AbbVie Inc. (NYSE: ABBV): Corporate Profile & Financials
Source: AbbVie Inc. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025
Quick Facts / Company Snapshot
| Parameter | Details |
|---|---|
| Company Name | AbbVie Inc. |
| Stock Ticker & Exchange | NYSE: ABBV |
| Incorporation Jurisdiction | Delaware, United States |
| Corporate Headquarters | 1 North Waukegan Road, North Chicago, Illinois 60064-6400 |
| Leadership | Robert A. Michael (Chairman of the Board and Chief Executive Officer) |
| Global Workforce | Approximately 57,000 employees (as of December 31, 2025) |
| FY2025 Net Revenues | $61,160 million |
| FY2025 Net Earnings | $4,226 million (attributable to AbbVie Inc.) |
| Operating Structure | Single Global Business Segment |
| Primary Therapeutic Portfolios | Immunology, Neuroscience, Oncology, Aesthetics, Eye Care |
Executive Analyst Summary
AbbVie Inc. delivered strong operational performance in fiscal year 2025, generating total net revenues of $61,160 million, representing an 8.6% increase on a reported basis compared to the prior year. Growth was primarily propelled by the rapid expansion of immunology franchises Skyrizi and Rinvoq, which together accounted for approximately 42% of total net revenues. This robust top-line momentum successfully countered the continued revenue erosion of Humira caused by direct biosimilar competition across global markets.
The company maintained a highly active strategic expansion initiative, committing $5,016 million to acquired in-process research and development and milestone expenses. Key transactions included the acquisitions of Capstan Therapeutics and Gilgamesh Pharmaceuticals, along with strategic licensing deals with Ichnos Glenmark Innovation, Gubra A/S, and ADARx Pharmaceuticals. These acquisitions and partnerships significantly strengthened AbbVie’s early- and mid-stage pipeline across oncology, neuroscience, autoimmune diseases, and obesity.
Net earnings attributable to AbbVie Inc. reached $4,226 million in 2025, supported by $19,030 million in cash flows from operating activities. Management demonstrated disciplined capital allocation by returning $11,657 million in cash dividends to shareholders and reinvesting heavily in domestic manufacturing infrastructure and long-term drug discovery programs.
Company Overview
AbbVie Inc. is a global research-based biopharmaceutical enterprise incorporated in Delaware in April 2012. The organization became an independent, publicly traded entity on January 1, 2013, following a spin-off distribution from Abbott Laboratories. Today, the corporation operates out of its corporate headquarters in North Chicago, Illinois, employing approximately 57,000 professionals across more than 70 countries.
The firm focuses on discovering, developing, manufacturing, and commercializing advanced therapies to solve complex and life-threatening medical conditions. Its comprehensive commercial product lineup maintains market-leading positions across core medical specialties, including immunology, neuroscience, oncology, aesthetics, and eye care.
Business Segments
AbbVie operates as a single global business segment dedicated to the research, development, manufacturing, commercialization, and sale of innovative pharmaceutical therapies. This unitary operational framework allows the Chief Executive Officer, acting as the Chief Operating Decision Maker, to allocate resources and assess financial performance on a global scale. Global research and development and supply chain entities manage product creation, while regional commercial groups coordinate localized marketing and sales.
The company’s commercial operations cover both prescription pharmaceuticals and physician-directed aesthetic treatments across major geographic territories. Detailed financial performance and therapeutic product sales are reviewed on a consolidated basis to support strategic forecasting and long-term capital deployment.
Products and Brand Portfolio
The immunology portfolio is led by Skyrizi and Rinvoq, which generated $17,562 million and $8,304 million in net revenues during 2025, respectively. Legacy immunology biologic Humira generated $4,540 million in net revenues as generic and biosimilar competition reduced overall volume. In neuroscience, growth was anchored by Vraylar with $3,621 million in net revenues, Botox Therapeutic with $3,769 million, and migraine therapies Ubrelvy and Qulipta.
Oncology offerings include blood cancer treatments Imbruvica and Venclexta, which recorded net revenues of $2,869 million and $2,792 million in 2025, alongside ovarian cancer therapy Elahere and lymphoma treatment Epkinly. The aesthetics franchise features facial injectables Botox Cosmetic and the Juvederm Collection, generating $2,602 million and $993 million, respectively. Eye care products such as Ozurdex, Lumigan, and Alphagan, alongside other specialty pharmaceuticals like Creon and Mavyret, further round out the commercial lineup.
