These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. We are making excellent progress advancing our pipeline and adding more depth through strategic transactions that support our long-term growth. Turning to our second quarter performance, we delivered adjusted earnings per share of $2.97, which is $0.11 above our guidance midpoint. We also delivered strong double-digit growth from neuroscience, driven by VRAYLAR, VYALEV, and our leading migraine portfolio.

Based on our momentum through the first half of the year, we are raising guidance for the second time. We now expect full-year revenue of $60.5 billion and an increase of $800 million. We have now raised our revenue guidance by $1.5 billion since the start of the year. We are also raising our full-year adjusted earnings per share guidance by $0.21 and now expect adjusted EPS between $11.88-$12.08.

In addition to our strong financial results, we are making great progress with our R&D pipeline across all stages of development. We are also focused on augmenting our pipeline with therapies and platform technologies that have the potential to elevate the standard of care for patients. These include promising early-stage programs that have the potential to drive growth for AbbVie in the next decade. AbbVie's outlook is strong, and we are well-positioned to deliver on our commitments in 2025 and beyond.

What went well
  • Adjusted EPS of $2.97 came in $0.11 above the guidance midpoint
  • Total net revenues of $15.4 billion, more than $400 million ahead of expectations, up 6.5% operationally
  • Ex-HUMIRA platform grew 22%, with SKYRIZI and RINVOQ now on pace for more than $25 billion in combined sales this year
  • SKYRIZI global sales of $4.4 billion, up 61.8% operationally; RINVOQ global sales of $2 billion, up 41.2% operationally
  • Neuroscience revenue of ~$2.7 billion, up 24% operationally, with VYALEV sales of $98 million (up 56% sequentially) and QULIPTA up 76.9%
  • Full-year guidance raised for the second time: revenue to $60.5 billion (+$800M) and adjusted EPS by $0.21 to $11.88-$12.08
  • Recent approvals of EMRELIS in non-squamous NSCLC and RINVOQ in GCA, plus TrenibotE aesthetics submission and strong phase III alopecia areata data (54% of RINVOQ 30mg patients reached 80%+ scalp coverage)
  • More than 30 business development transactions since the start of last year, including Gubra (amylin/obesity), planned Capstan acquisition (in vivo CAR-T), ISB 2001 (myeloma trispecific), and ADARx siRNA collaboration
What went wrong
  • HUMIRA global sales of more than $1.1 billion, down 58.2% operationally on biosimilar competition, with U.S. access expected to keep decreasing in the second half; full-year U.S. HUMIRA guidance cut $500M to $3 billion
  • Aesthetics global sales of nearly $1.3 billion, down 8% operationally, with BOTOX Cosmetic ($692M) and JUVÉDERM ($260M) both declining amid chronic economic and consumer-sentiment weakness and dermal-filler softness
  • Acquired IPR&D expense was a $0.42 unfavorable impact on adjusted EPS and a 5.3% drag on operating margin in the quarter
  • IMBRUVICA global sales of $754 million, down 9.5%, reflecting continued competitive dynamics in CLL
  • Lutikizumab ulcerative colitis monotherapy interim analysis was not sufficiently differentiated versus HUMIRA to pursue as a monotherapy in that population
  • Management expects negative SKYRIZI price in the back half of the year as Part D redesign impact weights toward H2

Guidance Changes

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Reported 2025-07-31 · figures from the AbbVie Inc. Q2 2025 earnings call.

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