Life Science News

  • Reports Second-Quarter Diluted EPS of $0.51 on a GAAP Basis, an Increase of 21.4 Percent; Adjusted Diluted EPS of $3.37 , an Increase of 11.2 Percent; These Results Include an Unfavorable Impact of $0.14 Per Share related to Acquired IPR&D and Milestones Expense 1
  • Delivers Second-Quarter Net Revenues of $14.583 Billion , an Increase of 4.5 Percent on a Reported Basis and 6.1 Percent Operationally
  • Second-Quarter Global Net Revenues from the Immunology Portfolio Were $7.207 Billion , an Increase of 17.8 Percent on a Reported Basis, or 19.2 Percent on an Operational Basis; U.S. Humira Net Revenues Were $4.664 Billion , an Increase of 9.6 Percent; Internationally, Humira Net Revenues Were $699 Million , a Decrease of 13.8 Percent on a Reported Basis, or 7.3 Percent on an Operational Basis, Due to Biosimilar Competition; Global Skyrizi Net Revenues Were $1.252 Billion ; Global Rinvoq Net Revenues Were $592 Million ; Combined Global Skyrizi and Rinvoq Net Revenues Were $1.844 Billion
  • Second-Quarter Global Net Revenues from the Hematologic Oncology Portfolio Were $1.650 Billion , a Decrease of 9.1 Percent on a Reported Basis, or 7.9 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $1.145 Billion , a Decrease of 17.1 Percent , with U.S. Net Revenues of $862 Million and International Profit Sharing of $283 Million ; Global Venclexta Net Revenues Were $505 Million
  • Second-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.658 Billion , an Increase of 13.7 Percent on a Reported Basis, or 15.2 Percent on an Operational Basis; Global Botox Therapeutic Net Revenues Were $678 Million ; Vraylar Net Revenues Were $492 Million
  • Second-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.371 Billion , a Decrease of 4.4 Percent on a Reported Basis, or 2.1 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $695 Million ; Global Juvederm Net Revenues Were $344 Million , Unfavorably Impacted by COVID-19 Restrictions in China and Suspension of Aesthetics Operations in Russia
  • Confirms 2022 Adjusted Diluted EPS Guidance Range of $13.78 - $13.98 , which Includes an Unfavorable Impact of $0.23 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Second Quarter 2022

ABBVie (NYSE:ABBV) announced financial results for the second quarter ended June 30, 2022 .

"We delivered another strong quarter with substantial progress for our new products and indications. Importantly, Skyrizi and Rinvoq continued their impressive ramps and are on pace to deliver approximately $7.5 billion in combined annual sales, underscoring their significant potential," said Richard A. Gonzalez , chairman and chief executive officer, AbbVie. "The momentum of our business, combined with advances across our pipeline continue to support AbbVie's promising long-term outlook."

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 Beginning in the first quarter 2022, AbbVie includes the impact of upfront and milestone payments related to collaborations, licensing agreements and other asset acquisitions in its reported non-GAAP financial measures.

Second-Quarter Results

  • Worldwide net revenues were $14.583 billion , an increase of 4.5 percent on a GAAP basis, or 6.1 percent on an operational basis.

