AbbVie Reports Third-Quarter 2025 Financial Results

NORTH CHICAGO, Ill., Oct. 31, 2025 /PRNewswire/ -- AbbVie (NYSE: ABBV) announced financial results for the third quarter ended September 30, 2025.

"AbbVie continues to deliver outstanding results, with significant momentum across key areas of our portfolio. We are also making great progress advancing our pipeline and investing in innovation to support AbbVie's long-term growth," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based upon the strength of our business and its promising outlook, we are once again raising our quarterly cash dividend."

Third -Quarter Results

Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Recent Events

Full-Year 2025 Outlook

AbbVie is raising its adjusted diluted EPS guidance for the full year 2025 from $10.38 - $10.58 to $10.61 - $10.65, which includes an unfavorable impact of $2.05 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2025. The company's 2025 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2025, as both cannot be reliably forecasted.

Company Declares Dividend Increase of 5.5 Percent

AbbVie is announcing today that its board of directors declared an increase in the company's quarterly cash dividend from $1.64 per share to $1.73 per share beginning with the dividend payable on February 17, 2026 to shareholders of record as of January 16, 2026. This reflects an increase of approximately 5.5 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend. Since the company's inception in 2013, AbbVie has increased its quarterly dividend by more than 330 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

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, neuroscience, oncology, and eye care - and products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on X (formerly Twitter), Facebook, Instagram, YouTube or LinkedIn.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our third-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 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles in the United States (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.

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 and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. 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 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Media:

Investors:

Gabby Tarbert

Liz Shea

(224) 244-0111

(847) 935-2211

Todd Bosse

(847) 936-1182

Jeffrey Byrne

(847) 938-2923

AbbVie Inc.

Key Product Revenues

Quarter Ended September 30, 2025

(Unaudited)

% Change vs. 3Q24

Net Revenues (in millions)

Reported

Operational a

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$12,068

$3,708

$15,776

8.2 %

12.0 %

9.1 %

9.0 %

8.4 %

Immunology

6,263

1,622

7,885

9.6

21.7

11.9

17.9

11.2

Skyrizi

4,085

623

4,708

47.0

45.9

46.8

40.2

46.0

Rinvoq

1,559

625

2,184

33.3

40.7

35.3

36.5

34.1

Humira

619

374

993

(65.0)

(18.9)

(55.4)

(20.5)

(55.7)

Neuroscience

2,463

378

2,841

18.0

37.2

20.2

32.3

19.6

Vraylar

931

934

6.7

31.5

6.7

32.3

6.7

Botox Therapeutic

825

160

985

16.6

13.4

16.1

11.3

15.8

Ubrelvy

344

354

31.4

34.1

31.5

34.2

31.5

Qulipta

252

288

50.2

>100.0

64.1

>100.0

63.1

Vyalev

138

n/m

>100.0

Duodopa

(29.9)

(9.0)

(13.5)

(13.8)

(17.3)

Other Neuroscience

(21.7)

92.3

(17.3)

94.0

(17.2)

Oncology

1,030

652

1,682

(7.4)

13.4

(0.3)

10.4

(1.3)

Imbruvica b

507

199

706

(17.9)

(5.8)

(14.8)

(5.8)

(14.8)

Venclexta

341

385

726

—

14.3

7.1

10.0

4.9

Elahere

150

170

8.6

n/m

23.3

n/m

22.4

Epkinly c

30.8

75.7

59.1

70.3

55.7

Other Oncology

—

n/m

Aesthetics

742

451

1,193

(6.2)

0.8

(3.7)

(0.6)

(4.2)

Botox Cosmetic

379

258

637

(8.4)

0.7

(4.9)

(0.6)

(5.4)

Juvederm Collection

155

253

(7.5)

1.4

(2.2)

(0.2)

(3.2)

Other Aesthetics

265

303

(2.3)

(0.8)

(2.1)

(2.2)

(2.3)

Eye Care

221

288

509

(8.0)

1.3

(3.0)

(1.0)

(4.2)

Ozurdex

117

(4.9)

(0.3)

