NORTH CHICAGO, Ill., April 25, 2019 /PRNewswire/ --
AbbVie (NYSE:ABBV) announced financial results for the first
quarter ended March 31, 2019.
"We are off to another excellent start, including first quarter
sales and earnings above expectations," said Richard A. Gonzalez, chairman and chief
executive officer, AbbVie. "Additionally, we have made tremendous
progress advancing our pipeline, including the recent approval of
SKYRIZI, which has the potential to set a new standard of care in
psoriasis and represents a significant long-term opportunity for
AbbVie. We are extremely pleased with our strong performance
and based on the continued business momentum, are increasing our
full-year EPS guidance."
First-Quarter Results
- Worldwide net revenues of $7.828
billion decreased 1.3 percent on a reported basis and
increased 0.4 percent operationally.
- Global HUMIRA net revenues of $4.446
billion decreased 5.6 percent on a reported basis, or 3.8
percent operationally. In the U.S., HUMIRA net revenues of
$3.215 billion grew 7.1 percent in
the quarter. Internationally, HUMIRA net revenues of $1.231 billion decreased 27.9 percent on a
reported basis, or 23.0 percent operationally, due to biosimilar
competition.
- Global net revenues from the hematologic oncology portfolio of
$1.173 billion increased 42.8 percent
on a reported basis, or 43.2 percent operationally. Global
IMBRUVICA net revenues were $1.022
billion, with U.S. net revenues of $829 million and international profit sharing of
$193 million. Global VENCLEXTA net
revenues were $151 million.
- Global HCV net revenues of $815 million decreased 11.3
percent on a reported basis, or 9.1 percent operationally. In the
U.S., HCV net revenues of $403
million grew 17.3 percent in the quarter.
- On a GAAP basis, the gross margin ratio in the first quarter
was 78.4 percent. The adjusted gross margin ratio was 83.3
percent.
- On a GAAP basis, selling, general and administrative expense
was 21.5 percent of net revenues. The adjusted SG&A expense was
20.0 percent of net revenues.
- On a GAAP basis, research and development expense was 16.5
percent of net revenues. The adjusted R&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 first quarter was
38.5 percent. The adjusted operating margin was 48.1 percent.
- On a GAAP basis, net interest expense was $325 million. On a GAAP basis, the tax rate in
the quarter was 3.5 percent. The adjusted tax rate was 7.9
percent.
- Diluted EPS in the first quarter was $1.65 on a GAAP basis. Adjusted diluted EPS,
excluding specified items, was $2.14,
up 14.4 percent.
Recent Events
- AbbVie announced regulatory approvals for SKYRIZI for the
treatment of adult patients with moderate to severe plaque
psoriasis who are candidates for systemic therapy or phototherapy.
The approvals from the U.S. Food and Drug Administration (FDA) and
the Japanese Ministry of Health, Labour and Welfare are based on
results from four pivotal Phase 3 studies, ultIMMa-1, ultIMMa-2,
IMMvent and IMMhance, evaluating more than 2,000 patients with
moderate to severe plaque psoriasis. Additionally, the European
Medicines Agency's Committee for Medicinal Products for Human Use
adopted a positive opinion for SKYRIZI for the treatment of
moderate to severe plaque psoriasis in adult patients who are
candidates for systemic therapy. SKYRIZI is part of a collaboration
between Boehringer Ingelheim and AbbVie, with AbbVie leading
development and commercialization globally.
- At the American Academy of Dermatology (AAD) Annual Meeting,
AbbVie presented data from 19 abstracts, including 10 oral
presentations and 9 poster presentations. Long-term data from
multiple studies investigating SKYRIZI for the treatment of plaque
psoriasis were presented, including the first integrated efficacy
analyses highlighting response over time and across various
subgroups. Additionally, AbbVie presented up to 40 months of
SKYRIZI safety data indicating adverse events were low and similar
to comparator groups and data showing that psoriasis patients
achieved significantly higher PASI 90 response rates after
switching to SKYRIZI versus those who remained on adalimumab.