  • Global net revenues from the immunology portfolio were $7.207 billion , an increase of 17.8 percent on a reported basis, or 19.2 percent on an operational basis.
    • Global Humira net revenues of $5.363 billion increased 5.8 percent on a reported basis, or 6.8 percent on an operational basis. U.S. Humira net revenues were $4.664 billion , an increase of 9.6 percent. Internationally, Humira net revenues were $699 million , a decrease of 13.8 percent on a reported basis, or 7.3 percent on an operational basis, due to biosimilar competition.
    • Global Skyrizi net revenues were $1.252 billion , an increase of 85.9 percent on a reported basis, or 88.3 percent on an operational basis.
    • Global Rinvoq net revenues were $592 million , an increase of 56.3 percent on a reported basis, or 60.7 percent on an operational basis.
    • Combined global Skyrizi and Rinvoq net revenues were $1.844 billion .
  • Global net revenues from the hematologic oncology portfolio were $1.650 billion , a decrease of 9.1 percent on a reported basis, or 7.9 percent on an operational basis.
    • Global Imbruvica net revenues were $1.145 billion , a decrease of 17.1 percent, with U.S. net revenues of $862 million and international profit sharing of $283 million .
    • Global Venclexta net revenues were $505 million , an increase of 16.2 percent on a reported basis, or 21.2 percent on an operational basis.
  • Global net revenues from the neuroscience portfolio were $1.658 billion , an increase of 13.7 percent on a reported basis, or 15.2 percent on an operational basis.
    • Global Botox Therapeutic net revenues were $678 million , an increase of 12.6 percent on a reported basis, or 14.5 percent on an operational basis.
    • Vraylar net revenues were $492 million , an increase of 13.9 percent.
    • Global Ubrelvy net revenues were $185 million .
  • Global net revenues from the aesthetics portfolio were $1.371 billion , a decrease of 4.4 percent on a reported basis, or 2.1 percent on an operational basis.
    • Global Botox Cosmetic net revenues were $695 million , an increase of 18.9 percent on a reported basis, or 21.2 percent on an operational basis.
    • Global Juvederm net revenues were $344 million , a decrease of 19.5 percent on a reported basis, or 15.7 percent on an operational basis, unfavorably impacted by COVID-19 restrictions in China and suspension of aesthetics operations in Russia .
  • On a GAAP basis, the gross margin ratio in the second quarter was 71.4 percent. The adjusted gross margin ratio was 84.7 percent.
  • On a GAAP basis, selling, general and administrative expense was 37.1 percent of net revenues. The adjusted SG&A expense was 20.8 percent of net revenues.
  • Research and development expense was 11.0 percent of net revenues on both a GAAP and Non-GAAP adjusted basis.
  • Acquired IPR&D and milestones expense was 1.8 percent of net revenues.
  • On a GAAP basis, the operating margin in the second quarter was 22.6 percent. The adjusted operating margin was 51.0 percent, which includes an unfavorable 180 basis point impact from acquired IPR&D and milestones expense.
  • Net interest expense was $532 million .
  • On a GAAP basis, the tax rate in the quarter was 21.6 percent. The adjusted tax rate was 13.4 percent.
  • Diluted EPS in the second quarter was $0.51 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.37 . These results include an unfavorable impact of $0.14 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 the U.S. Food and Drug Administration (FDA) approved Skyrizi (risankizumab) as the first and only specific interleukin-23 inhibitor for the treatment of adults with moderately to severely active Crohn's disease (CD). The approval is supported by three pivotal Phase 3 studies in which Skyrizi demonstrated significant improvements in clinical remission and endoscopic response, compared to placebo, as both induction and maintenance therapy. This marks Skyrizi's third FDA approved indication. Skyrizi is a collaboration between Boehringer Ingelheim and AbbVie, with AbbVie leading development and commercialization globally.
  • AbbVie announced that the FDA approved Rinvoq (upadacitinib, 15 mg, once daily) for the treatment of adults with active ankylosing spondylitis (AS) who have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers. The approval is supported by data from two pivotal clinical trials in which Rinvoq delivered rapid and meaningful disease control. This approval marks the fifth FDA approved indication for Rinvoq in chronic immune-mediated diseases.
  • AbbVie announced the European Commission (EC) approved Rinvoq (45 mg (induction dose) and 15 mg and 30 mg (maintenance doses)) for the treatment of adult patients with moderately to severely active ulcerative colitis (UC). The approval is based on results from two Phase 3 induction studies and one maintenance study in which significantly more patients treated with Rinvoq achieved the primary and all secondary endpoints compared to placebo.
  • AbbVie announced the EC approved Rinvoq (15 mg, once daily) for the treatment of adult patients with active non-radiographic axial spondyloarthritis (nr-Axial SpA). The approval is based on results from the Phase 3 SELECT-AXIS 2 study in which Rinvoq met the primary endpoint and 12 of 14 ranked secondary endpoints.
  • AbbVie announced that it submitted applications for a new indication to the FDA and European Medicines Agency (EMA) for Rinvoq (45 mg (induction dose) and 15 mg and 30 mg (maintenance doses)) for the treatment of adult patients with moderately to severely active CD. The submissions are supported by three Phase 3 clinical trials demonstrating Rinvoq achieved the co-primary endpoints of clinical remission and endoscopic response as induction and maintenance treatment.
  • AbbVie announced positive top-line results from the Phase 3 maintenance study, U-ENDURE, evaluating Rinvoq in adult patients with moderate to severe CD. The results showed Rinvoq (15 mg or 30 mg, once daily) achieved the co-primary endpoints of endoscopic response and clinical remission, as well as the secondary endpoint of endoscopic remission, at one year (week 52) compared to placebo. The safety results in this study were generally consistent with the known profile of Rinvoq, with no new safety risks observed. Full results from the study will be presented at upcoming medical conferences and published in a peer-reviewed journal.
  • At the Digestive Disease Week (DDW) Annual Meeting, AbbVie presented 27 abstracts that reinforced its leadership in advancing research and the standards of care across multiple gastroenterological conditions. Presentations included further analyses of Phase 3 clinical study programs for Rinvoq in moderately to severely active UC and investigational use of Skyrizi in moderately to severely active CD.
  • At the European Alliance of Associations for Rheumatology (EULAR) 2022 Congress, AbbVie showcased its leadership in rheumatology research with new data across multiple inflammatory joint diseases. Key data presented included SELECT-AXIS 2 trial results evaluating the efficacy and safety of Rinvoq in patients with nr-Axial SpA, and in patients with AS; two-year data from the SELECT-PsA 1 and SELECT-PsA 2 studies of Rinvoq in patients with psoriatic arthritis (PsA); and results of the one-year data evaluating the efficacy and safety of Skyrizi in patients with active PsA in the KEEPsAKE 1 and KEEPsAKE 2 clinical trials.
  • At the American Society of Clinical Oncology (ASCO) Annual Meeting and European Hematology Association (EHA) Congress, AbbVie presented 46 abstracts for six investigational and approved medicines across eight cancer types. Highlights included new data that showed Venclexta (venetoclax) plus obinutuzumab demonstrated sustained progression-free survival (PFS) in chronic lymphocytic leukemia (CLL) patients after four years off treatment; results from a Phase 2 trial of epcoritamab which showed clinically meaningful efficacy in challenging-to-treat, highly refractory, large B-cell lymphoma (LBCL) patients; and new data from the Phase 2 REFINE study of investigational navitoclax in combination with ruxolitinib that is supportive of early intervention in myelofibrosis (MF) to achieve improved clinical outcomes in spleen volume reduction (SVR), symptom score and bone marrow fibrosis (BMF). Venetoclax is being developed by AbbVie and Roche and is jointly commercialized by AbbVie and Genentech, a member of the Roche Group, in the U.S. and by AbbVie outside of the U.S. Epcoritamab is being co-developed by AbbVie and Genmab.
  • ABBVie announced that it submitted a New Drug Application (NDA) to the FDA for ABBV-951 (foscarbidopa/foslevodopa) for the treatment of motor fluctuations in patients with advanced Parkinson's disease (PD). The submission is based on results from a Phase 3, head-to-head, randomized and controlled clinical trial demonstrating statistically significant improvement in "On" time without troublesome dyskinesia compared to oral immediate-release carbidopa/levodopa (CD/LD). If approved, ABBV-951 will offer patients the first continuous subcutaneous delivery of CD/LD prodrugs.
  • AbbVie announced that it submitted a supplemental NDA to the FDA for Qulipta (atogepant) to support label expansion for the preventive treatment of migraine in adult patients with chronic migraine. AbbVie also submitted a marketing authorization application for Qulipta with the EMA for the preventive treatment of migraine in adult patients who have at least four migraine days per month.
  • At the American Headache Society (AHS) Annual Scientific Meeting, AbbVie presented 29 abstracts that covered a wide range of studies across AbbVie's migraine portfolio. Presentations highlighted positive results from the Phase 3 PROGRESS trial investigating Qulipta for the preventive treatment of migraine in patients with chronic migraine, clinical trial results evaluating Ubrelvy (ubrogepant) for acute treatment of migraine and data evaluating Botox (onabotulinumtoxinA) for the preventive treatment of migraine in patient with chronic migraine.
  • At the American Psychiatric Association (APA) Annual Meeting, AbbVie presented positive data from a Phase 3 trial of Vraylar (cariprazine, 1.5 mg/day) for the adjunctive treatment of major depressive disorder (MDD) in patients with an inadequate response to ongoing antidepressant therapy. The study met its primary endpoint of statistically significant improvement using the Montgomery-Åsberg Depression Rating Scale (MADRS) total score in patients compared with placebo. Vraylar's safety profile was consistent with that of previous studies across indications in the treatment of adults with depressive episodes associated with bipolar I disorder, the acute treatment of manic or mixed episodes associated with bipolar I disorder and schizophrenia. Vraylar is being co-developed by AbbVie and Gedeon Richter Plc.
  • At the Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting, AbbVie presented new data from its leading portfolio of eye care treatments. Highlights included new data on Vuity (pilocarpine HCl ophthalmic solution) 1.25%, the first and only FDA-approved eye drop for the treatment of presbyopia (age-related blurry near vision) in adults, and Durysta (bimatoprost intracameral implant), a first-of-its-kind biodegradable implant to lower eye pressure for glaucoma patients.
  • AbbVie and Cugene Inc., a clinical-stage biotechnology company focused on developing next-generation precision immunology and oncology medicines to treat autoimmune disease and cancer, announced an exclusive worldwide license option agreement for CUG252, a potential best-in-class Treg-selective IL-2 mutein, as well as other novel IL-2 muteins, for the potential treatment of autoimmune and inflammatory diseases.
  • AbbVie and iSTAR Medical announced a strategic transaction to further develop and commercialize iSTAR Medical's MINIject device, a next-generation minimally invasive glaucoma surgical (MIGS) device for patients with glaucoma. This alliance accelerates iSTAR Medical's goal to bring MINIject to more patients globally and provides an opportunity for AbbVie to further expand its diverse eye care portfolio.

