NORTH CHICAGO, Ill., July 31,
2020 /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial
results for the second quarter ended June 30, 2020.
"AbbVie delivered another strong quarterly performance, ahead of
our guidance. The adverse impact from COVID-19 on legacy AbbVie was
less than expected, demonstrating the robustness and resiliency of
our key brands, and new patient starts have stabilized and started
to recover," said Richard A.
Gonzalez, chairman and chief executive officer,
AbbVie. "The integration of Allergan is going well, with a
strong recovery in the aesthetics portfolio and accretion ahead of
expectations."
Second-Quarter Results
- Worldwide net revenues were $10.425
billion, an increase of 26.3 percent on a reported basis, or
a decrease of 5.3 percent on a comparable operational basis, due to
the COVID-19 pandemic.
- Global net revenues from the immunology portfolio were
$5.316 billion, an increase of 8.1
percent on a reported basis, or 8.6 percent on an operational
basis.
-
- Global Humira net revenues of $4.837
billion decreased 0.7 percent on a reported basis, or 0.2
percent on an operational basis. U.S. Humira net revenues were
$3.974 billion, an increase of 4.8
percent. Internationally, Humira net revenues were $863 million, a decrease of 19.9 percent on a
reported basis, or 17.4 percent on an operational basis, due to
biosimilar competition.
- Global Skyrizi net revenues were $330
million.
- Global Rinvoq net revenues were $149
million.
- Global net revenues from the hematologic oncology portfolio
were $1.591 billion, an increase of
25.5 percent on a reported basis, or 25.8 percent on an operational
basis.
-
- Global Imbruvica net revenues were $1.288 billion, an increase of 17.2 percent, with
U.S. net revenues of $1.055 billion
and international profit sharing of $233
million.
- Global Venclexta net revenues were $303
million, an increase of 79.2 percent on a reported basis, or
81.5 percent on an operational basis.
- Global net revenues from the aesthetics portfolio were
$481 million, a decrease of 47.9
percent on a comparable operational basis, due to the COVID-19
pandemic.
-
- Global Botox Cosmetic net revenues were $226 million, a decrease of 43.1 percent on a
comparable operational basis, due to the COVID-19 pandemic.
- Global net revenues from the neuroscience portfolio were
$734 million, an increase of over
100.0 percent on a reported basis, or 1.8 percent on a comparable
operational basis.
-
- Global Botox Therapeutic net revenues were $297 million, a decrease of 22.3 percent on a
comparable operational basis, due to the COVID-19 pandemic.
- Global Vraylar net revenues were $192
million, an increase of 70.4 percent on a comparable
operational basis.
- Global Ubrelvy net revenues were $22
million.
- On a GAAP basis, the gross margin ratio in the second quarter
was 64.4 percent. The adjusted gross margin ratio was 82.8
percent.
- On a GAAP basis, selling, general and administrative expense
was 33.8 percent of net revenues. The adjusted SG&A expense was
22.9 percent of net revenues.
- On a GAAP basis, research and development expense was 15.2
percent of net revenues. The adjusted R&D expense was 12.8
percent of net revenues, reflecting funding actions supporting all
stages of our pipeline.
- On a GAAP basis, the operating margin in the second quarter was
7.2 percent. The adjusted operating margin was 47.0 percent.
- On a GAAP basis, net interest expense was $614 million. The adjusted net interest expense
was $484 million.
- On a GAAP basis, the tax rate in the quarter was negative 6.5
percent. The adjusted tax rate was 11.4 percent.
- Diluted EPS in the second quarter was a loss of $0.46 on a GAAP basis. Adjusted diluted EPS,
excluding specified items, was $2.34.
Note: "Comparable Operational" comparisons include full-quarter
current year and prior year results for Allergan, which was
acquired on May 8, 2020, as if the
acquisition closed on January 1,
2019, and are presented at constant currency rates and
reflect comparative local currency net revenues at the prior year's
foreign exchange rates. Refer to the Key Product Revenues schedules
for further details. "Operational" comparisons are presented at
constant currency rates and reflect comparative local currency net
revenues at the prior year's foreign exchange rates.
Recent Events
- AbbVie announced it completed its acquisition of Allergan plc
following receipt of regulatory approval from all government
authorities required by the transaction agreement and approval by
the Irish High Court. The transaction significantly expands and
diversifies AbbVie's revenue base, provides immediate scale and
profitability to AbbVie's Growth Platform (ex-Humira) and creates a
biopharmaceutical company with leadership positions in key
therapeutic areas including immunology, hematologic oncology,
neuroscience and aesthetics. It also provides a robust portfolio of
on-market and pipeline assets that position the company for
enhanced long-term growth potential, a growing dividend, rapid debt
repayment and investment in innovation in each of its therapeutic
categories.
- AbbVie and Genmab A/S announced a broad collaboration agreement
to jointly develop and commercialize three of Genmab's early-stage
investigational bispecific antibody product candidates and enter
into a discovery research collaboration for future differentiated
antibody therapeutics for cancer. The companies will partner to
develop Genmab's next-generation bispecific antibody programs,
epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and
DuoBody-CD3x5T4. The collaboration combines Genmab's world-class
discovery and development engine and next-generation bispecific
antibody therapeutic candidates with AbbVie's deep clinical
expertise, innovative ADC platform and global commercial leadership
in hematological cancers. Under the terms of the agreement AbbVie
will pay Genmab an upfront payment of $750
million, in addition to potential milestone payments.
- AbbVie announced that it has submitted applications for a new
indication to the U.S. Food and Drug Administration (FDA) and
European Medicines Agency (EMA) for Rinvoq (upadacitinib), a
selective and reversible JAK inhibitor, for the treatment of adult
patients with active psoriatic arthritis (PsA). The applications
are supported by data from two Phase 3 studies across a broad range
of more than 2,000 patients with active PsA in which Rinvoq
demonstrated improved joint outcomes, physical function and skin
symptoms, with a greater proportion of patients achieving minimal
disease activity versus placebo. Overall, the safety profile of
Rinvoq in PsA was consistent with previously reported results
across the Phase 3 rheumatoid arthritis (RA) clinical trial
program, with no new significant safety risks detected.
- AbbVie announced top-line results from the three Phase 3
studies in the registrational program for Rinvoq in atopic
dermatitis (AD) - Measure Up 1 (MU1), Measure Up 2 (MU2) and AD Up
(AU). In the MU1 and MU2 replicate studies, Rinvoq monotherapy
showed significant improvement in skin clearance and reduction in
itch at week 16 in adult and adolescent patients with moderate to
severe AD. In the MU1 study, of patients receiving either 15mg/30mg
of Rinvoq, 70/80 percent achieved at least a 75 percent improvement
in the Eczema Area Severity Index (EASI 75) versus 16% on placebo.
Similarly in the MU2 study, of patients receiving either 15mg/30mg
of Rinvoq, 60/73 percent achieved EASI 75 versus 13 percent on
placebo. In both the MU1 and MU2 studies, clinically meaningful
reductions in itch compared to placebo were observed as early as
one day after the first dose for patients receiving Rinvoq 30mg and
two days after the first dose for patients receiving Rinvoq 15mg.
In the AU study, significantly more patients receiving Rinvoq plus
topical corticosteroids (TCS) showed improvement in skin clearance
compared to placebo plus TCS at week 16. In the study, 65/77
percent of patients receiving Rinvoq 15mg/30mg plus TCS achieved
EASI 75, respectively, versus 26 percent receiving placebo plus
TCS. Additionally, more patients treated with Rinvoq plus TCS
experienced a clinically meaningful reduction in itch compared to
patients treated with placebo plus TCS and treatment with either
dose of Rinvoq led to a higher mean number of TCS-free days. Full
results from the Phase 3 studies will be presented at a future
medical meeting and published in a peer-reviewed publication.
AbbVie plans to submit regulatory applications later this year for
Rinvoq in AD.
- AbbVie announced top-line results from a proof-of-concept study
evaluating ABBV-3373, an investigational anti-TNF - glucocorticoid
receptor modulator steroid ADC, in adult patients with moderate to
severe RA. Bayesian statistical methods incorporating historical
data were used to achieve adequate statistical power in this proof
of concept study, which was accomplished through pre-specified
supplementation of adalimumab in-trial data with historical
adalimumab data for comparison with ABBV-3373 for the primary
endpoint analyses. Comparing ABBV-3373 to the mean outcome from
historical adalimumab data showed a greater difference in the
change in Disease Activity Score 28 C-Reactive Protein (DAS28-CRP)
from baseline to week 12 for ABBV-3373 (-2.65) as compared to a
pre-specified historical adalimumab mean (-2.13) (p=0.022).
