AbbVie's (ABBV) net revenues for 2024 totaled $56.33 billion, representing a 3.7% increase compared to $54.32 billion in 2023. This growth was driven by strong performance in key products such as Skyrizi and Rinvoq, which saw revenue increases of 51% and 53%, respectively, due to market share gains and market growth across all indications. However, this was partially offset by a significant decline in Humira sales, which decreased by 37% globally due to biosimilar competition following the loss of exclusivity in January 2023. In the U.S., Humira sales dropped by 41%, while international sales declined by 13%.‍

Gross margin as a percentage of net revenues improved to 70% in 2024, up from 62% in 2023. This improvement was primarily due to lower intangible asset impairment charges and reduced amortization of intangibles. Intangible asset impairment charges were $3.6 billion in 2023, which significantly impacted the prior year's gross margin.

‍Operating cash flows decreased to $18.81 billion in 2024, compared to $22.84 billion in 2023. This decline was attributed to the timing of working capital and higher contingent consideration payments, despite increased results from operations driven by higher net revenues. AbbVie also contributed $326 million to its defined benefit plans in 2024, compared to $366 million in 2023.

‍Net earnings attributable to AbbVie Inc. were $4.28 billion in 2024, down from $4.86 billion in 2023. Basic earnings per share (EPS) decreased to $2.40 in 2024 from $2.73 in 2023, while diluted EPS also declined to $2.39 from $2.72. The decline in net earnings was influenced by higher research and development expenses, which rose to $12.79 billion in 2024 from $7.68 billion in 2023, and other operating expenses.

‍AbbVie's international revenues grew by 7.0% in 2024, reaching $13.31 billion, compared to $12.44 billion in 2023. This growth was driven by strong performance in markets such as Japan, Germany, and other key international regions. In contrast, U.S. revenues increased by 2.7% to $43.03 billion in 2024, up from $41.88 billion in 2023.The effective income tax rate for 2024 was -15%, a significant decrease compared to 22% in 2023. This reduction was primarily due to the resolution of various tax positions from prior years, including the closing of U.S. IRS examinations covering three tax years. However, the rate was partially offset by increases in unrecognized tax benefits and acquisition-related costs.

‍AbbVie's Botox Therapeutic revenues increased by 11% in 2024, driven by market share gains and market growth. Similarly, Vraylar and Qulipta saw revenue increases of 18% and 61%, respectively, reflecting strong market share uptake and growth. However, Juvederm Collection revenues declined by 12%, primarily due to decreased consumer demand and customer inventory destocking.

‍AbbVie reported significant investments in research and development (R&D), totaling $12.79 billion in 2024, up from $7.68 billion in 2023. This increase reflects the company's focus on advancing its pipeline and addressing key therapeutic areas. Additionally, restructuring charges of $189 million were recorded in 2024, primarily related to employee severance and contractual obligations.

‍AbbVie's cash and equivalents decreased to $5.52 billion at the end of 2024, compared to $12.81 billion at the end of 2023. This decline was driven by significant cash outflows for acquisitions, including $17.49 billion for business acquisitions, and other investments. AbbVie's total liabilities increased to $131.80 billion in 2024, up from $124.31 billion in 2023. This increase was primarily due to higher long-term debt, which rose to $60.34 billion in 2024 from $52.19 billion in 2023, reflecting the company's financing activities for acquisitions and other strategic investments.