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

- 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."

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.

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.

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.

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.

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AbbVie Inc. Key Product Revenues Quarter Ended March 31, 2025 (Unaudited)

				% Change vs. 1Q24
	Net Revenues (in millions)			Reported			Operational ^a
	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
Imbruvica ^b	529	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
Epkinly ^c	21	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

AbbVie Inc. Consolidated Statements of Earnings (Unaudited)

(in millions, except per share data)	First Quarter Ended March 31
	2025	2024
Net revenues	{replace1}nbsp; 13,343	{replace1}nbsp; 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.	{replace1}nbsp; 1,286	{replace1}nbsp; 1,369

Diluted earnings per share attributable to AbbVie Inc.	{replace1}nbsp; 0.72	{replace1}nbsp; 0.77

Adjusted diluted earnings per share ^a	{replace1}nbsp; 2.46	{replace1}nbsp; 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.

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-tax ^a	EPS
As reported (GAAP)	{replace1}nbsp; 1,661	{replace1}nbsp; 1,286	{replace1}nbsp; 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)	{replace1}nbsp; 5,099	{replace1}nbsp; 4,370	{replace1}nbsp; 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)	{replace1}nbsp; 4,002	{replace1}nbsp; 3,293	{replace1}nbsp; 2,067	{replace1}nbsp; 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)	{replace1}nbsp; 2,116	{replace1}nbsp; 3,280	{replace1}nbsp; 2,051	{replace1}nbsp; (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)	{replace1}nbsp; 1,661	{replace1}nbsp; 372	22.4 %
Specified items	3,438	354	10.3 %
As adjusted (non-GAAP)	{replace1}nbsp; 5,099	{replace1}nbsp; 726	14.2 %

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-tax ^a	EPS
As reported (GAAP)	{replace1}nbsp; 1,755	{replace1}nbsp; 1,369	{replace1}nbsp; 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)	{replace1}nbsp; 4,838	{replace1}nbsp; 4,120	{replace1}nbsp; 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)	{replace1}nbsp; 4,094	{replace1}nbsp; 3,315	{replace1}nbsp; 1,939	{replace1}nbsp; 453	{replace1}nbsp; 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)	{replace1}nbsp; 2,108	{replace1}nbsp; 3,032	{replace1}nbsp; 1,811	{replace1}nbsp; 429	{replace1}nbsp; (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)	{replace1}nbsp; 1,755	{replace1}nbsp; 383	21.8 %
Specified items	3,083	332	10.8 %
As adjusted (non-GAAP)	{replace1}nbsp; 4,838	{replace1}nbsp; 715	14.8 %

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SOURCE AbbVie

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AbbVie Invites People Living with Migraine to Enter the Second Annual AbbVie Migraine Career Catalyst Award Contest to Support Their Professional Goals

The AbbVie Migraine Career Catalyst Award™ contest is now open for entries, offering financial support to help winners pursue career and professional development goals.
As the only company with three approved products designed to meet patient needs across the spectrum of migraine, AbbVie is committed to supporting the migraine community beyond treatment.
Migraine affects productivity and career growth—up to 90% of people with migraine report it interferes with their ability to function at work, highlighting the need for meaningful support beyond treatment.

- AbbVie (NYSE: ABBV) today announced the second annual AbbVie Migraine Career Catalyst Award ™ contest is now accepting entries. AbbVie is proud to continue this nationwide initiative supporting people living with migraine by awarding 20 entrants with $2,500 each that they may use to pursue their personal, professional, and educational goals.

"Migraine can be an invisible barrier to success in the workplace where the condition is often misunderstood or stigmatized," said Carl Cincinnato , executive director, Migraine at Work, a nonprofit initiative under the World Health Education Foundation dedicated to improving workplace environments for individuals living with migraine. "Initiatives like the AbbVie Migraine Career Catalyst Award™ contest not only provide financial support but also serve as a powerful form of advocacy for people living with migraine."

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AbbVie Partners with Chicago Cubs on "Striking Out Cancer"

Chicago -based institutions aim to create greater awareness for cancer advocacy and to support non-profit cancer organizations

AbbVie (NYSE: ABBV) announced a multi-year partnership with the Chicago Cubs to support people living with cancer through a campaign called "Striking Out Cancer" which starts today when the Chicago Cubs play the Cincinnati Reds. As part of the first year of the partnership, AbbVie will make a $233 donation for every strikeout by a Chicago Cubs pitcher at home during the 2025 regular season. The donation amount is in honor of the approximately 233 Americans diagnosed with cancer every hour, according to the American Cancer Society. 1

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AbbVie and U of T Mississauga's SpinUp Announce Neuropeutics Inc as First AbbVie Biotech Innovators Award Recipient

Following a national competition, AbbVie and SpinUp – the University of Toronto's lab-based, life sciences accelerator – announce Neuropeutics Inc as recipient of first AbbVie Biotech Innovators Award
Neuropeutics Inc receives a year of laboratory space and equipment at no cost, as well as access to support and mentorship

AbbVie (NYSE: ABBV) in partnership with the University of Toronto's SpinUp, are pleased to announce Neuropeutics Inc as the recipient of the AbbVie Biotech Innovators Award, a national prize to help foster innovation and support growth in Canada's life sciences sector. Following a competitive selection process, the award, funded by AbbVie, has been granted to Neuropeutics Inc for developing small molecules preventing and reversing protein aggregation as therapeutics for neurodegenerative diseases.

