NORTH CHICAGO, Ill., Oct. 30,
2020 /PRNewswire/ -- AbbVie (NYSE: ABBV) announced
financial results for the third quarter ended September 30, 2020.
"We continue to be very well positioned for the long-term.
Results from key growth products – including Skyrizi, Rinvoq and
Ubrelvy – continue to track ahead of our expectations, our
aesthetics portfolio is demonstrating a strong V-shaped recovery,
our hematologic-oncology franchise is delivering double-digit
growth and we're advancing numerous attractive late-stage pipeline
programs," said Richard A. Gonzalez,
chairman and chief executive officer, AbbVie. "We are also
executing effectively on Allergan integration initiatives with
synergy and accretion targets tracking well."
Third-Quarter Results
- Worldwide GAAP net revenues were $12.902
billion, an increase of 52.1 percent on a reported basis.
Worldwide adjusted net revenues of $12.882
billion increased 4.1 percent on a comparable operational
basis.
- Global net revenues from the immunology portfolio were
$5.790 billion, an increase of 14.8
percent on a reported basis, or 15.0 percent on an operational
basis.
-
- Global Humira net revenues of $5.140
billion increased 4.1 percent on a reported basis, or 4.4
percent on an operational basis. U.S. Humira net revenues were
$4.189 billion, an increase of 7.7
percent. Internationally, Humira net revenues were $951 million, a decrease of 9.3 percent on a
reported basis, or 8.0 percent on an operational basis, due to
biosimilar competition.
- Global Skyrizi net revenues were $435
million.
- Global Rinvoq net revenues were $215
million.
- Global net revenues from the hematologic oncology portfolio
were $1.722 billion, an increase of
16.5 percent on a reported basis, or 16.4 percent on an operational
basis.
-
- Global Imbruvica net revenues were $1.370 billion, an increase of 9.0 percent, with
U.S. net revenues of $1.119 billion
and international profit sharing of $251
million.
- Global Venclexta net revenues were $352
million, an increase of 59.0 percent on a reported basis, or
58.3 percent on an operational basis.
- Global net revenues from the aesthetics portfolio were
$967 million, a decrease of 3.1
percent on a comparable operational basis.
-
- Global Botox Cosmetic net revenues were $393 million, a decrease of 2.2 percent on a
comparable operational basis.
- Global net revenues from the neuroscience portfolio were
$1.249 billion, an increase of over
100.0 percent on a reported basis, or 12.1 percent on a comparable
operational basis.
-
- Global Botox Therapeutic net revenues were $523 million, a decrease of 1.8 percent on a
comparable operational basis.
- Global Vraylar net revenues were $358
million, an increase of 48.4 percent on a comparable
operational basis.
- Global Ubrelvy net revenues were $38
million.
- On a GAAP basis, the gross margin ratio in the third quarter
was 60.9 percent. The adjusted gross margin ratio was 81.7
percent.
- On a GAAP basis, selling, general and administrative expense
was 22.1 percent of net revenues. The adjusted SG&A expense was
21.1 percent of net revenues.
- On a GAAP basis, research and development expense was 13.2
percent of net revenues. The adjusted R&D expense was 11.7
percent of net revenues, reflecting funding actions supporting all
stages of our pipeline.
- On a GAAP basis, the operating margin in the third quarter was
25.2 percent. The adjusted operating margin was 48.8 percent.
- On a GAAP basis, net interest expense was $620 million.
- On a GAAP basis, the tax rate in the quarter was 7.5 percent.
The adjusted tax rate was 11.7 percent.
- Diluted EPS in the third quarter was $1.29 on a GAAP basis. Adjusted diluted EPS,
excluding specified items, was $2.83.
Note: "Comparable Operational" comparisons include full-quarter
current year and prior year results for Allergan, which was
acquired on May 8, 2020, as if the
acquisition closed on January 1,
2019, and are presented at constant currency rates and
reflect comparative local currency net revenues at the prior year's
foreign exchange rates. Refer to the Key Product Revenues schedules
for further details. "Operational" comparisons are presented at
constant currency rates and reflect comparative local currency net
revenues at the prior year's foreign exchange rates.
Recent Events
- AbbVie announced that it has submitted an application for a new
indication to the U.S. Food and Drug Administration (FDA) for
Rinvoq (upadacitinib), a selective and reversible JAK inhibitor,
for the treatment of adult patients with active ankylosing
spondylitis (AS). AbbVie also submitted an application to the
European Medicines Agency (EMA) for Rinvoq for the treatment of
adult patients with active AS who have responded inadequately to
conventional therapy. The applications are supported by data from
SELECT-AXIS 1, a Phase 2/3 study in which Rinvoq demonstrated
significant improvements in signs and symptoms in patients with
active AS. In the study, twice as many patients receiving Rinvoq
(52 percent) met the primary endpoint of Assessment of
SpondyloArthritis International Society (ASAS) 40 response versus
placebo (26 percent) at week 14. The safety profile of Rinvoq in AS
was consistent with previously reported studies across therapeutic
areas, including rheumatoid arthritis (RA), atopic dermatitis (AD)
and psoriatic arthritis (PsA), with no new significant safety risks
detected.