Geographical Presence
United States product sales generated $46,603 million in net revenues during 2025, representing approximately 76% of total global consolidated net revenues. International operations contributed $14,557 million, reflecting 9.4% growth on a reported basis and 9.2% on a constant currency basis. Major international individual markets include Germany, Japan, Canada, China, France, the United Kingdom, Spain, Italy, Brazil, and Australia.
AbbVie operates approximately 600 facilities globally, encompassing an aggregate of 19.4 million square feet dedicated to production, distribution, R&D, and corporate administration. Significant active manufacturing facilities are located across the United States, Puerto Rico, Italy, Ireland, Costa Rica, Germany, France, and Singapore.
Competitor Analysis
AbbVie competes in highly dynamic markets against major global research-based pharmaceutical, biotechnology, and generic drug companies. The company’s immunology portfolio faces intense competition from alternative interleukin inhibitors, Janus kinase inhibitors, and biosimilar alternatives. In oncology and neuroscience, AbbVie competes against targeted biological therapies, Bruton’s tyrosine kinase inhibitors, cell therapies, and alternative neurotoxin formulations.
Product price pressure, technological advancements by competitors, and generic substitution represent continuous competitive factors. Following the loss of exclusivity for Humira in the United States and international markets, multiple biosimilar entrants have gained commercial traction. The firm relies on proprietary patents, regulatory exclusivities, and rapid pipeline innovation to preserve market leadership across key therapeutic areas.
Operating Performance and Business Drivers
Consolidated gross margin reached $42,956 million in 2025, maintaining a stable 70% gross margin percentage relative to net revenues. Top-line expansion was driven by volume gains in Skyrizi, Rinvoq, Vraylar, and newly integrated assets, which offset lower pricing and volume for Humira. Total operating expense included $14,010 million for selling, general, and administrative efforts and $9,096 million for research and development activities.
Operating earnings for 2025 stood at $15,075 million, up from $9,137 million recorded in the prior fiscal year. Operating results were influenced by non-cash charges, including $7,377 million in intangible asset amortization and $847 million in intangible asset impairments. Additionally, other non-operating expenses included $6,495 million stemming from the fair value remeasurement of contingent consideration liabilities.
Board of Directors and Leadership Team
Effective July 1, 2025, Robert A. Michael assumed the role of Chairman of the Board, succeeding long-time executive Richard A. Gonzalez upon his retirement. Mr. Michael, who was appointed Chief Executive Officer in 2024, previously served as President, Chief Operating Officer, and Chief Financial Officer during his long tenure with AbbVie and Abbott. Executive leadership also includes Scott T. Reents as Executive Vice President and Chief Financial Officer, alongside Demetris D. Crum, Dr. Nicholas J. Donoghoe, Dr. Azita Saleki-Gerhardt, Perry C. Siatis, Jeffrey R. Stewart, and Dr. Roopal Thakkar.
The corporate board consists of experienced industry leaders who oversee enterprise risk management, executive compensation, and compliance frameworks. The audit, compensation, nominations and governance, and public policy committees operate entirely under independent director leadership.
Future Strategy and Business Priorities
AbbVie’s strategy centers on maximizing the growth of on-market blockbusters Skyrizi, Rinvoq, Vraylar, and Botox while continuing to diversify its global revenue base. The corporation is aggressively advancing its pipeline of approximately 90 targeted compounds and devices, with roughly 60 programs in mid- and late-stage clinical trials. In addition, the firm is establishing strategic entry points into high-growth areas, including targeted cancer therapies and obesity treatments.
Subsequent to the end of 2025, AbbVie entered into a voluntary agreement with the United States government committing $100 billion to domestic R&D and capital projects over ten years. In exchange, the company secured a three-year exemption from tariffs and future government price mandates. The business continues to maintain financial flexibility to support shareholder returns via growing quarterly dividends while protecting its investment-grade credit ratings.
Key Strengths
A central operational advantage lies in AbbVie’s market leadership within immunology, backed by the strong commercial uptake of Skyrizi and Rinvoq across multiple approved indications. The business also benefits from significant revenue diversification generated by established neuroscience and aesthetics portfolios, including Botox Therapeutic and Botox Cosmetic. Furthermore, robust operating cash flow generation of $19,030 million in 2025 underpins significant investment capacity for both internal R&D and strategic M&A.