Full-Year 2022 Outlook

AbbVie is confirming its adjusted diluted EPS guidance range for the full-year 2022 of $13.78 - $13.98 which includes an unfavorable impact of $0.23 per share related to acquired IPR&D and milestones expense incurred year-to-date through the second quarter 2022. The company's 2022 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the second quarter of 2022, as both cannot be reliably forecasted.

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, oncology, neuroscience, eye care, virology and gastroenterology, in addition to products and services across our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com . Follow @abbvie on Twitter , Facebook or LinkedIn .

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central time to discuss our second-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 2022 and 2021 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. Beginning in the first quarter of 2022, the company includes the impact of upfront and milestone payments related to collaborations, licensing agreements, and other asset acquisitions in its reported non-GAAP financial measures. Prior periods have been revised to conform to the current period presentation. 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, among others, 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 indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the failure to realize the expected benefits of AbbVie's acquisition of Allergan or to promptly and effectively integrate Allergan's business, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. 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 2021 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 to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

AbbVie Inc.

Key Product Revenues

Quarter Ended June 30, 2022

(Unaudited)








% Change vs. 2Q21


Net Revenues (in millions)


Reported


Operational a


U.S.


Int'l.


Total


U.S.


Int'l.


Total


Int'l.


Total

NET REVENUES

$11,410


$3,173


$14,583


5.6 %


0.6 %


4.5 %


7.6 %


6.1 %

















Immunology

6,155


1,052


7,207


20.3


4.9


17.8


13.4


19.2

Humira

4,664


699


5,363


9.6


(13.8)


5.8


(7.3)


6.8

Skyrizi

1,079


173


1,252


91.1


59.1


85.9


73.9


88.3

Rinvoq

412


180


592


39.4


>100.0


56.3


>100.0


60.7

















Hematologic Oncology

1,115


535


1,650


(15.7)


8.5


(9.1)


12.9


(7.9)

Imbruvica b

862


283


1,145


(21.6)


0.5


(17.1)


0.5


(17.1)

Venclexta

253


252


505


13.4


19.1


16.2


29.3


21.2

















Aesthetics

883


488


1,371


(4.5)


(4.2)


(4.4)


2.1


(2.1)

Botox Cosmetic

449


246


695


22.4


12.9


18.9


19.2


21.2

Juvederm Collection

147


197


344


(24.9)


(15.0)


(19.5)


(8.1)


(15.7)

Other Aesthetics

287


45


332


(20.9)


(24.4)


(21.4)


(20.2)


(20.8)

















Neuroscience

1,438


220


1,658


16.2


(0.3)


13.7


9.4


15.2

Botox Therapeutic

557


121


678


14.2


5.6


12.6


15.6


14.5

Vraylar

492



492


13.9


n/a


13.9


n/a


13.9

Duodopa

26


94


120


3.2


(7.4)


(5.4)


2.2


2.3

Ubrelvy

185



185


47.6


n/a


47.6


n/a


47.6

Qulipta

33



33


n/m


n/a


n/m


n/a


n/m

Other Neuroscience

145


5


150


(13.6)


9.6


(12.9)


12.9


(12.8)

















Eye Care

407


310


717


(34.1)


2.5


(22.0)


10.8


(19.3)

Lumigan/Ganfort

60


70


130


(17.4)


(8.1)


(12.5)


(0.9)


(8.7)

Alphagan/Combigan

54


38


92


(48.5)


(2.3)


(35.6)


6.6


(33.1)

Restasis

151


17


168


(51.5)


14.9


(48.4)


24.2


(48.0)

Other Eye Care

142


185


327


9.7


7.4


8.4


16.0


13.2

















Other Key Products

768


203


971


3.7


(17.8)


(1.6)


(9.7)


0.4

Mavyret

203


195


398


0.2


(18.0)


(9.7)


(9.8)


(5.3)

Creon

318



318


13.6


n/a


13.6


n/a


13.6

Linzess/Constella

247


8


255


(4.2)


(12.5)


(4.5)


(7.8)


(4.4)

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.

n/a = not applicable

n/m = not meaningful

AbbVie Inc.