- AbbVie announced that it submitted applications to the FDA and
EMA seeking approval for Rinvoq for the treatment of adults (15 mg
and 30 mg, once daily) and adolescents (15 mg, once daily) with
moderate to severe AD. The applications are supported by data from
three pivotal Phase 3 studies. In all three studies, Rinvoq met the
co-primary and all secondary endpoints, demonstrating significant
improvement in skin clearance and reduction in itch in adults and
adolescents with moderate to severe AD compared to placebo. No new
safety risks of Rinvoq were observed in these studies compared to
the safety profile observed in patients with RA, PsA or AS
receiving Rinvoq.
- AbbVie announced the FDA full approval of Venclexta
(venetoclax) in combination with azacitidine, or decitabine, or
low-dose cytarabine (LDAC) for the treatment of newly-diagnosed
acute myeloid leukemia (AML) in adults who are age 75 years or
older, or who have comorbidities that preclude the use of intensive
induction chemotherapy. The FDA had previously granted accelerated
approval to Venclexta for this indication in 2018. The approval is
supported by data from a series of trials including two Phase 3
trials - VIALE-A and VIALE-C. The VIALE-A trial showed that
significantly more patients treated with Venclexta in combination
with azacitidine achieved complete remission and lived longer
versus patients treated with azacitidine alone. Additionally, The
National Comprehensive Cancer Network (NCCN) guidelines recommend
the Venclexta and azacitidine combination as a Category 1 Preferred
AML treatment regimen for patients ineligible for intensive
chemotherapy. Venetoclax is being developed by AbbVie and Roche and
is jointly commercialized by AbbVie and Genentech, a member of the
Roche Group, in the U.S. and by AbbVie outside of the U.S.
- AbbVie and I-Mab signed a broad, global collaboration agreement
for the development and commercialization of lemzoparlimab, an
innovative anti-CD47 monoclonal antibody internally discovered and
developed by I-Mab for the treatment of multiple cancers. The
collaboration provides AbbVie with an exclusive global license,
excluding greater China, to
develop and commercialize lemzoparlimab and both companies will
have the potential to expand the collaboration to additional
transformative therapies. Under the terms of the agreement, AbbVie
will pay I-Mab $180 million in an
upfront payment to exclusively license lemzoparlimab, along with
$20 million in a milestone payment
based on Phase 1 lemzoparlimab trial results. I-Mab will be
eligible to receive up to an additional $1.74 billion in success-based milestone
payments.
- At the 2020 Virtual Migraine Trust International Symposium
(MTIS) AbbVie presented 15 abstracts evaluating the safety,
efficacy, and impact on patients and the healthcare system of
AbbVie's migraine treatment and prevention portfolio. Presentations
included new data from the Phase 3 ADVANCE trial evaluating
investigational medicine atogepant for the preventive treatment of
migraine; real-world evidence assessing safety, tolerability, and
potential benefits of treatment with Botox (onabotulinumtoxinA) in
combination with calcitonin gene–related peptide (CGRP) monoclonal
antibodies (mAbs) for chronic migraine prevention; and Phase 3 data
measuring the efficacy and safety of Ubrelvy (ubrogepant) for the
acute treatment of migraine with mild pain.
- At the 2020 International Congress of Parkinson's Disease and
Movement Disorders AbbVie presented 18 abstracts that highlighted
new and updated data evaluating AbbVie's neuroscience portfolio and
pipeline. Presentations included final data from the Phase 3
12-week DYSCOVER study, the first randomized trial of Duodopa
(levodopa/carbidopa intestinal gel) (LCIG) on the duration and
severity of dyskinesia in patients with advanced Parkinson's
disease (PD). Overall, the results of this pivotal study
demonstrated clinically meaningful benefit with LCIG treatment in
reducing dyskinesia compared to optimized medical treatment in
patients with advanced PD.
- AbbVie announced that the FDA granted Orphan Drug and Fast
Track designations for elezanumab (ABT-555), an investigational
treatment for patients following spinal cord injury. Elezanumab is
currently in phase 2 studies for the treatment of spinal cord
injuries, multiple sclerosis and acute ischemic stroke.
- Allergan Aesthetics presented 4 abstracts at the annual
American Society for Dermatologic Surgery (ASDS) virtual meeting.
Presentations included data on patient satisfaction following chin
augmentation with hyaluronic acid fillers as well as patient
satisfaction and the efficacy of treatment of upper facial lines
with Botox.
- Allergan Aesthetics entered into an agreement with Luminera, a
privately held aesthetics company based in Israel, to acquire Luminera's full dermal
filler portfolio and R&D pipeline further enhancing Allergan
Aesthetics' leading dermal filler portfolio. Luminera's key value
driver for the future is HArmonyCa, an innovative dermal filler
intended for facial soft tissue augmentation comprised of a
combination of cross-linked hyaluronic acid (HA) with embedded
calcium hydroxyapatite (CaHA) microspheres that is highly
differentiated in the dermal filler category. HArmonyCa is
currently commercially available in Israel and Brazil and Allergan Aesthetics will continue
to develop this product for its International and U.S.
markets.