"We are delighted to have this opportunity to collaborate with a global biopharmaceutical company such as AbbVie, and the University of Toronto's SpinUp, to advance Neuropeutics' therapeutic research and development across multiple neurodegenerative diseases. At Neuropeutics, we are committed to developing targeted therapies to extend neurodegenerative disease patients' survival and improve their quality of life. This award allows us to pursue that mission with greater momentum," said Dr. Marc Shenouda , CEO & Co-Founder of Neuropeutics Inc.

Neuropeutics Inc's scientific entrepreneurial spirit directly aligns with the mandate of the AbbVie Biotech Innovators Award to foster research, innovation and growth within Canada's life sciences sector. A hallmark of neurodegenerative diseases is protein aggregation. One such protein is TDP-43, a normally nuclear DNA/RNA binding protein, which in disease conditions becomes mislocalized and forms cytoplasmic aggregates causing neuronal toxicity. Neuropeutics Inc has developed a novel strategy to address diseases such as: Amyotrophic Lateral Sclerosis (ALS), Frontotemporal dementia, Alzheimer's disease, Huntington's disease and Parkinson's disease.

"It was impressive and motivating to see the variety of entries and the calibre of early-stage biotech companies who applied for the Award. We thank all who participated in this life science competition," said Rami Fayed, Vice President and General Manager of AbbVie Canada. "After a rigorous evaluation process, it is with great pleasure that we are announcing that Neuropeutics has been named the recipient of the AbbVie Biotech Innovators Award for its pioneering work in neurodegenerative diseases. We look forward to supporting the journey of Neuropeutics, in collaboration with SpinUp, to accelerate their efforts to deliver life-changing innovation to patients."

"Congratulations to Neuropeutics on being the first AbbVie Biotech Innovators Award recipient, and welcome to SpinUp – the University of Toronto's wet lab incubator," said France Gagnon , Vice-Principal, Research and Innovation at the University of Toronto Mississauga. "This is the place where the potential of Neuropeutics' work in neurodegenerative diseases can be realized and the impact on life sciences can be game changing. We are pleased to collaborate with AbbVie, a global leader in the biopharmaceutical industry, to offer this unique opportunity to this competitively chosen startup."

The AbbVie Biotech Innovators Award was launched in 2024 in collaboration with SpinUp, a purpose-built laboratory for chemistry and biological work – or wet lab – incubator at the University of Toronto . The Award is to support early-stage Canadian biotechnology startup companies with the potential to generate transformational therapies in areas that align with AbbVie's therapeutic areas of focus: immunology, oncology, neuroscience, and eye care. Neuropeutics Inc will receive a year of laboratory space at no cost, in addition to access to SpinUp's core equipment, services, entrepreneurship programming, and research talent community at the University of Toronto . Neuropeutics Inc will also benefit from mentorship by AbbVie's scientific and business executives.

For more information on the AbbVie Biotech Innovators Award, please visit: https://spinup.utm.utoronto.ca/biotech-innovators-award/ .

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions 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, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio.

For more information about AbbVie, please visit us at www.abbvie.ca . Follow AbbVie Canada on Instagram or find us on LinkedIn .

About SpinUp
SpinUp is the first wet lab startup incubator at the University of Toronto , Canada's leading centre for learning and discovery and one of the world's top-two universities for health science productivity . SpinUp is purpose built to drive life science innovation. It offers early-stage start-ups access to outstanding and highly subsidized wet lab space, equipment, entrepreneurship programming and expertise at a brand new, state-of-the-art research facility at U of T's Mississauga campus. Visit our website at spinup.utm.utoronto.ca and connect with us on Instagram and LinkedIn .

SpinUp is proudly part of U of T Entrepreneurship , a network of 12 accelerators across three campuses. Over the past 10 years, this network has supported more than 1,200 capital-backed companies, which have created 17,000 jobs and raised $12 billion in external investment. U of T now launches more research-based start-ups than any university in North America outside of MIT . The AbbVie Biotech Innovators Award is part of U of T Mississauga's Blue Ticket program at SpinUp, which provides a one-year SpinUp membership.

About Neuropeutics Inc
Neuropeutics is a for-profit Canadian pharmaceutical company developing targeted therapies to extend neurodegenerative disease patients' survival and improve their quality of life. To learn more, please visit us at www.neuropeutics.ca , contact us at info@neuropeutics.ca , and connect with us on LinkedIn .

