AbbVie
ABBV NYSE Biotechnology Financials FY2016–FY2025
AbbVie's revenue rose 8.6% to $61.2 billion in fiscal 2025. Its operating margin was 24.6%, up from 16.2% a year earlier. Free cash flow was $17.8 billion, down 0.1%. It paid out $12.6 billion in dividends and buybacks, 71% of free cash flow.
About these figures. AbbVie's shareholders' equity fell close to zero and then below it in 2025, so return on equity and debt to equity are left blank for those years.
What AbbVie does
AbbVie researches, makes and sells prescription medicines and related products worldwide. Its main areas are immunology (Skyrizi, Rinvoq and Humira, used for autoimmune diseases), neuroscience (including Vraylar, Botox Therapeutic, and migraine and Parkinson's treatments), oncology (blood cancers and other cancers), and aesthetics (Botox Cosmetic and Juvederm). It also sells eye care products and treatments for hepatitis C and digestive conditions.
AbbVie reports as a single business segment. It makes money by selling its medicines. In the United States it sells mainly to three wholesale distributors, McKesson, Cardinal Health and Cencora. No single wholesaler accounted for more than 43% of its 2025 gross revenues in the United States. Outside the United States it sells to wholesalers and distributors and to government payers. Some aesthetic products are sold directly to doctors and other licensed providers. It also markets to doctors, hospitals, managed care providers and government agencies.
AbbVie says it competes with other drug and biotech companies, and that generic and biosimilar copies of branded drugs add pressure on products without patent protection. It says Humira already faces direct biosimilar competition around the world. AbbVie became an independent public company in 2013, when Abbott Laboratories distributed AbbVie's shares to its own shareholders.
- Legal name
- AbbVie Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001551152-26-000008
0001551152
Revenue and margins
AbbVie had $61.2B of revenue in fiscal 2025, up 8.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −4.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $17.8B in fiscal 2025, 29.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AbbVie returned $12.6B to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count rose 0.0%.
Value AbbVie yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$61.8B and divides by 1,773.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 80.7x · peers 39.8x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably AbbVie can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.8B | $9.2B | $12.8B | $5.6B | $5.3B |
| Debt incl. finance leases | $76.0B | $63.2B | $59.3B | $66.9B | $67.0B |
| Net debt / EBITDA | 2.5x | 2.0x | 2.2x | 3.5x | 2.7x |
| Debt / equity | 4.9x | 3.7x | 5.7x | — | — |
| Interest coverage | 7.4x | 8.1x | 5.7x | 3.3x | 5.2x |
| Current ratio | 0.8x | 1.0x | 0.9x | 0.7x | 0.7x |
| Quick ratio | 0.7x | 0.8x | 0.8x | 0.6x | 0.6x |
| Total assets | $146.5B | $138.8B | $134.7B | $135.2B | $134.0B |
| Total liabilities | $131.1B | $121.5B | $124.3B | $131.8B | $137.2B |
| Shareholders' equity | $15.4B | $17.3B | $10.4B | $3.3B | −$3.3B |
| Net debt (− = net cash) | $66.2B | $53.9B | $46.5B | $61.3B | $61.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$18.9M
3 insiders