- Allergan Aesthetics and Skinbetter Science announced the launch
of a new long-term, educational initiative – DREAM: Driving Racial
Equity in Aesthetic Medicine. The DREAM Initiative is committed to
furthering the principles of racial and ethnic diversity,
inclusion, respect and understanding in the fields of dermatology
and plastic surgery.
- AbbVie announced positive top-line results from the Phase 3
GEMINI 1 and GEMINI 2 trials evaluating AGN-190584, an ophthalmic
solution of pilocarpine 1.25%, for the treatment of symptoms
associated with presbyopia. In both studies, AGN-190584 met the
primary endpoint, demonstrating a statistically significant
improvement in near vision. The majority of secondary endpoints
were also met in both Phase 3 studies. Additional details from the
GEMINI 1 and GEMINI 2 studies will be presented at future medical
meetings and will serve as the basis for a New Drug Application
(NDA) submission to the FDA in the first half of 2021.
- AbbVie and Harvard University
announced a collaborative research alliance, launching a
multi-pronged effort at Harvard Medical
School to study and develop novel therapies against emergent
viral infections, with a focus on those caused by coronaviruses and
by viruses that lead to hemorrhagic fever. AbbVie will provide
$30 million over three years and
additional in-kind support leveraging AbbVie's scientists,
expertise and facilities to advance collaborative research and
early-stage development efforts across five program areas that
address a variety of therapeutic modalities including immunity and
immunopathology, host targeting for antiviral therapies, antibody
therapeutics, small molecules and translational development.
Full-Year 2020 Outlook
AbbVie is updating its GAAP diluted EPS guidance for the
full-year 2020 from $4.12 to
$4.22 to $3.89 to $3.91,
which includes the results of Allergan from May 8, 2020 through December 31, 2020.
AbbVie is updating its adjusted diluted EPS for the full-year
2020 from $10.35 to $10.45 to $10.47 to
$10.49, which includes the results of
Allergan from May 8, 2020 through
December 31, 2020, representing
annualized net accretion from the Allergan transaction of 12
percent. The combined company's 2020 adjusted diluted EPS guidance
excludes $6.58 per share of
intangible asset amortization expense, non-cash charges for
contingent consideration adjustments and other specified items.
Company Declares Dividend Increase of 10.2 Percent
AbbVie is announcing today that its board of directors declared
an increase in the company's quarterly cash dividend from
$1.18 per share to $1.30 per share beginning with the dividend
payable on February 16, 2021 to
shareholders of record as of January 15,
2021. This reflects an increase of approximately 10.2
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
225 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,
oncology, neuroscience, eye care, virology, women's health and
gastroenterology, in addition to products and services across its
Allergan Aesthetics portfolio. For more information about AbbVie,
please visit us at www.abbvie.com. Follow @abbvie on Twitter,
Facebook 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 2020 and 2019 are presented on both a
reported and a non-GAAP basis. Reported results were prepared in
accordance with 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. The company's 2020 financial guidance is also
being provided on both a reported and a non-GAAP basis.
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, among others,
generally identify forward-looking statements. AbbVie cautions that
these forward-looking statements are subject to risks and
uncertainties, including the impact of the COVID-19 pandemic on
AbbVie's operations, results and financial results, that may cause
actual results to differ materially from those indicated in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, failure to realize the expected benefits of
the Allergan acquisition, failure to promptly and effectively
integrate Allergan's businesses, significant transaction costs
and/or unknown or inestimable liabilities, potential litigation
associated with the Allergan acquisition, challenges to
intellectual property, competition from other products,
difficulties inherent in the research and development process,
adverse litigation or government action, and changes to laws and
regulations applicable to our industry. 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 2019 Annual Report on Form
10-K, which has been filed with the Securities and Exchange
Commission (SEC). AbbVie undertakes no obligation to release
publicly any revisions to forward-looking statements as a result of
subsequent events or developments, except as required by
law.
AbbVie
Inc.