Key Product Revenues

Six Months Ended June 30, 2022

(Unaudited)









% Change vs. 6M21


Net Revenues (in millions)


Reported


Operational a


U.S.


Int'l.


Total


U.S.


Int'l.


Total


Int'l.


Total

NET REVENUES

$21,758


$6,363


$28,121


5.9 %


(0.8) %


4.3 %


5.3 %


5.7 %

















Immunology

11,240


2,108


13,348


15.3


(0.2)


12.5


7.0


13.8

Humira

8,657


1,442


10,099


6.0


(18.6)


1.7


(13.1)


2.7

Skyrizi

1,860


332


2,192


77.8


64.7


75.7


78.1


77.9

Rinvoq

723


334


1,057


33.7


>100.0


55.1


>100.0


59.2

















Hematologic Oncology

2,217


1,079


3,296


(12.9)


14.4


(5.5)


18.5


(4.4)

Imbruvica b

1,736


582


2,318


(17.2)


5.6


(12.5)


5.6


(12.5)

Venclexta

481


497


978


7.5


26.8


16.5


36.7


21.1

















Aesthetics

1,729


1,016


2,745


4.6


10.2


6.6


16.2


8.7

Botox Cosmetic

862


474


1,336


28.3


21.5


25.8


27.7


28.1

Juvederm Collection

295


459


754


(7.5)


6.7


0.7


13.0


4.3

Other Aesthetics

572


83


655


(13.6)


(18.3)


(14.2)


(14.3)


(13.7)

















Neuroscience

2,711


435


3,146


19.2


0.8


16.2


9.1


17.5

Botox Therapeutic

1,057


235


1,292


15.3


8.0


13.9


16.3


15.5

Vraylar

919



919


18.1


n/a


18.1


n/a


18.1

Duodopa

50


191


241


(1.2)


(7.2)


(6.0)


1.3


0.8

Ubrelvy

323



323


56.4


n/a


56.4


n/a


56.4

Qulipta

44



44


n/m


n/a


n/m


n/a


n/m

Other Neuroscience

318


9


327


(1.7)


10.4


(1.4)


12.6


(1.3)

















Eye Care

903


585


1,488


(21.2)


(0.7)


(14.3)


7.4


(11.6)

Lumigan/Ganfort

127


143


270


(8.3)


(6.9)


(7.5)


(0.1)


(3.9)

Alphagan/Combigan

124


75


199


(32.3)


(3.1)


(23.6)


6.0


(20.9)

Restasis

386


28


414


(33.2)


(0.2)


(31.7)


14.0


(31.0)

Other Eye Care

266


339


605


7.7


2.6


4.8


10.5


9.3

















Other Key Products

1,457


421


1,878


4.0


(15.6)


(1.1)


(8.2)


0.8

Mavyret

372


406


778


(0.4)


(15.9)


(9.1)


(8.4)


(4.9)

Creon

605



605


9.2


n/a


9.2


n/a


9.2

Linzess/Constella

480


15


495


1.3


(3.8)


1.1


0.7


1.2

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.

n/a = not applicable

n/m = not meaningful

AbbVie Inc.

Consolidated Statements of Earnings

Quarter and Six Months Ended June 30, 2022 and 2021

(Unaudited) (In millions, except per share data)



Second Quarter

Ended June 30


Six Months

Ended June 30


2022


2021


2022


2021

Net revenues

$       14,583


$       13,959


$       28,121


$        26,969

Cost of products sold

4,170


4,523


8,222


8,736

Selling, general and administrative

5,412


3,164


8,539


6,006

Research and development a

1,609


1,767


3,106


3,434

Acquired IPR&D and milestones a

269


132


414


317

Other operating income

(172)


(68)


(172)


(68)

Total operating costs and expenses

11,288


9,518


20,109


18,425









Operating earnings

3,295


4,441


8,012


8,544









Interest expense, net

532


606


1,071


1,228

Net foreign exchange loss

47


14


72


23

Other expense, net

1,533


2,658


757


2,263

Earnings before income tax expense

1,183


1,163


6,112


5,030

Income tax expense

255


394


691


706

Net earnings

928


769


5,421


4,324

Net earnings attributable to noncontrolling interest

4


3


7


5

Net earnings attributable to AbbVie Inc.

$             924


$             766


$          5,414


$          4,319









Diluted earnings per share attributable to AbbVie Inc.

