AbbVie reported first-quarter 2025 diluted EPS of $0.72 on a GAAP basis, down 6.5 percent from the prior year.

Adjusted diluted EPS was $2.46, up 6.5 percent, both figures reflecting a $0.13 per share unfavorable impact from acquired IPR&D and milestones expense. Net revenues for the quarter were $13.343 billion, an increase of 8.4 percent on a reported basis or 9.8 percent operationally.

In the immunology segment, revenues rose 16.6 percent to $6.264 billion. Skyrizi delivered $3.425 billion in revenue, up 70.5 percent, while Rinvoq reached $1.718 billion, up 57.2 percent. Humira revenues declined by 50.6 percent to $1.121 billion.

Neuroscience revenues rose 16.1 percent to $2.282 billion, driven by Vraylar ($765 million), Botox Therapeutic ($866 million), Ubrelvy ($240 million), and Qulipta ($193 million). Oncology revenues increased 5.8 percent to $1.633 billion, with declines in Imbruvica ($738 million) offset by gains in Venclexta ($665 million) and new contributions from Elahere ($179 million).

Aesthetics segment revenue declined 11.7 percent to $1.102 billion, with Botox Cosmetic down 12.3 percent and Juvederm down 22.2 percent. Eye care revenue was $506 million, down 5.7 percent.

GAAP gross margin was 70.0 percent and adjusted gross margin was 84.1 percent. Operating margin was 28.0 percent GAAP and 42.3 percent adjusted. The adjusted tax rate was 14.2 percent. Net interest expense totaled $627 million.

AbbVie raised its full-year 2025 adjusted EPS guidance from $11.99–$12.19 to $12.09–$12.29, which includes the $0.13 impact from IPR&D and milestones through Q1, but excludes post-Q1 events such as the Gubra licensing agreement.

Recent developments include regulatory approval for Rinvoq in the EU for giant cell arteritis, FDA approval of Emblaveo for bacterial infections, and submission of BoNT/E for cosmetic use. AbbVie also announced strategic R&D collaborations and plans to open new Allergan Aesthetics training centers in the U.S. Additionally, Robert A. Michael will assume the role of Chairman of the Board effective July 1, 2025.