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AbbVie Reports First-Quarter 2025 Financial Results PDF Free Download

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AbbVie Reports First-Quarter 2025 Financial Results PDF Free Download

AbbVie Reports First-Quarter 2025 Financial Results PDF free Download. Think more deeply and widely.

PRESSRELEASE
AbbVieReportsFirst-Quarter2025FinancialResults
• ReportsFirst-QuarterDilutedEPSof$0.72onaGAAPBasis,aDecreaseof6.5Percent;AdjustedDilutedEPS
of$2.46,anIncreaseof6.5Percent;TheseResultsIncludeanUnfavorableImpactof$0.13PerShare
RelatedtoAcquiredIPR&DandMilestonesExpense
• DeliversFirst-QuarterNetRevenuesof$13.343Billion,anIncreaseof8.4PercentonaReportedBasisor9.8
PercentonanOperationalBasis
• First-QuarterGlobalNetRevenuesfromtheImmunologyPortfolioWere$6.264Billion,anIncreaseof16.6
PercentonaReportedBasis,or18.1PercentonanOperationalBasis;GlobalSkyriziNetRevenuesWere
$3.425Billion;GlobalRinvoqNetRevenuesWere$1.718Billion;GlobalHumiraNetRevenuesWere$1.121
Billion
• First-QuarterGlobalNetRevenuesfromtheNeurosciencePortfolioWere$2.282Billion,anIncreaseof16.1
PercentonaReportedBasis,or17.0PercentonanOperationalBasis;GlobalVraylarNetRevenuesWere
$765Million;GlobalBotoxTherapeuticNetRevenuesWere$866Million;CombinedGlobalUbrelvyand
QuliptaNetRevenuesWere$433Million
• First-QuarterGlobalNetRevenuesfromtheOncologyPortfolioWere$1.633Billion,anIncreaseof5.8
PercentonaReportedBasis,or7.5PercentonanOperationalBasis;GlobalImbruvicaNetRevenuesWere
$738Million;GlobalVenclextaNetRevenuesWere$665Million;GlobalElahereNetRevenuesWere$179
Million
• First-QuarterGlobalNetRevenuesfromtheAestheticsPortfolioWere$1.102Billion,aDecreaseof11.7
PercentonaReportedBasis,or10.2PercentonanOperationalBasis;GlobalBotoxCosmeticNetRevenues
Were$556Million;GlobalJuvedermNetRevenuesWere$231Million
• Raises2025AdjustedDilutedEPSGuidanceRangefrom$11.99-$12.19to$12.09-$12.29,whichIncludes
anUnfavorableImpactof$0.13PerShareRelatedtoAcquiredIPR&DandMilestonesExpenseIncurred
Year-To-DateThroughtheFirstQuarter2025
NORTHCHICAGO,Ill.,April25,2025–AbbVie(NYSE:ABBV)announcedfinancialresultsforthefirstquarterended
March31,2025.
"AbbVie'sfirst-quarterresultswerewellaheadofourexpectationsandreflectanexcellentstarttotheyear,"said
RobertA.Michael,chiefexecutiveofficer,AbbVie."Thefundamentalsofourbusinessarestrongandwecontinue
tobolsterouroutlookwithpipelineadvancementsandstrategicinvestments.Basedontheprogressweare
making,AbbVieiswellpositionedforthelongterm."
Note:"Operational"comparisonsarepresentedatconstantcurrencyratesthatreflectcomparativelocalcurrencynetrevenuesattheprioryear'sforeign
exchangerates. 1
First-QuarterResults
•Worldwidenetrevenueswere$13.343billion,anincreaseof8.4percentonareportedbasis,or9.8
percentonanoperationalbasis.
• Globalnetrevenuesfromtheimmunologyportfoliowere$6.264billion,anincreaseof16.6percentona
reportedbasis,or18.1percentonanoperationalbasis.
◦GlobalSkyrizinetrevenueswere$3.425billion,anincreaseof70.5percentonareportedbasis,or
72.0percentonanoperationalbasis.
◦GlobalRinvoqnetrevenueswere$1.718billion,anincreaseof57.2percentonareportedbasis,or
59.7percentonanoperationalbasis.
◦GlobalHumiranetrevenueswere$1.121billion,adecreaseof50.6percentonareportedbasis,or
49.5percentonanoperationalbasis.
