AbbVie’s Q1 earnings beat expectations as arthritis drug boosts growth

Pharmaceuticals company AbbVie (NYSE: ABBV) reported its Q1 financial results for 2024 today.

AbbVie’s earnings came in at $1.37 billion, or $0.77 per share, as compared with $239 million, or $0.13 per share, in Q1 of FY23.

The company’s revenue reached $12.31 billion, with an increase of 0.7% on a reported basis, or 1.6% on an operational basis; and above the predicted $11.93 billion.

The net interest expense was $453 million, and the tax rate in the quarter was 21.8%.

Richard A. Gonzalez, chairman and chief executive officer of AbbVie says,

“We continue to demonstrate outstanding operational execution and delivered another quarter of strong results. I couldn’t be more proud of the organization we have built over the past 11 years. We’ve established an exemplary company culture, developed a productive R&D engine, delivered top-tier financial performance and made a remarkable impact on patients and the communities we serve.”

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