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AbbVie Inc. Annual Report 2022 - Summary

By: Christopher Wiesler


AbbVie Inc. (AbbVie) is a global, research-based biopharmaceutical company with a comprehensive product portfolio that holds leadership positions across immunology, oncology, aesthetics, neuroscience, and eye care. The company's mission is to discover and deliver innovative medicines that address serious health issues today and the medical challenges of tomorrow.

Company Overview:

  • AbbVie was incorporated on April 10, 2012, and became an independent publicly-traded company on January 1, 2013, following a distribution by Abbott Laboratories.

  • AbbVie operates as a single global business segment focused on the research, development, manufacturing, commercialization, and sale of innovative medicines and therapies.

  • The company has grown from its inception with approximately 21,000 employees and $18 billion in annual revenues to 50,000 employees globally and net revenues of more than $58 billion in 2022.

Key Products and Therapeutic Areas:

Immunology Products: AbbVie's immunology portfolio spans across rheumatology, dermatology, and gastroenterology. Key products in this category include:

  • Humira (adalimumab): A biologic therapy used for various autoimmune diseases, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, and others. Humira accounted for approximately 37% of AbbVie's total net revenues in 2022.

  • Skyrizi (risankizumab): An IL-23 inhibitor used for conditions like plaque psoriasis, psoriatic arthritis, and Crohn's disease.

  • Rinvoq (upadacitinib): An oral JAK inhibitor used for diseases such as rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, and others.

Financial Performance:

  • AbbVie reported net revenues of more than $58 billion in 2022, marking a significant growth from its estimated $18 billion in annual revenues at launch.

  • The company's adjusted Earnings Per Share (EPS) for 2022 stood at $13.77, reflecting double-digit growth over the prior year. This growth was primarily driven by the neuroscience portfolio and the performance of immunology growth drivers, Skyrizi and Rinvoq, which together generated nearly $7.7 billion in 2022.

  • AbbVie invested $7.1 billion in adjusted R&D in 2022, with a pipeline that includes over 80 programs across all development stages.

CEO's Message:

Richard A. Gonzalez, Chairman and Chief Executive Officer of AbbVie, highlighted the company's decade of significant impact and expressed confidence in its long-term growth strategy. He emphasized the company's transformation into a diversified major pharmaceutical company with growth drivers in various therapeutic areas. Since its inception, AbbVie has delivered a total shareholder return of 613% through the end of 2022 and increased its quarterly dividend by 270%. Gonzalez also underscored AbbVie's commitment to giving back, with almost $650 million donated to nonprofits worldwide since the company's inception.

Insights and Implications:

AbbVie's annual report showcases its robust growth trajectory and commitment to addressing complex and serious diseases through innovative medicines. The company's focus on immunology, coupled with its diversified portfolio, positions it well in the pharmaceutical market.

The significant revenue contribution of Humira underscores the product's importance in AbbVie's portfolio. However, with the patent expiration of Humira in the U.S. on the horizon, the growth of newer products like Skyrizi and Rinvoq becomes crucial for the company's future revenue streams.

AbbVie's substantial investment in R&D indicates its dedication to innovation and the development of new therapies. The company's pipeline, with over 80 programs, suggests a promising future with potential new product launches.

In conclusion, AbbVie's strong financial performance, combined with its strategic focus on key therapeutic areas and commitment to R&D, positions it well for sustained growth in the ever-evolving pharmaceutical landscape.

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