• Globalnetrevenuesfromtheneuroscienceportfoliowere$2.282billion,anincreaseof16.1percentona
reportedbasis,or17.0percentonanoperationalbasis.
◦GlobalVraylarnetrevenueswere$765million,anincreaseof10.3percent.
◦GlobalBotoxTherapeuticnetrevenueswere$866million,anincreaseof15.8percentona
reportedbasis,or17.0percentonanoperationalbasis.
◦GlobalUbrelvynetrevenueswere$240million,anincreaseof17.8percentonareportedbasis,or
18.0percentonanoperationalbasis.
◦GlobalQuliptanetrevenueswere$193million,anincreaseof47.6percentonareportedbasis,or
48.3percentonanoperationalbasis.
• Globalnetrevenuesfromtheoncologyportfoliowere$1.633billion,anincreaseof5.8percentona
reportedbasis,or7.5percentonanoperationalbasis.
◦GlobalImbruvicanetrevenueswere$738million,adecreaseof11.9percent.
◦GlobalVenclextanetrevenueswere$665million,anincreaseof8.3percentonareportedbasis,or
12.3percentonanoperationalbasis.
◦GlobalElaherenetrevenueswere$179million.
• Globalnetrevenuesfromtheaestheticsportfoliowere$1.102billion,adecreaseof11.7percentona
reportedbasis,or10.2percentonanoperationalbasis.
◦GlobalBotoxCosmeticnetrevenueswere$556million,adecreaseof12.3percentonareported
basis,or10.7percentonanoperationalbasis.
◦GlobalJuvedermnetrevenueswere$231million,adecreaseof22.2percentonareportedbasis,
or20.0percentonanoperationalbasis.
• OnaGAAPbasis,grossmargininthefirstquarterwas70.0percent.Theadjustedgrossmarginwas84.1
percent.
• OnaGAAPbasis,selling,generalandadministrative(SG&A)expensewas24.7percentofnetrevenues.The
adjustedSG&Aexpensewas24.6percentofnetrevenues.
• OnaGAAPbasis,researchanddevelopment(R&D)expensewas15.5percentofnetrevenues.The
adjustedR&Dexpensewas15.4percentofnetrevenues.
• AcquiredIPR&Dandmilestonesexpensewas1.9percentofnetrevenues.
• OnaGAAPbasis,operatingmargininthefirstquarterwas28.0percent.Theadjustedoperatingmarginwas
42.3percent.
• Netinterestexpensewas$627million.
• OnaGAAPbasis,thetaxrateinthequarterwas22.4percent.Theadjustedtaxratewas14.2percent.
• DilutedEPSinthefirstquarterwas$0.72onaGAAPbasis.AdjusteddilutedEPS,excludingspecifieditems,
was$2.46.Theseresultsincludeanunfavorableimpactof$0.13persharerelatedtoacquiredIPR&Dand
milestonesexpense.
Note:"Operational"comparisonsarepresentedatconstantcurrencyratesthatreflectcomparativelocalcurrencynetrevenuesattheprioryear'sforeign
exchangerates. 2
RecentEvents
• AbbVieannouncedthatitsboardofdirectorsunanimouslyelectedchiefexecutiveofficer(CEO)RobertA.
Michaeltoassumetheadditionalpositionofchairmanoftheboardofdirectors,effectiveJuly1,2025.He
willsucceedRichardA.Gonzalez,whoformerlyservedasAbbVie'sCEOandhasbeenchairmansincethe
Company'sformationin2013.
• AbbVieannouncedthattheEuropeanCommission(EC)grantedmarketingauthorizationtoRinvoq
(upadacitinib)forthetreatmentofgiantcellarteritis(GCA)inadultpatients.Theapprovalwassupported
bydatafromthepivotalPhase3SELECT-GCAtrialwhichdemonstratedthatRinvoqachievedtheprimary
endpointofsustainedremissionandkeysecondaryendpoints,includingreductionindiseaseflares,lower
cumulativesteroidexposureandcompleteremission.Thisauthorizationmarkstheeighthapproved
indicationforRinvoqintheEuropeanUnion(EU).
• AttheSocietyofGynecologicOncology(SGO)AnnualMeeting,AbbVieannouncedfinaldataanalysisfrom
thePhase3MIRASOLtrialevaluatingtheefficacyandsafetyofElahere(mirvetuximabsoravtansine-gynx)in
womenwithfolatereceptoralpha(FRα)-positiveplatinum-resistantovariancancer(PROC)comparedto
chemotherapy.At30.5monthsmedianfollow-up,treatmentwithElaherecontinuedtoshowsignificant
improvementsinprogression-freesurvival(PFS)andoverallsurvival(OS)comparedtoinvestigator'schoice
(IC)chemotherapy.
