AbbVie Inc. Revenue & Financials

AbbVie's financial performance in fiscal year 2024 demonstrated that the post-Humira revenue transition, long feared by investors as potentially devastating, has instead produced a company with a more diversified and arguably more sustainable financial profile than at the peak of Humira dependence. Fiscal year 2024 net revenues totaled approximately $56.3 billion, representing growth of roughly 4 percent on a reported basis and approximately 6 percent on an operational basis when excluding the impact of foreign currency. This top-line performance was achieved despite Humira U.S. Net revenues declining to approximately $8.9 billion in 2024 from approximately $14.4 billion in 2022. The revenue replacement arithmetic was accomplished primarily through Skyrizi net revenues of approximately $10.9 billion globally and Rinvoq net revenues of approximately $5.5 billion globally — two drugs that together generated more annual revenue than Humira did in any of its first eight years on the market. Net earnings attributable to AbbVie in 2024 were approximately $4.3 billion on a GAAP basis, with adjusted diluted earnings per share of approximately $10.12 per share, reflecting the company's practice of reporting non-GAAP earnings that exclude amortization of acquired intangible assets — a significant accounting charge stemming from the Allergan acquisition — and other acquisition-related expenses. The adjusted operating margin for 2024 was approximately 40 percent of net revenues, consistent with AbbVie's historically premium profitability profile. AbbVie generated free cash flow of approximately $15.7 billion in fiscal year 2024, a figure that funds the company's commitment to dividend growth — the annual dividend had grown to approximately $6.20 per share by early 2025, representing an unbroken record of annual dividend increases since the 2013 spin-off. Net debt, which expanded significantly following the Allergan and ImmunoGen acquisitions, was being systematically reduced as cash flow was allocated to debt repayment alongside dividends and share repurchases.