Comparing ABBV-3373 to combined in-trial and historical adalimumab
data, based on a Bayesian analysis, predicted with a 90 percent
probability that ABBV-3373 was associated with a greater
improvement on DAS28-CRP from baseline to week 12 than adalimumab.
In this study, the safety profile of ABBV-3373 was generally
similar to the known safety profile of adalimumab and evaluations
of serum cortisol levels over 12 weeks indicated that ABBV-3373
showed no systemic glucocorticoid effects. Based on these results,
AbbVie plans to advance the development of the TNF-ADC platform in
RA and begin clinical studies in other immune-mediated
diseases.
- At the Annual European E-Congress of Rheumatology (EULAR),
AbbVie presented 25 abstracts across multiple rheumatic conditions,
including new data from the Phase 3 SELECT-CHOICE clinical trial
showing Rinvoq met both the primary (non-inferiority) and key
secondary (superiority) endpoints compared to Orencia (abatacept)
on change from baseline in DAS28-CRP at week 12 in patients with RA
who have had an inadequate response to biologic disease-modifying
anti-rheumatic drugs (DMARDs). AbbVie also presented long-term
results from the SELECT-COMPARE and SELECT-MONOTHERAPY studies
showing that Rinvoq continued to improve signs and symptoms in
patients with RA through 72 and 84 weeks, respectively.
Additionally, results from the SELECT-EARLY and SELECT-COMPARE
clinical trials showed Rinvoq inhibited structural joint damage in
RA patients receiving Rinvoq as monotherapy or in combination with
methotrexate at almost two years. Rinvoq's safety profile was
consistent across the pivotal Phase 3 RA program, with no new
safety signals identified.
- At the American Academy of Dermatology (AAD) virtual annual
meeting AbbVie announced new Phase 3b
head-to-head data showing superior rates of skin clearance for
Skyrizi (risankizumab) versus Cosentyx at week 52. Particularly, 66
percent of psoriasis patients receiving Skyrizi achieved completely
clear skin (PASI 100) versus 40 percent of patients receiving
Cosentyx at week 52. Skyrizi met both PASI 90 primary endpoints of
non-inferiority to Cosentyx at week 16 and superiority to Cosentyx
at week 52. At week 16, 74 percent of Skyrizi-treated patients
achieved PASI 90 compared to 66 percent of Cosentyx-treated
patients. Of patients treated with Skyrizi, 87 percent achieved
PASI 90 at week 52 compared to 57 percent of patients treated with
Cosentyx. The safety profile of Skyrizi was consistent with that
observed in previously reported studies, with no new safety signals
observed through week 52. Skyrizi is part of a collaboration
between Boehringer Ingelheim and AbbVie, with AbbVie leading
development and commercialization globally.
- At the European Hematology Association (EHA) Annual Congress,
AbbVie presented more than 30 abstracts from studies of its
on-market and investigational medicines from its oncology portfolio
across chronic lymphocytic leukemia (CLL), acute myeloid leukemia
(AML), acute lymphocytic leukemia (ALL), multiple myeloma (MM),
myelodysplastic syndrome (MDS) and myelofibrosis (MF). Highlights
included results from the Phase 3 CLL14 trial of Venclexta
(venetoclax) plus obinutuzumab in previously untreated CLL
patients, extended follow-up data from the Phase 3 MURANO trial on
subgroup-analyses of Venclexta in combination with rituximab in
relapsed/refractory (r/r) CLL, new data on safety and efficacy from
the CAPTIVATE study evaluating Imbruvica (ibrutinib) plus Venclexta
in first-line treatment of CLL. Venetoclax is being developed by
AbbVie and Roche and is jointly commercialized by AbbVie and
Genentech, a member of the Roche Group, in the U.S. and by AbbVie
outside of the U.S. Imbruvica is jointly developed and
commercialized with Janssen Biotech, Inc.
- At EHA, AbbVie also presented results from two Phase 3 studies
evaluating Venclexta in patients with previously untreated AML. The
Phase 3 VIALE-A trial demonstrated that previously untreated
patients with AML who were ineligible for intensive chemotherapy
treated with Venclexta plus azacitidine achieved a 34 percent
reduction in the risk of death compared to azacitidine in
combination with placebo. Patients receiving the Venclexta
combination achieved improved median overall survival (OS) of 14.7
months versus 9.6 months in the placebo arm. Additionally, AbbVie
presented updated six-month data from the Phase 3 VIALE-C study of
Venclexta in combination with low-dose cytarabine in previously
untreated older patients with AML.
- AbbVie, in cooperation with Neurocrine Biosciences, announced
the FDA approval of Oriahnn (elagolix, estradiol, and norethindrone
acetate capsules; elagolix capsules) for the management of heavy
menstrual bleeding due to uterine fibroids in pre-menopausal women.
Uterine fibroids are the most common type of benign tumor in women
of reproductive age and Oriahnn is the first FDA-approved,
non-surgical, oral medication option for the management of heavy
menstrual bleeding associated with uterine fibroids in
pre-menopausal women.
- Allergan Aesthetics, an AbbVie company, announced the FDA
approved Juvederm Voluma XC for the augmentation of the chin region
to improve the chin profile in adults over the age of 21. Juvederm
Voluma XC is the first and only filler to receive FDA approval for
the augmentation of the chin region and this latest approval marks
the Juvederm Collection's fifth approved indication in the
U.S.
- AbbVie announced that the Phase 3 ADVANCE trial evaluating
atogepant, an orally administered calcitonin gene-related peptide
(CGRP) receptor antagonist, met its primary endpoint of
statistically significantly greater reduction in mean monthly
migraine days, compared to placebo, for all doses (10mg, 30mg, or
60mg) across the 12-week treatment period. The trial also
demonstrated that treatment with 30mg and 60mg doses resulted in
statistically significant improvements in all secondary endpoints,
including ≥ 50% reduction in three-month average of monthly
migraine days, improvements in acute medication use, and
performance of daily activities and physical impairment. Treatment
with the 10mg dose resulted in statistically significant
improvements in four out of the six secondary endpoints. With these
results, combined with the results from a long-term Phase 3 safety
trial, and results from a prior positive Phase 2b/3 trial, AbbVie plans to move forward with
regulatory submissions in the U.S. and other countries.
- At the Annual Scientific Meeting of the American Headache
Society (AHS), AbbVie presented 27 abstracts that highlighted the
company's ongoing innovation in migraine, including its
investigational product, atogepant, while reinforcing the efficacy
and safety profiles of Botox and Ubrelvy (ubrogepant). In
particular, AbbVie presented real-world studies that demonstrated
significantly more patients starting Botox were persistent with
their treatment compared to those starting on CGRP mAbs for
migraine as well as results from several studies that added to the
large body of evidence evaluating the long-term safety and
sustained efficacy of Botox. Long-term Ubrelvy trial data showed
that in addition to effectively treating migraine attacks when pain
is moderate or severe, treating when pain is mild may significantly
increase rates of pain freedom and absence of migraine-associated
symptoms. Additionally, AbbVie presented results from studies that
evaluated the pharmacokinetic (PK), safety and tolerability
profiles of atogepant in addition to the potential for PK drug-drug
interactions (DDIs) between atogepant and other compounds.
- AbbVie and Molecular Partners announced that the FDA issued a
Complete Response Letter to the Biologics License Application for
abicipar pegol, a novel, investigational DARPin therapy for
patients with neovascular (wet) age-related macular degeneration
(nAMD). The letter from the FDA indicated that the rate of
intraocular inflammation observed following administration of
abicipar pegol 2mg/0.05 mL resulted in an unfavorable benefit-risk
ratio in the treatment of nAMD. AbbVie also withdrew its regulatory
application with the EMA for abicipar in nAMD. AbbVie plans to meet
with the FDA and EMA to discuss their comments and determine next
steps.
- AbbVie announced a strategic collaboration with Jacobio
Pharmaceuticals, a clinical-stage pharmaceutical company, to
develop and commercialize SHP2
inhibitors, which target a key node in cancer and immune cells.
Inhibition of SHP2 is believed to
have dual effects by potentially reducing cancer cell growth and
modulating immune responses to generate anti-tumor activities.
Jacobio's early clinical stage SHP2
assets, JAB-3068 and JAB-3312, are oral small molecules designed to
specifically inhibit SHP2 activity.
