skyrizi 2,486 453 2,939 79.6 >100.0 84.9 79.6 >100.0 84.0
Rinvoq 1,271 380 1,651 94.8 >100.0 >100.0 94.8 >100.0 >100.0
Hematologic Oncology 5,255 1,973 7,228 2.8 28.0 8.7 2.8 26.2 8.3
Imbruvica d 4,321 1,087 5,408 0.4 7.7 1.8 0.4 7.7 1.8
Venclexta 934 886 1,820 16.1 66.2 36.1 16.1 60.9 34.0
Aesthetics 3,350 1,883 5,233 >100.0 >100.0 >100.0 44.7 52.2 47.3
Botox Cosmetic* 1,424 808 2,232 >100.0 90.0 >100.0 57.4 42.6 51.8
Juvederm Collection* 658 877 1,535 >100.0 >100.0 >100.0 53.6 61.3 57.9
Other Aesthetics* 1,268 198 1,466 90.2 >100.0 93.0 29.2 56.9 32.1
Neuroscience 5,061 866 5,927 76.8 36.7 69.5 23.0 10.6 21.1
Botox Therapeutic* 2,012 439 2,451 74.3 89.0 76.7 20.5 22.8 20.9
Vraylar* 1,728 — 1,728 81.7 n/a 81.7 24.5 n/a 24.5
Duodopa 102 409 511 (1.0) 4.6 3.4 (1.0) (0.1) (0.3)
Ubrelvy* 552 — 552 >100.0 n/a >100.0 >100.0 n/a >100.0
Other Neuroscience* 667 18 685 26.3 77.4 27.2 (17.7) 14.2 (17.2)
Eye Care 2,403 1,164 3,567 65.9 58.2 63.3 5.6 2.2 4.5
Lumigan/Ganfort* 273 306 579 64.7 44.1 53.1 (0.1) (10.2) (5.6)
Alphagan/Combigan* 373 156 529 66.5 52.5 62.1 5.7 1.7 4.5
Restasis* 1,234 56 1,290 63.3 75.3 63.8 4.1 24.9 4.9
Other Eye Care* 523 646 1,169 72.7 66.1 69.0 12.9 7.6 10.0
Women's Health 771 25 796 19.1 (1.6) 18.3 (16.0) (33.7) (16.6)
Lo Loestrin* 423 14 437 21.9 43.3 22.5 (18.5) (4.9) (18.2)
Orilissa/Oriahnn 139 6 145 15.4 57.7 16.7 15.4 47.6 16.4
Other Women's Health* 209 5 214 16.2 (57.5) 11.7 (24.8) (73.9) (27.7)
Other Key Products 4,322 1,167 5,489 10.3 (3.9) 6.9 2.8 (7.1) 0.6
Mavyret 754 956 1,710 (4.0) (8.5) (6.5) (4.0) (10.8) (7.8)
Creon 1,191 — 1,191 6.9 n/a 6.9 6.9 n/a 6.9
Lupron 604 179 783 0.5 18.0 4.0 0.5 15.0 3.4
Linzess/Constella* 1,006 32 1,038 55.1 77.3 55.7 8.0 9.9 8.1
Synthroid 767 — 767 (0.6) n/a (0.6) (0.6) n/a (0.6)
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 Twelve Months Ended December 31, 2021 and 2020
(Unaudited) (In millions, except per share data)
Fourth Quarter Ended December 31 Twelve Months Ended December 31
2021 2020 2021 2020
Net revenues $ 14,886 $ 13,858 $ 56,197 $ 45,804
Cost of products sold 4,320 4,684 17,446 15,387
Selling, general and administrative 3,260 3,231 12,349 11,299
Research and development 1,827 1,890 7,084 6,557
Acquired in-process research and development 405 300 962 1,198
Other operating expense, net — — 432 —
Total operating costs and expenses 9,812 10,105 38,273 34,441
Operating earnings 5,074 3,753 17,924 11,363
Interest expense, net 571 618 2,384 2,280
Net foreign exchange loss 16 17 51 71
Other expense, net 216 4,625 2,500 5,614
Earnings (loss) before income tax expense 4,271 (1,507) 12,989 3,398
Income tax expense (benefit) 226 (1,545) 1,440 (1,224)
Net earnings 4,045 38 11,549 4,622
Net earnings attributable to noncontrolling interest 1 2 7 6
Net earnings attributable to AbbVie Inc. $ 4,044 $ 36 $ 11,542 $ 4,616
Diluted earnings per share attributable to AbbVie Inc. $ 2.26 $ 0.01 $ 6.45 $ 2.72
Adjusted diluted earnings per share a $ 3.31 $ 2.92 $ 12.70 $ 10.56
Weighted-average diluted shares outstanding 1,778 1,776 1,777 1,673
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
Quarter Ended December 31, 2021
(Unaudited) (In millions, except per share data)
1. Specified items impacted results as follows:
4Q21
Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 4,271 $ 4,044 $ 2.26
Adjusted for specified items:
Intangible asset amortization 1,806 1,490 0.84
Acquisition and integration costs (191) (212) (0.12)
Acquired IPR&D 405 405 0.23
Change in fair value of contingent consideration 232 232 0.13
Litigation matters 200 167 0.09
Impacts related to tax law changes — (265) (0.15)
Other 41 58 0.03
As adjusted (non-GAAP) $ 6,764 $ 5,919 $ 3.31
a Represents net earnings attributable to AbbVie Inc.
