On February 2, AbbVie announced its 2023 financial results, with total net revenue of $54.318 billion for the year, showing a decline compared to previous years (-6.4%). R&D investment amounted to $7.675 billion, representing a year-on-year increase of 17.9%.
Click to download the 2023 AbbVie earnings press release
AbbVieMainly focused on five major disease areas, including immunology, oncology, neuroscience, aesthetics, and ophthalmology. Among them, immunology is the core business of AbbVie.TotalRevenue 261.36Billion USD (-9.6%), accounting for half of the total revenue (+48.12%）; followed byIn the field of neuroscience, contributed $7.717 billion in revenue (+18.2%), which was also AbbVie's only business segment to achieve positive growth this year;Oncology, aesthetics, and ophthalmology achieved 59.15 (-10.1%), 52.94 (-0.8%), and 24.15 (-10.6%), respectively.Billion-dollar revenue.AbbVie's 2023 Sales of Major Products (in billion USD)
AbbVie's brilliant performance over the past decade has been inseparable fromThe success of Humira (Humira, Adalimumab) has allowed AbbVie to consistently rank among the leaders in the autoimmune field.In 2023, despite stepping down from the throne of "top-selling drug,"Humira's annual sales plummeted sharply (-32.2%),Still brought AbbVie 144.04Billion-dollar revenue, but inevitably affects the fluctuation of the entire autoimmune business revenue.In recent years, to address the "cash cow" patent cliff crisis，AiAbbVie has presented a rather comprehensiveSolutions,On the one hand, by building strong fortresses of patent protection, the product life cycle is extended;On the other hand, AbbVie alsoFull Force to Support New Product LaunchPosition, now the substitute players IL-23 monoclonal antibody Skyrizi (risankizumab) and JAK1 inhibitor Rinvoq (upadacitinib) have successivelyOn the rise, reaching over 50% growth rate in 2023.Total revenue reached $11.733 billion.SkyriziEntered the global market for the first time in 2019, and has since gained approval for five indications, includingPlaque Psoriasis, Psoriatic Arthritis, Crohn's Disease,Generalized Pustular Psoriasis and Erythrodermic Psoriasis. 2024,SkyriziAlso expected to gain FDA approval for new indications in ulcerative colitis.Since its listing,Skyrizi SalesWith a leapfrogging growth, maintaining a high double-digit increase every year, at this growth rate,Revenue Breakthrough in 202410 billionUSDNo problem at all。Of course,SkyriziThe booming development momentum andAbbVieCarefullyExpandThe fierce offensive is closely related.According to the PharmCube database, AbbVie, as the sponsor and collaborator, is advancing nearly 60 clinical studies around risankizumab.Rinvoq growth rate (+57.4%)Skyrizi is more prominent inRheumatoid arthritis, psoriatic arthritis, atopic dermatitis, ulcerative colitis, ankylosing spondylitis, non-radiographic axial spondyloarthritis, and Crohn's diseaseSeven AdaptationsUnder continuous penetration of the condition, sales have significantlyIncreased to 39.69AbbVieYuan.Based on the growth momentum of the two products, AbbVie will also2027 YearsSales forecast increased by $6 billion to$270 billionCompared to immunology, AbbVie's oncology portfolio is relatively thin, currently mainly consisting ofImbruvica（Ibrutinib) andVenclexta(Venetoclax) Two products bring in cash flow, among whichImbruvica is on the decline due to intense competition in the same赛道, with a significant loss of market share in 2023.Sales fell 21.3% to $3.596 billion.As the only product launched globallyBcl-2 Inhibitor,Venclexta has maintained a strong growth momentum in recent years, reaching $2.288 billion (+13.9%) in 2023.However, a new force has emerged in AbbVie's hematology-oncology field.CD3/CD20 Bispecific Antibody Epcoritamab Has AlreadyMay 2023Approved by the FDA for marketing, used forTreatment of patients with relapsed or refractory diffuse large B-cell lymphoma (R/R DLBCL) who have received second-line or multi-line systemic therapy, achieved success within half a year of its market launch.$31 million. However,Epcoritamab will compete with Roche's glofitamab as soon as it hits the market, with the two drugs being approved less than a month apart.In 2023, AbbVie was quite active in transactions within the oncology field, not only terminating multiple collaborative projects but also proactively seeking new opportunities. The most noteworthy event was the massive investment at the end of the year.$10.1 Billion Acquisition of ADC Pioneer ImmunoGen, AcquiringIts Core AssetsSotumab and a series of ADC products under development are fully committed.ADC Track.Field of Neuroscience, AbbVie CoreAll assets have achieved growth,Including 3 migraine drugsUbrelvy ($815 million, +19.9%)), Qulipta ($408 million, >100.0%) as well as Botox ($2.991 billion, +10%), schizophrenia drug Vraylar ($2.759 billion, +35.4%), and Parkinson's disease drug Duodopa ($468 million, +2.3%).In terms of product performance, the neuroscience business is expected toBecoming AbbVieKey areas of business contribution.Since 2023, AbbVie is stillContinuously leveraging external high-quality resources to boost the expansion of the neuroscience landscape, with significant investment by the end of the year.Acquired for $87 billionCerevel Therapeutics, bringing itTreatmentA series of potential candidate drugs for various diseases such as schizophrenia, Parkinson's disease, and mood disorders.In addition, the field of aestheticsTwo products, Botox Cosmetic (A-type botulinum toxin)Toxin）、JuvedermCollection, on the other hand, experienced minor fluctuations, resulting in26.82Billion USD (+2.6%) and13.78Billion USD (-3.6%) Sales,MaintainedIncomeDynamic Balance.2024 to 2025, AbbVieWill welcome the following multiple itemsRegulatory approval of new drugs/indications, submission of marketing applications, and readout of clinical data.
Looking ahead to 2024, AbbVie expects earnings per share to reach $11.05-$11.25, and forecasts for 2029 indicate further achievements.High single digitsCAGR.
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Click to download AbbVie's 2023 earnings PPT