AbbVie possesses advanced global manufacturing assets and an extensive international distribution network across major worldwide markets. Robust intellectual property protections, including extended patent settlement frameworks for core products like Rinvoq, reinforce long-term commercial exclusivity.
Key Challenges and Risks
Revenue risks include biosimilar and generic erosion affecting key legacy medications, most notably Humira, alongside Medicare drug price negotiations under the Inflation Reduction Act of 2022. Legislative mandates have already designated Imbruvica, Vraylar, Linzess, and Botox for government-set pricing across Medicare Part B and Part D benefits between 2026 and 2028. Additionally, the company carries significant intangible asset balances and goodwill, which remain vulnerable to future impairment charges if clinical development programs fail.
The firm faces substantial litigation exposures stemming from legacy product liability claims, antitrust actions, and government proceedings. Volatility in fair value remeasurements of contingent consideration liabilities can also create significant swings in reported net earnings. Sourcing single-origin active pharmaceutical ingredients and operating within complex foreign regulatory regimes expose the organization to ongoing supply chain and trade policy risks.
Official Site
investors.abbvie.com
Conclusion and Strategic Outlook
AbbVie Inc. has successfully constructed a high-performing commercial platform capable of navigating steep patent expiries while sustaining overall top-line growth. The rapid expansion of Skyrizi and Rinvoq, combined with targeted oncology and aesthetics franchises, provides a durable foundation for long-term earnings generation. Operational cash flows remain exceptionally healthy, providing management with the necessary flexibility to service debt obligations, fund pipeline innovation, and deliver dividend growth.
Looking ahead, the successful execution of late-stage clinical trials, integration of newly acquired biotech assets, and navigation of government pricing pressures will determine the company’s growth trajectory. AbbVie’s significant domestic capital commitments and robust global infrastructure position it well to maintain its standing among the world’s premier biopharmaceutical companies.
1. Financial Statements
Currency and Units Disclaimer: Figures are presented in millions of U.S. Dollars (USD), except per share data or unless otherwise stated, exactly as reported in the official filing.
Earnings, Expenses, & Take-Home Profits
| Years ended December 31 (in millions, except per share data) | 2025 | 2024 | 2023 | Latest YoY (%) |
|---|---|---|---|---|
| Net revenues | 61,160 | 56,334 | 54,318 | +8.57% |
| Cost of products sold | 18,204 | 16,904 | 20,415 | +7.69% |
| Selling, general and administrative | 14,010 | 14,752 | 12,872 | -5.03% |
| Research and development | 9,096 | 12,791 | 7,675 | -28.89% |
| Acquired IPR&D and milestones | 5,016 | 2,757 | 778 | +81.94% |
| Other operating income | (241) | (7) | (179) | +3342.86% |
| Total operating costs and expenses | 46,085 | 47,197 | 41,561 | -2.36% |
| Operating earnings | 15,075 | 9,137 | 12,757 | +64.99% |
| Interest expense, net | 2,627 | 2,160 | 1,684 | +21.62% |
| Net foreign exchange loss | 58 | 21 | 146 | +176.19% |
| Other expense, net | 5,793 | 3,240 | 4,677 | +78.80% |
| Earnings before income tax expense | 6,597 | 3,716 | 6,250 | +77.53% |
| Income tax expense (benefit) | 2,364 | (570) | 1,377 | N/M |
| Net earnings | 4,233 | 4,286 | 4,873 | -1.24% |
| Net earnings attributable to noncontrolling interest | 7 | 8 | 10 | -12.50% |
