US-based pharmaceutical giant AbbVie (NYSE: ABBV) reported its 2024 financial results on January 31, with total revenue reaching $56.33 billion, a 3.7% increase from the previous year. The company’s R&D investment surged 66.7% to $12.79 billion, reflecting a strategic focus on innovation and new product development.
Business Segment Performance
In 2024, AbbVie’s key business segments delivered mixed results. The autoimmune business generated $26.68 billion (+2.1%), oncology reached $6.55 billion (+10.8%), aesthetics declined to $5.18 billion (-2.2%), neuroscience grew to $8.99 billion (+16.6%), and ophthalmology fell to $2.24 billion (-7.2%). Notably, the autoimmune and oncology segments returned to growth after a slight dip in the prior year, while the neuroscience segment’s growth rate slowed.
Humira’s Decline and New Blockbusters
AbbVie’s former blockbuster drug Humira (adalimumab), which has been on the market for over 22 years and generated over $200 billion in cumulative revenue, saw its sales decline by 37.6% to $8.99 billion in 2024 due to patent expirations and biosimilar competition. In contrast, the IL-23 antibody Skyrizi (risankizumab) and JAK1 inhibitor Rinvoq (upadacitinib) achieved combined revenue of $17.69 billion, with Skyrizi growing 50.9% to $11.72 billion and Rinvoq rising 50.4% to $5.97 billion. Skyrizi is projected by Nature to enter the top five global bestsellers in 2025, with seven approved indications including plaque psoriasis, psoriatic arthritis, and Crohn’s disease. AbbVie continues to expand Skyrizi’s clinical trials into juvenile psoriatic arthritis, ankylosing spondylitis, and hidradenitis suppurativa.
Oncology and Neuroscience Updates
In oncology, Imbruvica (ibrutinib) saw its sales narrow to $3.35 billion (-6.9%), while Venclexta (venetoclax) maintained stable growth at $2.58 billion (+12.9%). The new CD3/CD20 bispecific antibody Epkinly (epcoritamab) generated $146 million in 2024, following its FDA approval in May 2023. The company’s acquisition of ImmunoGen for $10.1 billion in 2024 resulted in Elahere (mirvetuximab soravtansine), which achieved $479 million in revenue.
In neuroscience, the company’s second-largest business segment, schizophrenia drug Vraylar (cariprazine) delivered $3.27 billion (+18.4%), while migraine drugs Ubrelvy ($1.01 billion, +23.4%) and Qulipta ($658 million, +61.3%) and Botox ($3.28 billion, +9.8%) showed robust growth. Parkinson’s drug Duodopa ($447 million, -4.6%) experienced a slight decline. AbbVie has expanded its CNS portfolio through acquisitions, including the $30 billion purchase of Neurocrine Biosciences in 2021, the $8.7 billion acquisition of Cerevel in 2024, and the $1.4 billion acquisition of Aliada in October 2024, gaining ALIA-1758, an anti-3pE-Aβ antibody for Alzheimer’s disease.
Future Outlook
Looking ahead, AbbVie expects several new drugs and indications to gain regulatory approval or submit marketing applications between 2025 and 2026. Adjusted earnings per share are projected to reach $12.12-$12.32. Based on the current growth trajectory, AbbVie reaffirmed its expectation of maintaining a high single-digit compound annual revenue growth rate through 2029 and raised its combined sales forecast for Skyrizi and Rinvoq to over $31 billion.-Fineline Info & Tech
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