AbbVie’s Third Quarter Net Income Drops 12%, Net Profit Increases by 14%

AbbVie announced its financial results for the third quarter ended September 30, 2024, with net income of $1.56 billion, equivalent to $0.88 per diluted share. Net income was down 12 percent from $1.77 billion, or $1 per diluted share, in the same period last year.

In the third quarter of 2024, the US pharmaceutical giant achieved a significant increase in net income, reaching 14%, compared to the $1.37 billion net profit in the second quarter of 2024. Specifically, net income for the third quarter of 2024 was $1.46 billion.

AbbVie's net revenue for the third quarter of 2024 reached $14.46 billion, an increase of 3.8% compared to $13.92 billion for the same period in 2023. Net income remained stable compared to the second quarter of 2024.

In the third quarter of 2024, AbbVie's total operating costs and expenses were $10.62 billion, an increase of 9% from $11.64 billion in the same period last year.

The company's pre-tax income for the third quarter of 2024 was $2.08 billion, a 5% increase compared to $1.95 billion for the same period in 2023.

Robert Michael, Chief Executive Officer of AbbVie, said: "We delivered strong results in commercial execution and made significant progress in our R&D pipeline. Based on the momentum of AbbVie's business and our confidence in our long-term growth prospects, we are once again raising our full-year guidance and increasing our quarterly dividend."

For the first nine months of 2024, AbbVie's net income amounted to $4.3 billion, or $2.41 per diluted share, representing a 6% increase from $4.04 billion, or $2.26 per diluted share, for the same period in 2023.

The company reported net income of $9 million in 2024 of $41.23 billion, a 3% increase compared to $4.01 billion in the same period last year.

In 2024, AbbVie's total operating costs and expenses were $30.06 billion, an increase of 0.5% compared to $30.45 billion for the same period in 2023.

The company reported $9 million in pre-tax income of $5.98 billion in 2024, up 16% from $5.03 billion in the same period last year.

Recently, AbbVie announced the acquisition of Aliada Therapeutics, a biotech company focused on treating neurological diseases, for $1.4 billion in total equity, further expanding its footprint in the biotech space.