AbbVie also presented results from a Phase 2 upadacitinib atopic
dermatitis study, as well as data from HUMIRA (adalimumab) in
multiple psoriatic diseases.
- AbbVie announced that the FDA accepted for priority review its
New Drug Application (NDA) for upadacitinib for the treatment of
adult patients with moderate to severe rheumatoid arthritis.
Upadacitinib is an investigational once-daily oral JAK1-selective
inhibitor being studied for multiple immune-mediated diseases. The
NDA is supported by data from the global upadacitinib SELECT Phase
3 rheumatoid arthritis program evaluating more than 4,000 patients
with moderate to severe rheumatoid arthritis across five of six
Phase 3 studies. AbbVie anticipates a regulatory decision in the
third quarter of 2019.
- AbbVie announced that the FDA approved the use of IMBRUVICA
(ibrutinib) in combination with obinutuzumab, for adult patients
with previously untreated chronic lymphocytic leukemia/small
lymphocytic lymphoma (CLL/SLL). This milestone marked the 10th FDA
approval for IMBRUVICA in six different disease areas since 2013
and expands the use of IMBRUVICA, which can already be administered
as a single agent or in combination with bendamustine and rituximab
for adult CLL/SLL patients. The FDA approval is based on results
from the Phase 3 iLLUMINATE study, which showed the combination of
IMBRUVICA plus obinutuzumab significantly improved progression-free
survival compared to chlorambucil plus obinutuzumab in previously
untreated CLL/SLL patients who were 65 years or older, or less than
65 years old with coexisting conditions. The FDA also updated the
IMBRUVICA label to include additional long-term efficacy follow-up
data from the Phase 3 RESONATE and RESONATE-2 studies, supporting
its use as a single agent in CLL/SLL. IMBRUVICA is jointly
developed and commercialized with Janssen Biotech, Inc.
- AbbVie announced that the FDA granted a fifth Breakthrough
Therapy Designation to VENCLEXTA (venetoclax), for use in
combination with obinutuzumab as a fixed duration investigational
combination, for untreated adult patients with CLL. The designation
coincides with the completion of the supplemental New Drug
Application (sNDA) submission to the FDA for approval in
previously-untreated CLL patients. In addition, the sNDA was
granted priority review by the FDA. The sNDA for the VENCLEXTA and
obinutuzumab combination is based on data from the Phase 3 CLL14
trial and is being reviewed by the FDA under its Real-Time Oncology
Review pilot program. Venetoclax is being developed by AbbVie and
Roche and is jointly commercialized by AbbVie and Genentech, a
member of the Roche Group, in the U.S. and by AbbVie outside of the
U.S.
- AbbVie provided an update on the VENCLEXTA multiple myeloma
program, announcing that the FDA placed a partial clinical hold on
all clinical trials evaluating VENCLEXTA for the investigational
treatment of multiple myeloma. The partial clinical hold followed a
review of data from the ongoing Phase 3 BELLINI trial, a study in
relapsed/refractory multiple myeloma, in which a higher proportion
of deaths was observed in the VENCLEXTA arm compared to the control
arm of the trial. This action does not impact any of the approved
indications for VENCLEXTA, such as CLL or acute myeloid leukemia,
and is limited to investigational clinical trials in multiple
myeloma. Additional analyses are ongoing and data will be published
in a peer-reviewed journal and/or presented at a future medical
meeting.
- AbbVie announced a strategic partnership with Teneobio, a
biotechnology company developing a new class of biologics for the
treatments of cancer, autoimmunity and infectious diseases. Under
the agreement, AbbVie and Teneobio will develop and commercialize
TNB-383B, a B-cell maturation antigen (BCMA)-targeting
immunotherapeutic for the potential treatment of multiple myeloma.