SOURCE AbbVie Canada

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/22/c0315.html

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U.S. Media:	Investors:

Gabrielle Tarbert	Liz Shea
gabrielle.tarbert@abbvie.com	liz.shea@abbvie.com

Ilke Limoncu
ilke.limoncu@abbvie.com

Title	Date/Time	Session	Abstract Number
Telisotuzumab adizutecan (ABBV-400; Temab-A) monotherapy vs trifluridine/tipiracil plus bevacizumab in patients with refractory metastatic colorectal cancer with increased c-Met protein expression: An open-label, randomized, phase 3 trial.	Saturday, May 31, 9:00 AM – 12:00 PM CDT	Poster Board: 303a	TPS3635
Telisotuzumab adizutecan (ABBV-400; Temab-A) in combination with fluorouracil, leucovorin, and budigalimab in locally advanced/metastatic gastric, gastroesophageal junction, or esophageal adenocarcinoma (a/m GEA).	Saturday, May 31, 9:00 AM – 12:00 PM CDT	Poster Board: 491b	TPS4202
Efficacy and safety of first-line ibrutinib plus venetoclax in patients with mantle cell lymphoma (MCL) who were older or had TP53 mutations in the SYMPATICO study.	Saturday, May 31, 9:12 – 9:18 AM CDT	Rapid Oral Abstract Session Hematologic Malignancies— Lymphoma and Chronic Lymphocytic Leukemia	7017
LUMINOSITY, a phase 2 study of telisotuzumab vedotin in patients with c-Met protein–overexpressing non- squamous EGFR-wildtype advanced NSCLC: Efficacy outcomes by prior therapy.	Saturday, May 31, 1:30 – 4:30 PM CDT	Poster Board: 98	8618
Long-term efficacy and safety of etentamig, a B-cell maturation antigen (BCMA) bispecific antibody in patients with relapsed/refractory multiple myeloma (RRMM).	Sunday, June 1, 9:00 AM – 12:00 PM CDT	Poster Board: 95	7527
Novel analysis of 3-y results from the pivotal EPCORE NHL-1 study: Outcomes in patients (pts) with relapsed/refractory large B-cell lymphoma (R/R LBCL) and complete response (CR) at 2 y with epcoritamab (epcor) monotherapy.	Sunday, June 1, 9:00 AM – 12:00 PM CDT	Poster Board: 226	7043
Folate receptor alpha (FRα; FOLR1) expression and persistence in ovarian cancer in clinical trial samples and real-world patient cohort.	Sunday, June 1, 9:00 AM – 12:00 PM CDT	Poster Board: 489	5591
Efficacy of third-line and later (3L+) therapies post poly (ADP-ribose) polymerase inhibitor (PARPi) exposure in recurrent platinum-sensitive ovarian cancer (PSOC): A pooled clinical trial database analysis.	Sunday, June 1, 9:00 AM – 12:00 PM CDT	Poster Board: 477	5579
A phase 1 first-in-human study evaluating safety, pharmacokinetics, and efficacy of ABBV-291, a CD79b- targeting antibody-drug conjugate, in patients with relapsed/refractory B-cell non-Hodgkin lymphoma.	Sunday, June 1, 9:00 AM – 12:00 PM CDT	Poster Board: 271a	TPS7093
Telisotuzumab adizutecan (ABBV-400; Temab-A), a c-Met protein–targeting antibody-drug conjugate (ADC), in patients (pts) with advanced EGFR-mutated (MT) non- squamous (NSQ) non-small cell lung cancer (NSCLC): Results from a phase 1 study.	Monday, June 2, 8:00 – 8:06 AM CDT	Rapid Oral Abstract Session Lung Cancer— Non-Small Cell Metastatic	8512
Phase 1, open-label, first-in-human study of ABBV-969, a dual variable antibody-drug conjugate, in patients with metastatic castration-resistant prostate cancer.	Monday, June 2, 9:00 AM – 12:00 PM CDT	Poster Board: 309b	TPS5111
A phase 2, open-label, randomized study of livmoniplimab in combination with budigalimab versus chemotherapy in patients with metastatic urothelial carcinoma.	Monday, June 2, 9:00 AM – 12:00 PM CDT	Poster Board: 414b	TPS4618
Safety and efficacy of ABBV-706, a seizure-related homolog protein (SEZ6)- targeting antibody-drug conjugate, in high-grade neuroendocrine neoplasms.	Monday, June 2, 10:09 – 10:21 AM CDT	Oral Presentation Clinical Science Symposium – ADC 2.0: Discovering the Targets That Will Change the Game	105
Efficacy and safety of pivekimab sunirine (PVEK) in patients (pts) with blastic plasmacytoid dendritic cell neoplasm (BPDCN) in the CADENZA study.	Monday, June 2, 3:24 – 3:36 PM CDT	Oral Presentation Oral Abstract Session – Hematologic Malignancies— Leukemia, Myelodysplastic Syndromes, and Allotransplant	6502

Media:	Investors:
Sourojit (Jit) Bhowmick, Ph.D.	Liz Shea
jit.bhowmick@abbvie.com	liz.shea@abbvie.com

Mabel Martinez
mabel.martinez@abbvie.com

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Media:	Investors:
Gabby Tarbert	Liz Shea
(224) 244-0111	(847) 935-2211
gabrielle.tarbert@abbvie.com	liz.shea@abbvie.com