AbbVie reports 2024 financial results: Revenue growth driven by immunology and neuroscience

AbbVie (NYSE: ABBV) has released its full-year and fourth-quarter 2024 financial results, showing continued revenue growth despite challenges such as the U.S. loss of exclusivity for Humira. The company reported total net revenues of $56.334 billion, reflecting a 3.7% increase on a reported basis and 4.6% growth on an operational basis. While adjusted diluted EPS fell 8.9% to $10.12, AbbVie’s leadership attributed this decline to a $1.52 per share impact from acquired in-process research and development (IPR&D) and milestone expenses. The fourth quarter saw a net revenue increase of 5.6% on a reported basis, reaching $15.102 billion, with adjusted diluted EPS at $2.16.

AbbVie’s CEO, Robert A. Michael, highlighted the company’s ability to navigate market challenges while expanding its pipeline and strengthening its global net revenues. He reaffirmed expectations for high single-digit annual revenue growth through 2029, driven by expanding immunology and neuroscience portfolios.

Which Products Drove AbbVie’s Revenue Growth?

Immunology Portfolio: Skyrizi and Rinvoq Surge Amid Humira’s Decline

AbbVie’s immunology segment, a key driver of its financial performance, reported $26.682 billion in global net revenues for 2024, marking a 2.1% increase on a reported basis and 2.9% growth on an operational basis. Humira revenues declined 49.1% to $1.682 billion globally, reflecting continued biosimilar competition, particularly in the U.S., where sales fell 54.5%. Skyrizi revenues surged 57.7% to $3.778 billion, solidifying its position as a leading treatment for psoriasis and inflammatory diseases. Rinvoq revenues climbed 46.2% to $1.834 billion, reflecting increasing demand across multiple indications, including rheumatoid arthritis and ulcerative colitis.

AbbVie’s long-term growth projections for Skyrizi and Rinvoq remain strong, with the company now expecting their combined 2027 revenues to exceed $31 billion, a $4 billion increase over previous estimates.

Oncology Portfolio: Venclexta Growth Offsets Imbruvica Decline

AbbVie’s oncology division contributed $6.555 billion in global net revenues, up 10.8% on a reported basis and 12.0% on an operational basis. Imbruvica sales declined 6.2% to $848 million, reflecting intensified competition in the hematology market. Venclexta revenues rose 11.0% to $655 million, driven by its effectiveness in treating chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML).

The recent European Commission approval of Elahere for platinum-resistant ovarian cancer is expected to further strengthen AbbVie’s oncology pipeline and global net revenues in 2025 and beyond.

Neuroscience Portfolio: Double-Digit Growth Across Key Products

AbbVie’s neuroscience segment emerged as a top-performing division, generating $8.999 billion in global net revenues, reflecting a 16.6% increase on a reported basis and 16.9% operational growth. Botox Therapeutic revenues rose 12.5% to $873 million, cementing its role in migraine and neurological disorder treatments. Vraylar revenues surged 17.1% to $924 million, reflecting growing market adoption in schizophrenia and bipolar disorder treatment. Ubrelvy revenues increased 29.6%, while Qulipta surged 76.4%, reinforcing AbbVie’s stronghold in the migraine therapeutics space.

The acquisition of Aliada Therapeutics in late 2024 further bolsters AbbVie’s neuroscience pipeline, particularly in the development of potential disease-modifying therapies for Alzheimer’s disease.

Aesthetics Portfolio: Revenue Declines in a Competitive Market

AbbVie’s aesthetics division reported $5.176 billion in global net revenues, a 2.2% decline on a reported basis and 0.6% on an operational basis. Botox Cosmetic sales fell 4.2% to $687 million, reflecting shifts in consumer spending. Juvederm revenues declined 16.3%, indicating weaker global demand for injectable aesthetic treatments. Despite these challenges, AbbVie expects high single-digit compound annual revenue growth in aesthetics through 2029, driven by global expansion efforts and new product innovations.

What Is AbbVie’s 2025 Financial Outlook?

AbbVie has issued full-year 2025 adjusted diluted EPS guidance between $12.12 and $12.32, excluding any future acquired IPR&D and milestone expenses. The company reaffirmed expectations for high single-digit revenue growth through 2029, driven by expanding sales of Skyrizi and Rinvoq, now projected to exceed $31 billion by 2027. Strong pipeline advancements in oncology, neuroscience, and immunology will further contribute to growth. Strategic acquisitions, including Nimble Therapeutics and Neomorph, are also expected to enhance AbbVie’s drug development capabilities and revenue outlook.

What Does This Mean for AbbVie’s Long-Term Growth?

AbbVie’s 2024 financial results highlight the company’s resilience in navigating market challenges while maintaining steady revenue growth across key portfolios. The immunology and neuroscience divisions remain critical revenue drivers, supported by regulatory approvals, strategic acquisitions, and expanding market adoption. With an aggressive R&D strategy and continued portfolio diversification, AbbVie is positioning itself for long-term profitability and sustained revenue expansion through the remainder of the decade.