AbbVie Inc. reported a solid performance for the third quarter of 2024, with net revenues reaching $14,460 million, a 3.8% increase from $13,927 million in the same period of 2023. For the nine months ended September 30, 2024, net revenues totaled $41,232 million, up 3.0% from $40,017 million in the prior year.
Operating earnings for the third quarter surged to $3,831 million, significantly higher than the $2,281 million reported in the same quarter of 2023. However, net earnings for the same period decreased to $1,564 million, down from $1,781 million in 2023. Basic earnings per share attributable to AbbVie Inc. were $0.88, compared to $1.00 in the previous year.
Cash flows from operating activities for the nine months ended September 30, 2024, were reported at $11,758 million, a notable decline from $18,086 million during the same period in 2023. This decrease in cash flow reflects changes in working capital and operational expenditures.
As of September 30, 2024, AbbVie’s total assets increased to $143,422 million, up from $134,711 million at the end of 2023. Conversely, total current liabilities rose to $43,062 million from $37,841 million, indicating a shift in the company’s financial obligations.
Strategically, AbbVie completed two significant acquisitions in 2024: ImmunoGen, Inc. was acquired on February 12 for a total fair value of $9.8 billion, and Cerevel Therapeutics Holdings, Inc. was acquired on August 1 for $8.7 billion. These acquisitions are expected to enhance AbbVie's portfolio and market position.
Comprehensive income for the third quarter of 2024 was reported at $1,743 million, an increase from $1,680 million in the same quarter of 2023. This reflects the company's ongoing efforts to strengthen its financial performance amid a competitive market landscape.
About AbbVie Inc.
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