July 31, 2020

AbbVie Reports Second-Quarter 2020 Financial Results

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- On May 8, 2020, AbbVie Completed its Acquisition of Allergan, Significantly Expanding and Diversifying AbbVie's Revenue Base with New Therapeutic Areas, Enhancing Long-Term Growth Potential, and Enabling Investment in Innovation for each of its Therapeutic Categories
- Reports Second-Quarter Diluted Loss Per Share of $0.46 on a GAAP Basis; Adjusted Diluted EPS of $2.34
- Second-Quarter Net Revenues Were $10.425 Billion, an Increase of 26.3 Percent on a Reported Basis, Inclusive of a Partial Quarter of Allergan and COVID-19 Pandemic Impact
- Second-Quarter 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; 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
- Second-Quarter 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
- Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $481 Million; Global Botox Cosmetic Net Revenues Were $226 Million
- Provides Combined Company 2020 GAAP Diluted EPS Guidance Range of $4.12 to $4.22; Provides Combined Company 2020 Adjusted Diluted EPS Guidance Range of $10.35 to $10.45, Representing Annualized Net Accretion From the Allergan Transaction of 11 Percent; Combined Company Guidance Includes the Results of Allergan From May 8, 2020 to December 31, 2020

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.

"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.

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.

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.

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.

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.

Reflects profit sharing for Imbruvica international revenues.

Represents product(s) acquired as part of the Allergan acquisition.

 

SOURCE AbbVie

Contact(s)


Media
Adelle Infante
(847) 938-8745

Investors
Liz Shea
(847) 935-2211
Todd Bosse
(847) 936-1182
Jeffrey Byrne
(847) 938-2923