| Net earnings attributable to AbbVie Inc. | 4,226 | 4,278 | 4,863 | -1.22% |
| Per share data | ||||
| Basic earnings per share attributable to AbbVie Inc. | 2.37 | 2.40 | 2.73 | -1.25% |
| Diluted earnings per share attributable to AbbVie Inc. | 2.36 | 2.39 | 2.72 | -1.26% |
| Weighted-average basic shares outstanding | 1,769 | 1,769 | 1,768 | 0.00% |
| Weighted-average diluted shares outstanding | 1,773 | 1,773 | 1,773 | 0.00% |
Assets, Debts, & Corporate Wealth
| as of December 31 (in millions, except share data) | 2025 | 2024 | Latest YoY (%) |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and equivalents | 5,229 | 5,524 | -5.34% |
| Short-term investments | 28 | 31 | -9.68% |
| Accounts receivable, net | 12,589 | 10,919 | +15.29% |
| Inventories | 4,951 | 4,181 | +18.42% |
| Prepaid expenses and other | 6,265 | 4,927 | +27.16% |
| Total current assets | 29,062 | 25,582 | +13.60% |
| Investments | 268 | 279 | -3.94% |
| Property and equipment, net | 5,628 | 5,134 | +9.62% |
| Intangible assets, net | 52,641 | 60,068 | -12.36% |
| Goodwill | 35,640 | 34,956 | +1.96% |
| Other assets | 10,721 | 9,142 | +17.27% |
| Total assets | 133,960 | 135,161 | -0.89% |
| Liabilities and Equity | |||
| Current liabilities | |||
| Short-term borrowings | 2,499 | — | – |
| Current portion of long-term debt and finance lease obligations | 6,056 | 6,804 | -10.99% |
| Accounts payable and accrued liabilities | 34,734 | 31,945 | +8.73% |
| Total current liabilities | 43,289 | 38,749 | +11.72% |
| Long-term debt and finance lease obligations | 58,941 | 60,340 | -2.32% |
| Deferred income taxes | 2,389 | 2,579 | -7.37% |
| Other long-term liabilities | 32,569 | 30,129 | +8.10% |
| Stockholders’ equity (deficit) | |||
| Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,838,678,628 shares issued as of December 31, 2025 and 1,831,594,494 as of December 31, 2024 | 18 | 18 | 0.00% |
| Common stock held in treasury, at cost, 70,802,593 shares as of December 31, 2025 and 66,337,508 as of December 31, 2024 | (9,146) | (8,201) | +11.52% |
| Additional paid-in capital | 22,495 | 21,333 | +5.45% |
| Accumulated deficit | (15,493) | (7,900) | +96.11% |
| Accumulated other comprehensive loss | (1,144) | (1,925) | -40.57% |
| Total stockholders’ equity (deficit) | (3,270) | 3,325 | N/M |
| Noncontrolling interest | 42 | 39 | +7.69% |
| Total equity (deficit) | (3,228) | 3,364 | N/M |
| Total liabilities and equity | 133,960 | 135,161 | -0.89% |
Cash Flow: Tracking the Money Movement
| years ended December 31 (in millions) (brackets denote cash outflows) | 2025 | 2024 | 2023 | Latest YoY (%) |
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Net earnings | 4,233 | 4,286 | 4,873 | -1.24% |
| Adjustments to reconcile net earnings to net cash from operating activities: | ||||
| Depreciation | 762 | 764 | 752 | -0.26% |
| Amortization of intangible assets | 7,377 | 7,622 | 7,946 | -3.21% |
| Deferred income taxes | (492) | (1,449) | (2,889) | -66.05% |
| Change in fair value of contingent consideration liabilities | 6,495 | 3,771 | 5,128 | +72.24% |
| Payments of contingent consideration liabilities | (2,865) | (1,995) | (870) | +43.61% |
| Stock-based compensation | 955 | 911 | 747 | +4.83% |
| Acquired IPR&D and milestones | 5,016 | 2,757 | 778 | +81.94% |
| Non-cash litigation reserve adjustments, net of cash payments | (933) | 508 | (443) | N/M |
| Impairment of intangible assets | 847 | 4,476 | 4,229 | -81.08% |
| Other, net | (3) | (63) | (225) | -95.24% |
| Changes in operating assets and liabilities, net of acquisitions: | ||||
| Accounts receivable | (1,490) | 207 | 66 | N/M |
| Inventories | (234) | (319) | (417) | -26.65% |
