AbbVie Inc.
ABBVFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$15.0B
Q1 2026 · +12.4% YoY
TTM ROIC
21.7%
FY2025 · NOPAT / Invested Capital (GAAP Operating Income × (1 − 15% tax rate) / (Total Equity + Total Debt − Cash)) · WACC ~9% · Moat spread +12.7pp
Financial Snapshot
ticker: ABBV step: 04 generated: 2026-05-11 source: quick-research
AbbVie Inc. (ABBV) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $54.3B | $56.3B | $61.2B | +8.6% |
| Adj. Gross Margin | 84% | 84% | 84% | flat |
| Adj. Operating Margin | 47% | 46% | 47% | +1pp |
| Adj. Net Income | $21.5B | $20.5B | $22.4B | +9% |
| Adj. EPS (diluted) | $11.11 | $10.61 | $12.20 | +15% |
Product Sales (FY2025 vs FY2024)
| Drug | FY2024 | FY2025 | YoY |
|---|---|---|---|
| Skyrizi | $11.7B | $17.6B | +50% |
| Rinvoq | $6.0B | $8.3B | +39% |
| Humira | $9.0B | $5.5B | -39% |
| Skyrizi + Rinvoq combined | $17.7B | $25.9B | +46% |
| Total Immunology | ~$27B | ~$32B | +18% |
| Imbruvica | $3.1B | $2.9B | -7% |
| Vraylar (neuroscience) | $3.0B | $3.5B | +17% |
| Botox Cosmetic | $2.7B | $2.8B | +4% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Total Revenue | ~$13.5B | +12.4% |
| Skyrizi | $4.48B | +30.9% |
| Rinvoq | ~$2.4B | +20% |
| Humira | $688M | -39% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$22B |
| Capital Expenditures | ~($1.0B) |
| Free Cash Flow | ~$21B |
| Cash & Equivalents | ~$5B |
| Total Debt | ~$67B (post Allergan/ImmunoGen/Cerevel) |
| Net Debt / EBITDA | ~2.0x (declining) |
Key Ratios (approximate, May 2026)
- P/E (forward): ~14x | EV/EBITDA: ~13x | Dividend Yield: ~3.2%
- ROIC: ~14% | FCF/Net Income conversion: ~95%
Growth Profile
2025 was the inflection year: total revenue +8.6%, with Skyrizi (+50%) and Rinvoq (+39%) more than offsetting Humira (-39%). Management guides 2026 revenue to $67B (+9.5%) and EPS to $14.37-14.57. Combined Skyrizi+Rinvoq guidance raised to >$31B by 2027 (vs. prior $27B), implying 19% organic CAGR despite Humira running off to ~$2B/year. Aesthetics segment softening (consumer discretionary headwind) but immunology + neuroscience more than offsetting.
Forward Estimates
- 2026E Revenue: $67B (mgmt guide; +9.5%)
- 2026E Adj EPS: $14.37-14.57 (mgmt guide)
- 2027E Revenue: ~$73B (consensus)
- 2027E Adj EPS: ~$16
- Skyrizi 2027 target: >$20B (raised from $17B)
- Rinvoq 2027 target: >$11B (raised from $10B)
Capital Return
- Dividend $6.59/share annual = ~$11.5B paid
- 52+ years of consecutive dividend growth (counting Abbott predecessor)
- Modest buybacks (~$2B/year) given priority on debt paydown post-Allergan
- Total return: ~3.2% dividend yield + buybacks + 9%+ FCF growth
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $ABBV.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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