• AbbVieandXilioTherapeutics,aclinical-stagebiotechnologycompany,announcedacollaborationand
option-to-licenseagreementthatwillcombineAbbVie'soncologyexpertisewithXilio'sproprietarytumor-
activationtechnologytodevelopnovelimmunotherapies,includingmaskedT-cellengagers,forpeople
livingwithcancer.
• AbbVieannouncedthatitsubmittedaBiologicsLicenseApplication(BLA)totheU.S.FoodandDrug
Administration(FDA)forapprovaloftrenibotulinumtoxinE(BoNT/E)forthetreatmentofmoderateto
severeglabellarlines.TrenibotulinumtoxinEisafirst-in-classbotulinumneurotoxinserotypeE
characterizedbyarapidonsetofactionasearlyas8hoursafteradministrationandshortdurationofeffect
of2-3weeks.Ifapproved,trenibotulinumtoxinEwillbethefirstneurotoxinofitskindavailabletopatients.
• AllerganAestheticsannouncedthattheAllerganMedicalInstitute(AMI)willopenthreenewstate-of-the-
arttrainingcentersintheU.S.,expandingaccesstohigh-quality,tailoredtrainingforlicensedaesthetics
providers.ThefirsttrainingcenterisscheduledtoopeninIrvine,CA,withadditionallocationstofollowin
Atlanta,GAandAustin,TX.
• AbbVieandGubraannouncedalicenseagreementtodevelopGUB014295(ABBV-295),apotentialbest-in-
class,long-actingamylinanalogforthetreatmentofobesity.ThispartnershipmarksAbbVie'sentranceinto
theobesityfieldandunderthetermsoftheagreement,AbbViewillleaddevelopmentand
commercializationofGUB014295globally.Priortothecloseoftheagreement,Gubraannouncedpositive
interimresultsfromPartAofaPhase1multipleascendingdose(MAD)study,whichshowedthat
GUB014295waswelltoleratedwithbodyweightlossthatwassustainedinamannerconsistentwithdata
fromapreviouslyannouncedsingleascendingdose(SAD)study.
• AbbVieannouncedthattheFDAapprovedEmblaveo(aztreonamandavibactam),asthefirstmonobactam/
β-lactamaseinhibitorcombinationantibiotictherapytotreatcomplicatedintra-abdominalinfections,
includingthosecausedbyGram-negativebacteria.TheapprovalofEmblaveowassupportedbyprior
findingsregardingtheefficacyandsafetyofaztreonamforthetreatmentofcomplicatedintra-abdominal
infectionsaswellasclinicaltrialresultsfromthePhase3REVISITstudy,whichevaluatedtheefficacy,
safety,andtolerabilityofEmblaveoforthetreatmentofseriousinfectionsduetoGram-negativebacteria.
3
Full-Year2025Outlook
AbbVieisraisingitsadjusteddilutedEPSguidanceforthefullyear2025from$11.99-$12.19to$12.09-$12.29,
whichincludesanunfavorableimpactof$0.13persharerelatedtoacquiredIPR&Dandmilestonesexpense
incurredyear-to-datethroughthefirstquarter2025.Thecompany's2025adjusteddilutedEPSguidanceexcludes
anyimpactfromacquiredIPR&Dandmilestonesthatmaybeincurredbeyondthefirstquarterof2025,asboth
cannotbereliablyforecasted.ThisguidancedoesnotreflecttheacquiredIPR&Dandmilestonesimpactrelatedto
AbbVieandGubra'slicensingagreementtodevelopGUB014295,asthattransactionclosedafterthefirstquarterof
2025.Additionally,thisguidanceisbasedontheexistingtradeenvironmentanddoesnotreflectanytradepolicy
shifts,includingpharmaceuticalsectortariffs,thatcouldimpactAbbVie'sbusiness.
