AbbVie (NYSE:ABBV) has unveiled its financial performance for the first quarter of 2024, registering a modest increase in net revenues.
The figures show a 0.7% rise to $12.310 billion on a reported basis and a 1.6% increase on an operational basis.
Meanwhile, the company experienced a decline in global net revenues from its immunology products, primarily due to competition from Humira biosimilars.
However, this was offset by robust growth in other areas.
During the quarter, AbbVie's oncology portfolio expanded by 9%, while its neuroscience portfolio surged by 15.9%.
Additionally, the company said it completed its acquisition of ImmunoGen, incorporating the leading cancer therapy Elahere into its product lineup.
Following its performance in Q4, AbbVie has revised its 2024 adjusted diluted EPS forecast upwards, from the initial range of $10.97 - $11.17 to a new range of $11.13 - $11.33.