AbbVie Reports $56.3 Billion in Revenue for Fiscal Year 2024, Driven by Immunology Sales

AbbVie Inc. reported a financial performance for the fiscal year ending December 31, 2024, with worldwide net revenues of $56.3 billion, a 4% increase from $54.3 billion in 2023. The company achieved operating earnings of $9.1 billion and diluted earnings per share of $2.39, reflecting a decrease from $2.72 in the previous year. The increase in revenues was primarily driven by strong sales of its immunology products, particularly Skyrizi and Rinvoq, which saw revenue growth of 51% and 53%, respectively. However, the company faced significant revenue declines from Humira, which dropped 41% due to biosimilar competition following its loss of exclusivity in January 2023.

Strategically, AbbVie completed two significant acquisitions in 2024: ImmunoGen, Inc. on February 12, and Cerevel Therapeutics Holdings, Inc. on August 1. The acquisition of ImmunoGen enhances AbbVie's oncology portfolio, particularly in antibody-drug conjugates, while Cerevel Therapeutics strengthens its neuroscience pipeline. These acquisitions are expected to provide long-term growth opportunities, although they also contributed to increased operating expenses, including $2.8 billion in acquired in-process research and development costs.

Operationally, AbbVie employed approximately 55,000 individuals across more than 70 countries as of January 31, 2025. The company’s product portfolio includes leading therapies in immunology, oncology, aesthetics, neuroscience, and eye care. AbbVie’s market presence remains strong, with significant sales in the United States, which accounted for $43 billion of total revenues. The company also reported a gross margin of 70% for 2024, up from 62% in 2023, attributed to lower intangible asset impairment charges and amortization.

Looking ahead, AbbVie aims to maximize revenue growth from key products while advancing its research and development pipeline. The company plans to continue investing in its existing brands and new product launches, with several regulatory submissions and data readouts expected in the coming year. However, AbbVie also anticipates ongoing challenges from pricing pressures and the impact of the Inflation Reduction Act, which could affect the pricing and reimbursement landscape for its products, particularly those selected for government price-setting starting in 2026.