(1.6)

(3.6)

(4.0)

Lumigan/Ganfort

(26.1)

(6.0)

(15.9)

(8.7)

(17.3)

Alphagan/Combigan

(67.4)

6.8

(24.7)

4.7

(25.9)

Other Eye Care

138

110

248

12.3

4.7

8.8

3.5

8.2

Other Key Products

829

177

1,006

16.9

8.1

15.2

3.4

14.3

Mavyret

146

166

312

(0.2)

6.9

3.5

2.1

1.0

Creon

368

—

368

9.1

n/m

9.1

n/m

9.1

Linzess/Constella

315

326

39.6

29.7

39.2

26.0

39.1

a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

b Reflects profit sharing for Imbruvica international revenues.

c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Key Product Revenues

Nine Months Ended September 30, 2025

(Unaudited)

% Change vs. 9M24

Net Revenues (in millions)

Reported

Operational a

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$33,809

$10,733

$44,542

8.0 %

8.6 %

8.2 %

Immunology

17,243

4,537

21,780

10.6

19.2

12.3

19.5

12.4

Skyrizi

10,847

1,709

12,556

60.1

46.5

58.1

46.1

58.0

Rinvoq

4,231

1,699

5,930

45.3

38.7

43.3

38.7

43.3

Humira

2,165

1,129

3,294

(63.3)

(20.2)

(55.0)

(19.1)

(54.8)

Neuroscience

6,768

1,038

7,806

18.8

30.8

20.3

30.6

20.3

Vraylar

2,592

2,599

10.9

38.0

10.9

41.8

10.9

Botox Therapeutic

2,323

456

2,779

16.9

8.0

15.3

9.5

15.6

Ubrelvy

907

932

32.4

41.5

32.6

44.2

32.7

Qulipta

661

748

49.8

>100.0

63.8

>100.0

63.4

Vyalev

218

299

n/m

>100.0

Duodopa

233

289

(21.1)

(13.0)

(14.7)

(14.0)

(15.5)

Other Neuroscience

148

160

(13.9)

8.1

(12.6)

12.2

(12.4)

Oncology

3,083

1,908

4,991

(1.1)

9.2

2.6

9.6

2.7

Imbruvica b

1,579

619

2,198

(13.4)

(8.5)

(12.1)

(8.5)

(12.1)

Venclexta

974

1,108

2,082

5.8

10.0

8.0

10.9

8.4

Elahere

453

508

37.0

n/m

53.7

n/m

53.3

Epkinly c

126

190

50.1

97.6

78.7

96.5

78.0

Other Oncology

—

n/m

Aesthetics

2,179

1,395

3,574

(10.3)

(3.6)

(7.8)

(2.7)

(7.4)

Botox Cosmetic

1,084

801

1,885

(13.4)

2.7

(7.2)

3.7

(6.8)

Juvederm Collection

278

466

744

(20.4)

(15.1)

(17.2)

(14.3)

(16.7)

Other Aesthetics

817

128

945

(1.4)

7.6

(0.3)

9.0

(0.1)

Eye Care

668

861

1,529

(5.5)

(3.2)

(4.2)

(1.5)

(3.3)

Ozurdex

273

365

(9.9)

0.4

(2.4)

0.6

(2.2)

Lumigan/Ganfort

142

164

306

10.3

(9.4)

(1.2)

(8.0)

(0.4)

Alphagan/Combigan

108

143

(34.7)

(6.9)

(15.8)

(4.4)

(14.1)

Other Eye Care

399

316

715

(5.5)

(1.4)

(3.7)

1.4

(2.5)

Other Key Products

2,300

552

2,852

7.2

(6.4)

4.3

(6.5)

4.3

Mavyret

472

521

993

3.3

(7.4)

(2.6)

(7.6)

(2.7)

Creon

1,127

—

1,127

13.3

n/m

13.3

n/m

13.3

Linzess/Constella

701

732

1.1

14.2

1.6

14.9

1.6

a "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

b Reflects profit sharing for Imbruvica international revenues.

c Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Consolidated Statements of Earnings