Key Product
Revenues
Quarter Ended
September 30, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
3Q19
|
|
Net Revenues (in
millions)
|
|
Reported
|
|
Comparable
Operational a, b
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
ADJUSTED NET
REVENUESc
|
$9,889
|
|
$2,993
|
|
$12,882
|
|
58.4%
|
|
33.9%
|
|
51.9%
|
|
6.0%
|
|
(1.6)%
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
4,759
|
|
1,031
|
|
5,790
|
|
19.6
|
|
(3.0)
|
|
14.8
|
|
19.6
|
|
(1.9)
|
|
15.0
|
Humira
|
4,189
|
|
951
|
|
5,140
|
|
7.7
|
|
(9.3)
|
|
4.1
|
|
7.7
|
|
(8.0)
|
|
4.4
|
Skyrizi
|
379
|
|
56
|
|
435
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
Rinvoq
|
191
|
|
24
|
|
215
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
1,323
|
|
399
|
|
1,722
|
|
11.7
|
|
36.1
|
|
16.5
|
|
11.7
|
|
35.6
|
|
16.4
|
Imbruvicad
|
1,119
|
|
251
|
|
1,370
|
|
7.4
|
|
17.0
|
|
9.0
|
|
7.4
|
|
17.0
|
|
9.0
|
Venclexta
|
204
|
|
148
|
|
352
|
|
42.8
|
|
88.6
|
|
59.0
|
|
42.8
|
|
86.7
|
|
58.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
617
|
|
350
|
|
967
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(4.4)
|
|
(0.7)
|
|
(3.1)
|
Botox
Cosmetic*
|
237
|
|
156
|
|
393
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(0.1)
|
|
(5.4)
|
|
(2.2)
|
Juvederm
Collection*
|
115
|
|
159
|
|
274
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(14.0)
|
|
12.2
|
|
(0.5)
|
Other
Aesthetics*
|
265
|
|
35
|
|
300
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(3.4)
|
|
(22.9)
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
1,053
|
|
196
|
|
1,249
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
14.0
|
|
2.1
|
|
12.1
|
Botox
Therapeutic*
|
429
|
|
94
|
|
523
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(2.0)
|
|
(1.0)
|
|
(1.8)
|
Vraylar*
|
358
|
|
—
|
|
358
|
|
n/m
|
|
n/a
|
|
n/m
|
|
48.4
|
|
n/a
|
|
48.4
|
Duodopa
|
25
|
|
98
|
|
123
|
|
(2.5)
|
|
6.7
|
|
4.7
|
|
(2.5)
|
|
3.2
|
|
2.0
|
Ubrelvy*
|
38
|
|
—
|
|
38
|
|
n/m
|
|
n/a
|
|
n/m
|
|
n/m
|
|
n/a
|
|
n/m
|
Other
Neuroscience*
|
203
|
|
4
|
|
207
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(7.3)
|
|
66.0
|
|
(6.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
549
|
|
291
|
|
840
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(4.8)
|
|
(4.7)
|
|
(4.8)
|
Lumigan/Ganfort*
|
62
|
|
87
|
|
149
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(8.3)
|
|
(3.3)
|
|
(5.4)
|
Alphagan/Combigan*
|
84
|
|
39
|
|
123
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(10.7)
|
|
2.2
|
|
(6.8)
|
Restasis*
|
284
|
|
15
|
|
299
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(5.4)
|
|
68.0
|
|
(3.2)
|
Other Eye
Care*
|
119
|
|
150
|
|
269
|
|
n/m
|
|
n/m
|
|
n/m
|
|
3.8
|
|
(11.0)
|
|
(5.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
227
|
|
12
|
|
239
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
(19.0)
|
|
12.8
|
|
(17.8)
|
Lo
Loestrin*
|
129
|
|
5
|
|
134
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(22.5)
|
|
48.5
|
|
(21.1)
|
Orilissa/Oriahnn
|
24
|
|
1
|
|
25
|
|
(5.1)
|
|
78.7
|
|
(3.2)
|
|
(5.1)
|
|
80.3
|
|
(3.2)
|
Other Women's
Health*
|
74
|
|
6
|
|
80
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(16.5)
|
|
(10.4)
|
|
(16.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
995
|
|
271
|
|
1,266
|
|
(2.3)
|
|
(26.5)
|
|
(8.7)
|
|
(19.7)
|
|
(28.3)
|
|
(21.7)
|
Mavyret
|
185
|
|
229
|
|
414
|
|
(50.0)
|
|
(29.9)
|
|
(40.6)
|
|
(50.0)
|
|
(31.0)
|
|
(41.1)
|
Creon
|
282
|
|
—
|
|
282
|
|
5.9
|
|
n/a
|
|
5.9
|
|
5.9
|
|
n/a
|
|
5.9
|
Lupron
|
99
|
|
34
|
|
133
|
|
(47.6)
|
|
(18.0)
|
|
(42.1)
|
|
(47.6)
|
|
(13.9)
|
|
(41.3)
|
Linzess/Constella*
|
240
|
|
8
|
|
248
|
|
n/m
|
|
n/m
|
|
n/m
|
|
9.6
|
|
13.7
|
|
9.7
|
Synthroid
|
189
|
|
—
|
|
189
|
|
(3.6)
|
|
n/a
|
|
(3.6)
|
|
(3.6)
|
|
n/a
|
|
(3.6)
|
|
|
a
|
"Comparable
Operational" comparisons include full-quarter current year and
prior year results for Allergan products, as if the acquisition
closed on January 1, 2019, and are presented at constant currency
rates that reflect comparative local currency net revenues at the
prior year's foreign exchange rates.
|
b
|
All historically
reported Allergan revenues have been recast to conform to AbbVie's
revenue recognition accounting policies and reporting conventions
for certain rebates and discounts. Historically reported Allergan
revenues also exclude Zenpep and Viokace product revenues, which
were both divested as part of the acquisition, as well as specified
items.
|
c
|
Adjusted net revenues
exclude specified items. Refer to the Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information for further details.
Percentage change is calculated using adjusted net
revenues.
|
d
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
n/a = not
applicable
|
n/m = not
meaningful
|
AbbVie
Inc.