AboutAbbVie
AbbVie'smissionistodiscoveranddeliverinnovativemedicinesthatsolveserioushealthissuestodayandaddress
themedicalchallengesoftomorrow.Westrivetohavearemarkableimpactonpeople'slivesacrossseveralkey
therapeuticareas:immunology,neuroscience,oncology,andeyecare-andproductsandservicesacrossour
AllerganAestheticsportfolio.FormoreinformationaboutAbbVie,pleasevisitusatwww.abbvie.com.Follow
@abbvieonX(formerlyTwitter),Facebook,Instagram,YouTubeorLinkedIn.
ConferenceCall
AbbViewillhostaninvestorconferencecalltodayat8:00a.m.CentralTimetodiscussourfirst-quarter
performance.ThecallwillbewebcastthroughAbbVie’sInvestorRelationswebsiteatinvestors.abbvie.com.An
archivededitionofthecallwillbeavailableafter11:00a.m.CentralTime.
Non-GAAPFinancialResults
Financialresultsfor2025and2024arepresentedonbothareportedandanon-GAAPbasis.Reportedresultswere
preparedinaccordancewithGAAPandincludeallrevenueandexpensesrecognizedduringtheperiod.Non-GAAP
resultsadjustforcertainnon-cashitemsandforfactorsthatareunusualorunpredictable,andexcludethosecosts,
expenses,andotherspecifieditemspresentedinthereconciliationtableslaterinthisrelease.AbbVie’s
managementbelievesnon-GAAPfinancialmeasuresprovideusefulinformationtoinvestorsregardingAbbVie’s
resultsofoperationsandassistmanagement,analysts,andinvestorsinevaluatingtheperformanceofthebusiness.
Non-GAAPfinancialmeasuresshouldbeconsideredinadditionto,andnotasasubstitutefor,measuresoffinancial
performancepreparedinaccordancewithGAAP.
4
Forward-LookingStatements
Somestatementsinthisnewsreleaseare,ormaybeconsidered,forward-lookingstatementsforpurposesofthe
PrivateSecuritiesLitigationReformActof1995.Thewords“believe,”“expect,”“anticipate,”“project”andsimilar
expressionsandusesoffutureorconditionalverbs,generallyidentifyforward-lookingstatements.AbbViecautions
thattheseforward-lookingstatementsaresubjecttorisksanduncertaintiesthatmaycauseactualresultstodiffer
materiallyfromthoseexpressedorimpliedintheforward-lookingstatements.Suchrisksanduncertaintiesinclude,
butarenotlimitedto,challengestointellectualproperty,competitionfromotherproducts,difficultiesinherentin
theresearchanddevelopmentprocess,adverselitigationorgovernmentaction,changestolawsandregulations
applicabletoourindustry,theimpactofglobalmacroeconomicfactors,suchaseconomicdownturnsor
uncertainty,internationalconflict,tradedisputesandtariffs,andotheruncertaintiesandrisksassociatedwith
globalbusinessoperations.Additionalinformationabouttheeconomic,competitive,governmental,technological
andotherfactorsthatmayaffectAbbVie’soperationsissetforthinItem1A,“RiskFactors,”ofAbbVie’s2024
AnnualReportonForm10-K,whichhasbeenfiledwiththeSecuritiesandExchangeCommission,asupdatedbyits
QuarterlyReportsonForm10-QandinotherdocumentsthatAbbViesubsequentlyfileswiththeSecuritiesand
ExchangeCommissionthatupdate,supplementorsupersedesuchinformation.AbbVieundertakesnoobligation,
andspecificallydeclines,toreleasepubliclyanyrevisionstoforward-lookingstatementsasaresultofsubsequent
eventsordevelopments,exceptasrequiredbylaw.
Media: Investors:
GabbyTarbert LizShea
(224)244-0111 (847)935-2211
ToddBosse
(847)936-1182
JeffreyByrne
(847)938-2923
5
AbbVieInc.
