Company: ABBV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001551152-25-000029
Chunk: 7

Company: AbbVie Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 as well as decreased collaboration revenues.

Net revenues for Venclexta increased 12% for the three months ended March 31, 2025 primarily driven by continued market share uptake.

Net revenues for Elahere increased greater than 100% for the three months ended March 31, 2025 primarily driven by a full period of Elahere results in 2025 compared to the prior year.

Net revenues for Botox Cosmetic decreased 11% for the three months ended March 31, 2025. In the United States, Botox Cosmetic net revenues decreased 24% primarily driven by unfavorable pricing due to consumer loyalty program changes and decreased market share. Internationally, Botox Cosmetic net revenues increased 11% primarily driven by increased consumer demand across certain international markets and the timing of customer inventory stocking.

Net revenues for Juvederm Collection decreased 20% for the three months ended March 31, 2025 primarily driven by decreased global consumer demand and unfavorable pricing due to consumer loyalty program changes in the United States.

Gross Margin Three months endedMarch 31,(dollars in millions)20252024% changeGross margin$9,341$8,21614 %as a % of net revenues70 %67 %

Gross margin as a percentage of net revenues increased for the three months ended March 31, 2025 compared to the prior year primarily due to increased leverage from net revenues growth, favorable changes in product mix and acquisition and integration costs incurred during the three months ended March 31, 2024 in connection with the ImmunoGen acquisition.

Selling, General and AdministrativeThree months endedMarch 31,(dollars in millions)20252024% changeSelling, general and administrative $3,293$3,315(1)%as a % of net revenues25 %27 %

Selling, general and administrative (SG&A) expenses as a percentage of net revenues decreased for the three months ended March 31, 2025 compared to the prior year primarily due to acquisition and integration costs incurred during the three months ended March 31, 2024 in connection with the ImmunoGen acquisition.

Research and DevelopmentThree months endedMarch 31,(dollars in millions)20252024% changeResearch and development$2,067$1,9397 %as a % of net revenues15 %16 %

Research and development (R&D) expenses as a percentage of net revenues decreased