AbbVie reports 9.7% fall in global net revenues for Q1 2023

AbbVie has reported global net revenues of $12.23bn for the first quarter (Q1) of 2023, representing a decline of 9.7% on a reported basis and 8.3% on an operational basis from Q1 2022.

During Q1 2023, net revenues from the company’s immunology portfolio fell to $5.59bn, down by 9% on a reported basis and 7.8% on an operational basis.

Global net revenues from the drug Humira were $3.54bn, a 25.2% decline on a reported basis, or 24.3% on an operational basis, from the same quarter of the previous year.

The drug generated net revenues of $2.95bn in the US, a drop of 26.1% year-on-year.

AbbVie has reported global net revenues of $1.36bn from Skyrizi and $686m from Rinvoq. The net revenue growth on a reported basis was 44.7% for Skyrizi and 47.5% for Rinvoq.

The haematologic oncology portfolio delivered $1.42bn in global net revenues during the quarter, down by 14% year-on-year on a reported basis.

The company’s neuroscience portfolio witnessed a growth of 13.9% on a reported basis over Q1 2022, registering net revenues of $1.7bn.   

Net revenues from the aesthetics portfolio fell by 5.4% to $1.3bn, compared to the same period last year.

AbbVie chairman and CEO Richard Gonzalez stated: “This year is off to an excellent start, with first-quarter revenues and EPS ahead of our expectations, driven by strong commercial execution across all areas of our diversified portfolio.

“These balanced results give us confidence to increase our full-year guidance and we see numerous opportunities for key assets to drive compelling long-term growth.”

For the full year 2023, the company has increased its adjusted diluted earnings per share (EPS) guidance range from between $10.62 and $11.02 to between $10.72 and $11.12.