February 9, 2023 – Abbvie Inc. (NYSE:ABBV) announced financial results for the fourth quarter and full year ended December 31, 2022.
reported Q4 adjusted earnings of $3.60 per diluted share, Analysts polled by Capital IQ expected $3.58.
Revenue for the quarter ended Dec. 31 was $15.12 billion, Analysts surveyed by Capital IQ expected $15.30 billion.
For the full year of 2023, the company is expecting adjusted earnings of $10.70 to $11.10 per diluted share. Analysts polled by Capital IQ are expecting $11.68.
AbbVie Reports Full-Year and Fourth-Quarter 2022 Financial Results
Reports Full-Year Diluted EPS of $6.63 on a GAAP Basis, an Increase of 2.8 Percent; Adjusted Diluted EPS of $13.77, an Increase of 16.4 Percent;
Delivers Full-Year Net Revenues of $58.054 Billion, an Increase of 3.3 Percent on a Reported Basis and 5.1 Percent on an Operational Basis。
Reports Fourth-Quarter Diluted EPS of $1.38 on a GAAP Basis, a decrease of 38.9 Percent; Adjusted Diluted EPS of $3.60, an increase of 16.9 Percent;
Delivers Fourth-Quarter Net Revenues of $15.121 Billion, an Increase of 1.6 Percent on a Reported Basis and 3.8 Percent on an Operational Basis。
Global net revenues from the immunology portfolio were $7.925 billion, an increase of 17.5 percent on a reported basis, or 19.5 percent on an operational basis.
Global net revenues from the hematologic oncology portfolio were $1.631 billion, a decrease of 12.9 percent on a reported basis, or 11.2 percent on an operational basis.
Global net revenues from the neuroscience portfolio were $1.710 billion, an increase of 3.4 percent on a reported basis, or 5.1 percent on an operational basis.
Global net revenues from the aesthetics portfolio were $1.287 billion, a decrease of 8.5 percent on a reported basis, or 4.2 percent on an operational basis.
GAAP the gross margin ratio in the fourth quarter was 72.4 percent. The adjusted gross margin ratio was 86.0 percent.
GAAP research and development (R&D) expense was 11.8 percent of net revenues. The adjusted R&D expense was 11.5 percent of net revenues, reflecting funding actions supporting all stages of our pipeline.
GAAP the operating margin in the fourth quarter was 36.4 percent. The adjusted operating margin was 52.1 percent.
GAAP the tax rate in the quarter was 16.6 percent. The adjusted tax rate was 13.4 percent.
Diluted EPS in the fourth quarter was $1.38 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.60. These results include an unfavorable impact of $0.13 per share related to acquired IPR&D and milestones expense.
Full-Year 2023 Outlook
AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2023 of $10.70 to $11.10. The company’s 2023 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred during 2023, as both cannot be reliably forecasted.
AbbVie Inc. Consolidated Statements of Earnings
About AbbVie (NYSE:ABBV)
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, and gastroenterology, in addition to products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook or LinkedIn.