| Prepaid expenses and other assets | (827) | 361 | (188) | N/M |
| Accounts payable and other liabilities | 951 | 177 | 3,840 | +437.29% |
| Income tax assets and liabilities, net | (762) | (3,208) | (488) | -76.25% |
| Cash flows from operating activities | 19,030 | 18,806 | 22,839 | +1.19% |
| Cash flows from investing activities | ||||
| Acquisition of businesses, net of cash acquired | (204) | (17,493) | — | -98.83% |
| Other acquisitions and investments, net of cash acquired | (5,237) | (3,024) | (1,223) | +73.18% |
| Acquisitions of property and equipment | (1,214) | (974) | (777) | +24.64% |
| Purchases of investment securities | (35) | (73) | (77) | -52.05% |
| Sales and maturities of investment securities | 76 | 555 | 55 | -86.31% |
| Other, net | (29) | 189 | 13 | N/M |
| Cash flows from investing activities | (6,643) | (20,820) | (2,009) | -68.09% |
| Cash flows from financing activities | ||||
| Net change in commercial paper borrowings with original maturities of three months or less | 499 | — | — | – |
| Proceeds from issuance of other short-term borrowings | 4,798 | 5,008 | — | -4.19% |
| Repayments of other short-term borrowings | (2,798) | (5,008) | — | -44.13% |
| Proceeds from issuance of long-term debt | 3,994 | 16,963 | — | -76.45% |
| Repayments of long-term debt and finance lease obligations | (6,797) | (9,613) | (4,149) | -29.29% |
| Debt issuance costs | (23) | (99) | (38) | -76.77% |
| Dividends paid | (11,657) | (11,025) | (10,539) | +5.73% |
| Purchases of treasury stock | (980) | (1,708) | (1,972) | -42.62% |
| Proceeds from the exercise of stock options | 172 | 214 | 180 | -19.63% |
| Payments of contingent consideration liabilities | — | — | (752) | – |
| Other, net | 68 | 57 | 48 | +19.30% |
| Cash flows from financing activities | (12,724) | (5,211) | (17,222) | +144.18% |
| Effect of exchange rate changes on cash and equivalents | 42 | (65) | 5 | N/M |
| Net change in cash and equivalents | (295) | (7,290) | 3,613 | -95.95% |
| Cash and equivalents, beginning of year | 5,524 | 12,814 | 9,201 | -56.89% |
| Cash and equivalents, end of year | 5,229 | 5,524 | 12,814 | -5.34% |
| Other supplemental information: Interest paid, net of portion capitalized | 3,002 | 2,811 | 2,469 | +6.79% |
2. Segment Financials & Geographic Revenue
AbbVie operates as a single global business segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies.
Net Revenues by Product
| years ended December 31 (in millions) | 2025 | 2024 | 2023 | Latest YoY (%) |
|---|---|---|---|---|
| Immunology | ||||
| Skyrizi – United States | 15,202 | 10,086 | 6,753 | +50.72% |
| Skyrizi – International | 2,360 | 1,632 | 1,010 | +44.61% |
| Skyrizi – Total | 17,562 | 11,718 | 7,763 | +49.87% |
| Rinvoq – United States | 5,940 | 4,259 | 2,824 | +39.47% |
| Rinvoq – International | 2,364 | 1,712 | 1,145 | +38.08% |
| Rinvoq – Total | 8,304 | 5,971 | 3,969 | +39.07% |
| Humira – United States | 3,062 | 7,142 | 12,160 | -57.13% |
| Humira – International | 1,478 | 1,851 | 2,244 | -20.15% |
| Humira – Total | 4,540 | 8,993 | 14,404 | -49.52% |
| Neuroscience | ||||
| Vraylar – United States | 3,612 | 3,260 | 2,755 | +10.80% |
| Vraylar – International | 9 | 7 | 4 | +28.57% |
| Vraylar – Total | 3,621 | 3,267 | 2,759 | +10.84% |
| Botox Therapeutic – United States | 3,151 | 2,718 | 2,476 | +15.93% |
| Botox Therapeutic – International | 618 | 565 | 515 | +9.38% |
| Botox Therapeutic – Total | 3,769 | 3,283 | 2,991 | +14.80% |
| Ubrelvy – United States | 1,239 | 981 | 803 | +26.30% |
| Ubrelvy – International | 32 | 25 | 12 | +28.00% |
| Ubrelvy – Total | 1,271 | 1,006 | 815 | +26.34% |
