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AbbVie Reports Second-Quarter 2025 Financial Results Reports Second-Quarter Diluted EPS of $0.52 on a GAAP Basis, a Decrease of 32.5 Percent; Adjusted Diluted EPS of $2.97, an Increase of 12.1 Percent;...

Key Takeaway: AbbVie has announced its financial results for the second quarter of 2025, reporting an adjusted diluted EPS increase of 12.1% to $2.97, while GAAP-based diluted EPS dropped 32.5% to $0.52. The company has raised its full-year adjusted EPS guidance, reflecting optimism fueled by strong performance across its diversified growth platform and recent pipeline successes. However, the revenue from its flagship product, Humira, saw a significant decline of 66% compared to the previous year.

Market Sentiment Analysis

POSITIVE FACTORS

  • AbbVie reported adjusted diluted EPS of $2.97, an increase of 12.1%.
  • The company raised its full-year 2025 EPS guidance, indicating strong growth.
  • Strong performance from AbbVie's diversified growth platform with promising pipeline advancements.

CONCERNS & RISKS

  • Reported diluted EPS on a GAAP basis decreased by 32.5%.
  • Significant decline in Humira revenues, which fell by 66% year-over-year.

Full Press Release Details

NORTH CHICAGO, Ill. , July 31, 2025 /PRNewswire/ -- AbbVie (NYSE: ABBV ) announced financial results for the second quarter ended June 30, 2025 .
"AbbVie delivered another outstanding quarter with strong performance from our diversified growth platform. We also made meaningful pipeline progress with several regulatory approvals, encouraging clinical data and strategic investments in promising external innovation," said Robert A. Michael , chairman and chief executive officer, AbbVie. "We're entering the second half of the year with substantial momentum and are once again raising our full-year outlook."
Second -Quarter Results
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
Full-Year 2025 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $11.67 - $11.87 to $11.88 - $12.08 , which includes an unfavorable impact of $0.55 per share related to acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2025. The company's 2025 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2025, as both cannot be reliably forecasted.
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, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com . Follow @abbvie on X (formerly Twitter), Facebook , Instagram , YouTube or LinkedIn .
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our second-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 2025 and 2024 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, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. 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 2024 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.
Media: Investors:
Gabby Tarbert Liz Shea
(224) 244-0111 (847) 935-2211
Todd Bosse
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Jeffrey Byrne
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AbbVie Inc. Key Product Revenues Quarter Ended June 30, 2025 (Unaudited)
% Change vs. 2Q24
Net Revenues (in millions) Reported Operational a
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $11,762 $3,661 $15,423 5.9 % 9.1 % 6.6 % 8.4 % 6.5 %
Immunology 6,097 1,534 7,631 6.7 22.3 9.5 20.7 9.2
Skyrizi 3,843 580 4,423 64.3 49.7 62.2 47.2 61.8
Rinvoq 1,452 576 2,028 42.7 39.6 41.8 37.5 41.2
Humira 802 378 1,180 (66.0) (16.8) (58.1) (17.2) (58.2)
Neuroscience 2,333 350 2,683 23.2 30.6 24.2 28.7 24.0
Vraylar 898 2 900 16.2 72.8 16.3 76.8 16.3
Botox Therapeutic 775 153 928 15.9 5.7 14.1 6.0 14.2