Key Product
Revenues
Nine Months Ended
September 30, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
9M19
|
|
Net Revenues (in
millions)a
|
|
Reported
|
|
Comparable
Operational b, c
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
ADJUSTED NET
REVENUESd
|
$24,194
|
|
$7,732
|
|
$31,926
|
|
38.4%
|
|
9.1%
|
|
30.0%
|
|
5.8%
|
|
(8.7)%
|
|
2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology
|
13,162
|
|
3,033
|
|
16,195
|
|
19.3
|
|
(10.2)
|
|
12.4
|
|
19.3
|
|
(8.3)
|
|
12.9
|
Humira
|
11,819
|
|
2,861
|
|
14,680
|
|
8.5
|
|
(14.8)
|
|
3.0
|
|
8.5
|
|
(12.8)
|
|
3.5
|
Skyrizi
|
934
|
|
131
|
|
1,065
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
Rinvoq
|
409
|
|
41
|
|
450
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
3,736
|
|
1,126
|
|
4,862
|
|
19.7
|
|
41.2
|
|
24.1
|
|
19.7
|
|
41.9
|
|
24.2
|
Imbruvicae
|
3,140
|
|
750
|
|
3,890
|
|
13.9
|
|
20.9
|
|
15.2
|
|
13.9
|
|
20.9
|
|
15.2
|
Venclexta
|
596
|
|
376
|
|
972
|
|
63.4
|
|
>100.0
|
|
79.5
|
|
63.4
|
|
>100.0
|
|
80.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aesthetics
|
947
|
|
501
|
|
1,448
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(21.7)
|
|
(25.4)
|
|
(23.0)
|
Botox
Cosmetic*
|
384
|
|
235
|
|
619
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(16.3)
|
|
(25.2)
|
|
(19.9)
|
Juvederm
Collection*
|
171
|
|
216
|
|
387
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(33.0)
|
|
(26.4)
|
|
(29.5)
|
Other
Aesthetics*
|
392
|
|
50
|
|
442
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(20.6)
|
|
(22.4)
|
|
(20.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience
|
1,674
|
|
433
|
|
2,107
|
|
>100.0
|
|
59.5
|
|
>100.0
|
|
12.3
|
|
(2.9)
|
|
9.6
|
Botox
Therapeutic*
|
683
|
|
137
|
|
820
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(7.5)
|
|
(13.7)
|
|
(8.6)
|
Vraylar*
|
550
|
|
—
|
|
550
|
|
n/m
|
|
n/a
|
|
n/m
|
|
67.1
|
|
n/a
|
|
67.1
|
Duodopa
|
75
|
|
290
|
|
365
|
|
5.0
|
|
6.7
|
|
6.4
|
|
5.0
|
|
7.2
|
|
6.8
|
Ubrelvy*
|
60
|
|
—
|
|
60
|
|
n/m
|
|
n/a
|
|
n/m
|
|
n/m
|
|
n/a
|
|
n/m
|
Other
Neuroscience*
|
306
|
|
6
|
|
312
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(9.2)
|
|
41.2
|
|
(8.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eye
Care
|
823
|
|
434
|
|
1,257
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(1.6)
|
|
(10.3)
|
|
(4.7)
|
Lumigan/Ganfort*
|
97
|
|
128
|
|
225
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(1.5)
|
|
(6.4)
|
|
(4.2)
|
Alphagan/Combigan*
|
131
|
|
61
|
|
192
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(8.6)
|
|
(1.5)
|
|
(6.5)
|
Restasis*
|
422
|
|
21
|
|
443
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(1.3)
|
|
18.0
|
|
(0.7)
|
Other Eye
Care*
|
173
|
|
224
|
|
397
|
|
n/m
|
|
n/m
|
|
n/m
|
|
3.9
|
|
(16.1)
|
|
(8.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Women's
Health
|
399
|
|
18
|
|
417
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
|
(13.4)
|
|
(3.7)
|
|
(13.1)
|
Lo
Loestrin*
|
207
|
|
7
|
|
214
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(14.9)
|
|
15.4
|
|
(14.3)
|
Orilissa/Oriahnn
|
84
|
|
3
|
|
87
|
|
46.6
|
|
>100.0
|
|
48.3
|
|
46.6
|
|
>100.0
|
|
48.3
|
Other Women's
Health*
|
108
|
|
8
|
|
116
|
|
n/m
|
|
n/m
|
|
n/m
|
|
(23.7)
|
|
(21.9)
|
|
(23.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
2,783
|
|
905
|
|
3,688
|
|
(8.6)
|
|
(25.8)
|
|
(13.5)
|
|
(16.0)
|
|
(25.4)
|
|
(18.3)
|
Mavyret
|
565
|
|
784
|
|
1,349
|
|
(51.6)
|
|
(28.6)
|
|
(40.5)
|
|
(51.6)
|
|
(28.3)
|
|
(40.3)
|
Creon
|
810
|
|
—
|
|
810
|
|
8.1
|
|
n/a
|
|
8.1
|
|
8.1
|
|
n/a
|
|
8.1
|
Lupron
|
461
|
|
110
|
|
571
|
|
(15.6)
|
|
(9.3)
|
|
(14.5)
|
|
(15.6)
|
|
(5.2)
|
|
(13.8)
|
Linzess/Constella*
|
370
|
|
11
|
|
381
|
|
n/m
|
|
n/m
|
|
n/m
|
|
7.9
|
|
20.8
|
|
8.2
|
Synthroid
|
577
|
|
—
|
|
577
|
|
(0.8)
|
|
n/a
|
|
(0.8)
|
|
(0.8)
|
|
n/a
|
|
(0.8)
|
|
|
a
|
Net revenues include
Allergan product revenues from the date of the acquisition, May 8,
2020, through September 30, 2020.