Of sales under plans
50%
$9.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Nicholas DonoghoeEVP, Chief Bus/strat Officer | Sold | 32,710 | $250.00 | $8.2M | Form 4 |
| Mar 4, 2026 | David Ryan PurdueSVP, Controller | Sold | 5,230 | $233.56 | $1.2M | Form 4 |
| Mar 2, 2026 | Perry C SiatisEVP, GC and Secretary | Sold plan | 18,668 | $234.39 | $4.4M | Form 4 |
| Feb 25, 2026 | Perry C SiatisEVP, GC and Secretary | Sold plan | 22,381 | $230.00 | $5.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 5 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −13.1% | −10.8% | −11.0% |
| Altman Z'' | 0.46 | −0.35 | −0.34 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AbbVie ABBV | $505.9B | 8.6% | 24.7% | 29.1% | 15.7% | 80.7x | 7 | |
| Johnson & Johnson JNJ | $646.0B | 6.1% | — | 20.9% | 28.6% | 40.0x | 4 | Compare → |
| Pfizer PFE | $171.1B | −1.7% | — | 14.5% | 7.3% | 39.5x | 6 | Compare → |
| Moderna MRNA | $79.6B | −39.9% | −158.1% | −106.2% | −65.4% | — | 2 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $25.6B | $28.2B | $32.8B | $33.3B | $45.8B | $56.2B | $58.1B | $54.3B | $56.3B | $61.2B |
| Gross profit | $19.8B | $21.2B | $25.0B | $25.8B | $30.4B | $38.8B | $40.6B | $33.9B | $39.4B | $43.0B |
| Research and development | $4.4B | $5.0B | $10.3B | $6.4B | $6.4B | $6.9B | $6.5B | $7.7B | $12.8B | $9.1B |
| Operating income | $9.3B | $9.5B | $6.4B | $13.0B | $11.4B | $17.9B | $18.1B | $12.8B | $9.1B | $15.1B |
| Interest expense | $1.0B | $1.2B | $1.3B | $1.8B | $2.5B | $2.4B | $2.2B | $2.2B | $2.8B | $2.9B |
| Pretax income | $7.9B | $7.7B | $5.2B | $8.4B | $3.4B | $13.0B | $13.5B | $6.3B | $3.7B | $6.6B |
| Income tax | $1.9B | $2.4B | −$490M | $544M | −$1.2B | $1.4B | $1.6B | $1.4B | −$570M | $2.4B |
| Net income | $6.0B | $5.3B | $5.7B | $7.9B | $4.6B | $11.5B | $11.8B | $4.9B | $4.3B | $4.2B |
| Diluted EPS | $3.63 | $3.30 | $3.66 | $5.28 | $2.72 | $6.45 | $6.63 | $2.72 | $2.39 | $2.36 |
| Diluted shares | 1.63B | 1.60B | 1.55B | 1.48B | 1.67B | 1.78B | 1.78B | 1.77B | 1.77B | 1.77B |
| Cash flow | ||||||||||
| Cash from operations | $7.0B | $10.0B | $13.4B | $13.3B | $17.6B | $22.8B | $24.9B | $22.8B | $18.8B | $19.0B |
| Capital expenditure | $479M | $529M | $638M | $552M | $798M | $787M | $695M | $777M | $974M | $1.2B |
| Free cash flow | $6.6B | $9.4B | $12.8B | $12.8B | $16.8B | $22.0B | $24.2B | $22.1B | $17.8B | $17.8B |
| Depreciation and amortization | $1.2B | $1.5B | $1.8B | $2.0B | $6.5B | $8.5B | $8.5B | $8.7B | $8.4B | $8.1B |
| Stock-based compensation | $353M | $365M | $421M | $430M | $753M | $692M | $671M | $747M | $911M | $955M |
| Acquisitions | $2.5B | $0.0M | $0.0M | $0.0M | $38.3B | $525M | $255M | $0.0M | $17.5B | $204M |
| Share buybacks | $6.0B | $1.4B | $12.0B | $629M | $978M | $934M | $1.5B | $2.0B | $1.7B | $980M |
| Dividends paid | $3.7B | $4.1B | $5.6B | $6.4B | $7.7B | $9.3B | $10.0B | $10.5B | $11.0B | $11.7B |
| Dividends and buybacks | $9.8B | $5.5B | $17.6B | $7.0B | $8.7B | $10.2B | $11.5B | $12.5B | $12.7B | $12.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.4B | $9.8B | $8.1B | $39.9B | $8.5B | $9.8B | $9.2B | $12.8B | $5.6B | $5.3B |
| Total debt | $36.8B | $37.4B | $40.3B | $67.2B | $85.0B | $76.0B | $63.1B | $59.2B | $66.8B | $67.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $27.0M | $29.0M | $34.0M | $34.0M | $42.0M | $40.0M | $41.0M |