$            0.51


$            0.42


$            3.03


$            2.41









Adjusted diluted earnings per share b

$            3.37


$            3.03


$            6.52


$            5.92









Weighted-average diluted shares outstanding

1,776


1,776


1,777


1,776

a

During the three months ended March 31, 2022, AbbVie changed its classification of development milestone expense associated with licensing and collaboration arrangements in the consolidated statement of earnings. Milestone payments incurred prior to regulatory approval, which were previously included in research and development expense, are now presented as acquired IPR&D and milestones expense. The reclassification decreased research and development expense and increased acquired IPR&D and milestones expense by $35 million for the three months and $150 million for the six months ended June 30, 2021. The company believes this presentation assists users of the financial statements to better understand the total upfront and subsequent development milestone payments incurred to acquire in-process research and development projects. Prior periods have been revised to conform to the current period presentation. The reclassification had no impact on total operating costs and expenses, operating earnings, net earnings, net earnings attributable to AbbVie, Inc., earnings per share, or total equity.



b

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

Quarter Ended June 30, 2022

(Unaudited) (In millions, except per share data)


1.     Specified items impacted results as follows:





2Q22


Earnings


Diluted


Pre-tax


After-tax a


EPS

As reported (GAAP)

$              1,183


$                 924


$                0.51

Adjusted for specified items:






Intangible asset amortization

1,849


1,556


0.88

Acquisition and integration costs

109


98


0.05

Change in fair value of contingent consideration

1,609


1,621


0.91

Pylera divestiture

(172)


(126)


(0.07)

Litigation matters

2,203


1,779


1.00

Other

159


154


0.09

As adjusted (non-GAAP)

$              6,940


$              6,006


$                3.37

a Represents net earnings attributable to AbbVie Inc.


Acquisition and integration costs reflect integration costs related to the Allergan acquisition. Litigation matters primarily includes a charge related to a potential settlement of litigation involving Allergan's past sales of opioid products. Other primarily includes restructuring charges associated with streamlining global operations and COVID-19 related expenses.


Beginning in the first quarter of 2022, the company includes acquired IPR&D and milestones expense in its reported non-GAAP financial measures. Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2022 included acquired IPR&D and milestones expense of $269 million on a pre-tax and $254 million on an after-tax basis, representing an unfavorable impact of $0.14 to both diluted EPS and adjusted diluted EPS.


2.     The impact of the specified items by line item was as follows:


2Q22


Cost of
products
sold


SG&A


R&D


Other
operating
income


Other
expense,
net

As reported (GAAP)

$      4,170


$      5,412


$      1,609


$        (172)


$      1,533

Adjusted for specified items:










Intangible asset amortization

(1,849)





Acquisition and integration costs

(28)


(79)


(2)



Change in fair value of contingent consideration





(1,609)

Pylera divestiture




172


Litigation matters


(2,203)




Other

(61)


(95)




(3)

As adjusted (non-GAAP)

$      2,232


$      3,035


$      1,607


$            —


$          (79)


3.     The adjusted tax rate for the second quarter of 2022 was 13.4 percent, as detailed below:



2Q22


Pre-tax
earnings


Income taxes


Tax rate

As reported (GAAP)

$              1,183


$                 255


21.6 %

Specified items

5,757


675


11.7 %

As adjusted (non-GAAP)

$              6,940


$                 930


13.4 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

Quarter Ended June 30, 2021

(Unaudited) (In millions, except per share data)


1.     Specified items impacted results as follows:




2Q21


Earnings


Diluted


Pre-tax


After-tax a


EPS

As reported (GAAP)

$              1,163


$                 766


$                0.42

Adjusted for specified items:






Intangible asset amortization

1,999


1,662


0.95

Acquisition and integration costs

135


106


0.05

Change in fair value of contingent consideration

2,692


2,690


1.51

Litigation matters

107


93


0.05

Other

130


107


0.05

As adjusted (non-GAAP)

$              6,226


$              5,424


$                3.03

a Represents net earnings attributable to AbbVie Inc.


Acquisition and integration costs reflect integration costs related to the Allergan acquisition. Other primarily includes the purchase of an FDA priority review voucher from a third party, restructuring charges associated with streamlining global operations and COVID-19 related expenses.


Beginning in the first quarter of 2022, the company includes acquired IPR&D and milestones expense in its reported non-GAAP financial measures. Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended June 30, 2021 included acquired IPR&D and milestones expense of $132 million on a pre-tax and 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:


2Q21


Cost of
products
sold


SG&A


R&D


Other
operating
income


Other
expense,
net

As reported (GAAP)

$     4,523


$     3,164


$     1,767


$            (68)


$     2,658

Adjusted for specified items:










Intangible asset amortization

(1,999)





Acquisition and integration costs

(24)


(94)


(17)



Change in fair value of contingent consideration





(2,692)

Litigation matters


(107)




Other

(21)


(10)


(167)


68


As adjusted (non-GAAP)

$     2,479


$     2,953


$     1,583


$             —


$         (34)


3.     The adjusted tax rate for the second quarter of 2021 was 12.8 percent, as detailed below:



2Q21


Pre-tax
earnings


Income taxes


Tax rate

As reported (GAAP)

$              1,163


$                 394


33.8 %

Specified items

5,063


405


8.0 %

As adjusted (non-GAAP)

$              6,226


$                 799


12.8 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

Six Months Ended June 30, 2022

(Unaudited) (In millions, except per share data)



1.     Specified items impacted results as follows:





6M22


Earnings


Diluted


Pre-tax


After-tax a


EPS

As reported (GAAP)

$              6,112


$              5,414


$                3.03

Adjusted for specified items:






Intangible asset amortization

3,704


3,121


1.75

Acquisition and integration costs

247


219


0.12

Change in fair value of contingent consideration

861


875


0.49

Pylera divestiture

(172)


(126)


(0.07)

Litigation matters

2,387


1,927


1.08

Other

223


217


0.12

As adjusted (non-GAAP)

$           13,362


$           11,647


$                6.52

a Represents net earnings attributable to AbbVie Inc.


Acquisition and integration costs reflect integration costs related to the Allergan acquisition. Litigation matters primarily includes a charge related to a potential settlement of litigation involving Allergan's past sales of opioid products. Other primarily includes restructuring charges associated with streamlining global operations.


Beginning in the first quarter of 2022, the company includes acquired IPR&D and milestones expense in its reported non-GAAP financial measures. Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2022 included acquired IPR&D and milestones expense of $414 million on a pre-tax and $399 million on an after-tax basis, representing an unfavorable impact of $0.23 to both diluted EPS and adjusted diluted EPS.


