AbbVie Inc. (ABBV) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 27, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and thank you for standing by. Welcome to the AbbVie First Quarter 2023 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer portion of this call.

I would now like to introduce Ms. Liz Shea, Senior Vice President, Investor Relations.

Liz Shea - VPof IR

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, Vice Chairman and President; Jeff Stewart, Executive Vice President and Chief Commercial Officer; Scott Reents, Executive Vice President and Chief Financial Officer; Carrie Strom, Senior Vice President and President, 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 the 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 the comparable GAAP financial measures in our earnings release and regulatory filings from today which can be found on our Web site. Following our prepared remarks, we'll take your questions.

So with that, I'll now turn the call over to Rick.

Rick Gonzalez - Chairman and CEO

Thank you, Liz. Good morning, everyone, and thank you for joining us today. I'm extremely pleased with our start to 2023, with first quarter total revenues and adjusted earnings per share, both exceeding our expectations. This performance was driven by double-digit sales growth from several key products including, Skyrizi, Rinvoq, Venclexta, and Vraylar, positive momentum from our aesthetics business, and strong results internationally, and stabilizing consumer trends in the U.S., and in-line performance from U.S. Humira, our biosimilar allergen is tracking as expected with much of the impact driven by price.