| Qulipta – United States | 906 | 628 | 405 | +44.27% |
| Qulipta – International | 130 | 30 | 3 | +333.33% |
| Qulipta – Total | 1,036 | 658 | 408 | +57.45% |
| Vyalev – United States | 167 | 1 | — | +16600.00% |
| Vyalev – International | 315 | 98 | 3 | +221.43% |
| Vyalev – Total | 482 | 99 | 3 | +386.87% |
| Duodopa – United States | 73 | 96 | 97 | -23.96% |
| Duodopa – International | 308 | 351 | 371 | -12.25% |
| Duodopa – Total | 381 | 447 | 468 | -14.77% |
| Other Neuroscience – United States | 192 | 223 | 254 | -13.90% |
| Other Neuroscience – International | 15 | 16 | 19 | -6.25% |
| Other Neuroscience – Total | 207 | 239 | 273 | -13.39% |
| Oncology | ||||
| Imbruvica – United States | 2,048 | 2,448 | 2,665 | -16.34% |
| Imbruvica – Collaboration revenues | 821 | 899 | 931 | -8.68% |
| Imbruvica – Total | 2,869 | 3,347 | 3,596 | -14.28% |
| Venclexta – United States | 1,306 | 1,234 | 1,087 | +5.83% |
| Venclexta – International | 1,486 | 1,349 | 1,201 | +10.16% |
| Venclexta – Total | 2,792 | 2,583 | 2,288 | +8.09% |
| Elahere – United States | 607 | 477 | — | +27.25% |
| Elahere – International | 83 | 2 | — | +4050.00% |
| Elahere – Total | 690 | 479 | — | +44.05% |
| Epkinly – Collaboration revenues | 181 | 118 | 28 | +53.39% |
| Epkinly – International | 90 | 28 | 3 | +221.43% |
| Epkinly – Total | 271 | 146 | 31 | +85.62% |
| Other Oncology – United States | 33 | — | — | – |
| Aesthetics | ||||
| Botox Cosmetic – United States | 1,504 | 1,682 | 1,670 | -10.58% |
| Botox Cosmetic – International | 1,098 | 1,038 | 1,012 | +5.78% |
| Botox Cosmetic – Total | 2,602 | 2,720 | 2,682 | -4.34% |
| Juvederm Collection – United States | 385 | 469 | 519 | -17.91% |
| Juvederm Collection – International | 608 | 708 | 859 | -14.12% |
| Juvederm Collection – Total | 993 | 1,177 | 1,378 | -15.63% |
| Other Aesthetics – United States | 1,101 | 1,118 | 1,060 | -1.52% |
| Other Aesthetics – International | 164 | 161 | 174 | +1.86% |
| Other Aesthetics – Total | 1,265 | 1,279 | 1,234 | -1.09% |
| Eye Care | ||||
| Ozurdex – United States | 124 | 138 | 143 | -10.14% |
| Ozurdex – International | 369 | 356 | 329 | +3.65% |
| Ozurdex – Total | 493 | 494 | 472 | -0.20% |
| Lumigan/Ganfort – United States | 189 | 187 | 173 | +1.07% |
| Lumigan/Ganfort – International | 221 | 242 | 259 | -8.68% |
| Lumigan/Ganfort – Total | 410 | 429 | 432 | -4.43% |
| Alphagan/Combigan – United States | 53 | 95 | 121 | -44.21% |
| Alphagan/Combigan – International | 144 | 153 | 151 | -5.88% |
| Alphagan/Combigan – Total | 197 | 248 | 272 | -20.56% |
| Other Eye Care – United States | 588 | 644 | 815 | -8.70% |
| Other Eye Care – International | 421 | 427 | 424 | -1.41% |
| Other Eye Care – Total | 1,009 | 1,071 | 1,239 | -5.79% |
| Other Key Products | ||||
| Mavyret – United States | 635 | 595 | 659 | +6.72% |
| Mavyret – International | 682 | 716 | 771 | -4.75% |
| Mavyret – Total | 1,317 | 1,311 | 1,430 | +0.46% |
| Creon – United States | 1,512 | 1,383 | 1,268 | +9.33% |
| Linzess/Constella – United States | 864 | 916 | 1,073 | -5.68% |
| Linzess/Constella – International | 43 | 38 | 35 | +13.16% |
| Linzess/Constella – Total | 907 | 954 | 1,108 | -4.93% |
| All other | 2,627 | 3,032 | 3,035 | -13.36% |
| Total net revenues | 61,160 | 56,334 | 54,318 | +8.57% |
Geographic Net Revenues
| years ended December 31 (in millions) | 2025 | 2024 | 2023 | Latest YoY (%) |
|---|---|---|---|---|
| United States | 46,603 | 43,029 | 41,883 | +8.31% |
| Germany | 1,738 | 1,465 | 1,266 | +18.63% |
| Japan | 1,274 | 1,122 | 1,008 | +13.55% |
| Canada | 1,222 | 1,088 | 1,076 | +12.32% |
| China | 1,006 | 917 | 950 | +9.71% |
