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AbbVie Q4 net revenues $8.704 billion

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Christian Fernsby ▼ | February 7, 2020
AbbVie announced financial results for the fourth quarter ended December 31, 2019.
AbbVie
AbbVie   U.S. HUMIRA net revenues were $3.969 billion, an increase of 9.8 percent
Worldwide net revenues were $8.704 billion, an increase of 4.8 percent on a reported basis, or 5.3 percent operationally. Excluding the unfavorable impact of international HUMIRA net revenues due to biosimilar competition, fourth quarter net revenues grew 11.0 percent operationally.

Topics: AbbVie

U.S. HUMIRA net revenues were $3.969 billion, an increase of 9.8 percent. Internationally, HUMIRA net revenues were $948 million, a decrease of 27.3 percent on a reported basis, or 25.4 percent operationally, due to biosimilar competition. Global HUMIRA net revenues of $4.917 billion were flat on a reported basis and increased 0.5 percent operationally.

Global IMBRUVICA net revenues were $1.296 billion, an increase of 28.9 percent, with U.S. net revenues of $1.073 billion and international profit sharing of $223 million. Global VENCLEXTA net revenues were $251 million. Global net revenues from the hematologic oncology portfolio were $1.547 billion, an increase of 37.0 percent on a reported basis, or 37.2 percent operationally.

Global SKYRIZI net revenues were $216 million and global RINVOQ net revenues were $33 million.

On a GAAP basis, the gross margin ratio in the fourth quarter was 77.0 percent. The adjusted gross margin ratio was 81.6 percent.

On a GAAP basis, selling, general and administrative expense was 22.4 percent of net revenues. The adjusted SG and A expense was 21.6 percent of net revenues.

On a GAAP basis, research and development expense was 17.7 percent of net revenues. The adjusted R and D expense was 15.3 percent of net revenues, reflecting funding actions supporting all stages of our pipeline.

On a GAAP basis, the operating margin in the fourth quarter was 45.5 percent. The adjusted operating margin was 44.6 percent.

On a GAAP basis, net interest expense was $455 million. The adjusted net interest expense was $282 million.

On a GAAP basis, the tax rate in the quarter was 8.9 percent. The adjusted tax rate was 8.8 percent.

Diluted EPS in the fourth quarter was $1.88 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $2.21.


 

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