Under the terms of the agreement, AbbVie will be granted an
exclusive license to the SHP2
portfolio. Jacobio will continue to conduct early global clinical
trials of JAB-3068 and JAB-3312 with AbbVie covering R&D
expenses. Upon completion, AbbVie will assume global development
and commercialization responsibilities.
- AbbVie, Harbour BioMed (HBM), Utrecht University (UU) and Erasmus Medical
Center (EMC) announced they have entered into a collaboration to
develop a novel antibody therapeutic to prevent and treat COVID-19,
the pandemic respiratory disease caused by the SARS-CoV-2 virus.
The focus of the collaboration is on advancing the fully human,
neutralizing antibody 47D11 discovered by UU, EMC and HBM and
recently reported in Nature Communications. This antibody targets
the conserved domain of the spike protein of SARS-CoV-2. Under the
terms of the collaboration, AbbVie will support UU, EMC and HBM
through the preclinical activities, while simultaneously
undertaking preparations for later stage preclinical and clinical
development work. AbbVie will receive an option to exclusively
license the antibody from the three parties for therapeutic
clinical development and commercialization worldwide.
- AbbVie announced a donation of $5
million to the NAACP Legal Defense and Education Fund and
the Equal Justice Initiative to address issues in our criminal
justice system, as well as an additional commitment of $50 million over five years to partner with
nonprofits on a long-term, multi-faceted program that will seek to
bring lasting and real change at the community level to help secure
quality education, jobs, healthcare and justice. AbbVie is also
providing a 2:1 match for employees who wish to support
organizations working to help address racial equality and social
justice issues. AbbVie is committed to advancing racial equality,
through our continued growth and acceptance of each other, our way
of doing business, our attraction and development of talent, and
our service to the community.
- AbbVie announced donations to 26 nonprofit organizations
totaling $5 million to support
immediate COVID-19 relief efforts. As a result of AbbVie's
donation, national and global nonprofit organizations will provide
55,000 frontline healthcare workers with critical personal
protective equipment and training; improve the well-being of 50,000
children and families by providing access to essential resources
including healthcare and education; and support vital services
including shelter for more than 30,000 people experiencing
homelessness and other at-risk populations. The donation is part of
AbbVie's broader $35 million
philanthropic contribution to COVID-19 relief efforts that also
include donations to partners International Medical Corps, Direct
Relief and Feeding America.
Full-Year 2020 Outlook
AbbVie previously issued standalone GAAP diluted EPS guidance
for the full-year 2020 of $7.60 to
$7.70. AbbVie is issuing combined
company GAAP diluted EPS guidance for the full-year 2020, which
includes the results of Allergan from May 8,
2020 through December 31,
2020, of $4.12 to $4.22.
AbbVie previously issued standalone adjusted diluted EPS for the
full-year 2020 of $9.61 to
$9.71. AbbVie is issuing combined
company adjusted diluted EPS guidance for the full-year 2020, which
includes the results of Allergan from May 8,
2020 through December 31,
2020, of $10.35 to
$10.45, representing annualized net
accretion from the Allergan transaction of 11 percent. The combined
company's 2020 adjusted diluted EPS guidance excludes $6.23 per share of intangible asset amortization
expense, non-cash charges for contingent consideration adjustments
and other specified items.
Combined company guidance supersedes previously issued
standalone guidance.
About AbbVie
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 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 2020 and 2019 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 2020 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, including the impact of the COVID-19 pandemic on
AbbVie's operations, results and financial results, 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, failure to realize the expected benefits of
the Allergan acquisition, failure to promptly and effectively
integrate Allergan's businesses, significant transaction costs
and/or unknown or inestimable liabilities, potential litigation
associated with the Allergan acquisition, 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 2019 Annual Report on Form
10-K, which has been filed with the Securities and Exchange
Commission (SEC). 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 June
30, 2020
|
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
2Q19
|
|
Net Revenues (in
millions) a
|
|
Reported
|
|
Comparable
Operational b, c
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
NET
REVENUES
|
$8,147
|
|
$2,278
|
|
$10,425
|
|
36.6%
|
|
(0.5)%
|
|
26.3%
|
|
(0.1)%
|
|
(20.5)%
|
|
(5.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
4,399
|
|
917
|
|
5,316
|
|
14.8
|
|
(15.5)
|
|
8.1
|
|
14.8
|
|
(13.0)
|
|
8.6
|
Humira
|
3,974
|
|
863
|
|
4,837
|
|
4.8
|
|
(19.9)
|
|
(0.7)
|
|
4.8
|
|
(17.4)
|
|
(0.2)
|
Skyrizi
|
289
|
|
41
|
|
330
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
Rinvoq
|
136
|
|
13
|
|
149
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
1,246
|
|
345
|
|
1,591
|
|
24.2
|
|
30.1
|
|
25.5
|
|
24.2
|
|
31.6
|
|
25.8
|
Imbruvica
d
|
1,055
|
|
233
|
|
1,288
|
|
19.0
|
|
9.4
|
|
17.2
|
|
19.0
|
|
9.4
|
|
17.2
|
Venclexta
|
191
|
|
112
|
|
303
|
|
63.5
|
|
>100%
|
|
79.2
|
|
63.5
|
|
>100%
|
|
81.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
330
|
|
151
|
|
481
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(47.7)
|
|
(48.3)
|
|
(47.9)
|
Botox
Cosmetic*
|
147
|
|
79
|
|
226
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(39.8)
|
|
(47.9)
|
|
(43.1)
|
Juvederm
Collection*
|
56
|
|
57
|
|
113
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(62.5)
|
|
(58.4)
|
|
(60.4)
|
Other
Aesthetics*
|
127
|
|
15
|
|
142
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(46.7)
|
|
>100%
|
|
(41.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
596
|
|
138
|
|
734
|
|
>100%
|
|
50.6
|
|
>100%
|
|
5.9
|
|
(17.2)
|
|
1.8
|
Botox
Therapeutic*
|
254
|
|
43
|
|
297
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(19.1)
|
|
(36.9)
|
|
(22.3)
|
Vraylar*
|
192
|
|
—
|
|
192
|
|
n/m
|
|
n/a
|
|
n/m
|
|
70.4
|
|
n/a
|
|
70.4
|
Duodopa
|
25
|
|
93
|
|
118
|
|
8.3
|
|
1.6
|
|
2.9
|
|
8.3
|
|
3.7
|
|
4.6
|
Ubrelvy*
|
22
|
|
—
|
|
22
|
|
n/m
|
|
n/a
|
|
n/m
|
|
n/m
|
|
n/a
|
|
n/m
|
Other
Neuroscience*
|
103
|
|
2
|
|
105
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(13.9)
|
|
(4.3)
|
|
(13.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
274
|
|
143
|
|
417
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(17.0)
|
|
(25.4)
|
|
(20.0)
|
Lumigan/Ganfort*
|
35
|
|
41
|
|
76
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(13.2)
|
|
(13.6)
|
|
(13.4)
|
Alphagan/Combigan*
|
47
|
|
22
|
|
69
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(15.1)
|
|
(8.1)
|
|
(13.0)
|
Restasis*
|
138
|
|
6
|
|
144
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(19.5)
|
|
(17.8)
|
|
(19.5)
|
Other Eye
Care*
|
54
|
|
74
|
|
128
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(14.2)
|
|
(35.6)
|
|
(27.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
142
|
|
5
|
|
147
|
|
>100%
|
|
>100%
|
|
>100%
|
|
(14.9)
|
|
(35.7)
|
|
(15.6)
|
Lo
Loestrin*
|
78
|
|
2
|
|
80
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(8.8)
|
|
(18.8)
|
|
(8.9)
|
Orilissa/Oriahnn
|
30
|
|
1
|
|
31
|
|
57.3
|
|
90.2
|
|
58.0
|
|
57.3
|
|
95.4
|
|
58.1
|
Other Women's
Health*
|
34
|
|
2
|
|
36
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(39.6)
|
|
(52.3)
|
|
(40.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
878
|
|
271
|
|
1,149
|
|
(14.1)
|
|
(36.4)
|
|
(20.7)
|
|
(21.3)
|
|
(35.5)
|
|
(25.0)
|
Mavyret
|
146
|
|
230
|
|
376
|
|
(62.9)
|
|
(40.2)
|
|
(51.7)
|
|
(62.9)
|
|
(39.6)
|
|
(51.4)
|
Creon
|
252
|
|
—
|
|
252
|
|
(1.9)
|
|
n/a
|
|
(1.9)
|
|
(1.9)
|
|
n/a
|
|
(1.9)
|
Lupron
|
167
|
|
38
|
|
205
|
|
(0.1)
|
|
(8.9)
|
|
(1.8)
|
|
(0.1)
|
|
(3.2)
|
|
(0.7)
|
Linzess/Constella*
|
130
|
|
3
|
|
133
|
|
n/m
|
|
n/m
|
|
n/m
|
|
5.4
|
|
18.8
|
|
5.7
|
Synthroid
|
183
|
|
—
|
|
183
|
|
(9.7)
|
|
n/a
|
|
(9.7)
|
|
(9.7)
|
|
n/a
|
|
(9.7)
|
|
a
|
Net revenues include
Allergan product revenues from the date of the acquisition, May 8,
2020, through June 30, 2020.
