Sector: Healthcare|Industry: Drug Manufacturers - General|Market Cap: $311.32B|Employees: 50K
AbbVie Inc. is a global, diversified research-based biopharmaceutical company that develops and markets advanced therapies for serious diseases. Its core business model centers on the research, development, manufacturing, and commercialization of innovative medicines, generating revenue primarily through product sales. AbbVie holds leadership positions across immunology, oncology, aesthetics, neuroscience, and eye care, with a global presence.
Net revenues for the six months ended June 30, 2024, were $26.772 billion, a 3% increase compared to the same period in 2023. However, this represents a deceleration of growth compared to previous periods. The increase was driven primarily by growth in newer products, offsetting declines in older products.
Operating earnings for the six months ended June 30, 2024, were $6.796 billion, a decrease of 7% compared to the same period in 2023. This decline is noteworthy given the slight increase in net revenues and suggests pressure on margins.
Diluted earnings per share for the six months ended June 30, 2024, were $1.53, a decrease compared to the same period in 2023. This decrease reflects the impact of several factors, including amortization of intangible assets and changes in fair value of contingent liabilities.