2.     The impact of the specified items by line item was as follows:


6M22


Cost of
products
sold


SG&A


R&D


Other
operating
income


Other
expense,
net

As reported (GAAP)

$     8,222


$     8,539


$     3,106


$       (172)


$        757

Adjusted for specified items:










Intangible asset amortization

(3,704)





Acquisition and integration costs

(62)


(172)


(13)



Change in fair value of contingent consideration





(861)

Pylera divestiture




172


Litigation matters


(2,387)




Other

(121)


(93)


(6)



(3)

As adjusted (non-GAAP)

$     4,335


$     5,887


$     3,087


$           —


$       (107)


3.     The adjusted tax rate for the first six months of 2022 was 12.8 percent, as detailed below:



6M22


Pre-tax
earnings


Income taxes


Tax rate

As reported (GAAP)

$              6,112


$                 691


11.3 %

Specified items

7,250


1,017


14.0 %

As adjusted (non-GAAP)

$           13,362


$              1,708


12.8 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

Six Months Ended June 30, 2021

(Unaudited) (In millions, except per share data)


1.     Specified items impacted results as follows:



6M21


Earnings


Diluted


Pre-tax


After-tax a


EPS

As reported (GAAP)

$              5,030


$              4,319


$                2.41

Adjusted for specified items:






Intangible asset amortization

4,008


3,344


1.88

Acquisition and integration costs

359


261


0.15

Change in fair value of contingent consideration

2,349


2,347


1.32

Litigation matters

107


93


0.05

Other

271


219


0.11

As adjusted (non-GAAP)

$           12,124


$           10,583


$                5.92

a Represents net earnings attributable to AbbVie Inc.


Acquisition and integration costs reflect integration costs as well as amortization of the acquisition date fair value step-up for inventory related to the Allergan acquisition. Other primarily includes the purchase of FDA priority review vouchers from third parties, restructuring charges associated with streamlining global operations and COVID-19 related expenses.


Beginning in the first quarter of 2022, the company includes acquired IPR&D and milestones expense in its reported non-GAAP financial measures. Reported GAAP earnings and adjusted non-GAAP earnings for the six months ended June 30, 2021 included acquired IPR&D and milestones expense of $317 million on a pre-tax and $300 million on an after-tax basis, representing an unfavorable impact of $0.17 to both diluted EPS and adjusted diluted EPS.


2.     The impact of the specified items by line item was as follows:


6M21


Cost of
products sold


SG&A


R&D


Other
operating
income


Other
expense, net

As reported (GAAP)

$            8,736


$            6,006


$            3,434


$                 (68)


$            2,263

Adjusted for specified items:










Intangible asset amortization

(4,008)





Acquisition and integration costs

(123)


(170)


(66)



Change in fair value of contingent
consideration





(2,349)

Litigation matters


(107)




Other

(41)


(33)


(280)


68


15

As adjusted (non-GAAP)

$            4,564


$            5,696


$            3,088


$                   —


$                 (71)


3.     The adjusted tax rate for the first six months of 2021 was 12.7 percent, as detailed below:



6M21


Pre-tax
earnings


Income taxes


Tax rate

As reported (GAAP)

$              5,030


$                 706


14.0 %

Specified items

7,094


830


11.7 %

As adjusted (non-GAAP)

$           12,124


$              1,536


12.7 %

Cision View original content: https://www.prnewswire.com/news-releases/abbvie-reports-second-quarter-2022-financial-results-301596053.html

SOURCE AbbVie

News Provided by PR Newswire via QuoteMedia

ABBV
Sirona Biochem Announces Exclusive Global Licensing Agreement with Allergan Aesthetics

Sirona Biochem Announces Exclusive Global Licensing Agreement with Allergan Aesthetics

Sirona Biochem Corp . (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (" Sirona ") is pleased to announce it has entered into a global exclusive licensing agreement with Allergan Aesthetics, an AbbVie company (NYSE: ABBV), pursuant to which Allergan Aesthetics will develop and commercialize topical skin care treatments based on active ingredients derived from certain of Sirona's patents for TFC-1067 and related family of compounds.

"We are very pleased to have finalized terms with a global leader in medical aesthetics and the innovator behind SkinMedica™, a leader in the science of skin rejuvenation," said Dr. Howard Verrico, CEO of Sirona Biochem. "Our most recent clinical trial of TFC-1067 was a collaborative effort with Allergan Aesthetics to demonstrate the clinical potential in topical skin care treatments. This further validates our platform technology as viable for additional commercial products which we are actively pursuing. We would like to thank Dr. Linda Pullan of Pullan Consulting who assisted with our current success."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Biogen and AbbVie Receive Positive Opinion from the CHMP on ZINBRYTA™ (Daclizumab) for Treatment of Multiple Sclerosis

