# AbbVie (ABBV) Q2 2025 Financial Results Summary
The financial results for AbbVie (NYSE: ABBV) for the second quarter ended June 30, 2025, were released on July 31, 2025. Below is a summary of the key metrics and changes compared to the same quarter in the previous year.
## Financial Highlights
– **Diluted Earnings Per Share (EPS)**:
– GAAP Basis: $0.52, a decrease of **32.5%** from Q2 2024.
– Adjusted Basis: $2.97, an increase of **12.1%** from Q2 2024, affected by an unfavorable impact of $0.42 per share related to acquired IPR&D and milestones expense.
– **Net Revenues**:
– Total: $15.423 billion, an increase of **6.6%** on a reported basis, or **6.5%** on an operational basis.
## Revenue Breakdown by Portfolio
1. **Immunology Portfolio**:
– Global Net Revenues: $7.631 billion, a **9.5%** increase on a reported basis and **9.2%** operationally.
– Skyrizi: $4.423 billion, **62.2%** growth (reported).
– Rinvoq: $2.028 billion, **41.8%** increase (reported).
– Humira: $1.180 billion, **58.1%** decline (reported).
2. **Neuroscience Portfolio**:
– Global Net Revenues: $2.683 billion, a **24.2%** increase (reported).
– Vraylar: $900 million, **16.3%** growth.
– Botox Therapeutic: $928 million, **14.1%** increase (reported).
– Combined Ubrelvy and Qulipta: $605 million, with Ubrelvy at $338 million reflecting a **47.1%** increase.
3. **Oncology Portfolio**:
– Global Net Revenues: $1.676 billion, a **2.6%** growth (reported).
– Imbruvica: $754 million, **9.5%** decline (reported).
– Venclexta: $691 million, **8.5%** growth (reported).
– Elahere: $159 million, **24.2%** increase (reported).
4. **Aesthetics Portfolio**:
– Global Net Revenues: $1.279 billion, a **8.1%** decline (reported).
– Botox Cosmetic: $692 million, **5.0%** decrease (reported).
– Juvederm: $260 million, **24.0%** decline.
## Margins and Expense Metrics
– **Gross Margin**:
– GAAP: **71.8%**.
– Adjusted: **84.4%**.
– **Selling, General and Administrative (SG&A) Expense**:
– GAAP: **21.1%** of net revenues.
– Adjusted: **21.0%** of net revenues.
– **Research and Development (R&D) Expense**:
– GAAP: **13.8%** of net revenues.
– Adjusted: **13.7%** of net revenues.
– **Operating Margin**:
– GAAP: **31.7%**.
– Adjusted: **44.3%**.
## Recent Announcements
– **Dividend Declaration**: Not mentioned in the release.
– **Share Repurchase**: Not mentioned in the release.
## Full-Year 2025 Guidance
– AbbVie has raised its adjusted diluted EPS guidance for 2025 from a range of $11.67 – $11.87 to $11.88 – $12.08, incorporating a $0.55 per share unfavorable impact related to acquired IPR&D and milestones expense incurred year-to-date through Q2 2025.
## Key Approval and Pipeline Developments
– **Regulatory Approvals**: Rinvoq received FDA approval as the first oral JAK inhibitor for treating giant cell arteritis.
– **Clinical Advancements**: Positive results were noted for Rinvoq in alopecia areata and data from various oncology studies presented at ASCO.
This summary highlights AbbVie’s financial performance and strategic initiatives for Q2 2025, outlining significant changes and developments across different portfolios.
### Consolidated Statements of Earnings (in millions)
| Second Quarter | Six Months | |||
|---|---|---|---|---|
| 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 | 2.97 | 2.65 | 5.43 | 4.96 |
| Weighted-average diluted shares outstanding | 1,771 | 1,771 | 1,772 | 1,772 |
### Condensed Consolidated Balance Sheets (in millions)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $5,121 | $3,143 |
| Accounts receivable | $6,197 | $6,731 |
| Inventories | $4,012 | $3,550 |
| Other current assets | $2,208 | $2,039 |
| Total current assets | $17,538 | $15,463 |
| Non-current Assets | ||
| Property, plant and equipment | $9,854 | $9,470 |
| Intangible assets | $66,123 | $67,155 |
| Other non-current assets | $3,520 | $3,719 |
| Total non-current assets | $79,497 | $80,344 |
| Total Assets | $97,035 | $95,807 |
| Liabilities | ||
| Current Liabilities | ||
| Accounts payable | $5,745 | $5,188 |
| Accrued liabilities | $6,197 | $5,773 |
| Other current obligations | $2,376 | $2,253 |
| Total current liabilities | $14,318 | $13,214 |
| Non-current Liabilities | ||
| Long-term debt | $33,750 | $32,490 |
| Deferred tax liabilities | $7,827 | $8,140 |
| Other non-current obligations | $2,305 | $2,721 |
| Total non-current liabilities | $43,882 | $43,351 |
| Total Liabilities | $58,200 | $56,565 |
| Stockholders’ Equity | ||
| Common stock and additional paid-in capital | $19,311 | $19,105 |
| Retained earnings | $19,239 | $19,728 |
| Accumulated other comprehensive income | $21 | -57 |
| Total stockholders’ equity | $38,835 | $38,524 |
| Total Liabilities and Stockholders’ Equity | $97,035 | $95,807 |