Ubrelvy 330 8 338 46.5 73.9 47.1 76.7 47.2
Qulipta 237 30 267 62.8 >100.0 77.5 >100.0 76.9
Vyalev 22 76 98 n/m >100.0 >100.0 >100.0 >100.0
Duodopa 20 77 97 (13.6) (13.7) (13.7) (16.3) (15.7)
Other Neuroscience 51 4 55 (11.4) (23.3) (12.3) (21.3) (12.2)
Oncology 1,026 650 1,676 (1.0) 8.7 2.6 8.3 2.4
Imbruvica b 543 211 754 (8.9) (11.2) (9.5) (11.2) (9.5)
Venclexta 321 370 691 7.4 9.5 8.5 9.1 8.3
Elahere 138 21 159 8.0 n/m 24.2 n/m 23.7
Epkinly c 22 48 70 57.4 >100.0 93.9 >100.0 92.3
Other Oncology 2 2 n/m n/m n/m n/m n/m
Aesthetics 797 482 1,279 (7.8) (8.5) (8.1) (8.3) (8.0)
Botox Cosmetic 410 282 692 (8.7) 0.9 (5.0) 1.2 (4.9)
Juvederm Collection 105 155 260 (23.6) (24.4) (24.0) (24.4) (24.0)
Other Aesthetics 282 45 327 1.6 5.8 2.2 6.4 2.3
Eye Care 226 288 514 (5.7) (2.4) (3.9) (1.5) (3.4)
Ozurdex 30 95 125 (12.6) 5.8 0.6 4.4 (0.4)
Lumigan/Ganfort 52 51 103 19.9 (15.4) (0.8) (15.2) (0.7)
Alphagan/Combigan 36 36 (91.6) (3.1) (25.6) (0.2) (23.5)
Other Eye Care 144 106 250 (4.3) (1.7) (3.2) 0.9 (2.1)
Other Key Products 835 202 1,037 11.2 (4.4) 7.8 (5.8) 7.5
Mavyret 184 191 375 9.7 (5.1) 1.6 (6.5) 0.8
Creon 404 404 8.4 n/m 8.4 n/m 8.4
Linzess/Constella 247 11 258 17.4 10.8 17.1 10.3 17.1
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.
c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc. Key Product Revenues Six Months Ended June 30, 2025 (Unaudited)
% Change vs. 6M24
Net Revenues (in millions) Reported Operational a
U.S. Int'l. Total U.S. Int'l. Total Int'l. Total
NET REVENUES $21,741 $7,025 $28,766 7.9 % 6.0 % 7.4 % 8.3 % 8.0 %
Immunology 10,980 2,915 13,895 11.3 17.9 12.6 20.4 13.1
Skyrizi 6,762 1,086 7,848 69.2 46.9 65.8 49.6 66.2
Rinvoq 2,672 1,074 3,746 53.3 37.6 48.5 40.1 49.3
Humira 1,546 755 2,301 (62.6) (20.8) (54.7) (18.4) (54.3)
Neuroscience 4,305 660 4,965 19.3 27.4 20.3 29.8 20.6
Vraylar 1,661 4 1,665 13.4 41.8 13.5 47.4 13.5
Botox Therapeutic 1,498 296 1,794 17.0 5.2 14.9 8.6 15.5
Ubrelvy 563 15 578 33.0 46.7 33.3 51.2 33.4
Qulipta 409 51 460 49.5 >100.0 63.6 >100.0 63.6
Vyalev 28 133 161 n/m >100.0 >100.0 >100.0 >100.0
Duodopa 40 153 193 (16.6) (14.9) (15.2) (14.0) (14.5)
Other Neuroscience 106 8 114 (10.4) (12.7) (10.5) (8.1) (10.2)
Oncology 2,053 1,256 3,309 2.4 7.1 4.2 9.1 5.0
Imbruvica b 1,072 420 1,492 (11.1) (9.7) (10.7) (9.7) (10.7)
Venclexta 633 723 1,356 9.1 7.8 8.4 11.3 10.3
Elahere 303 35 338 57.5 n/m 75.5 n/m 75.5
Epkinly c 43 78 121 61.8 >100.0 92.1 >100.0 93.3
Other Oncology 2 2 n/m n/m n/m n/m n/m
Aesthetics 1,437 944 2,381 (12.3) (5.6) (9.8) (3.6) (9.0)
Botox Cosmetic 705 543 1,248 (15.9) 3.7 (8.4) 5.8 (7.6)
Juvederm Collection 180 311 491 (25.9) (21.5) (23.2) (19.8) (22.2)
Other Aesthetics 552 90 642 (1.0) 11.7 0.6 14.5 0.9
Eye Care 447 573 1,020 (4.2) (5.3) (4.8) (1.8) (2.8)
Ozurdex 60 188 248 (12.4) 0.8 (2.8) 2.7 (1.4)
Lumigan/Ganfort 100 109 209 39.4 (11.0) 7.5 (7.7) 9.6
Alphagan/Combigan 26 70 96 (3.6) (13.1) (10.6) (8.5) (7.2)
Other Eye Care 261 206 467 (12.8) (4.4) (9.3) 0.3 (7.3)
Other Key Products 1,471 375 1,846 2.5 (12.0) (0.8) (10.4) (0.4)
Mavyret 326 355 681 4.9 (12.8) (5.1) (11.2) (4.2)
Creon 759 759 15.4 n/m 15.4 n/m 15.4
Linzess/Constella 386 20 406 (17.4) 7.0 (16.5) 9.7 (16.4)
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.
c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc. Consolidated Statements of Earnings (Unaudited)
(in millions, except per share data) Second Quarter Ended June 30 Six Months Ended June 30
2025 2024 2025 2024
Net revenues $ 15,423 $ 14,462 $ 28,766 $ 26,772
Cost of products sold 4,346 4,202 8,348 8,296
Selling, general and administrative 3,253 3,377 6,546 6,692
Research and development 2,131 1,948 4,198 3,887