(Unaudited)

(in millions, except per share data)

Third Quarter

Ended September 30

Nine Months

Ended September 30

2025

2024

2025

2024

Net revenues

$ 15,776

$ 14,460

$ 44,542

$ 41,232

Cost of products sold

5,304

4,212

13,652

12,508

Selling, general and administrative

3,569

4,205

10,115

10,897

Research and development

2,319

2,130

6,517

6,017

Acquired IPR&D and milestones

2,680

3,751

1,183

Other operating income

—

(24)

—

Total operating costs and expenses

13,872

10,629

34,011

30,605

Operating earnings

1,904

3,831

10,531

10,627

Interest expense, net

667

591

1,972

1,550

Net foreign exchange loss (gain)

(3)

Other expense, net

503

1,159

4,583

3,090

Earnings before income tax expense

714

2,084

3,929

5,985

Income tax expense

526

520

1,511

1,676

Net earnings

188

1,564

2,418

4,309

Net earnings attributable to noncontrolling interest

Net earnings attributable to AbbVie Inc.

$ 186

$ 1,561

$ 2,410

$ 4,300

Diluted earnings per share attributable to AbbVie Inc.

$ 0.10

$ 0.88

$ 1.34

$ 2.41

Adjusted diluted earnings per share a

$ 1.86

$ 3.00

$ 7.29

$ 7.96

Weighted-average diluted shares outstanding

1,772

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

(Unaudited)

1. Specified items impacted results as follows:

Quarter Ended September 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 714

$ 186

$ 0.10

Adjusted for specified items:

Intangible asset amortization

1,871

1,576

0.89

Intangible asset impairment

847

701

0.39

Acquisition and integration costs

212

207

0.12

Change in fair value of contingent consideration

776

755

0.43

Other

(40)

(119)

(0.07)

As adjusted (non-GAAP)

$ 4,380

$ 3,306

$ 1.86

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets.

Acquisition and integration costs primarily reflect costs related to the Capstan Therapeutics acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2025 included acquired

IPR&D and milestone expense of $2.7 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $1.50 to

both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Quarter Ended September 30, 2025

(in millions)

Cost of

products

sold

SG&A

R&D

Other

expense,

net

As reported (GAAP)

$ 5,304

$ 3,569

$ 2,319

$ 503

Adjusted for specified items:

Intangible asset amortization

(1,871)

—

Intangible asset impairment

(847)

—

Acquisition and integration costs

(5)

(144)

(63)

—

Change in fair value of contingent consideration

—

(776)

Other

(34)

(13)

—

As adjusted (non-GAAP)

$ 2,547

$ 3,412

$ 2,256

$ (186)

3. The adjusted tax rate for the third quarter of 2025 was 24.5 percent, as detailed below:

Quarter Ended September 30, 2025

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 714

$ 526

73.7 %

Specified items

3,666

546

14.9 %

As adjusted (non-GAAP)

$ 4,380

$ 1,072

24.5 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Quarter Ended September 30, 2024

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 2,084

$ 1,561

$ 0.88

Adjusted for specified items:

Intangible asset amortization

1,888

1,600

0.89

Acquisition and integration costs

307

283

0.16

Change in fair value of contingent consideration

1,356

1,321

0.75

Litigation matters

692

543

0.31

Other

0.01

As adjusted (non-GAAP)

$ 6,357

$ 5,327

$ 3.00

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Acquisition and integration costs primarily reflect costs related to the Cerevel Therapeutics acquisition. Litigation matters

primarily include charges related to actual and potential settlements of litigation.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2024 included

acquired IPR&D and milestone expense of $82 million on a pre-tax and $74 million on an after-tax basis, representing

an unfavorable impact of $0.04 to both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Quarter Ended September 30, 2024

(in millions)

Cost of

products

sold

SG&A

R&D

Other

expense,

net

As reported (GAAP)

$ 4,212

$ 4,205

$ 2,130

$ 1,159

Adjusted for specified items:

Intangible asset amortization

(1,888)

—

Acquisition and integration costs

(43)

(189)