CAMBRIDGE, Mass. & NORTH CHICAGO, Ill.–(BUSINESS WIRE)–The Committee for Medicinal Products for Human Use (CHMP) of the
European Medicines Agency (EMA) has adopted a positive opinion
recommending the granting of a marketing authorization for ZINBRYTA™
(daclizumab) intended for the treatment of relapsing forms of multiple
sclerosis (RMS), Biogen
(NASDAQ: BIIB) and AbbVie (NYSE:
ABBV) announced today. ZINBRYTA is a once-monthly, self-administered,
subcutaneous investigational treatment for RMS. ZINBRYTA is also
currently under regulatory review in the United States, Switzerland,
Canada and Australia.
For people with relapsing forms of MS (RMS) and active disease,
ZINBRYTA has the potential to offer robust efficacy, a manageable safety
profile through patient monitoring, and once-monthly subcutaneous
dosing,” said Alfred Sandrock, M.D., Ph.D., executive vice president and
chief medical officer at Biogen. “ZINBRYTA may offer another option for
people with multiple sclerosis (MS) with its targeted mechanism of
action (MOA) which did not cause broad and prolonged immune cell
depletion.”
The CHMP positive opinion is now referred to the European Commission
(EC), which grants marketing authorizations for centrally authorized
medicines in the European Union. A decision from the EC is expected
within the coming months.
Together with Biogen, AbbVie is committed to meeting the needs of
patients with MS, and the positive opinion issued by the CHMP is a
critical step that moves us closer to bringing ZINBRYTA to patients in
Europe,” said Michael Severino, M.D., executive vice president, research
and development and chief scientific officer, AbbVie.
According to the CHMP opinion, the benefits of ZINBRYTA are its ability
to reduce the annualized relapse rate (ARR), as well as the risk of
24-week confirmed disability progression. The opinion is based on
results from two clinical trials, DECIDE and SELECT, in which ZINBRYTA
150 mg, administered subcutaneously every four weeks improved results on
key measures of MS disease activity in patients with RMS compared to
AVONEX 30 mcg intramuscular injection administered weekly and placebo,
respectively.
In the DECIDE study, the overall incidence of adverse events was similar
in the ZINBRYTA and AVONEX groups. In patients treated with ZINBRYTA
compared to AVONEX, there was an increased incidence of serious
infections (4% versus 2%), serious cutaneous reactions (2% versus <1%),
elevations of liver transaminases greater than five times the upper
limit of normal (6% versus 3%), gastrointestinal disorders (31% versus
24%), and depression (8% versus 6%).
About ZINBRYTA™ (daclizumab)
ZINBRYTA (daclizumab) is an investigational compound being developed for
the treatment of relapsing forms of MS. ZINBRYTA is a new form of a
humanized monoclonal antibody that selectively binds to the
high-affinity interleukin-2 (IL-2) receptor subunit (CD25) that is
expressed at high levels on T-cells that become activated in people with
MS. ZINBRYTA modulates IL-2 signaling without general immune cell
depletion.
Biogen and AbbVie are jointly developing ZINBRYTA.
About Biogen
Through cutting-edge science and medicine, Biogen discovers, develops
and delivers worldwide innovative therapies for people living with
serious neurological, autoimmune and rare diseases. Founded in 1978,
Biogen is one of the world’s oldest independent biotechnology companies
and patients worldwide benefit from its leading multiple sclerosis and
innovative hemophilia therapies. For more information, please visit www.biogen.com.
Follow us on Twitter.
Biogen Safe Harbor
This press release contains forward-looking statements, including
statements about the anticipated timing of the EC’s decision on the
marketing authorization for ZINBRYTA, and potential impact of ZINBRYTA,
if approved. These statements may be identified by words such as
“believe,” “expect,” “may,” “potential,” “will” and similar expressions,
and are based on our current beliefs and expectations. You should not
place undue reliance on these statements. Drug development and
commercialization involve a high degree of risk. Factors which could
cause actual results to differ materially from our current expectations
include the risk that the EC may fail to approve or may delay approval
of ZINBRYTA or may not follow the recommendation of the CHMP,
uncertainty of success in commercialization of ZINBRYTA For more
detailed information on the risks and uncertainties associated with our
drug development and commercialization activities and risks relating to
our collaborations with third parties, please review the Risk Factors
section of our most recent annual or quarterly report filed with the
Securities and Exchange Commission. Any forward-looking statements speak
only as of the date of this press release and we assume no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
About AbbVie
AbbVie is a global, research-based biopharmaceutical company formed in
2013 following separation from Abbott Laboratories. The company’s
mission is to use its expertise, dedicated people and unique approach to
innovation to develop and market advanced therapies that address some of
the world’s most complex and serious diseases. Together with its
wholly-owned subsidiary, Pharmacyclics, AbbVie employs more than 28,000
people worldwide and markets medicines in more than 170 countries. For
further information on the company and its people, portfolio and
commitments, please visit www.abbvie.com.
Follow @abbvie on
Twitter or view careers on our Facebook or LinkedIn
page.
Forward-Looking Statements
Some statements in this news release may be forward-looking statements
for purposes of the Private Securities Litigation Reform Act of 1995.
The words “believe,” “expect,” “anticipate,” “project” and similar
expressions, among others, 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 indicated 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, and changes to laws and
regulations applicable to our industry.
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,” in AbbVie’s 2014 Annual Report on
Form 10-K, which has been filed with the Securities and Exchange
Commission. AbbVie undertakes no obligation to release publicly any
revisions to forward-looking statements as a result of subsequent events
or developments, except as required by law.

Enbrel Biosimilar Marks Victory for Merck and Samsung

The biosimilar alliance between Merck (NYSE:MRK) and Samsung Bioepis appears to have paid off, as the companies have won South Korean approval for their copy of Amgen’s (NASDAQ:AMGN) blockbuster drug Enbrel.
According to Fierce Biotech:

Korea’s Ministry of Food and Drug Safety signed off on the injection, to be marketed as Brenzys, to treat rheumatoid arthritis, psoriatic arthritis, spondyloarthritis and psoriasis in adults. The biosimilar, developed as SB4, proved itself equivalent to Amgen’s cash cow in a 596-patient study disclosed this year, reducing symptoms of rheumatoid arthritis on pace with its reference product, according to Merck and Samsung.
Brenzys’ approval marks the first marketing victory for the two companies, a milestone Merck hopes will be a harbinger of future success in biosimilars.
The approval could also have major implications for Samsung Bioepis, long rumored to be considering a U.S. IPO. Details of the company’s Wall Street plans have been tricking out for months, and The Wall Street Journal reported in August that Samsung is planning a $1 billion debut offering for its biologics division, valuing the company at about $7 billion.
Samsung Bioepis, a joint venture with Biogen ($BIIB) that is 85% owned by the South Korean company, joined forces with Merck in 2013 in a wide-ranging deal designed to crack the growing market for off-patent biological treatments. Beyond Enbrel, the pair are working on copies of the similar Humira from AbbVie ($ABBV) and Remicade from Johnson & Johnson ($JNJ). The companies are also developing biosimilars of Sanofi’s ($SNY) blockbuster insulin Lantus and Roche’s ($RHHBY) cancer treatment Herceptin.