Acquisition and integration costs reflect a recovery of certain Allergan acquisition-related regulatory fees partially offset by Allergan-related integration costs and Soliton acquisition costs. 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 COVID-19 related expenses and tax related items.
2. The impact of the specified items by line item was as follows:
4Q21
Cost of products sold SG&A R&D Acquired IPR&D Other expense, net
As reported (GAAP) $ 4,320 $ 3,260 $ 1,827 $ 405 $ 216
Adjusted for specified items:
Intangible asset amortization (1,806) — — — —
Acquisition and integration costs (43) 250 (16) — —
Acquired IPR&D — — — (405) —
Change in fair value of contingent consideration — — — — (232)
Litigation matters — (200) — — —
Other (23) (3) (13) — (2)
As adjusted (non-GAAP) $ 2,448 $ 3,307 $ 1,798 $ — $ (18)
3. The adjusted tax rate for the fourth quarter of 2021 was 12.5 percent, as detailed below:
4Q21
Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 4,271 $ 226 5.3 %
Specified items 2,493 618 24.8 %
As adjusted (non-GAAP) $ 6,764 $ 844 12.5 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
Quarter Ended December 31, 2020
(Unaudited) (In millions, except per share data)
1. Specified items impacted results as follows:
4Q20
Earnings (Loss) Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ (1,507) $ 36 $ 0.01
Adjusted for specified items:
Intangible asset amortization 1,838 1,444 0.81
Acquisition and integration costs 467 399 0.22
Milestones and other R&D expenses 48 39 0.02
Acquired IPR&D 300 296 0.16
Change in fair value of contingent consideration 4,675 4,671 2.63
Tax audit settlements — (140) (0.08)
Impacts related to tax law changes — (1,492) (0.84)
Other 92 (28) (0.01)
As adjusted (non-GAAP) $ 5,913 $ 5,225 $ 2.92
a Represents net earnings attributable to AbbVie Inc.
Acquisition and integration costs reflect integration costs and 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. 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 related items and COVID-19 related expenses.
2. The impact of the specified items by line item was as follows:
4Q20
Cost of products sold SG&A R&D Acquired IPR&D Other expense, net
As reported (GAAP) $ 4,684 $ 3,231 $ 1,890 $ 300 $ 4,625
Adjusted for specified items:
Intangible asset amortization (1,838) — — — —
Acquisition and integration costs (272) (126) (69) — —
Milestones and other R&D expenses — — (48) — —
Acquired IPR&D — — — (300) —
Change in fair value of contingent consideration — — — — (4,675)
Other (51) (16) (22) — (3)
As adjusted (non-GAAP) $ 2,523 $ 3,089 $ 1,751 $ — $ (53)
3. The adjusted tax rate for the fourth quarter of 2020 was 11.6 percent, as detailed below:
4Q20
Pre-tax earnings (loss) Income taxes Tax rate
As reported (GAAP) $ (1,507) $ (1,545) 102.5 %
Specified items 7,420 2,231 30.1 %
As adjusted (non-GAAP) $ 5,913 $ 686 11.6 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
Twelve Months Ended December 31, 2021
(Unaudited) (In millions, except per share data)
1. Specified items impacted results as follows:
12M21
Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 12,989 $ 11,542 $ 6.45
Adjusted for specified items:
Intangible asset amortization 7,718 6,419 3.60
Acquisition and integration costs 344 215 0.12
Milestones and other R&D expenses 359 307 0.17
Acquired IPR&D 962 948 0.53
Calico collaboration 500 500 0.28
Change in fair value of contingent consideration 2,679 2,677 1.50
Litigation matters 307 253 0.14
Impacts related to tax law changes — (265) (0.15)
Other 88 100 0.06
As adjusted (non-GAAP) $ 25,946 $ 22,696 $ 12.70
a Represents net earnings attributable to AbbVie Inc.
