# AbbVie Inc. (ABBV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ABBV/thesis · /stocks/ABBV/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ABBV/fundamental

## Navigation

- Overview: /stocks/ABBV
- Financials (this page): /stocks/ABBV/financials
- Thesis: /stocks/ABBV/thesis
- Investment Memo: /stocks/ABBV/memo
- Coverage universe: /stocks