|
b
|
"Comparable
Operational" comparisons include full-quarter current year and
prior year results for Allergan, 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. Refer to the Quarterly Comparable
Historical Trend Analysis for additional information regarding
comparable historical net revenues.
|
c
|
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.
|
d
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
n/a = not
applicable
|
n/m = not
meaningful
|
AbbVie
Inc.
|
Key Product
Revenues
|
Six Months Ended
June 30, 2020
|
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
6M19
|
|
Net Revenues (in
millions) a
|
|
Reported
|
|
Comparable
Operational b, c
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
NET
REVENUES
|
$14,305
|
|
$4,739
|
|
$19,044
|
|
27.3%
|
|
(2.2)%
|
|
18.4%
|
|
5.7%
|
|
(12.1)%
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
8,403
|
|
2,002
|
|
10,405
|
|
19.2
|
|
(13.5)
|
|
11.1
|
|
19.2
|
|
(11.2)
|
|
11.7
|
Humira
|
7,630
|
|
1,910
|
|
9,540
|
|
8.9
|
|
(17.2)
|
|
2.4
|
|
8.9
|
|
(14.9)
|
|
3.0
|
Skyrizi
|
555
|
|
75
|
|
630
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
|
>100%
|
Rinvoq
|
218
|
|
17
|
|
235
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
2,413
|
|
727
|
|
3,140
|
|
24.6
|
|
44.2
|
|
28.6
|
|
24.6
|
|
45.5
|
|
28.9
|
Imbruvica
d
|
2,021
|
|
499
|
|
2,520
|
|
17.9
|
|
22.9
|
|
18.8
|
|
17.9
|
|
22.9
|
|
18.8
|
Venclexta
|
392
|
|
228
|
|
620
|
|
76.7
|
|
>100%
|
|
93.7
|
|
76.7
|
|
>100%
|
|
95.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
330
|
|
151
|
|
481
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(29.7)
|
|
(38.0)
|
|
(32.5)
|
Botox
Cosmetic*
|
147
|
|
79
|
|
226
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(24.3)
|
|
(35.3)
|
|
(28.7)
|
Juvederm
Collection*
|
56
|
|
57
|
|
113
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(41.9)
|
|
(43.3)
|
|
(42.7)
|
Other
Aesthetics*
|
127
|
|
15
|
|
142
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(28.3)
|
|
(21.9)
|
|
(27.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
621
|
|
237
|
|
858
|
|
>100%
|
|
31.6
|
|
>100%
|
|
11.4
|
|
(5.4)
|
|
8.3
|
Botox
Therapeutic*
|
254
|
|
43
|
|
297
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(10.3)
|
|
(19.9)
|
|
(12.1)
|
Vraylar*
|
192
|
|
—
|
|
192
|
|
n/m
|
|
n/a
|
|
n/m
|
|
80.0
|
|
n/a
|
|
80.0
|
Duodopa
|
50
|
|
192
|
|
242
|
|
9.3
|
|
6.7
|
|
7.2
|
|
9.3
|
|
9.2
|
|
9.2
|
Ubrelvy*
|
22
|
|
—
|
|
22
|
|
n/m
|
|
n/a
|
|
n/m
|
|
n/m
|
|
n/a
|
|
n/m
|
Other
Neuroscience*
|
103
|
|
2
|
|
105
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(10.2)
|
|
26.2
|
|
(9.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
274
|
|
143
|
|
417
|
|
n/m
|
|
n/m
|
|
n/m
|
|
0.1
|
|
(13.1)
|
|
(4.7)
|
Lumigan/Ganfort*
|
35
|
|
41
|
|
76
|
|
n/m
|
|
n/m
|
|
n/m
|
|
1.9
|
|
(7.9)
|
|
(3.6)
|
Alphagan/Combigan*
|
47
|
|
22
|
|
69
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(7.6)
|
|
(3.4)
|
|
(6.4)
|
Restasis*
|
138
|
|
6
|
|
144
|
|
n/m
|
|
n/m
|
|
n/m
|
|
0.8
|
|
(2.8)
|
|
0.7
|
Other Eye
Care*
|
54
|
|
74
|
|
128
|
|
n/m
|
|
n/m
|
|
n/m
|
|
4.0
|
|
(18.6)
|
|
(10.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
172
|
|
6
|
|
178
|
|
>100%
|
|
>100%
|
|
>100%
|
|
(10.1)
|
|
(13.7)
|
|
(10.3)
|
Lo
Loestrin*
|
78
|
|
2
|
|
80
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(10.3)
|
|
(4.1)
|
|
(10.2)
|
Orilissa/Oriahnn
|
60
|
|
2
|
|
62
|
|
88.6
|
|
>100%
|
|
90.3
|
|
88.6
|
|
>100%
|
|
90.4
|
Other Women's
Health*
|
34
|
|
2
|
|
36
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(27.2)
|
|
(28.8)
|
|
(27.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
1,788
|
|
634
|
|
2,422
|
|
(11.7)
|
|
(25.5)
|
|
(15.8)
|
|
(14.1)
|
|
(24.1)
|
|
(16.8)
|
Mavyret
|
380
|
|
555
|
|
935
|
|
(52.4)
|
|
(28.1)
|
|
(40.4)
|
|
(52.4)
|
|
(27.2)
|
|
(39.9)
|
Creon
|
528
|
|
—
|
|
528
|
|
9.3
|
|
n/a
|
|
9.3
|
|
9.3
|
|
n/a
|
|
9.3
|
Lupron
|
362
|
|
76
|
|
438
|
|
1.1
|
|
(4.7)
|
|
—
|
|
1.1
|
|
(0.6)
|
|
0.7
|
Linzess/Constella*
|
130
|
|
3
|
|
133
|
|
n/m
|
|
n/m
|
|
n/m
|
|
6.9
|
|
25.3
|
|
7.4
|
Synthroid
|
388
|
|
—
|
|
388
|
|
0.7
|
|
n/a
|
|
0.7
|
|
0.7
|
|
n/a
|
|
0.7
|
|
|
a
|
Net revenues include
Allergan product revenues from the date of the acquisition, May 8,
2020, through June 30, 2020.
|
b
|
"Comparable
Operational" comparisons include full-period current year and prior
year results for Allergan, 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. Refer to the Quarterly Comparable Historical Trend
Analysis for additional information regarding comparable historical
net revenues.
|
c
|
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.
|
d
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
|
n/a = not
applicable
|
|
n/m = not
meaningful
|
AbbVie
Inc.
|
Consolidated
Statements of Earnings
|
Quarter and Six
Months Ended June 30, 2020 and 2019
|
(Unaudited) (In
millions, except per share data)
|
|
|
Second Quarter
Ended June 30
|
|
Six Months
Ended June 30
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net
revenues
|
$
|
10,425
|
|
|
$
|
8,255
|
|
|
$
|
19,044
|
|
|
$
|
16,083
|
|
Cost of products
sold
|
3,711
|
|
|
1,819
|
|
|
5,653
|
|
|
3,513
|
|
Selling, general and
administrative
|
3,527
|
|
|
1,654
|
|
|
5,222
|
|
|
3,334
|
|
Research and
development
|
1,582
|
|
|
1,291
|
|
|
2,961
|
|
|
2,580
|
|
Acquired in-process
research and development
|
853
|
|
|
91
|
|
|
853
|
|
|
246
|
|
Total operating costs
and expenses
|
9,673
|
|
|
4,855
|
|
|
14,689
|
|
|
9,673
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
752
|
|
|
3,400
|
|
|
4,355
|
|
|
6,410
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
614
|
|
|
309
|
|
|
1,042
|
|
|
634
|
|
Net foreign exchange
loss
|
29
|
|
|
6
|
|
|
34
|
|
|
12
|
|
Other expense,
net
|
802
|
|
|
2,278
|
|
|
874
|
|
|
2,413
|
|
Earnings (loss)
before income tax expense
|
(693)
|
|
|
807
|
|
|
2,405
|
|
|
3,351
|
|
Income tax
expense
|
46
|
|
|
66
|
|
|
134
|
|
|
154
|
|
Net earnings
(loss)
|
(739)
|
|
|
741
|
|
|
2,271
|
|
|
3,197
|
|
Net loss attributable
to noncontrolling interest
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
Net earnings (loss)
attributable to AbbVie Inc.