TNB-383B is a bispecific antibody that simultaneously targets BCMA
and CD3 and is designed to direct the body's own immune system to
target and kill BCMA expressing tumor cells. The collaboration
broadens AbbVie's oncology research platform to expand the
development of potentially life-changing treatments for
patients.
- AbbVie announced a strategic collaboration with Voyager
Therapeutics, a clinical-stage gene therapy company focused on
developing life-changing treatments for severe neurological
diseases. The Voyager Therapeutics transaction expands
collaborative efforts on vectorized antibodies to target
pathological species of alpha-synuclein for the potential treatment
of Parkinson's disease and other diseases characterized by the
abnormal accumulation of misfolded alpha-synuclein protein.
Voyager's vectorized antibody platform and approach aims to improve
the delivery of sufficient quantities of antibodies across the
blood-brain barrier by delivering the genes that encode for the
production of therapeutic antibodies. The collaboration broadens
AbbVie's neuroscience research platform to expand the development
of potentially life-changing treatments for patients.
Full-Year 2019 Outlook
AbbVie is raising its GAAP diluted EPS guidance for the
full-year 2019 to $7.26 to
$7.36. The company's 2019 GAAP
guidance does not reflect a non-cash charge for contingent
consideration related to the approval of SKYRIZI, which is planned
to be communicated on the second-quarter earnings call. AbbVie is
raising its previously announced adjusted EPS guidance range for
the full-year 2019 from $8.65 to
$8.75 to $8.73 to $8.83,
representing growth of 11.0 percent at the mid-point. The company's
2019 adjusted diluted EPS guidance excludes $1.47 per share of intangible asset amortization
expense, non-cash charges for contingent consideration adjustments
and other specified items.
About AbbVie
AbbVie is a global, research-driven biopharmaceutical company
committed to developing innovative advanced therapies for some of
the world's most complex and critical conditions. The company's
mission is to use its expertise, dedicated people and unique
approach to innovation to markedly improve treatments across four
primary therapeutic areas: immunology, oncology, virology and
neuroscience. In more than 75 countries, AbbVie employees are
working every day to advance health solutions for people around the
world. For more information about AbbVie, please visit us at
www.abbvie.com. Follow @abbvie on Twitter, Facebook, LinkedIn or
Instagram.
Conference Call
AbbVie will host an investor conference call today at
8:00 a.m. Central time to discuss our
first-quarter performance. The call will be webcast through
AbbVie's Investor Relations website at investors.abbvie.com. An
archived edition of the call will be available after 11:00 a.m. Central time.
Non-GAAP Financial Results
Financial results for 2019 and 2018 are presented on both a
reported and a non-GAAP basis. Reported results were prepared in
accordance with GAAP and include all revenue and expenses
recognized during the period. Non-GAAP results adjust for certain
non-cash items and for factors that are unusual or unpredictable,
and exclude those costs, expenses, and other specified items
presented in the reconciliation tables later in this release.
AbbVie's management believes non-GAAP financial measures provide
useful information to investors regarding AbbVie's results of
operations and assist management, analysts, and investors in
evaluating the performance of the business. Non-GAAP financial
measures should be considered in addition to, and not as a
substitute for, measures of financial performance prepared in
accordance with GAAP. The company's 2019 financial guidance is also
being provided on both a reported and a non-GAAP basis.
Forward-Looking Statements
Some statements in this news release are, or may be considered,
forward-looking statements for purposes of the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect,"
"anticipate," "project" and similar expressions, among others,
generally identify forward-looking statements. AbbVie cautions that
these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those indicated in the forward-looking statements. Such risks
and uncertainties include, but are not limited to, challenges to
intellectual property, competition from other products,
difficulties inherent in the research and development process,
adverse litigation or government action, and changes to laws and
regulations applicable to our industry. Additional information
about the economic, competitive, governmental, technological and
other factors that may affect AbbVie's operations is set forth in
Item 1A, "Risk Factors," of AbbVie's 2018 Annual Report on Form
10-K, which has been filed with the Securities and Exchange
Commission (SEC). AbbVie undertakes no obligation to release
publicly any revisions to forward-looking statements as a result of
subsequent events or developments, except as required by law.