Acquisition and integration costs reflect Allergan integration costs, Soliton acquisition costs as well as amortization of the acquisition date fair value step-up for inventory related to the Allergan acquisition partially offset by a recovery of certain Allergan acquisition-related regulatory fees. 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 COVID-19 related expenses, restructuring charges associated with streamlining global operations and tax related items, offset by milestone revenue under an existing collaboration agreement.
2. The impact of the specified items by line item was as follows:
12M21
Net revenues Cost of products sold SG&A R&D Acquired IPR&D Other operating expense, net Other expense, net
As reported (GAAP) $ 56,197 $ 17,446 $ 12,349 $ 7,084 $ 962 $ 432 $ 2,500
Adjusted for specified items:
Intangible asset amortization — (7,718) — — — — —
Acquisition and integration costs — (215) (25) (104) — — —
Milestones and other R&D expenses — — — (359) — — —
Acquired IPR&D — — — — (962) — —
Calico collaboration — — — — — (500) —
Change in fair value of contingent consideration — — — — — — (2,679)
Litigation matters — — (307) — — — —
Other (75) (88) (53) (103) — 68 13
As adjusted (non-GAAP) $ 56,122 $ 9,425 $ 11,964 $ 6,518 $ — $ — $ (166)
3. The adjusted tax rate for the full-year 2021 was 12.5 percent, as detailed below:
12M21
Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 12,989 $ 1,440 11.1 %
Specified items 12,957 1,803 13.9 %
As adjusted (non-GAAP) $ 25,946 $ 3,243 12.5 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
Twelve Months Ended December 31, 2020
(Unaudited) (In millions, except per share data)
1. Specified items impacted results as follows:
12M20
Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 3,398 $ 4,616 $ 2.72
Adjusted for specified items:
Intangible asset amortization 5,805 4,805 2.87
Acquisition and integration costs 3,366 3,023 1.81
Milestones and other R&D expenses 273 241 0.14
Acquired IPR&D 1,198 1,194 0.71
Change in fair value of contingent consideration 5,753 5,749 3.43
Tax audit settlements — (200) (0.12)
Impacts related to tax law changes — (1,689) (1.02)
Other 239 42 0.02
As adjusted (non-GAAP) $ 20,032 $ 17,781 $ 10.56
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 tax related items and COVID-19 related charitable contributions and expenses.
2. The impact of the specified items by line item was as follows:
12M20
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) $ 45,804 $ 15,387 $ 11,299 $ 6,557 $ 1,198 $ 2,280 $ 71 $ 5,614
Adjusted for specified items:
Intangible asset amortization — (5,805) — — — — — —
Acquisition and integration costs — (1,292) (1,416) (384) — (274) — —
Milestones and other R&D expenses — — — (273) — — — —
Acquired IPR&D — — — — (1,198) — — —
Change in fair value of contingent consideration — — — — — — — (5,753)
Other (20) (115) (80) (70) — — 9 (3)
As adjusted (non-GAAP) $ 45,784 $ 8,175 $ 9,803 $ 5,830 $ — $ 2,006 $ 80 $ (142)
3. The adjusted tax rate for the full-year 2020 was 11.2 percent, as detailed below:
12M20
Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 3,398 $ (1,224) (36.0) %
Specified items 16,634 3,469 20.9 %
As adjusted (non-GAAP) $ 20,032 $ 2,245 11.2 %

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Last updated: Feb 2, 2022