|
$
|
(738)
|
|
|
$
|
741
|
|
|
$
|
2,272
|
|
|
$
|
3,197
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share attributable to AbbVie Inc.
|
$
|
(0.46)
|
|
|
$
|
0.49
|
|
|
$
|
1.43
|
|
|
$
|
2.14
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per sharea
|
$
|
2.34
|
|
|
$
|
2.26
|
|
|
$
|
4.76
|
|
|
$
|
4.40
|
|
|
|
|
|
|
|
|
|
Weighted-average
diluted shares outstanding
|
1,647
|
|
|
1,484
|
|
|
1,568
|
|
|
1,483
|
|
|
a Refer to the Reconciliation
of GAAP Reported to Non-GAAP Adjusted Information for further
details.
|
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended June
30, 2020
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
|
2Q20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
(693)
|
|
|
$
|
(738)
|
|
|
$
|
(0.46)
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
1,406
|
|
|
1,190
|
|
|
0.72
|
|
Acquisition related
costs
|
1,919
|
|
|
1,784
|
|
|
1.08
|
|
Milestones and other
R&D expenses
|
50
|
|
|
49
|
|
|
0.03
|
|
Acquired
IPR&D
|
853
|
|
|
853
|
|
|
0.52
|
|
Change in fair value
of contingent consideration
|
809
|
|
|
809
|
|
|
0.49
|
|
Other
|
51
|
|
|
(52)
|
|
|
(0.04)
|
|
As adjusted
(non-GAAP)
|
$
|
4,395
|
|
|
$
|
3,895
|
|
|
$
|
2.34
|
|
|
|
a
|
Represents net
earnings (loss) attributable to AbbVie Inc.
|
Acquisition related
costs reflect transaction, financing and integration costs related
to the Allergan acquisition as well as amortization of the
acquisition date fair value step-up for inventory. Milestones and
other R&D expenses include milestone payments for previously
announced collaborations. Acquired IPR&D primarily reflects
upfront payments related to R&D collaborations and licensing
arrangements with third parties. Other primarily includes COVID-19
related expenses and tax audit settlements.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
2Q20
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest
expense,
net
|
|
Net
foreign
exchange
loss
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
3,711
|
|
|
$
|
3,527
|
|
|
$
|
1,582
|
|
|
$
|
853
|
|
|
$
|
614
|
|
|
$
|
29
|
|
|
$
|
802
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,406)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition related
costs
|
(469)
|
|
|
(1,142)
|
|
|
(178)
|
|
|
—
|
|
|
(130)
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(50)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(853)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(809)
|
|
Other
|
(40)
|
|
|
7
|
|
|
(22)
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
1,796
|
|
|
$
|
2,392
|
|
|
$
|
1,332
|
|
|
$
|
—
|
|
|
$
|
484
|
|
|
$
|
33
|
|
|
$
|
(7)
|
|
3. The adjusted tax rate for
the second quarter of 2020 was 11.4 percent, as detailed
below:
|
|
|
2Q20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
(693)
|
|
|
$
|
46
|
|
|
(6.5)
|
%
|
Specified
items
|
5,088
|
|
|
455
|
|
|
8.9
|
%
|
As
adjusted (non-GAAP)
|
$
|
4,395
|
|
|
$
|
501
|
|
|
11.4
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended June
30, 2019
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified
items impacted results as follows:
|
|
|
2Q19
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
807
|
|
|
$
|
741
|
|
|
$
|
0.49
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
388
|
|
|
321
|
|
|
0.22
|
|
Milestones and other
R&D expenses
|
35
|
|
|
35
|
|
|
0.02
|
|
Acquired
IPR&D
|
91
|
|
|
86
|
|
|
0.06
|
|
Change in fair value
of contingent consideration
|
2,304
|
|
|
2,304
|
|
|
1.55
|
|
Restructuring
|
8
|
|
|
6
|
|
|
—
|
|
Litigation
reserves
|
10
|
|
|
8
|
|
|
—
|
|
Acquisition related
costs
|
31
|
|
|
27
|
|
|
0.02
|
|
Tax audit
settlement
|
—
|
|
|
(178)
|
|
|
(0.12)
|
|
Other
|
20
|
|
|
20
|
|
|
0.02
|
|
As adjusted
(non-GAAP)
|
$
|
3,694
|
|
|
$
|
3,370
|
|
|
$
|
2.26
|
|
|
|
a
|
Represents net
earnings attributable to AbbVie Inc.
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Acquired IPR&D primarily
reflects upfront payments related to R&D collaborations and
licensing arrangements with third parties. Restructuring is
primarily associated with streamlining global operations.
Acquisition related costs reflect transaction and financing costs
related to the Allergan acquisition.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
2Q19
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest
expense,
net
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
1,819
|
|
|
$
|
1,654
|
|
|
$
|
1,291
|
|
|
$
|
91
|
|
|
$
|
309
|
|
|
$
|
2,278
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(388)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(35)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(91)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,304)
|
|
Restructuring
|
(3)
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Litigation
reserves
|
—
|
|
|
(10)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition related
costs
|
—
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
Other
|
(1)
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
1,427
|
|
|
$
|
1,620
|
|
|
$
|
1,232
|
|
|
$
|
—
|
|
|
$
|
302
|
|
|
$
|
(26)
|
|
3. The adjusted tax rate for
the second quarter of 2019 was 8.7 percent, as detailed
below:
|
|
|
2Q19
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
807
|
|
|
$
|
66
|
|
|
8.1
|
%
|
Specified
items
|
2,887
|
|
|
258
|
|
|
8.9
|
%
|
As
adjusted (non-GAAP)
|
$
|
3,694
|
|
|
$
|
324
|
|
|
8.7
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Six Months Ended
June 30, 2020
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items impacted results as
follows:
|
|
|
6M20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,405
|
|
|
$
|
2,272
|
|
|
$
|
1.43
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
1,850
|
|
|
1,561
|
|
|
0.99
|
|
Acquisition related
costs
|
2,107
|
|
|
1,942
|
|
|
1.24
|
|
Milestones and other
R&D expenses
|
185
|
|
|
164
|
|
|
0.11
|
|
Acquired
IPR&D
|
853
|
|
|
853
|
|
|
0.54
|
|
Change in fair value
of contingent consideration
|
881
|
|
|
881
|
|
|
0.56
|
|
Other
|
117
|
|
|
(165)
|
|
|
(0.11)
|
|
As adjusted
(non-GAAP)
|
$
|
8,398
|
|
|
$
|
7,508
|
|
|
$
|
4.76
|
|
|
|
a
|
Represents net
earnings attributable to AbbVie Inc.
|
Acquisition related
costs reflect transaction, financing and integration costs related
to the Allergan acquisition as well as amortization of the
acquisition date fair value step-up for inventory. 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. Other primarily includes the impacts of
tax law changes and COVID-19 related charitable contributions and
expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
6M20
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest
expense,
net
|
|
Net
foreign
exchange
loss
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
5,653
|
|
|
$
|
5,222
|
|
|
$
|
2,961
|
|
|
$
|
853
|
|
|
$
|
1,042
|
|
|
$
|
34
|
|
|
$
|
874
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,850)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition related
costs
|
(469)
|
|
|
(1,186)
|
|
|
(178)
|
|
|
—
|
|
|
(274)
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(185)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(881)
|
|
Other
|
(44)
|
|
|
(45)
|
|
|
(32)
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
3,290
|
|
|
$
|
3,991
|
|
|
$
|
2,566
|
|
|
$
|
—
|
|
|
$
|
768
|
|
|
$
|
38
|
|
|
$
|
(7)
|
|
3. The adjusted tax rate for
the first six months of 2020 was 10.6 percent, as detailed
below:
|
|
|
6M20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,405
|
|
|
$
|
134
|
|
|
5.6
|
%
|
Specified
items
|
5,993
|
|
|
757
|
|
|
12.6
|
%
|
As
adjusted (non-GAAP)
|
$
|
8,398
|
|
|
$
|
891
|
|
|
10.6
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Six Months Ended
June 30, 2019
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified
items impacted results as follows:
|
|
|
6M19
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
3,351
|
|
|
$
|
3,197
|
|
|
$
|
2.14
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
773
|
|
|
639
|
|
|
0.43
|
|
Milestones and other
R&D expenses
|
75
|
|
|
75
|
|
|
0.05
|
|
Acquired
IPR&D
|
246
|
|
|
241
|
|
|
0.16
|
|
Change in fair value
of contingent consideration
|
2,473
|
|
|
2,475
|
|
|
1.67
|
|
Restructuring
|
171
|
|
|
139
|
|
|
0.09
|
|
Litigation
reserves
|
20
|
|
|
16
|
|
|
0.01
|
|
Acquisition related
costs
|
31
|
|
|
27
|
|
|
0.02
|
|
Tax audit
settlement
|
—
|
|
|
(267)
|
|
|
(0.18)
|
|
Other
|
20
|
|
|
20
|
|
|
0.01
|
|
As adjusted
(non-GAAP)
|
$
|
7,160
|
|
|
$
|
6,562
|
|
|
$
|
4.40
|
|
|
|
a
|
Represents net
earnings attributable to AbbVie Inc.