|
b
|
"Comparable
Operational" comparisons include full-period current year and prior
year results for Allergan products, as if the acquisition closed on
January 1, 2019, and are presented at constant currency rates that
reflect comparative local currency net revenues at the prior year's
foreign exchange rates.
|
c
|
All historically
reported Allergan revenues have been recast to conform to AbbVie's
revenue recognition accounting policies and reporting conventions
for certain rebates and discounts. Historically reported Allergan
revenues also exclude Zenpep and Viokace product revenues, which
were both divested as part of the acquisition, as well as specified
items.
|
d
|
Adjusted net revenues
exclude specified items. Refer to the Reconciliation of GAAP
Reported to Non-GAAP Adjusted Information for further details.
Percentage change is calculated using adjusted net
revenues.
|
e
|
Reflects profit
sharing for Imbruvica international revenues.
|
*
|
Represents product(s)
acquired as part of the Allergan acquisition.
|
n/a = not
applicable
|
n/m = not
meaningful
|
AbbVie
Inc.
Consolidated
Statements of Earnings
Quarter and Nine
Months Ended September 30, 2020 and 2019
(Unaudited) (In
millions, except per share data)
|
|
|
Third
Quarter
Ended September 30
|
|
Nine
Months
Ended September 30
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net
revenues
|
$
|
12,902
|
|
|
$
|
8,479
|
|
|
$
|
31,946
|
|
|
$
|
24,562
|
|
Cost of products
sold
|
5,050
|
|
|
1,920
|
|
|
10,703
|
|
|
5,433
|
|
Selling, general and
administrative
|
2,846
|
|
|
1,657
|
|
|
8,068
|
|
|
4,991
|
|
Research and
development
|
1,706
|
|
|
2,285
|
|
|
4,667
|
|
|
4,865
|
|
Acquired in-process
research and development
|
45
|
|
|
—
|
|
|
898
|
|
|
246
|
|
Total operating costs
and expenses
|
9,647
|
|
|
5,862
|
|
|
24,336
|
|
|
15,535
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
3,255
|
|
|
2,617
|
|
|
7,610
|
|
|
9,027
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
620
|
|
|
420
|
|
|
1,662
|
|
|
1,054
|
|
Net foreign exchange
loss
|
20
|
|
|
19
|
|
|
54
|
|
|
31
|
|
Other expense,
net
|
115
|
|
|
177
|
|
|
989
|
|
|
2,590
|
|
Earnings before
income tax expense
|
2,500
|
|
|
2,001
|
|
|
4,905
|
|
|
5,352
|
|
Income tax
expense
|
187
|
|
|
117
|
|
|
321
|
|
|
271
|
|
Net
earnings
|
2,313
|
|
|
1,884
|
|
|
4,584
|
|
|
5,081
|
|
Net earnings
attributable to noncontrolling interest
|
5
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Net earnings
attributable to AbbVie Inc.
|
$
|
2,308
|
|
|
$
|
1,884
|
|
|
$
|
4,580
|
|
|
$
|
5,081
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to AbbVie Inc.
|
$
|
1.29
|
|
|
$
|
1.26
|
|
|
$
|
2.77
|
|
|
$
|
3.41
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per sharea
|
$
|
2.83
|
|
|
$
|
2.33
|
|
|
$
|
7.62
|
|
|
$
|
6.73
|
|
|
|
|
|
|
|
|
|
Weighted-average
diluted shares outstanding
|
1,774
|
|
|
1,483
|
|
|
1,637
|
|
|
1,483
|
|
|
|
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
Quarter Ended
September 30, 2020
(Unaudited) (In
millions, except per share data)
|
|
1. Specified
items impacted results as follows:
|
|
|
3Q20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,500
|
|
|
$
|
2,308
|
|
|
$
|
1.29
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
2,117
|
|
|
1,800
|
|
|
1.02
|
|
Acquisition and
integration costs
|
792
|
|
|
682
|
|
|
0.38
|
|
Milestones and other
R&D expenses
|
40
|
|
|
38
|
|
|
0.02
|
|
Acquired
IPR&D
|
45
|
|
|
45
|
|
|
0.02
|
|
Change in fair value
of contingent consideration
|
197
|
|
|
197
|
|
|
0.11
|
|
Other
|
30
|
|
|
(22)
|
|
|
(0.01)
|
|
As adjusted
(non-GAAP)
|
$
|
5,721
|
|
|
$
|
5,048
|
|
|
$
|
2.83
|
|
|
a
Represents net earnings attributable to
AbbVie Inc.
|
|
Acquisition and
integration costs reflect amortization of the acquisition date fair
value step-up for inventory as well as compensation expense and
other integration costs related to the Allergan acquisition.