Keep reading...Show less
The Gummy Project Announces Launch of New Investor Relations Website

The Gummy Project Announces Launch of New Investor Relations Website

The Gummy Project (CSE: GUMY) (FSE: 0OS) (OTCQB: GUMYF) ("GUMY" or the "Company")  is pleased to announce the launch of its new investor relations website at https:shopgummies.compagesinvestors.

The investor relations website features excellent functionality and streamlined access to essential investor information, including recent company press releases, sector information and more.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
bowl with healthy food on it alongside an avocado and cutlery

Hungry for Change: Investing in the Plant-based Food Industry

Animal agriculture is one of the top five sources of greenhouse gas emissions, much of which is directly attributable to livestock. It's been estimated by the United Nations, for instance, that the livestock sector represents approximately 14.5 percent of all global greenhouse gas emissions. Given the current international push for sustainability, this is a problem — and people are demanding a solution.

Driven by concerns about health, climate change and animal welfare, consumers are demandingethical and sustainable alternatives to meat, dairy, fish, and poultry. Nearly two-thirds (63 percent) of respondents to a survey on flexitarian diets would swap to plant-based alternatives because they're more ethical.

Unsurprisingly, this demand represents a considerable opportunity for anyone interested in sustainable investing. According to Bloomberg Intelligence, the global plant-based food market is expected to reach a total value of US$162 billion by 2030. A survey from the Food Institute shows that 79 percent of Americans from Generation Z choose meatless options at least once or twice a week.

Keep reading...Show less

BELLUS Health Reports Second Quarter 2022 Financial Results and Business Highlights

- Completed positive End-of-Phase 2 meeting with the Food and Drug Administration ("FDA") and received scientific advice from the European Medicines Agency ("EMA") to support design of its CALM Phase 3 program, which is expected to initiate in Q4 2022 -

- Ended second quarter 2022 with approximately US$384.6 million in pro-forma cash, cash equivalents and short-term investments, including net proceeds from the July 2022 financing; Cash runway extended to 2H 2025 and through the topline results of both CALM-1 and CALM-2 trials -

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Bristol Myers Squibb and 2seventy bio Announce Topline Results from KarMMa-3 Trial Showing Abecma Significantly Improves Progression-Free Survival Versus Standard Regimens in Relapsed and Refractory Multiple Myeloma

Abecma is the first BCMA-directed CAR T cell therapy to demonstrate superiority versus standard regimens in relapsed and refractory multiple myeloma

Bristol Myers Squibb (NYSE: BMY) and 2seventy bio, Inc. (Nasdaq: TSVT) today announced positive topline results from KarMMa-3, a Phase 3, global, randomized, multicenter, open-label study evaluating Abecma (idecabtagene vicleucel) compared to standard combination regimens in adults with multiple myeloma that is relapsed and refractory after two to four prior lines of therapy and refractory to the last regimen. KarMMa-3 is the first randomized clinical trial to evaluate a CAR T cell therapy in multiple myeloma. Results of a pre-specified interim analysis conducted through an independent review committee showed that KarMMa-3 met its primary endpoint of demonstrating a statistically significant improvement in progression-free survival. Treatment with Abecma also showed an improvement in the key secondary endpoint of overall response rate compared to standard regimens. Follow-up for overall survival, a key secondary endpoint, remains ongoing.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Gilead Sciences and a Coalition of LGBTQ+ and Human Rights-Focused Organizations Mobilize to Address Monkeypox Public Health Emergency

Gilead Will Provide up to $5 Million in Global Grant Funding to Immediately Support Public Education and Vaccine Hesitancy Communications, a Public Policy Response and a Global Outbreak Emergency Fund for Community Organizations in Regions with Active Monkeypox Outbreaks –

Gilead Sciences, Inc. (Nasdaq: GILD), GLAAD, the Human Rights Campaign (HRC), the National Black Justice Coalition (NBJC), the National Center for Lesbian Rights (NCLR) and NMAC today announced immediate action in response to the emerging monkeypox virus (MPV) outbreak, which is disproportionately impacting the LGBTQ+ community, particularly men who have sex with men (MSM), as well as those who are living with HIV. Gilead will provide up to $5 million in global grant funding to help support three areas of focus: a public education and vaccine hesitancy communications campaign, a public policy response and a global outbreak emergency fund.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
The Gummy Project Announces That Its Gummies Land on North America's Largest Passenger Ferry Line

The Gummy Project Announces That Its Gummies Land on North America's Largest Passenger Ferry Line

  • The Ferry line is one of the largest ferry operators in the world carrying millions of passengers and vehicles each year.
  • The Ferry line to provide high traffic opportunities on board to grow brand awareness while forming strong consumer connections.

 The Gummy Project (CSE: GUMY) (FSE: 0OS) (OTCQB: GUMYF) ("GUMY" or the "Company") is excited to announce that its Peachy Bees and Watermelon Sharks will be rolling out on North America's largest passenger ferry line later this summer.

"Our multi-channel sales strategy is designed to build significant brand awareness and connection with our purpose-driven mandate through highly strategic partnerships, such as this one, our Flair Airlines partnership along with Bard on the Beach - all supported by a growing retail presence and online ecommerce availability," said Mr. Charlie Lamb, CEO of The Gummy Project. "Having our product available on this ferry line puts our gummies and purpose-driven mandate in front of millions of people each year allowing us to engage consumers and drive revenue growth while aligning the brand and our great tasting gummies with people in the community."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×