AbbVie Inc.

This report does not constitute a rating action. Very strong revenue growth in next-generation immunology products Skyrizi and Rinvoq in 2024 contributed $6 billion of revenue growth and was accompanied by decent growth across most therapeutic areas. This more than offset declining Humira revenues (of $5.4 billion; due to the loss of exclusivity in 2023) and modest revenue headwinds in the aesthetics segment ($118 million; partially due to economic pressures). As such, 2024 revenue grew 3.7% (4.6% in constant currency). We expect 3%-4% revenue growth in 2025, somewhat constrained by headwinds from Medicare Part D redesign and modest residual revenue headwinds from Humira and aesthetics. Revenue will likely grow 6%-8% annually in 2026-2028 due to broad growth across the portfolio--especially

...April 8, 2025 This report does not constitute a rating action. AbbVie Inc.'s revenue growth resumed in 2024, and we expect it will stay robust through 2028: Very strong revenue growth in next-generation immunology products Skyrizi and Rinvoq in 2024 contributed $6 billion of revenue growth and was accompanied by decent growth across most therapeutic areas. This more than offset declining Humira revenues (of $5.4 billion; due to the loss of exclusivity in 2023) and modest revenue headwinds in the aesthetics segment ($118 million; partially due to economic pressures). As such, 2024 revenue grew 3.7% (4.6% in constant currency). We expect 3%-4% revenue growth in 2025, somewhat constrained by headwinds from Medicare Part D redesign and modest residual revenue headwinds from Humira and aesthetics. Revenue will likely grow 6%-8% annually in 2026-2028 due to broad growth across the portfolio-- especially for Skyrizi and Rinvoq. S&P Global Ratings-adjusted EBITDA margins declined to 44.3% in 2024...

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