KeyProductRevenues
QuarterEndedMarch31,2025
(Unaudited)
%Changevs.1Q24
NetRevenues(inmillions) Reported Operationala
U.S. Int’l. Total U.S. Int’l. Total Int’l. Total
NETREVENUES $9,979 $3,364 $13,343 10.4% 2.9% 8.4% 8.3% 9.8%
Immunology 4,883 1,381 6,264 17.6 13.4 16.6 20.1 18.1
Skyrizi 2,919 506 3,425 76.2 43.9 70.5 52.3 72.0
Rinvoq 1,220 498 1,718 68.3 35.3 57.2 42.8 59.7
Humira 744 377 1,121 (58.0) (24.4) (50.6) (19.5) (49.5)
Neuroscience 1,972 310 2,282 15.0 24.0 16.1 31.0 17.0
Vraylar 763 2 765 10.3 13.1 10.3 20.2 10.3
BotoxTherapeutic 723 143 866 18.2 4.8 15.8 11.4 17.0
Ubrelvy 233 7 240 17.6 23.3 17.8 29.3 18.0
Qulipta 172 21 193 34.2 >100.0 47.6 >100.0 48.3
Vyalev 6 57 63 n/m >100.0 >100.0 >100.0 >100.0
Duodopa 20 76 96 (19.4) (16.0) (16.7) (11.7) (13.3)
OtherNeuroscience 55 4 59 (9.5) (1.0) (8.9) 6.5 (8.4)
Oncology 1,027 606 1,633 6.0 5.4 5.8 10.0 7.5
Imbruvicab529 209 738 (13.3) (8.2) (11.9) (8.2) (11.9)
Venclexta 312 353 665 11.0 6.0 8.3 13.4 12.3
Elahere 165 14 179 >100.0 n/m >100.0 n/m >100.0
Epkinlyc21 30 51 66.7 >100.0 89.8 >100.0 94.8
Aesthetics 640 462 1,102 (17.4) (2.4) (11.7) 1.6 (10.2)
BotoxCosmetic 295 261 556 (24.3) 6.9 (12.3) 11.1 (10.7)
JuvedermCollection 75 156 231 (29.0) (18.5) (22.2) (15.0) (20.0)
OtherAesthetics 270 45 315 (3.5) 18.1 (0.9) 23.2 (0.3)
EyeCare 221 285 506 (2.6) (8.0) (5.7) (2.0) (2.2)
Ozurdex 30 93 123 (12.1) (3.8) (6.0) 1.1 (2.4)
Lumigan/Ganfort 48 58 106 69.2 (6.8) 17.0 (0.5) 21.4
Alphagan/Combigan 26 34 60 68.5 (21.4) 1.9 (15.4) 6.3
OtherEyeCare 117 100 217 (21.4) (7.1) (15.4) (0.2) (12.5)
OtherKeyProducts 636 173 809 (7.2) (19.4) (10.1) (14.8) (9.0)
Mavyret 142 164 306 (0.7) (20.4) (12.3) (15.8) (9.6)
Creon 355 — 355 24.6 n/m 24.6 n/m 24.6
Linzess/Constella 139 9 148 (46.1) 3.1 (44.4) 9.3 (44.2)
a"Operational"comparisonsarepresentedatconstantcurrencyratesthatreflectcomparativelocalcurrencynetrevenuesattheprioryear'sforeign
exchangerates.
bReflectsprofitsharingforImbruvicainternationalrevenues.
cEpkinlyU.S.revenuesreflectprofitsharing.Internationalrevenuesreflectproductrevenuesaswellasprofitsharingfromcertaininternationalterritories.
n/m=notmeaningful
6
AbbVieInc.
ConsolidatedStatementsofEarnings
(Unaudited)
(inmillions,exceptpersharedata)
FirstQuarter
EndedMarch31
2025 2024
Netrevenues $ 13,343 $ 12,310
Costofproductssold 4,002 4,094
Selling,generalandadministrative 3,293 3,315
Researchanddevelopment 2,067 1,939
AcquiredIPR&Dandmilestones 248 164
Totaloperatingcostsandexpenses 9,610 9,512
Operatingearnings 3,733 2,798
Interestexpense,net 627 453
Netforeignexchangeloss 4 4
Otherexpense,net 1,441 586
Earningsbeforeincometaxexpense 1,661 1,755
Incometaxexpense 372 383
Netearnings 1,289 1,372
Netearningsattributabletononcontrollinginterest 3 3
NetearningsattributabletoAbbVieInc. $ 1,286 $ 1,369
DilutedearningspershareattributabletoAbbVieInc. $ 0.72 $ 0.77
Adjusteddilutedearningspersharea$ 2.46 $ 2.31
Weighted-averagedilutedsharesoutstanding 1,772 1,773
a RefertotheReconciliationofGAAPReportedtoNon-GAAPAdjustedInformationforfurtherdetails.
7
AbbVieInc.