AbbVie
Inc.
|
Key Product
Revenues
|
Quarter Ended
March 31, 2019
|
(Unaudited)
|
|
|
|
|
|
|
|
|
% Change vs.
1Q18
|
|
Net Revenues (in
millions)
|
|
|
|
International
|
Total
|
|
U.S.
|
|
Int'l.
|
|
Total
|
|
U.S.
|
|
Operational
|
|
Reported
|
Operational
|
|
Reported
|
ADJUSTED NET
REVENUESa
|
$5,270
|
|
$2,558
|
|
$7,828
|
|
10.0%
|
|
(14.2)%
|
|
(18.6)%
|
0.4%
|
|
(1.3)%
|
Immunology
|
3,215
|
|
1,231
|
|
4,446
|
|
7.1
|
|
(23.0)
|
|
(27.9)
|
(3.8)
|
|
(5.6)
|
Humira
|
3,215
|
|
1,231
|
|
4,446
|
|
7.1
|
|
(23.0)
|
|
(27.9)
|
(3.8)
|
|
(5.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hematologic
Oncology
|
934
|
|
239
|
|
1,173
|
|
40.4
|
|
55.0
|
|
53.0
|
43.2
|
|
42.8
|
Imbruvicab
|
829
|
|
193
|
|
1,022
|
|
32.8
|
|
39.6
|
|
39.6
|
34.0
|
|
34.0
|
Venclexta
|
105
|
|
46
|
|
151
|
|
>100.0
|
|
>100.0
|
|
>100.0
|
>100.0
|
|
>100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HCV
|
403
|
|
412
|
|
815
|
|
17.3
|
|
(24.9)
|
|
(28.4)
|
(9.1)
|
|
(11.3)
|
Mavyret
|
403
|
|
387
|
|
790
|
|
18.3
|
|
(20.4)
|
|
(23.8)
|
(4.9)
|
|
(6.9)
|
Viekira
|
—
|
|
25
|
|
25
|
|
(100.0)
|
|
(58.5)
|
|
(62.9)
|
(60.4)
|
|
(64.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Products
|
726
|
|
554
|
|
1,280
|
|
(2.5)
|
|
(2.5)
|
|
(7.5)
|
(2.5)
|
|
(4.7)
|
Creon
|
227
|
|
—
|
|
227
|
|
8.6
|
|
n/a
|
|
n/a
|
8.6
|
|
8.6
|
Lupron
|
191
|
|
38
|
|
229
|
|
7.4
|
|
(1.4)
|
|
(9.0)
|
5.7
|
|
4.2
|
Synthroid
|
182
|
|
—
|
|
182
|
|
0.3
|
|
n/a
|
|
n/a
|
0.3
|
|
0.3
|
Synagis
|
—
|
|
287
|
|
287
|
|
n/a
|
|
(7.0)
|
|
(10.8)
|
(7.0)
|
|
(10.8)
|
Duodopa
|
22
|
|
89
|
|
111
|
|
28.5
|
|
11.6
|
|
4.2
|
14.4
|
|
8.3
|
Sevoflurane
|
17
|
|
75
|
|
92
|
|
(0.6)
|
|
(10.1)
|
|
(16.2)
|
(8.5)
|
|
(13.6)
|
Kaletra
|
13
|
|
65
|
|
78
|
|
3.4
|
|
12.6
|
|
7.7
|
10.9
|
|
6.9
|
AndroGel
|
74
|
|
—
|
|
74
|
|
(42.9)
|
|
n/a
|
|
n/a
|
(42.9)
|
|
(42.9)
|
|
Note: "Operational"
comparisons are presented at constant currency rates and reflect
comparative local currency net revenues at the prior year's foreign
exchange rates.