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Acquired IPR&D primarily
reflects upfront payments related to R&D collaborations and
licensing arrangements with third parties. Restructuring is
primarily associated with streamlining global operations.
Acquisition related costs reflect transaction and financing costs
related to the Allergan acquisition.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
6M19
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest
expense,
net
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
3,513
|
|
|
$
|
3,334
|
|
|
$
|
2,580
|
|
|
$
|
246
|
|
|
$
|
634
|
|
|
$
|
2,413
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(773)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(75)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(246)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,473)
|
|
Restructuring
|
(9)
|
|
|
(107)
|
|
|
(55)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Litigation
reserves
|
—
|
|
|
(20)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition related
costs
|
—
|
|
|
(24)
|
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
Other
|
(1)
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
2,730
|
|
|
$
|
3,183
|
|
|
$
|
2,431
|
|
|
$
|
—
|
|
|
$
|
627
|
|
|
$
|
(60)
|
|
3. The adjusted tax rate for
the first six months of 2019 was 8.3 percent, as detailed
below:
|
|
|
6M19
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
3,351
|
|
|
$
|
154
|
|
|
4.6
|
%
|
Specified
items
|
3,809
|
|
|
444
|
|
|
11.6
|
%
|
As
adjusted (non-GAAP)
|
$
|
7,160
|
|
|
$
|
598
|
|
|
8.3
|
%
|
AbbVie
Inc.
|
Key Product
Revenues
|
Quarterly Trend
Analysisa
|
(Unaudited,
dollars in millions)
|
|
|
1Q19
|
|
2Q19
|
|
3Q19
|
|
4Q19
|
|
FY19
|
|
1Q20
|
|
2Q20
|
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
$5,270
|
|
|
$2,558
|
|
|
$7,828
|
|
|
$5,964
|
|
|
$2,291
|
|
|
$8,255
|
|
|
$6,244
|
|
|
$2,235
|
|
|
$8,479
|
|
|
$6,429
|
|
|
$2,275
|
|
|
$8,704
|
|
|
$23,907
|
|
|
$9,359
|
|
|
$33,266
|
|
|
$6,158
|
|
|
$2,461
|
|
|
$8,619
|
|
|
$8,147
|
|
|
$2,278
|
|
|
$10,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
3,215
|
|
|
1,231
|
|
|
4,446
|
|
|
3,835
|
|
|
1,083
|
|
|
4,918
|
|
|
3,977
|
|
|
1,064
|
|
|
5,041
|
|
|
4,195
|
|
|
971
|
|
|
5,166
|
|
|
15,222
|
|
|
4,349
|
|
|
19,571
|
|
|
4,004
|
|
|
1,085
|
|
|
5,089
|
|
|
4,399
|
|
|
917
|
|
|
5,316
|
|
Humira
|
3,215
|
|
|
1,231
|
|
|
4,446
|
|
|
3,793
|
|
|
1,077
|
|
|
4,870
|
|
|
3,887
|
|
|
1,049
|
|
|
4,936
|
|
|
3,969
|
|
|
948
|
|
|
4,917
|
|
|
14,864
|
|
|
4,305
|
|
|
19,169
|
|
|
3,656
|
|
|
1,047
|
|
|
4,703
|
|
|
3,974
|
|
|
863
|
|
|
4,837
|
|
Skyrizi
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
6
|
|
|
48
|
|
|
76
|
|
|
15
|
|
|
91
|
|
|
193
|
|
|
23
|
|
|
216
|
|
|
311
|
|
|
44
|
|
|
355
|
|
|
266
|
|
|
34
|
|
|
300
|
|
|
289
|
|
|
41
|
|
|
330
|
|
Rinvoq
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|
82
|
|
|
4
|
|
|
86
|
|
|
136
|
|
|
13
|
|
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
934
|
|
|
239
|
|
|
1,173
|
|
|
1,003
|
|
|
265
|
|
|
1,268
|
|
|
1,184
|
|
|
294
|
|
|
1,478
|
|
|
1,230
|
|
|
317
|
|
|
1,547
|
|
|
4,351
|
|
|
1,115
|
|
|
5,466
|
|
|
1,167
|
|
|
382
|
|
|
1,549
|
|
|
1,246
|
|
|
345
|
|
|
1,591
|
|
Imbruvicab
|
829
|
|
|
193
|
|
|
1,022
|
|
|
886
|
|
|
213
|
|
|
1,099
|
|
|
1,042
|
|
|
215
|
|
|
1,257
|
|
|
1,073
|
|
|
223
|
|
|
1,296
|
|
|
3,830
|
|
|
844
|
|
|
4,674
|
|
|
966
|
|
|
266
|
|
|
1,232
|
|
|
1,055
|
|
|
233
|
|
|
1,288
|
|
Venclexta
|
105
|
|
|
46
|
|
|
151
|
|
|
117
|
|
|
52
|
|
|
169
|
|
|
142
|
|
|
79
|
|
|
221
|
|
|
157
|
|
|
94
|
|
|
251
|
|
|
521
|
|
|
271
|
|
|
792
|
|
|
201
|
|
|
116
|
|
|
317
|
|
|
191
|
|
|
112
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
330
|
|
|
151
|
|
|
481
|
|
Botox
Cosmetic*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
79
|
|
|
226
|
|
Juvederm
Collection*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
57
|
|
|
113
|
|
Other
Aesthetics*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127
|
|
|
15
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
22
|
|
|
89
|
|
|
111
|
|
|
24
|
|
|
91
|
|
|
115
|
|
|
26
|
|
|
91
|
|
|
117
|
|
|
25
|
|
|
93
|
|
|
118
|
|
|
97
|
|
|
364
|
|
|
461
|
|
|
25
|
|
|
99
|
|
|
124
|
|
|
596
|
|
|
138
|
|
|
734
|
|
Botox
Therapeutic*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
254
|
|
|
43
|
|
|
297
|
|
Vraylar*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
192
|
|
Duodopa
|
22
|
|
|
89
|
|
|
111
|
|
|
24
|
|
|
91
|
|
|
115
|
|
|
26
|
|
|
91
|
|
|
117
|
|
|
25
|
|
|
93
|
|
|
118
|
|
|
97
|
|
|
364
|
|
|
461
|
|
|
25
|
|
|
99
|
|
|
124
|
|
|
25
|
|
|
93
|
|
|
118
|
|
Ubrelvy*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
Other
Neuroscience*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
2
|
|
|
105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274
|
|
|
143
|
|
|
417
|
|
Lumigan/Ganfort*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
41
|
|
|
76
|
|
Alphagan/Combigan*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
22
|
|
|
69
|
|
Restasis*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138
|
|
|
6
|
|
|
144
|
|
Other Eye
Care*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
74
|
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
13
|
|
|
—
|
|
|
13
|
|
|
18
|
|
|
1
|
|
|
19
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
33
|
|
|
1
|
|
|
34
|
|
|
91
|
|
|
2
|
|
|
93
|
|
|
30
|
|
|
1
|
|
|
31
|
|
|
142
|
|
|
5
|
|
|
147
|
|
Lo
Loestrin*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
2
|
|
|
80
|
|
Orilissa/Oriahnn
|
13
|
|
|
—
|
|
|
13
|
|
|
18
|
|
|
1
|
|
|
19
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
33
|
|
|
1
|
|
|
34
|
|
|
91
|
|
|
2
|
|
|
93
|
|
|
30
|
|
|
1
|
|
|
31
|
|
|
30
|
|
|
1
|
|
|
31
|
|
Other Women's
Health*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
2
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
1,003
|
|
|
425
|
|
|
1,428
|
|
|
1,024
|
|
|
425
|
|
|
1,449
|
|
|
1,017
|
|
|
370
|
|
|
1,387
|
|
|
976
|
|
|
367
|
|
|
1,343
|
|
|
4,020
|
|
|
1,587
|
|
|
5,607
|
|
|
910
|
|
|
363
|
|
|
1,273
|
|
|
878
|
|
|
271
|
|
|
1,149
|
|
Mavyret
|
403
|
|
|
387
|
|
|
790
|
|
|
396
|
|
|
384
|
|
|
780
|
|
|
368
|
|
|
327
|
|
|
695
|
|
|
306
|
|
|
322
|
|
|
628
|
|
|
1,473
|
|
|
1,420
|
|
|
2,893
|
|
|
234
|
|
|
325
|
|
|
559
|
|
|
146
|
|
|
230
|
|
|
376
|
|
Creon
|
227
|
|
|
—
|
|
|
227
|
|
|
257
|
|
|
—
|
|
|
257
|
|
|
265
|
|
|
—
|
|
|
265
|
|
|
292
|
|
|
—
|
|
|
292
|
|
|
1,041
|
|
|
—
|
|
|
1,041
|
|
|
276
|
|
|
—
|
|
|
276
|
|
|
252
|
|
|
—
|
|
|
252
|
|
Lupron
|
191
|
|
|
38
|
|
|
229
|
|
|
168
|
|
|
41
|
|
|
209
|
|
|
187
|
|
|
43
|
|
|
230
|
|
|
174
|
|
|
45
|
|
|
219
|
|
|
720
|
|
|
167
|
|
|
887
|
|
|
195
|
|
|
38
|
|
|
233
|
|
|
167
|
|
|
38
|
|
|
205
|
|
Linzess/Constella*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
3
|
|
|
133
|
|
Synthroid
|
182
|
|
|
—
|
|
|
182
|
|
|
203
|
|
|
—
|
|
|
203
|
|
|
197
|
|
|
—
|
|
|
197
|
|
|
204
|
|
|
—
|
|
|
204
|
|
|
786
|
|
|
—
|
|
|
786
|
|
|
205
|
|
|
—
|
|
|
205
|
|
|
183
|
|
|
—
|
|
|
183
|
|
|
|
a
|
Net revenues include
Allergan product revenues from the date of the acquisition, May 8,
2020, through June 30, 2020.