Acquired IPR&D and milestones 823 937 1,071 1,101
Other operating income (24) (24)
Total operating costs and expenses 10,529 10,464 20,139 19,976
Operating earnings 4,894 3,998 8,627 6,796
Interest expense, net 678 506 1,305 959
Net foreign exchange loss 23 1 27 5
Other expense, net 2,639 1,345 4,080 1,931
Earnings before income tax expense 1,554 2,146 3,215 3,901
Income tax expense 613 773 985 1,156
Net earnings 941 1,373 2,230 2,745
Net earnings attributable to noncontrolling interest 3 3 6 6
Net earnings attributable to AbbVie Inc. $ 938 $ 1,370 $ 2,224 $ 2,739
Diluted earnings per share attributable to AbbVie Inc. $ 0.52 $ 0.77 $ 1.24 $ 1.53
Adjusted diluted earnings per share a $ 2.97 $ 2.65 $ 5.43 $ 4.96
Weighted-average diluted shares outstanding 1,771 1,771 1,772 1,772
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited)
1. Specified items impacted results as follows:
Quarter Ended June 30, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 1,554 $ 938 $ 0.52
Adjusted for specified items:
Intangible asset amortization 1,864 1,571 0.89
Change in fair value of contingent consideration 2,795 2,709 1.53
Other 91 60 0.03
As adjusted (non-GAAP) $ 6,304 $ 5,278 $ 2.97
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2025 included acquired IPR&D and milestone expense of $823 million on a pre-tax and $737 million on an after-tax basis, representing an unfavorable impact of $0.42 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended June 30, 2025
(in millions) Cost of products sold SG&A R&D Other operating income Other expense, net
As reported (GAAP) $ 4,346 $ 3,253 $ 2,131 $ (24) $ 2,639
Adjusted for specified items:
Intangible asset amortization (1,864)
Change in fair value of contingent consideration (2,795)
Other (69) (14) (16) 24 (16)
As adjusted (non-GAAP) $ 2,413 $ 3,239 $ 2,115 $ — $ (172)
3. The adjusted tax rate for the second quarter of 2025 was 16.2 percent, as detailed below:
Quarter Ended June 30, 2025
(dollars in millions) Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 1,554 $ 613 39.4 %
Specified items 4,750 410 8.6 %
As adjusted (non-GAAP) $ 6,304 $ 1,023 16.2 %
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited)
1. Specified items impacted results as follows:
Quarter Ended June 30, 2024
(in millions, except per share data) Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 2,146 $ 1,370 $ 0.77
Adjusted for specified items:
Intangible asset amortization 1,947 1,651 0.93
Acquisition and integration costs 145 125 0.07
Change in fair value of contingent consideration 1,476 1,438 0.81
Other 90 126 0.07
As adjusted (non-GAAP) $ 5,804 $ 4,710 $ 2.65
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2024 included acquired IPR&D and milestone expense of $937 million on a pre-tax and $924 million on an after-tax basis, representing an unfavorable impact of $0.52 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended June 30, 2024
(in millions) Cost of products sold SG&A R&D Other expense, net
As reported (GAAP) $ 4,202 $ 3,377 $ 1,948 $ 1,345
Adjusted for specified items:
Intangible asset amortization (1,947)
Acquisition and integration costs (79) (35) (31)
Change in fair value of contingent consideration (1,476)
Other (41) (27) (22)
As adjusted (non-GAAP) $ 2,135 $ 3,315 $ 1,917 $ (153)
3. The adjusted tax rate for the second quarter of 2024 was 18.8 percent, as detailed below:
Quarter Ended June 30, 2024
(dollars in millions) Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 2,146 $ 773 36.0 %
Specified items 3,658 318 8.7 %
As adjusted (non-GAAP) $ 5,804 $ 1,091 18.8 %
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited)