|
|
n/a = not
applicable
|
|
a
Adjusted net revenues exclude specified items. Refer to the
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
for further details. Percentage change is calculated using adjusted
net revenues.
|
|
b
Reflects profit sharing for Imbruvica international
revenues.
|
AbbVie
Inc.
|
Consolidated
Statements of Earnings
|
Quarter Ended
March 31, 2019 and 2018
|
(Unaudited) (In
millions, except per share data)
|
|
|
First
Quarter
Ended March 31
|
|
2019
|
|
2018
|
Net
revenues
|
$
|
7,828
|
|
|
$
|
7,934
|
|
Cost of products
sold
|
1,694
|
|
|
1,927
|
|
Selling, general and
administrative
|
1,680
|
|
|
1,791
|
|
Research and
development
|
1,289
|
|
|
1,244
|
|
Acquired in-process
research and development
|
155
|
|
|
69
|
|
Total operating costs
and expenses
|
4,818
|
|
|
5,031
|
|
|
|
|
|
Operating
earnings
|
3,010
|
|
|
2,903
|
|
|
|
|
|
Interest expense,
net
|
325
|
|
|
251
|
|
Net foreign exchange
loss
|
6
|
|
|
8
|
|
Other (income)
expense, net
|
135
|
|
|
(153)
|
|
Earnings before
income tax expense
|
2,544
|
|
|
2,797
|
|
Income tax
expense
|
88
|
|
|
14
|
|
Net
earnings
|
$
|
2,456
|
|
|
$
|
2,783
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
1.65
|
|
|
$
|
1.74
|
|
|
|
|
|
Adjusted diluted
earnings per sharea
|
$
|
2.14
|
|
|
$
|
1.87
|
|
|
|
|
|
Weighted-average
diluted shares outstanding
|
1,483
|
|
|
1,596
|
|
|
a Refer to the Reconciliation
of GAAP Reported to Non-GAAP Adjusted Information for further
details.
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended
March 31, 2019
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
|
1Q19
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-tax
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,544
|
|
|
$
|
2,456
|
|
|
$
|
1.65
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
385
|
|
|
318
|
|
|
0.21
|
|
Milestones and other
R&D expenses
|
40
|
|
|
40
|
|
|
0.03
|
|
Acquired
IPR&D
|
155
|
|
|
155
|
|
|
0.10
|
|
Change in fair value
of contingent consideration
|
169
|
|
|
171
|
|
|
0.12
|
|
Restructuring
|
163
|
|
|
133
|
|
|
0.09
|
|
Litigation
reserves
|
10
|
|
|
8
|
|
|
—
|
|
Tax audit
settlement
|
—
|
|
|
(89)
|
|
|
(0.06)
|
|
As adjusted
(non-GAAP)
|
$
|
3,466
|
|
|
$
|
3,192
|
|
|
$
|
2.14
|
|
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Acquired IPR&D primarily
reflects upfront payments related to R&D collaborations and
licensing arrangements with third parties. Restructuring is
primarily associated with streamlining global
operations.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
1Q19
|
|
Cost
of products sold
|
|
SG&A
|
|
R&D
|
|
Acquired IPR&D
|
|
Other
(income)
expense,
net
|
As reported
(GAAP)
|
$
|
1,694
|
|
|
$
|
1,680
|
|
|
$
|
1,289
|
|
|
$
|
155
|
|
|
$
|
135
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(385)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(40)
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(155)
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(169)
|
|
Restructuring
|
(6)
|
|
|
(107)
|
|
|
(50)
|
|
|
—
|
|
|
—
|
|
Litigation
reserves
|
—
|
|
|
(10)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
1,303
|
|
|
$
|
1,563
|
|
|
$
|
1,199
|
|
|
$
|
—
|
|
|
$
|
(34)
|
|
|
3.