| Current assets | $16.2B | $21.2B | $16.9B | $49.5B | $24.2B | $27.9B | $28.5B | $33.0B | $25.6B | $29.1B |
| Current liabilities | $9.8B | $16.6B | $17.2B | $15.6B | $28.7B | $35.2B | $29.5B | $37.8B | $38.7B | $43.3B |
| Inventory | $1.4B | $1.6B | $1.6B | $1.8B | $3.3B | $3.1B | $3.6B | $4.1B | $4.2B | $5.0B |
| Property and equipment, net | $2.6B | $2.8B | $2.9B | $3.0B | $5.2B | $5.1B | $4.9B | $5.0B | $5.1B | $5.6B |
| Total assets | $66.1B | $70.8B | $59.4B | $89.1B | $150.6B | $146.5B | $138.8B | $134.7B | $135.2B | $134.0B |
| Total liabilities | $61.5B | $65.7B | $67.8B | $97.3B | $137.5B | $131.1B | $121.5B | $124.3B | $131.8B | $137.2B |
| Shareholders' equity | $4.6B | $5.1B | −$8.4B | −$8.2B | $13.1B | $15.4B | $17.3B | $10.4B | $3.3B | −$3.3B |
| Margins | ||||||||||
| Gross margin | 77.3% | 75.0% | 76.4% | 77.6% | 66.4% | 69.0% | 70.0% | 62.4% | 70.0% | 70.2% |
| Operating margin | 36.4% | 33.8% | 19.5% | 39.0% | 24.8% | 31.9% | 31.2% | 23.5% | 16.2% | 24.7% |
| EBITDA margin | 41.1% | 39.2% | 24.9% | 45.1% | 38.9% | 47.1% | 45.8% | 39.5% | 31.1% | 38.0% |
| Net margin | 23.2% | 18.8% | 17.4% | 23.7% | 10.1% | 20.5% | 20.4% | 9.0% | 7.6% | 6.9% |
| FCF margin | 25.6% | 33.4% | 39.1% | 38.4% | 36.7% | 39.1% | 41.8% | 40.6% | 31.7% | 29.1% |
| Returns | ||||||||||
| Return on capital | 22.7% | 19.4% | 22.6% | 56.5% | 20.9% | 18.6% | 20.8% | 15.5% | 15.0% | 15.7% |
| Return on capital employed | 19.0% | 17.3% | 13.3% | 22.5% | 11.6% | 15.4% | 16.4% | 12.4% | 9.5% | 16.1% |
| Return on equity | 138.8% | 109.1% | — | — | — | 81.0% | 72.5% | 35.2% | 62.5% | — |
| Return on assets | 10.0% | 7.8% | 8.7% | 10.6% | 3.9% | 7.8% | 8.3% | 3.6% | 3.2% | 3.1% |
| Growth | ||||||||||
| Revenue growth | 12.2% | 10.1% | 16.1% | 1.6% | 37.7% | 22.7% | 3.3% | −6.4% | 3.7% | 8.6% |
| Net income growth | 15.7% | −10.8% | 7.1% | 38.6% | −41.4% | 150.0% | 2.6% | −58.9% | −12.0% | −1.2% |
| EPS growth | 16.0% | −9.1% | 10.9% | 44.3% | −48.5% | 137.1% | 2.8% | −59.0% | −12.1% | −1.3% |
| FCF growth | −6.3% | 43.7% | 35.6% | −0.1% | 31.5% | 31.0% | 10.3% | −9.0% | −19.2% | −0.1% |
| Share count change | −0.4% | −1.7% | −3.6% | −4.0% | 12.7% | 6.2% | 0.1% | −0.3% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.9x | 2.5x | 4.0x | 1.8x | 4.3x | 2.5x | 2.0x | 2.2x | 3.5x | 2.7x |
| Debt / equity | 8.0x | 7.3x | — | — | 6.5x | 4.9x | 3.7x | 5.7x | — | — |
| Interest coverage | 8.9x | 8.3x | 4.7x | 7.3x | 4.6x | 7.4x | 8.1x | 5.7x | 3.3x | 5.2x |
| Current ratio | 1.7x | 1.3x | 1.0x | 3.2x | 0.8x | 0.8x | 1.0x | 0.9x | 0.7x | 0.7x |
| Quick ratio | 1.5x | 1.2x | 0.9x | 3.1x | 0.7x | 0.7x | 0.8x | 0.8x | 0.6x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 1.9% | 2.0% | 1.7% | 1.7% | 1.4% | 1.2% | 1.4% | 1.7% | 2.0% |
| Stock comp / revenue | 1.4% | 1.3% | 1.3% | 1.3% | 1.6% | 1.2% | 1.2% | 1.4% | 1.6% | 1.6% |
| Payouts / FCF | 148.6% | 58.5% | 137.6% | 54.8% | 51.8% | 46.4% | 47.6% | 56.7% | 71.4% | 70.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 7.0 | 8.0 | 4.0 | 6.0 | 8.0 | 5.0 | 6.0 | 7.0 |
| Altman Z'' | 1.9 | 1.7 | 0.7 | 3.6 | 0.4 | 0.7 | 1.1 | 0.5 | −0.4 | −0.3 |
| Accruals ratio | −1.8% | −6.8% | −11.9% | −7.3% | −10.8% | −7.6% | −9.2% | −13.1% | −10.8% | −11.0% |
Source: SEC EDGAR XBRL filings (CIK 0001551152). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.