| France | 806 | 776 | 780 | +3.87% |
| United Kingdom | 626 | 522 | 417 | +19.92% |
| Spain | 609 | 528 | 501 | +15.34% |
| Italy | 580 | 511 | 484 | +13.50% |
| Brazil | 478 | 464 | 439 | +3.02% |
| Australia | 459 | 463 | 472 | -0.86% |
| All other countries | 5,759 | 5,449 | 5,042 | +5.69% |
| Total net revenues | 61,160 | 56,334 | 54,318 | +8.57% |
3. Dividends and Share Repurchases
Quarterly Cash Dividends Declared
| 2025 | 2024 | 2023 | Latest YoY (%) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Date Declared | Payment Date | Dividend Per Share | Payment Date | Dividend Per Share | Date Declared | Payment Date | Dividend Per Share | ||
| 10/31/25 | 02/17/26 | $1.73 | 02/14/25 | $1.64 | 10/26/23 | 02/15/24 | $1.55 | ||
| 09/05/25 | 11/14/25 | $1.64 | 11/15/24 | $1.55 | 09/08/23 | 11/15/23 | $1.48 | ||
| 06/20/25 | 08/15/25 | $1.64 | 08/15/24 | $1.55 | 06/22/23 | 08/15/23 | $1.48 | ||
| 02/13/25 | 05/15/25 | $1.64 | 05/15/24 | $1.55 | 02/16/23 | 05/15/23 | $1.48 | ||
Total cash dividends paid were $11,657 million in 2025, $11,025 million in 2024, and $10,539 million in 2023.
Share Repurchase Program
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
|---|---|---|---|---|
| October 1, 2025 – October 31, 2025 | 861 | $228.89 | — | $2,896,110,760 |
| November 1, 2025 – November 30, 2025 | 691 | $217.83 | — | $2,896,110,760 |
| December 1, 2025 – December 31, 2025 | 24,742 | $224.39 | — | $2,896,110,760 |
| Total | 26,294 | $224.36 | — | $2,896,110,760 |
AbbVie repurchased 3 million shares for $606 million in 2025, 7 million shares for $1.3 billion in 2024, and 10 million shares for $1.6 billion in 2023 under open-market or private transactions at management’s discretion. AbbVie’s remaining stock repurchase authorization was $2,896,110,760 as of December 31, 2025.
4. Subsidiaries & Joint Ventures
Significant acquisitions and subsidiaries reported include:
- Gilgamesh Pharmaceuticals, Inc. (acquired October 2025)
- Capstan Therapeutics, Inc. (acquired August 2025)
- Nimble Therapeutics, Inc. (acquired January 2025)
- Aliada Therapeutics Holdings, Inc. (acquired December 2024)
- Cerevel Therapeutics Holdings, Inc. (acquired August 2024)
- Celsius Therapeutics, Inc. (acquired June 2024)
- ImmunoGen, Inc. (acquired February 2024)
- Pharmacyclics LLC (wholly-owned subsidiary)
- Kos Pharmaceuticals, Inc. (wholly-owned subsidiary)
5. Other Investments & Holdings
- Equity Investments: Total carrying value of $268 million as of December 31, 2025 ($279 million as of December 31, 2024). This includes investments in equity securities without readily determinable fair values of $159 million as of December 31, 2025 ($169 million as of December 31, 2024).
- Janssen Biotech, Inc. Collaboration: Worldwide collaboration for Imbruvica. In the U.S., AbbVie is the principal in end-customer sales; Janssen’s share of U.S. profits was $954 million in 2025, $1,140 million in 2024, and $1,245 million in 2023 (included in cost of products sold). Outside the U.S., Janssen commercializes Imbruvica; AbbVie’s share of profits was $821 million in 2025, $899 million in 2024, and $931 million in 2023 (included in net revenues).
- Genentech, Inc. Collaboration: Collaboration to jointly research, develop, and commercialize Venclexta. Genentech’s share of U.S. profits and global royalties was $1,064 million in 2025, $990 million in 2024, and $869 million in 2023 (included in cost of products sold).
6. Physical Properties
AbbVie owns or leases approximately 600 facilities worldwide, containing an aggregate of approximately 19.4 million square feet of floor space dedicated to production, distribution, and administration.
