AbbVie reports second-quarter 2021 financial results

AbbVie [ABBV] announced financial results for the second quarter ended June 30, 2021.

"AbbVie delivered another strong quarter and our business continues to perform extremely well across the portfolio, with AbbVie's new immunology assets contributing more than $1 billion of combined sales in the quarter,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “The Allergan integration also continues to track exceptionally well, with both the neuroscience and aesthetics portfolios delivering double-digit sequential growth. Based upon the momentum of our business, we are raising our full year 2021 EPS guidance and believe AbbVie is very well positioned for the long term."

Second-Quarter Results

•Worldwide net revenues were $13.959 billion, an increase of 33.9 percent on a reported basis, or 19.3 percent on a comparable operational basis.

•Global net revenues from the immunology portfolio were $6.120 billion, an increase of 15.1 percent on a reported basis, or 13.8 percent on an operational basis.

◦Global Humira net revenues of $5.068 billion increased 4.8 percent on a reported basis, or 3.6 percent on an operational basis. U.S. Humira net revenues were $4.257 billion, an increase of 7.1 percent. Internationally, Humira net revenues were $811 million, a decrease of 6.0 percent on a reported basis, or 12.6 percent on an operational basis, due to biosimilar competition.

◦Global Skyrizi net revenues were $674 million.

◦Global Rinvoq net revenues were $378 million.

•Global net revenues from the hematologic oncology portfolio were $1.816 billion, an increase of 14.1 percent on a reported basis, or 13.2 percent on an operational basis.

◦Global Imbruvica net revenues were $1.381 billion, an increase of 7.2 percent, with U.S. net revenues of $1.099 billion and international profit sharing of $282 million.

◦Global Venclexta net revenues were $435 million, an increase of 43.2 percent on a reported basis, or 38.3 percent on an operational basis.

•Global net revenues from the neuroscience portfolio were $1.459 billion, an increase of 98.8 percent on a reported basis, or 29.6 percent on a comparable operational basis.

◦Global Botox Therapeutic net revenues were $603 million, an increase of over 100.0 percent on a reported basis, or 38.6 percent on a comparable operational basis.

◦Global Vraylar net revenues were $432 million, an increase of over 100.0 percent on a reported basis, or 25.8 percent on a comparable operational basis.

◦Global Ubrelvy net revenues were $126 million.

•Global net revenues from the aesthetics portfolio were $1.434 billion, an increase of over 100.0 percent on a reported and comparable operational basis.

◦Global Botox Cosmetic net revenues were $584 million, an increase of over 100.0 percent on a reported and comparable operational basis.

•On a GAAP basis, the gross margin ratio in the second quarter was 67.6 percent. The adjusted gross margin ratio was 82.2 percent.

•On a GAAP basis, selling, general and administrative expense was 22.7 percent of net revenues. The adjusted SG&A expense was 21.2 percent of net revenues.

•On a GAAP basis, research and development expense was 12.9 percent of net revenues. The adjusted R&D expense was 11.3 percent of net revenues, reflecting funding actions supporting all stages of our pipeline.

•On a GAAP basis, the operating margin in the second quarter was 31.8 percent. The adjusted operating margin was 49.7 percent.

•On a GAAP basis, net interest expense was $606 million.

•On a GAAP basis, the tax rate in the quarter was 33.8 percent. The adjusted tax rate was 12.6 percent.

•Diluted EPS in the second quarter was $0.42 on a GAAP basis. Adjusted diluted EPS, excluding specified items,