Abbvie Inc. (ABBV) 10-Q Quarterly Report August 2021

•Second-Quarter 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; 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

•Second-Quarter 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

•Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.459 Billion; Global Botox Therapeutic Net Revenues Were $603 Million; Global Vraylar Net Revenues Were $432 Million

•Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.434 Billion; Global Botox Cosmetic Net Revenues Were $584 Million

•Updates 2021 GAAP Diluted EPS Guidance Range from $7.27 to $7.47 to $6.04 to $6.14; Raises 2021 Adjusted Diluted EPS Guidance Range from $12.37 to $12.57 to $12.52 to $12.62

NORTH CHICAGO, Ill., July 30, 2021 – AbbVie (NYSE: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."

Note: "Operational" comparisons are presented at constant currency rates and reflect comparative local currency net revenues at the prior year's foreign exchange rates.

The following information was filed by Abbvie Inc. (ABBV) on Friday, July 30, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Abbvie Inc.'s 10-Q Quarterly Report:

M & A - Other Highlight
AbbVie intends to continue to advance its mission in a number of ways, including: (i) maximizing the benefits of the Allergan acquisition to create a more diversified revenue base with multiple long-term growth drivers; (ii) growing revenues by leveraging AbbVie's commercial strength and international infrastructure across Allergan's therapeutic areas and ensuring strong commercial execution of new product launches; (iii) continuing to invest in and expand its pipeline in support of opportunities in immunology, oncology, aesthetics, neuroscience, eye care and women's health as well as continued investment in key on-market products; (iv) expanding operating margins; and (v) returning cash to shareholders via a strong and growing dividend while also reducing debt.

Financial - Expense Highlight
SG&A expense percentage for the three and six months ended June 30, 2021 was favorably impacted by lower transaction and integration costs related to the acquisition of Allergan.
Financial - Dividend Highlight
The increase in cash dividend payments was primarily driven by higher outstanding shares following the 286 million shares of AbbVie common stock issued to Allergan shareholders in May 2020 as well as an increase in the quarterly dividend rate.
Financial - Cash Flow Highlight
The company's ability to generate cash flows from operations, issue debt or enter into financing arrangements on acceptable terms could be adversely affected if there is a material decline in the demand for the company's products or in the solvency of its customers or suppliers, deterioration in the company's key financial ratios or credit ratings or other material unfavorable changes in business conditions.
Financial - Income Highlight
Interest income decreased for the three and six months ended June 30, 2021 compared to the prior year primarily due to a lower average cash and cash equivalents balance as a result of the cash paid for the Allergan acquisition and the unfavorable impact of lower interest rates.
Financial - Earnings
Gross margin percentage for the...Read more
Other - Other
2021 Strategic Objectives AbbVie's mission...Read more
M & A - Other
Following the closing of the...Read more
M & A - Other
The extent to which COVID-19...Read more
Revenue - Product
Net revenues for Skyrizi increased...Read more
Revenue - Product
Net revenues for Rinvoq increased...Read more
Revenue - Product
Net revenues for Juvederm Collection...Read more
Revenue - Product
Worldwide net revenues grew by...Read more
Revenue - Product
Net revenues for Venclexta increased...Read more
Revenue - Product
Internationally, Humira revenues decreased by...Read more
Other - Other
AbbVie regularly communicates with its...Read more
Revenue - Product
Net revenues for Vraylar for...Read more
Revenue - Product
In the United States, Humira...Read more
Other - Other
Additionally, financial results reflected continued...Read more
Revenue - Product
Net revenues for Botox Cosmetic...Read more
Revenue - Product
AbbVie's global Imbruvica revenues increased...Read more
Financial - Dividend
The timing, declaration, amount of...Read more
Revenue - Product
Net revenues for Botox Therapeutic...Read more
Revenue - Product
Net revenues for Ubrelvy for...Read more
M & A - Other
Such risks and uncertainties include,...Read more
M & A - Other
Acquired IPR&D expense in the...Read more
Other - Other
AbbVie expects this matter could...Read more
Other - Other
Research and Development Research and...Read more
Financial - Income
Income Tax Expense The effective...Read more
Financial - Dividend
On June 17, 2021, the...Read more
Financial - Expense
Other expense, net included charges...Read more
Other - Other
AbbVie establishes an allowance for...Read more
M & A - Other
The increase in the effective...Read more
Financial - Debt
Unfavorable changes to the ratings...Read more
Revenue - Product
Net revenues for Lupron decreased...Read more
Financial - Expense
Interest expense increased for the...Read more
Financial - Cash Flow
Investing cash flows for the...Read more
Financial - Debt
At the current time, the...Read more
Financial - Cash Flow
Additionally, financing cash flows included...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Abbvie Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ABBV
CIK: 1551152
Form Type: 10-Q Quarterly Report
Accession Number: 0001551152-21-000025
Submitted to the SEC: Mon Aug 02 2021 1:28:20 PM EST
Accepted by the SEC: Mon Aug 02 2021
Period: Wednesday, June 30, 2021
Industry: Pharmaceutical Preparations