1. Specified items impacted results as follows:
Six Months Ended June 30, 2025
(in millions, except per share data) Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 3,215 $ 2,224 $ 1.24
Adjusted for specified items:
Intangible asset amortization 3,722 3,145 1.78
Change in fair value of contingent consideration 4,313 4,186 2.36
Other 153 93 0.05
As adjusted (non-GAAP) $ 11,403 $ 9,648 $ 5.43
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2025 included acquired IPR&D and milestones expense of $1.1 billion on a pre-tax and $975 million on an after-tax basis, representing an unfavorable impact of $0.55 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Six Months Ended June 30, 2025
(in millions) Cost of products sold SG&A R&D Other operating income Other expense, net
As reported (GAAP) $ 8,348 $ 6,546 $ 4,198 $ (24) $ 4,080
Adjusted for specified items:
Intangible asset amortization (3,722)
Change in fair value of contingent consideration (4,313)
Other (97) (27) (32) 24 (21)
As adjusted (non-GAAP) $ 4,529 $ 6,519 $ 4,166 $ — $ (254)
3. The adjusted tax rate for the first six months of 2025 was 15.3 percent, as detailed below:
Six Months Ended June 30, 2025
(dollars in millions) Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 3,215 $ 985 30.6 %
Specified items 8,188 764 9.3 %
As adjusted (non-GAAP) $ 11,403 $ 1,749 15.3 %
AbbVie Inc. Reconciliation of GAAP Reported to Non-GAAP Adjusted Information (Unaudited)
1. Specified items impacted results as follows:
Six Months Ended June 30, 2024
(in millions, except per share data) Earnings Diluted
Pre-tax After-tax a EPS
As reported (GAAP) $ 3,901 $ 2,739 $ 1.53
Adjusted for specified items:
Intangible asset amortization 3,838 3,254 1.84
Acquisition and integration costs 656 611 0.34
Change in fair value of contingent consideration 2,136 2,081 1.17
Other 111 145 0.08
As adjusted (non-GAAP) $ 10,642 $ 8,830 $ 4.96
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the ImmunoGen acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2024 included acquired IPR&D and milestones expense of $1.1 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.60 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Six Months Ended June 30, 2024
(in millions) Cost of products sold SG&A R&D Interest expense, net Other expense, net
As reported (GAAP) $ 8,296 $ 6,692 $ 3,887 $ 959 $ 1,931
Adjusted for specified items:
Intangible asset amortization (3,838)
Acquisition and integration costs (158) (315) (159) (24)
Change in fair value of contingent consideration (2,136)
Other (57) (30) (24)
As adjusted (non-GAAP) $ 4,243 $ 6,347 $ 3,728 $ 935 $ (229)
3. The adjusted tax rate for the first six months of 2024 was 17.0 percent, as detailed below:
Six Months Ended June 30, 2024
(dollars in millions) Pre-tax earnings Income taxes Tax rate
As reported (GAAP) $ 3,901 $ 1,156 29.6 %
Specified items 6,741 650 9.6 %
As adjusted (non-GAAP) $ 10,642 $ 1,806 17.0 %

21 %

Frequently Asked Questions

What did AbbVie report for Q2 2025?

AbbVie announced strong financial results for Q2 2025, reflecting robust performance.

How much is AbbVie's EPS guidance for 2025?

AbbVie raised its adjusted diluted EPS guidance to between $11.88 and $12.08.

What therapeutic areas does AbbVie focus on?

AbbVie emphasizes immunology, neuroscience, oncology, and eye care.

Where can I find AbbVie's investor conference call?

The conference call can be accessed on AbbVie's Investor Relations website.

What are forward-looking statements?

Forward-looking statements describe future expectations, subject to risks and uncertainties.

Last updated: Jul 31, 2025