AbbVie (NYSE:ABBV) announced financial results for the first quarter ended March 31, 2021 with double revenue.

“We are off to an excellent start to 2021, with strong performance across our core therapeutic areas and first quarter revenue and earnings results ahead of our expectations,” said  Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “Our new products are delivering impressive performance and we are on the cusp of potential commercial approvals for more than a dozen new products or indications over the next two years — including five expected approvals in 2021.”

First-Quarter Results

• Worldwide GAAP net revenues were  $13.010 billion, an increase of 51.0 percent on a reported basis. Worldwide adjusted net revenues of  $12.935 billion  increased 5.2 percent on a comparable operational basis.
• Global net revenues from the immunology portfolio were  $5.744 billion, an increase of 12.9 percent on a reported basis, or 11.8 percent on an operational basis.
  • Global Humira net revenues of  $4.867 billion  increased 3.5 percent on a reported basis, or 2.6 percent on an operational basis. U.S. Humira net revenues were  $3.907 billion, an increase of 6.9 percent. Internationally, Humira net revenues were  $960 million, a decrease of 8.3 percent on a reported basis, or 12.6 percent on an operational basis, due to biosimilar competition.
  • Global Skyrizi net revenues were  $574 million.
  • Global Rinvoq net revenues were  $303 million.
• Global net revenues from the hematologic oncology portfolio were  $1.673 billion, an increase of 8.0 percent on a reported basis, or 7.3 percent on an operational basis.
  • Global Imbruvica net revenues were  $1.268 billion, an increase of 2.9 percent, with U.S. net revenues of  $999 million  and international profit sharing of  $269 million.
  • Global Venclexta net revenues were  $405 million, an increase of 27.9 percent on a reported basis, or 24.5 percent on an operational basis.
• Global net revenues from the aesthetics portfolio were  $1.141 billion, an increase of 34.9 percent on a comparable operational basis.
  • Global Botox Cosmetic net revenues were  $477 million, an increase of 44.7 percent on a comparable operational basis.
• Global net revenues from the neuroscience portfolio were  $1.248 billion, an increase of over 100.0 percent on a reported basis, or 10.9 percent on a comparable operational basis.
  • Global Botox Therapeutic net revenues were  $532 million, an increase of 7.0 percent on a comparable operational basis.
  • Global Vraylar net revenues were  $346 million, an increase of 21.2 percent on a comparable operational basis.
  • Global Ubrelvy net revenues were  $81 million.
• On a GAAP basis, the gross margin ratio in the first quarter was 67.6 percent. The adjusted gross margin ratio was 83.9 percent.
• On a GAAP basis, selling, general and administrative expense was 21.8 percent of net revenues. The adjusted SG&A expense was 21.2 percent of net revenues.
• On a GAAP basis, research and development expense was 13.7 percent of net revenues. The adjusted R&D expense was 11.6 percent of net revenues, reflecting funding actions supporting all stages of our pipeline.
• On a GAAP basis, the operating margin in the first quarter was 31.5 percent. The adjusted operating margin was 51.0 percent.
• On a GAAP basis, net interest expense was  $622 million.
• On a GAAP basis, the tax rate in the quarter was 8.1 percent. The adjusted tax rate was 12.3 percent.
• Diluted EPS in the first quarter was  $1.99  on a GAAP basis. Adjusted diluted EPS, excluding specified items, was  $2.95.

– Reports First-Quarter Diluted EPS of $1.99 on a GAAP Basis; Adjusted Diluted EPS of $2.95
– Delivers First-Quarter Net Revenues of $13.010 Billion on a GAAP Basis, an Increase of 51.0 Percent on a Reported Basis; Adjusted Net Revenues Were $12.935 Billion
– First-Quarter Global Net Revenues from the Immunology Portfolio Were $5.744 Billion, an Increase of 12.9 Percent on a Reported Basis, or 11.8 Percent on an Operational Basis; U.S. Humira Net Revenues Were $3.907 Billion, an Increase of 6.9 Percent; Internationally, Humira Net Revenues Were $960 Million, a Decrease of 8.3 Percent on a Reported Basis, or 12.6 Percent on an Operational Basis, Due to Biosimilar Competition; Global Skyrizi Net Revenues Were $574 Million; Global Rinvoq Net Revenues Were $303 Million
– First-Quarter Global Net Revenues from the Hematologic Oncology Portfolio Were $1.673 Billion, an Increase of 8.0 Percent on a Reported Basis, or 7.3 Percent on an Operational Basis; Global Imbruvica Net Revenues Were $1.268 Billion, an Increase of 2.9 Percent, with U.S. Net Revenues of $999 Million and International Profit Sharing of $269 Million; Global Venclexta Net Revenues Were $405 Million
– First-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.141 Billion; Global Botox Cosmetic Net Revenues Were $477 Million
– First-Quarter Global Net Revenues from the Neuroscience Portfolio Were $1.248 Billion; Global Botox Therapeutic Net Revenues Were $532 Million; Global Vraylar Net Revenues Were $346 Million
– Raises 2021 GAAP Diluted EPS Guidance Range from $6.69 to $6.89 to $7.27 to $7.47; Raises 2021 Adjusted Diluted EPS Guidance Range from $12.32 to $12.52 to $12.37 to $12.57