The adjusted tax rate for the first quarter
of 2019 was 7.9 percent, as detailed below:
|
|
|
1Q19
|
|
Pre-tax earnings
|
|
Income taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,544
|
|
|
$
|
88
|
|
|
3.5
|
%
|
Specified
items
|
922
|
|
|
186
|
|
|
20.2
|
%
|
As
adjusted (non-GAAP)
|
$
|
3,466
|
|
|
$
|
274
|
|
|
7.9
|
%
|
AbbVie
Inc.
|
Reconciliation of
GAAP Reported to Non-GAAP Adjusted Information
|
Quarter Ended
March 31, 2018
|
(Unaudited) (In
millions, except per share data)
|
|
1. Specified items
impacted results as follows:
|
|
|
1Q18
|
|
Earnings
|
|
Diluted
|
|
Pre-tax
|
|
After-tax
|
|
EPS
|
As reported
(GAAP)
|
$
|
2,797
|
|
|
$
|
2,783
|
|
|
$
|
1.74
|
|
Adjusted for
specified items:
|
|
|
|
|
|
Intangible asset
amortization
|
330
|
|
|
272
|
|
|
0.17
|
|
Milestones and other
R&D expenses
|
32
|
|
|
32
|
|
|
0.02
|
|
Acquired
IPR&D
|
69
|
|
|
69
|
|
|
0.04
|
|
Change in fair value
of contingent consideration
|
(148)
|
|
|
(148)
|
|
|
(0.09)
|
|
Litigation
reserves
|
118
|
|
|
100
|
|
|
0.06
|
|
Impacts of U.S. tax
reform
|
—
|
|
|
(155)
|
|
|
(0.10)
|
|
Other
|
51
|
|
|
47
|
|
|
0.03
|
|
As adjusted
(non-GAAP)
|
$
|
3,249
|
|
|
$
|
3,000
|
|
|
$
|
1.87
|
|
|
Milestones and other
R&D expenses are associated with milestone payments for
previously announced collaborations. Acquired IPR&D primarily
reflects upfront payments related to R&D collaborations and
licensing arrangements with third parties. Impacts of U.S. tax
reform reflects a net tax benefit related to the timing of the new
legislation's phase in on certain subsidiaries. Other primarily
includes restructuring charges associated with streamlining global
operations.
|
|
2.
The impact of the specified items by line item
was as follows:
|
|
|
1Q18
|
|
Cost
of products sold
|
|
SG&A
|
|
R&D
|
|
Acquired IPR&D
|
|
Other
(income)
expense,
net
|
As reported
(GAAP)
|
$
|
1,927
|
|
|
$
|
1,791
|
|
|
$
|
1,244
|
|
|
$
|
69
|
|
|
$
|
(153)
|
|
Adjusted for
specified items:
|
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
(330)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Milestones and other
R&D expenses
|
—
|
|
|
—
|
|
|
(32)
|
|
|
—
|
|
|
—
|
|
Acquired
IPR&D
|
—
|
|
|
—
|
|
|
—
|
|
|
(69)
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
Litigation
reserves
|
—
|
|
|
(118)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
(25)
|
|
|
(3)
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
As
adjusted (non-GAAP)
|
$
|
1,572
|
|
|
$
|
1,670
|
|
|
$
|
1,189
|
|
|
$
|
—
|
|
|
$
|
(5)
|
|
|
3.
The adjusted tax rate for the first quarter
of 2018 was 7.6 percent, as detailed below:
|
|
|
1Q18
|
|
Pre-tax
earnings
|
|
Income
taxes
|
|
Tax rate
|
As reported
(GAAP)
|
$
|
2,797
|
|
|
$
|
14
|
|
|
0.5
|
%
|
Specified
items
|
452
|
|
|
235
|
|
|
51.8
|
%
|
As
adjusted (non-GAAP)
|
$
|
3,249
|
|
|
$
|
249
|
|
|
7.6
|
%
|
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SOURCE AbbVie