AbbVie
Q2 2023 Earnings Call
Jul 27, 2023, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Liz Shea
Good morning and thanks for joining us. Also on the call with me today are Rick Gonzalez, chairman of the board and chief executive officer; Rob Michael, president and chief operating officer; Jeff Stewart, executive vice president and chief commercial officer; Scott Reents, executive vice president and chief financer; Carrie Strom, senior vice president, AbbVie, and president, global allergan aesthetics; and Tom Hudson, senior vice president, R&D, and chief scientific officer. Joining us for the Q&A portion of the call is Roopal Thakkar, senior vice president, development and regulatory affairs and chief medical officer. Before we get started, I'll note that some statements we make today may be considered forward-looking statements based on our current expectations.
AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in our forward-looking statements. Additional information about these risks and uncertainties is included in our SEC filings. AbbVie undertakes no obligation to update these forward-looking statements, except as required by law. On today's conference call, non-GAAP financial measures will be used to help investors understand AbbVie's business performance.
These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings release and regulatory filings from today, which can be found on our website. Following our prepared remarks, we'll take your questions. So with that, I'll turn the call over to Rick.
Rick Gonzalez -- Chairman and Chief Executive Officer
Thank you, Liz. Good morning, everyone, and thank you for joining us today. 2023 is an important year for AbbVie as we experience Humira biosimilar competition in the U.S. market, and as we execute our long-term diversification growth strategy.
Now roughly seven months into the year, I'm extremely pleased with the progress that we're making against these objectives. The U.S. Humira biosimilar impact is playing out as projected and slightly better than our planning assumptions. We are competing very effectively with the various biosimilar offerings.
We have exceeded our guidance in burst in second quarters with the overachievement predominantly driven by our growth platform, the base portfolio, excluding Humira which, as you know, is the critical driver in our rapid return to growth in 2025 and beyond. To that point, this platform demonstrated operational revenue growth of nearly 8% this quarter with growth expected to further accelerate in the second half of this year. We are also once again raising our full-year revenue guidance by $1 billion, which is on top of the $400 million sales increase we delivered in the first quarter for a total overachievement of $1.4 billion. And lastly, we are making good progress with our pipeline, across all stages of development, including recent strong data for Skyrizi in ulcerative colitis as well as the recent U.S.