Significant Manufacturing Sites
| United States | Outside the United States |
|---|---|
| Abbott Park, Illinois (Leased) | Campoverde di Aprilia, Italy |
| Barceloneta, Puerto Rico | Clonshaugh, Ireland |
| Branchburg, New Jersey (Leased) | Cork, Ireland |
| Cincinnati, Ohio | La Aurora, Costa Rica |
| Dublin, California (Leased) | Ludwigshafen, Germany |
| Irvine, California | Pringy, France |
| North Chicago, Illinois | Singapore (Leased) |
| Waco, Texas | Sligo, Ireland |
| Worcester, Massachusetts (Leased) | Westport, Ireland (Leased) |
| Wyandotte, Michigan (Leased) |
Principal Research & Development Facilities
- United States: Abbott Park, Illinois; Branchburg, New Jersey; Cambridge, Massachusetts; Irvine, California; Madison, New Jersey; Madison, Wisconsin; North Chicago, Illinois; Pleasanton, California; San Diego, California; South San Francisco, California; Waltham, Massachusetts; Worcester, Massachusetts.
- Outside the United States: Ludwigshafen, Germany; Oxford, United Kingdom.
7. Investments and Capital Expenditure
| years ended December 31 (in millions) | 2025 | 2024 | 2023 | Latest YoY (%) |
|---|---|---|---|---|
| Acquisitions of property and equipment (Capital expenditures) | 1,214 | 974 | 777 | +24.64% |
| Research and development expenses | 9,096 | 12,791 | 7,675 | -28.89% |
| Acquired IPR&D and milestones | 5,016 | 2,757 | 778 | +81.94% |
Environmental Capital and Operating Expenditures
- 2025: Capital expenditures for pollution control were approximately $17 million; operating expenditures were approximately $44 million.
- 2026 (Estimated): Capital expenditures for pollution control are estimated to be approximately $21 million; operating expenditures are estimated to be approximately $46 million.
8. Share Capital and Outstanding Shares
| as of December 31 | 2025 | 2024 | Latest YoY (%) |
|---|---|---|---|
| Common stock par value per share | $0.01 | $0.01 | 0.00% |
| Authorized common shares | 4,000,000,000 | 4,000,000,000 | 0.00% |
| Issued common shares | 1,838,678,628 | 1,831,594,494 | +0.39% |
| Treasury common shares | 70,802,593 | 66,337,508 | +6.73% |
| Outstanding common shares | 1,767,876,035 | 1,765,256,986 | +0.15% |
| Authorized preferred stock ($0.01 par value) | 200,000,000 | 200,000,000 | 0.00% |
| Issued & outstanding preferred shares | 0 | 0 | N/M |
As of February 10, 2026, the number of common shares outstanding was 1,768,169,012.
Equity Compensation Plan Information (as of December 31, 2025)
| Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
|---|---|---|---|
| Equity compensation plans approved by security holders | 13,938,765 | $132.49 | 49,917,374 |
| Total | 13,938,765 | $132.49 | 49,917,374 |
Frequently Asked Questions
How does AbbVie generate its revenue?
AbbVie generates revenue through the discovery, development, manufacturing, and global commercialization of innovative biopharmaceutical products and medical aesthetics. The majority of product sales are derived from wholesale distributors, specialty pharmacies, health systems, and direct retail channels in the United States and international markets. Key therapeutic revenue drivers include immunology treatments Skyrizi and Rinvoq, neuroscience products Vraylar and Botox Therapeutic, and oncology assets Imbruvica and Venclexta.
What are the primary threats to AbbVie’s business model?
The primary threats include biosimilar and generic competition following patent expirations, most notably the ongoing revenue erosion of Humira. Additionally, mandatory federal price negotiations under the Inflation Reduction Act threaten commercial margins on selected high-volume products like Imbruvica, Vraylar, Linzess, and Botox. Operating risks also encompass clinical trial failures, intangible asset impairments, product liability litigation, and potential global supply chain disruptions.
What strategic acquisitions did AbbVie complete to drive future growth?
In 2024, AbbVie completed major acquisitions of ImmunoGen for $10.1 billion gross consideration and Cerevel Therapeutics for $8.7 billion consideration to expand its solid tumor oncology and neuroscience pipelines. During 2025, the company acquired Nimble Therapeutics, Capstan Therapeutics for $2.1 billion consideration, and Gilgamesh Pharmaceuticals for $906 million upfront. The company also entered into high-value licensing partnerships with Ichnos Glenmark Innovation, Gubra A/S, and ADARx Pharmaceuticals to capture innovative early-stage drug candidates.
Note: Financial ratios, margins, year-over-year (YoY) growth rates, and percentage shares of revenue are calculated by FirmsWorld based on figures reported in the company’s official SEC filing.