|
b
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
AbbVie
Inc.
|
Key Product
Revenues
|
Quarterly
Comparable Historical Trend Analysisa, b
|
(Unaudited,
dollars in millions)
|
|
|
1Q19
|
|
2Q19
|
|
3Q19
|
|
4Q19
|
|
FY19
|
|
1Q20
|
|
2Q20
|
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
$8,031
|
|
|
$3,359
|
|
|
$11,390
|
|
|
$9,130
|
|
|
$3,137
|
|
|
$12,267
|
|
|
$9,334
|
|
|
$3,069
|
|
|
$12,403
|
|
|
$9,751
|
|
|
$3,192
|
|
|
$12,943
|
|
|
$36,246
|
|
|
$12,757
|
|
|
$49,003
|
|
|
$9,018
|
|
|
$3,151
|
|
|
$12,169
|
|
|
$9,119
|
|
|
$2,423
|
|
|
$11,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
3,215
|
|
|
1,231
|
|
|
4,446
|
|
|
3,835
|
|
|
1,083
|
|
|
4,918
|
|
|
3,977
|
|
|
1,064
|
|
|
5,041
|
|
|
4,195
|
|
|
971
|
|
|
5,166
|
|
|
15,222
|
|
|
4,349
|
|
|
19,571
|
|
|
4,004
|
|
|
1,085
|
|
|
5,089
|
|
|
4,399
|
|
|
917
|
|
|
5,316
|
|
Humira
|
3,215
|
|
|
1,231
|
|
|
4,446
|
|
|
3,793
|
|
|
1,077
|
|
|
4,870
|
|
|
3,887
|
|
|
1,049
|
|
|
4,936
|
|
|
3,969
|
|
|
948
|
|
|
4,917
|
|
|
14,864
|
|
|
4,305
|
|
|
19,169
|
|
|
3,656
|
|
|
1,047
|
|
|
4,703
|
|
|
3,974
|
|
|
863
|
|
|
4,837
|
|
Skyrizi
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
6
|
|
|
48
|
|
|
76
|
|
|
15
|
|
|
91
|
|
|
193
|
|
|
23
|
|
|
216
|
|
|
311
|
|
|
44
|
|
|
355
|
|
|
266
|
|
|
34
|
|
|
300
|
|
|
289
|
|
|
41
|
|
|
330
|
|
Rinvoq
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|
82
|
|
|
4
|
|
|
86
|
|
|
136
|
|
|
13
|
|
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
934
|
|
|
239
|
|
|
1,173
|
|
|
1,003
|
|
|
265
|
|
|
1,268
|
|
|
1,184
|
|
|
294
|
|
|
1,478
|
|
|
1,230
|
|
|
317
|
|
|
1,547
|
|
|
4,351
|
|
|
1,115
|
|
|
5,466
|
|
|
1,167
|
|
|
382
|
|
|
1,549
|
|
|
1,246
|
|
|
345
|
|
|
1,591
|
|
Imbruvicac
|
829
|
|
|
193
|
|
|
1,022
|
|
|
886
|
|
|
213
|
|
|
1,099
|
|
|
1,042
|
|
|
215
|
|
|
1,257
|
|
|
1,073
|
|
|
223
|
|
|
1,296
|
|
|
3,830
|
|
|
844
|
|
|
4,674
|
|
|
966
|
|
|
266
|
|
|
1,232
|
|
|
1,055
|
|
|
233
|
|
|
1,288
|
|
Venclexta
|
105
|
|
|
46
|
|
|
151
|
|
|
117
|
|
|
52
|
|
|
169
|
|
|
142
|
|
|
79
|
|
|
221
|
|
|
157
|
|
|
94
|
|
|
251
|
|
|
521
|
|
|
271
|
|
|
792
|
|
|
201
|
|
|
116
|
|
|
317
|
|
|
191
|
|
|
112
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
648
|
|
|
353
|
|
|
1,001
|
|
|
737
|
|
|
357
|
|
|
1,094
|
|
|
646
|
|
|
358
|
|
|
1,004
|
|
|
742
|
|
|
413
|
|
|
1,155
|
|
|
2,773
|
|
|
1,481
|
|
|
4,254
|
|
|
587
|
|
|
250
|
|
|
837
|
|
|
386
|
|
|
178
|
|
|
564
|
|
Botox
Cosmetic*
|
230
|
|
|
147
|
|
|
377
|
|
|
252
|
|
|
176
|
|
|
428
|
|
|
238
|
|
|
166
|
|
|
404
|
|
|
272
|
|
|
183
|
|
|
455
|
|
|
992
|
|
|
672
|
|
|
1,664
|
|
|
213
|
|
|
114
|
|
|
327
|
|
|
151
|
|
|
89
|
|
|
240
|
|
Juvederm
Collection*
|
129
|
|
|
158
|
|
|
287
|
|
|
157
|
|
|
173
|
|
|
330
|
|
|
135
|
|
|
144
|
|
|
279
|
|
|
167
|
|
|
181
|
|
|
348
|
|
|
588
|
|
|
656
|
|
|
1,244
|
|
|
108
|
|
|
113
|
|
|
221
|
|
|
59
|
|
|
69
|
|
|
128
|
|
Other
Aesthetics*
|
289
|
|
|
48
|
|
|
337
|
|
|
328
|
|
|
8
|
|
|
336
|
|
|
273
|
|
|
48
|
|
|
321
|
|
|
303
|
|
|
49
|
|
|
352
|
|
|
1,193
|
|
|
153
|
|
|
1,346
|
|
|
266
|
|
|
23
|
|
|
289
|
|
|
176
|
|
|
20
|
|
|
196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
780
|
|
|
185
|
|
|
965
|
|
|
903
|
|
|
192
|
|
|
1,095
|
|
|
923
|
|
|
189
|
|
|
1,112
|
|
|
1,005
|
|
|
198
|
|
|
1,203
|
|
|
3,611
|
|
|
764
|
|
|
4,375
|
|
|
919
|
|
|
192
|
|
|
1,111
|
|
|
955
|
|
|
155
|
|
|
1,110
|
|
Botox
Therapeutic*
|
403
|
|
|
94
|
|
|
497
|
|
|
454
|
|
|
99
|
|
|
553
|
|
|
439
|
|
|
93
|
|
|
532
|
|
|
469
|
|
|
103
|
|
|
572
|
|
|
1,765
|
|
|
389
|
|
|
2,154
|
|
|
402
|
|
|
89
|
|
|
491
|
|
|
367
|
|
|
60
|
|
|
427
|
|
Vraylar*
|
148
|
|
|
—
|
|
|
148
|
|
|
201
|
|
|
—
|
|
|
201
|
|
|
241
|
|
|
—
|
|
|
241
|
|
|
291
|
|
|
—
|
|
|
291
|
|
|
881
|
|
|
—
|
|
|
881
|
|
|
285
|
|
|
—
|
|
|
285
|
|
|
343
|
|
|
—
|
|
|
343
|
|
Duodopa
|
22
|
|
|
89
|
|
|
111
|
|
|
24
|
|
|
91
|
|
|
115
|
|
|
26
|
|
|
91
|
|
|
117
|
|
|
25
|
|
|
93
|
|
|
118
|
|
|
97
|
|
|
364
|
|
|
461
|
|
|
25
|
|
|
99
|
|
|
124
|
|
|
25
|
|
|
93
|
|
|
118
|
|
Ubrelvy*