Milestones and other R&D expenses include milestone payments
for previously announced collaborations. Acquired IPR&D
primarily reflects upfront payments related to R&D
collaborations and licensing arrangements with third parties. Other
primarily includes tax settlements and COVID-19 related
expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
3Q20
|
|
Net
revenues
|
|
Cost of
products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Net
foreign
exchange
loss
|
|
Other
expense,
net
|
As reported
(GAAP)
|
$
|
12,902
|
|
|
$
|
5,050
|
|
|
$
|
2,846
|
|
|
$
|
1,706
|
|
|
$
|
45
|
|
|
$
|
20
|
|
|
$
|
115
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
—
|
|
|
(2,117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
—
|
|
|
(551)
|
|
|
(104)
|
|
|
(137)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197)
|
|
Other
|
(20)
|
|
|
(20)
|
|
|
(19)
|
|
|
(16)
|
|
|
—
|
|
|
5
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
12,882
|
|
|
$
|
2,362
|
|
|
$
|
2,723
|
|
|
$
|
1,513
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
(82)
|
|
|
3. The adjusted tax rate for
the third quarter of 2020 was 11.7 percent, as detailed
below:
|
|
|
3Q20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,500
|
|
|
$
|
187
|
|
|
7.5
|
%
|
Specified
items
|
3,221
|
|
|
481
|
|
|
14.9
|
%
|
As
adjusted (non-GAAP)
|
$
|
5,721
|
|
|
$
|
668
|
|
|
11.7
|
%
|
AbbVie
Inc.
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
Quarter Ended
September 30, 2019
(Unaudited) (In
millions, except per share data)
|
|
1. Specified
items impacted results as follows:
|
|
|
3Q19
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,001
|
|
|
$
|
1,884
|
|
|
$
|
1.26
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
389
|
|
|
323
|
|
|
0.22
|
|
Milestones and other
R&D expenses
|
20
|
|
|
20
|
|
|
0.01
|
|
Change in fair value
of contingent consideration
|
271
|
|
|
271
|
|
|
0.19
|
|
Restructuring
|
17
|
|
|
14
|
|
|
—
|
|
Litigation
reserves
|
7
|
|
|
5
|
|
|
—
|
|
Stemcentrx-related
impairment
|
939
|
|
|
823
|
|
|
0.56
|
|
Acquisition related
costs
|
158
|
|
|
128
|
|
|
0.09
|
|
As adjusted
(non-GAAP)
|
$
|
3,802
|
|
|
$
|
3,468
|
|
|
$
|
2.33
|
|
|
a
Represents net earnings attributable to
AbbVie Inc.
|
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Restructuring is
primarily associated with streamlining global operations.
Stemcentrx-related impairment refers to the net impact of the
intangible asset impairment and the related fair value adjustment
to contingent consideration liabilities. Acquisition related costs
reflect transaction and financing costs related to the Allergan
acquisition.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
3Q19
|
|
Cost of products
sold
|
|
SG&A
|
|
R&D
|
|
Interest expense,
net
|
|
Other expense,
net
|
As reported
(GAAP)
|
$
|
1,920
|
|
|
$
|
1,657
|
|
|
$
|
2,285
|
|
|
$
|
420
|
|
|
$
|
177
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(389)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(20)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(271)
|
|
Restructuring
|
(6)
|
|
|
(3)
|
|
|
(8)
|
|
|
—
|
|
|
—
|
|
Litigation
reserves
|
—
|
|
|
(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stemcentrx-related
impairment
|
—
|
|
|
—
|
|
|
(1,030)
|
|
|
—
|
|
|
91
|
|
Acquisition related
costs
|
—
|
|
|
(26)
|
|
|
—
|
|
|
(132)
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
1,525
|
|
|
$
|
1,621
|
|
|
$
|
1,227
|
|
|
$
|
288
|
|
|
$
|
(3)
|
|
|
3. The adjusted tax
rate for the third quarter of 2019 was 8.8 percent, as detailed
below:
|
|
|
3Q19
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,001
|
|
|
$
|
117
|
|
|
5.9
|
%
|
Specified
items
|
1,801
|
|
|
217
|
|
|
12.1
|
%
|
As
adjusted (non-GAAP)
|
$
|
3,802
|
|
|
$
|
334
|
|
|
8.8
|
%
|
AbbVie
Inc.
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
Nine Months Ended
September 30, 2020
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items impacted results as
follows:
|
|
|
9M20
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
4,905
|
|
|
$
|
4,580
|
|
|
$
|
2.77
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
3,967
|
|
|
3,361
|
|
|
2.05
|
|
Acquisition and
integration costs
|
2,899
|
|
|
2,624
|
|
|
1.60
|
|
Milestones and other
R&D expenses
|
225
|
|
|
202
|
|
|
0.12
|
|
Acquired
IPR&D
|
898
|
|
|
898
|
|
|
0.54
|
|
Change in fair value
of contingent consideration
|
1,078
|
|
|
1,078
|
|
|
0.65
|
|
Other
|
147
|
|
|
(187)
|
|
|
(0.11)
|
|
As adjusted
(non-GAAP)
|
$
|
14,119
|
|
|
$
|
12,556
|
|
|
$
|
7.62
|
|
|
a
Represents net earnings attributable to
AbbVie Inc.