ReconciliationofGAAPReportedtoNon-GAAPAdjustedInformation
(Unaudited)
1.Specifieditemsimpactedresultsasfollows:
QuarterEndedMarch31,2025
(inmillions,exceptpersharedata) Earnings Diluted
Pre-tax After-taxaEPS
Asreported(GAAP) $ 1,661 $ 1,286 $ 0.72
Adjustedforspecifieditems:
Intangibleassetamortization 1,858 1,574 0.89
Changeinfairvalueofcontingentconsideration 1,518 1,477 0.83
Other 62 33 0.02
Asadjusted(non-GAAP) $ 5,099 $ 4,370 $ 2.46
a RepresentsnetearningsattributabletoAbbVieInc.Specifieditemsreflecttheimpactofapplicablestatutorytaxrates.
ReportedGAAPearningsandadjustednon-GAAPearningsforthethreemonthsendedMarch31,2025includedacquired
IPR&Dandmilestonesexpenseof$248milliononapre-taxand$238milliononanafter-taxbasis,representingan
unfavorableimpactof$0.13tobothdilutedEPSandadjusteddilutedEPS.
2.Theimpactofthespecifieditemsbylineitemwasasfollows:
QuarterEndedMarch31,2025
(inmillions) Costof
products
sold SG&A R&D
Other
expense,
net
Asreported(GAAP) $ 4,002 $ 3,293 $ 2,067 $ 1,441
Adjustedforspecifieditems:
Intangibleassetamortization (1,858) — — —
Changeinfairvalueofcontingentconsideration — — — (1,518)
Other (28) (13) (16) (5)
Asadjusted(non-GAAP) $ 2,116 $ 3,280 $ 2,051 $ (82)
3.Theadjustedtaxrateforthefirstquarterof2025was14.2percent,asdetailedbelow:
QuarterEndedMarch31,2025
(dollarsinmillions) Pre-tax
earnings Incometaxes Taxrate
Asreported(GAAP) $ 1,661 $ 372 22.4%
Specifieditems 3,438 354 10.3%
Asadjusted(non-GAAP) $ 5,099 $ 726 14.2%
8
AbbVieInc.
ReconciliationofGAAPReportedtoNon-GAAPAdjustedInformation
(Unaudited)
1.Specifieditemsimpactedresultsasfollows:
QuarterEndedMarch31,2024
(inmillions,exceptpersharedata) Earnings Diluted
Pre-tax After-taxaEPS
Asreported(GAAP) $ 1,755 $ 1,369 $ 0.77
Adjustedforspecifieditems:
Intangibleassetamortization 1,891 1,603 0.90
Acquisitionandintegrationcosts 511 486 0.27
Changeinfairvalueofcontingentconsideration 660 643 0.36
Other 21 19 0.01
Asadjusted(non-GAAP) $ 4,838 $ 4,120 $ 2.31
a RepresentsnetearningsattributabletoAbbVieInc.Specifieditemsreflecttheimpactofapplicablestatutorytaxrates.
AcquisitionandintegrationcostsprimarilyreflectcostsrelatedtotheImmunoGenacquisition.
ReportedGAAPearningsandadjustednon-GAAPearningsforthethreemonthsendedMarch31,2024includedacquired
IPR&Dandmilestonesexpenseof$164milliononapre-taxand$138milliononanafter-taxbasis,representingan
unfavorableimpactof$0.08tobothdilutedEPSandadjusteddilutedEPS.
2.Theimpactofthespecifieditemsbylineitemwasasfollows:
QuarterEndedMarch31,2024
(inmillions) Costof
products
sold SG&A R&D
Interest
expense,
net
Other
expense,
net
Asreported(GAAP) $ 4,094 $ 3,315 $ 1,939 $ 453 $ 586
Adjustedforspecifieditems:
Intangibleassetamortization (1,891) — — — —
Acquisitionandintegrationcosts (79) (280) (128) (24) —
Changeinfairvalueofcontingentconsideration — — — — (660)
Other (16) (3) — — (2)
Asadjusted(non-GAAP) $ 2,108 $ 3,032 $ 1,811 $ 429 $ (76)
3.Theadjustedtaxrateforthefirstquarterof2024was14.8percent,asdetailedbelow:
QuarterEndedMarch31,2024
(dollarsinmillions) Pre-tax
earnings Incometaxes Taxrate
Asreported(GAAP) $ 1,755 $ 383 21.8%
Specifieditems 3,083 332 10.8%
Asadjusted(non-GAAP) $ 4,838 $ 715 14.8%
9