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|
27
|
|
|
—
|
|
|
27
|
|
Other
Neuroscience*
|
207
|
|
|
2
|
|
|
209
|
|
|
224
|
|
|
2
|
|
|
226
|
|
|
217
|
|
|
5
|
|
|
222
|
|
|
220
|
|
|
2
|
|
|
222
|
|
|
868
|
|
|
11
|
|
|
879
|
|
|
194
|
|
|
4
|
|
|
198
|
|
|
193
|
|
|
2
|
|
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
505
|
|
|
292
|
|
|
797
|
|
|
594
|
|
|
327
|
|
|
921
|
|
|
577
|
|
|
313
|
|
|
890
|
|
|
610
|
|
|
319
|
|
|
929
|
|
|
2,286
|
|
|
1,251
|
|
|
3,537
|
|
|
607
|
|
|
283
|
|
|
890
|
|
|
494
|
|
|
230
|
|
|
724
|
|
Lumigan/Ganfort*
|
70
|
|
|
85
|
|
|
155
|
|
|
69
|
|
|
91
|
|
|
160
|
|
|
69
|
|
|
89
|
|
|
158
|
|
|
79
|
|
|
96
|
|
|
175
|
|
|
287
|
|
|
361
|
|
|
648
|
|
|
81
|
|
|
81
|
|
|
162
|
|
|
61
|
|
|
75
|
|
|
136
|
|
Alphagan/Combigan*
|
91
|
|
|
38
|
|
|
129
|
|
|
98
|
|
|
41
|
|
|
139
|
|
|
94
|
|
|
40
|
|
|
134
|
|
|
95
|
|
|
43
|
|
|
138
|
|
|
378
|
|
|
162
|
|
|
540
|
|
|
92
|
|
|
37
|
|
|
129
|
|
|
83
|
|
|
35
|
|
|
118
|
|
Restasis*
|
248
|
|
|
10
|
|
|
258
|
|
|
315
|
|
|
12
|
|
|
327
|
|
|
300
|
|
|
10
|
|
|
310
|
|
|
331
|
|
|
18
|
|
|
349
|
|
|
1,194
|
|
|
50
|
|
|
1,244
|
|
|
314
|
|
|
11
|
|
|
325
|
|
|
254
|
|
|
9
|
|
|
263
|
|
Other Eye
Care*
|
96
|
|
|
159
|
|
|
255
|
|
|
112
|
|
|
183
|
|
|
295
|
|
|
114
|
|
|
174
|
|
|
288
|
|
|
105
|
|
|
162
|
|
|
267
|
|
|
427
|
|
|
678
|
|
|
1,105
|
|
|
120
|
|
|
154
|
|
|
274
|
|
|
96
|
|
|
111
|
|
|
207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
230
|
|
|
8
|
|
|
238
|
|
|
262
|
|
|
10
|
|
|
272
|
|
|
280
|
|
|
11
|
|
|
291
|
|
|
285
|
|
|
13
|
|
|
298
|
|
|
1,057
|
|
|
42
|
|
|
1,099
|
|
|
219
|
|
|
9
|
|
|
228
|
|
|
223
|
|
|
6
|
|
|
229
|
|
Lo
Loestrin*
|
129
|
|
|
3
|
|
|
132
|
|
|
150
|
|
|
3
|
|
|
153
|
|
|
167
|
|
|
3
|
|
|
170
|
|
|
161
|
|
|
5
|
|
|
166
|
|
|
607
|
|
|
14
|
|
|
621
|
|
|
114
|
|
|
3
|
|
|
117
|
|
|
136
|
|
|
3
|
|
|
139
|
|
Orilissa/Oriahnn
|
13
|
|
|
—
|
|
|
13
|
|
|
18
|
|
|
1
|
|
|
19
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
33
|
|
|
1
|
|
|
34
|
|
|
91
|
|
|
2
|
|
|
93
|
|
|
30
|
|
|
1
|
|
|
31
|
|
|
30
|
|
|
1
|
|
|
31
|
|
Other Women's
Health*
|
88
|
|
|
5
|
|
|
93
|
|
|
94
|
|
|
6
|
|
|
100
|
|
|
86
|
|
|
8
|
|
|
94
|
|
|
91
|
|
|
7
|
|
|
98
|
|
|
359
|
|
|
26
|
|
|
385
|
|
|
75
|
|
|
5
|
|
|
80
|
|
|
57
|
|
|
2
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
1,181
|
|
|
430
|
|
|
1,611
|
|
|
1,231
|
|
|
430
|
|
|
1,661
|
|
|
1,237
|
|
|
377
|
|
|
1,614
|
|
|
1,216
|
|
|
374
|
|
|
1,590
|
|
|
4,865
|
|
|
1,611
|
|
|
6,476
|
|
|
1,103
|
|
|
370
|
|
|
1,473
|
|
|
966
|
|
|
274
|
|
|
1,240
|
|
Mavyret
|
403
|
|
|
387
|
|
|
790
|
|
|
396
|
|
|
384
|
|
|
780
|
|
|
368
|
|
|
327
|
|
|
695
|
|
|
306
|
|
|
322
|
|
|
628
|
|
|
1,473
|
|
|
1,420
|
|
|
2,893
|
|
|
234
|
|
|
325
|
|
|
559
|
|
|
146
|
|
|
230
|
|
|
376
|
|
Creon
|
227
|
|
|
—
|
|
|
227
|
|
|
257
|
|
|
—
|
|
|
257
|
|
|
265
|
|
|
—
|
|
|
265
|
|
|
292
|
|
|
—
|
|
|
292
|
|
|
1,041
|
|
|
—
|
|
|
1,041
|
|
|
276
|
|
|
—
|
|
|
276
|
|
|
252
|
|
|
—
|
|
|
252
|
|
Lupron
|
191
|
|
|
38
|
|
|
229
|
|
|
168
|
|
|
41
|
|
|
209
|
|
|
187
|
|
|
43
|
|
|
230
|
|
|
174
|
|
|
45
|
|
|
219
|
|
|
720
|
|
|
167
|
|
|
887
|
|
|
195
|
|
|
38
|
|
|
233
|
|
|
167
|
|
|
38
|
|
|
205
|
|
Linzess/Constella*
|
178
|
|
|
5
|
|
|
183
|
|
|
207
|
|
|
5
|
|
|
212
|
|
|
220
|
|
|
7
|
|
|
227
|
|
|
240
|
|
|
7
|
|
|
247
|
|
|
845
|
|
|
24
|
|
|
869
|
|
|
193
|
|
|
7
|
|
|
200
|
|
|
218
|
|
|
6
|
|
|
224
|
|
Synthroid
|
182
|
|
|
—
|
|
|
182
|
|
|
203
|
|
|
—
|
|
|
203
|
|
|
197
|
|
|
—
|
|
|
197
|
|
|
204
|
|
|
—
|
|
|
204
|
|
|
786
|
|
|
—
|
|
|
786
|
|
|
205
|
|
|
—
|
|
|
205
|
|
|
183
|
|
|
—
|
|
|
183
|
|
|
|
a
|
Comparable historical
net revenues include total revenues for all reported periods for
both AbbVie and Allergan products as if the acquisition closed on
January 1, 2019.
|
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
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
View original
content:http://www.prnewswire.com/news-releases/abbvie-reports-second-quarter-2020-financial-results-301103814.html
SOURCE AbbVie