AbbVie reported third‑quarter 2025 net revenues of $15.776 billion, up 9.1% year‑over‑year, and adjusted diluted earnings per share of $1.86, surpassing consensus estimates of $1.81. The adjusted EPS includes an unfavorable impact of $1.50 per share related to acquired in‑process research and development (IPR&D) and milestone expenses.
Net income for the quarter was $186 million, and operating cash flow was $1.635 billion. Adjusted operating margin stood at 30.9%, a slight decline from 31.5% in Q3 2024, reflecting the impact of the IPR&D expense and modest cost inflation.
Segment performance was led by immunology, which generated $7.885 billion in sales, up 11.9% year‑over‑year. Neuroscience sales rose 20.2% to $2.841 billion, driven by strong growth in Skyrizi ($4.708 billion, +46.8%) and Rinvoq ($2.184 billion, +35.3%). Oncology sales were $1.682 billion, down 0.3% year‑over‑year, while aesthetics sales fell 3.7% to $1.193 billion, with Botox Cosmetic down 4.9% and Juvederm down 2.2%.
AbbVie raised its full‑year 2025 adjusted EPS guidance to $10.61–$10.65, an increase from the previous range of $10.38–$10.58. The guidance incorporates the $1.50 per share impact of IPR&D and milestone expenses incurred through Q3 2025, and excludes any future IPR&D costs beyond that period.
The company also increased its quarterly cash dividend by 5.5% to $1.73 per share, effective February 17 2026, reflecting confidence in continued cash‑flow generation.
Management highlighted that the decline in Humira sales to $993 million, below $1 billion for the first time since losing exclusivity, underscores the importance of the newer growth drivers. Strategic acquisitions in neuroscience and oncology, including Cerevel and ImmunoGen, are expected to support future growth.
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