|
|
Acquisition and
integration costs reflect transaction and financing costs,
compensation expense and other integration costs as well as
amortization of the acquisition date fair value step-up for
inventory related to the Allergan acquisition. Milestones and other
R&D expenses include milestone payments for previously
announced collaborations and the purchase of an FDA priority review
voucher from a third party. Other primarily includes the impacts of
tax law changes, tax settlements and COVID-19 related charitable
contributions and expenses.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
9M20
|
|
Net
revenues
|
|
Cost of products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest expense,
net
|
|
Net foreign exchange
loss
|
|
Other expense,
net
|
As reported
(GAAP)
|
$
|
31,946
|
|
|
$
|
10,703
|
|
|
$
|
8,068
|
|
|
$
|
4,667
|
|
|
$
|
898
|
|
|
$
|
1,662
|
|
|
$
|
54
|
|
|
$
|
989
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
—
|
|
|
(3,967)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and
integration costs
|
—
|
|
|
(1,020)
|
|
|
(1,290)
|
|
|
(315)
|
|
|
—
|
|
|
(274)
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(225)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(898)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,078)
|
|
Other
|
(20)
|
|
|
(64)
|
|
|
(64)
|
|
|
(48)
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
31,926
|
|
|
$
|
5,652
|
|
|
$
|
6,714
|
|
|
$
|
4,079
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
|
$
|
63
|
|
|
$
|
(89)
|
|
|
3. The adjusted tax rate for
the first nine months of 2020 was 11.0 percent, as detailed
below:
|
|
|
9M20
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
4,905
|
|
|
$
|
321
|
|
|
6.5
|
%
|
Specified
items
|
9,214
|
|
|
1,238
|
|
|
13.4
|
%
|
As
adjusted (non-GAAP)
|
$
|
14,119
|
|
|
$
|
1,559
|
|
|
11.0
|
%
|
AbbVie
Inc.
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
Nine Months Ended
September 30, 2019
(Unaudited) (In
millions, except per share data)
|
|
1. Specified
items impacted results as follows:
|
|
|
9M19
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-taxa
|
|
EPS
|
As reported
(GAAP)
|
$
|
5,352
|
|
|
$
|
5,081
|
|
|
$
|
3.41
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
1,162
|
|
|
962
|
|
|
0.65
|
|
Milestones and other
R&D expenses
|
95
|
|
|
95
|
|
|
0.06
|
|
Acquired
IPR&D
|
246
|
|
|
241
|
|
|
0.16
|
|
Change in fair value
of contingent consideration
|
2,744
|
|
|
2,746
|
|
|
1.85
|
|
Restructuring
|
188
|
|
|
153
|
|
|
0.10
|
|
Litigation
reserves
|
27
|
|
|
21
|
|
|
0.01
|
|
Stemcentrx-related
impairment
|
939
|
|
|
823
|
|
|
0.56
|
|
Acquisition related
costs
|
189
|
|
|
155
|
|
|
0.10
|
|
Tax audit
settlement
|
—
|
|
|
(267)
|
|
|
(0.18)
|
|
Other
|
20
|
|
|
20
|
|
|
0.01
|
|
As adjusted
(non-GAAP)
|
$
|
10,962
|
|
|
$
|
10,030
|
|
|
$
|
6.73
|
|
|
a Represents
net earnings attributable to AbbVie Inc.
|
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Acquired IPR&D primarily
reflects upfront payments related to R&D collaborations and
licensing arrangements with third parties. Restructuring is
primarily associated with streamlining global operations.
Stemcentrx-related impairment refers to the net impact of the
intangible asset impairment and the related fair value adjustment
to contingent consideration liabilities. Acquisition related costs
reflect transaction and financing costs related to the Allergan
acquisition.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
9M19
|
|
Cost of products
sold
|
|
SG&A
|
|
R&D
|
|
Acquired
IPR&D
|
|
Interest expense,
net
|
|
Other expense,
net
|
As reported
(GAAP)
|
$
|
5,433
|
|
|
$
|
4,991
|
|
|
$
|
4,865
|
|
|
$
|
246
|
|
|
$
|
1,054
|
|
|
$
|
2,590
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(1,162)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(95)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(246)
|
|
|
—
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,744)
|
|
Restructuring
|
(15)
|
|
|
(110)
|
|
|
(63)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Litigation
reserves
|
—
|
|
|
(27)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stemcentrx-related
impairment
|
—
|
|
|
—
|
|
|
(1,030)
|
|
|
—
|
|
|
—
|
|
|
91
|
|
Acquisition related costs
|
—
|
|
|
(50)
|
|
|
—
|
|
|
—
|
|
|
(139)
|
|
|
—
|
|
Other
|
(1)
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
4,255
|
|
|
$
|
4,804
|
|
|
$
|
3,658
|
|
|
$
|
—
|
|
|
$
|
915
|
|
|
$
|
(63)
|
|
|
3. The adjusted tax rate for
the first nine months of 2019 was 8.5 percent, as detailed
below:
|
|
|
9M19
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
5,352
|
|
|
$
|
271
|
|
|
5.1
|
%
|
Specified
items
|
5,610
|
|
|
661
|
|
|
11.8
|
%
|
As
adjusted (non-GAAP)
|
$
|
10,962
|
|
|
$
|
932
|
|
|
8.5
|
%
|
View original
content:http://www.prnewswire.com/news-releases/abbvie-reports-third-quarter-2020-financial-results-301163816.html
SOURCE AbbVie