(75)

—

Change in fair value of contingent consideration

—

(1,356)

Litigation matters

—

(692)

—

Other

(30)

—

(2)

As adjusted (non-GAAP)

$ 2,251

$ 3,326

$ 2,055

$ (199)

3. The adjusted tax rate for the third quarter of 2024 was 16.2 percent, as detailed below:

Quarter Ended September 30, 2024

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 2,084

$ 520

25.0 %

Specified items

4,273

507

11.9 %

As adjusted (non-GAAP)

$ 6,357

$ 1,027

16.2 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Nine Months Ended September 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 3,929

$ 2,410

$ 1.34

Adjusted for specified items:

Intangible asset amortization

5,593

4,721

2.67

Intangible asset impairment

847

701

0.39

Acquisition and integration costs

273

256

0.14

Change in fair value of contingent consideration

5,089

4,941

2.79

Other

(75)

(0.04)

As adjusted (non-GAAP)

$ 15,783

$ 12,954

$ 7.29

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets.

Acquisition and integration costs primarily reflect costs related to the Capstan Therapeutics acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2025 included acquired

IPR&D and milestones expense of $3.8 billion on a pre-tax and $3.6 billion on an after-tax basis, representing an unfavorable

impact of $2.05 to both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Nine Months Ended September 30, 2025

(in millions)

Cost of

products

sold

SG&A

R&D

Other

operating

income

Other

expense,

net

As reported (GAAP)

$ 13,652

$ 10,115

$ 6,517

$ (24)

$ 4,583

Adjusted for specified items:

Intangible asset amortization

(5,593)

—

Intangible asset impairment

(847)

—

Acquisition and integration costs

(10)

(171)

(92)

—

Change in fair value of contingent consideration

—

(5,089)

Other

(126)

(13)

(3)

As adjusted (non-GAAP)

$ 7,076

$ 9,931

$ 6,422

$ —

$ (440)

3. The adjusted tax rate for the first nine months of 2025 was 17.9 percent, as detailed below:

Nine Months Ended September 30, 2025

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 3,929

$ 1,511

38.5 %

Specified items

11,854

1,310

11.1 %

As adjusted (non-GAAP)

$ 15,783

$ 2,821

17.9 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Nine Months Ended September 30, 2024

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 5,985

$ 4,300

$ 2.41

Adjusted for specified items:

Intangible asset amortization

5,726

4,854

2.73

Acquisition and integration costs

963

894

0.50

Change in fair value of contingent consideration

3,492

3,402

1.92

Litigation matters

737

585

0.33

Other

122

0.07

As adjusted (non-GAAP)

$ 16,999

$ 14,157

$ 7.96

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Acquisition and integration costs primarily reflect costs primarily reflect costs related to the ImmunoGen and Cerevel Therapeutics

acquisitions. Litigation matters primarily include charges related to actual and potential settlements of litigation.

Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2024 included acquired

IPR&D and milestones expense of $1.2 billion on a pre-tax and $1.1 billion on an after-tax basis, representing an unfavorable

impact of $0.64 to both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Nine Months Ended September 30, 2024

(in millions)

Cost of

products

sold

SG&A

R&D

Interest

expense,

net

Other

expense,

net

As reported (GAAP)

$ 12,508

$ 10,897

$ 6,017

$ 1,550

$ 3,090

Adjusted for specified items:

Intangible asset amortization

(5,726)

—

Acquisition and integration costs

(201)

(504)

(234)

(24)

—

Change in fair value of contingent consideration

—

(3,492)

Litigation matters

—

(737)

—

Other

(87)

—

(26)

As adjusted (non-GAAP)

$ 6,494

$ 9,673

$ 5,783

$ 1,526

$ (428)

3. The adjusted tax rate for the first nine months of 2024 was 16.7 percent, as detailed below:

Nine Months Ended September 30, 2024

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 5,985

$ 1,676

28.0 %

Specified items

11,014

1,157

10.5 %

As adjusted (non-GAAP)

$ 16,999

$ 2,833

16.7 %

SOURCE AbbVie