Company file · ABBV
AbbVie
Skyrizi and Rinvoq more than made up for Humira's fall at AbbVie
The two newer immunology drugs brought in $17.6B and $8.3B in 2025, while Humira, facing biosimilar competition, fell 49.5% to $4.5B. Total revenue rose 8.6% to $61.2B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, AbbVie (NYSE: ABBV) took in $61.2B of net revenues (up 8.6% on fiscal 2024); net earnings to AbbVie was $4.2B (down 1.2%). The most recent quarter, ended Jun 30, 2026, brought net revenues of $17.0B, up 10.2% year over year, with net income of $3.6B. United States was the biggest single line by region: 76% of fiscal 2025 net revenues. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026).
Source: 10-K FY2025, filed Feb 20, 2026
Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 3, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
Skyrizi alone was 29% of 2025 revenue and Rinvoq 14%; Humira was down to 7%. About 76% of revenue came from the United States.
Source: 10-K FY2025
Largest products, FY2025
Share is of FY2025 net revenues; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
The bull case and the bear case
The bull case
- Skyrizi sales rose 49.9% in 2025 to $17.6B, and Rinvoq rose 39.1% to $8.3B. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $17.0B, up 10.2% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Botox Therapeutic sales grew 14.8% in 2025 to $3.8B. 10-K, FY2025
- Operating cash flow was $19.0B in 2025, well above net earnings of $4.2B. 10-K, FY2025
The bear case
- Net earnings were $4.2B in 2025, down 1.2%, on revenue of $61.2B. 10-K, FY2025
- Total debt was $70.8B at Jun 30, 2026, against cash of $6.6B. 10-Q, quarter ended Jun 30, 2026
- Imbruvica sales fell 14.3% in 2025, and Botox Cosmetic slipped 4.3%. 10-K, FY2025
- The 10-K warns that patent expiries, biosimilars and US drug-pricing rules could reduce sales of its key products. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
AbbVie develops and sells prescription medicines in immunology, oncology and neuroscience, along with aesthetics products such as Botox Cosmetic and Juvederm.
AbbVie runs one business, pharmaceutical products, and groups its medicines into immunology (Skyrizi, Rinvoq, Humira), oncology (Imbruvica, Venclexta and newer drugs), aesthetics (Botox Cosmetic, Juvederm), neuroscience (Botox Therapeutic, Vraylar and migraine drugs) and eye care.
Most US sales go through three large wholesalers. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in AbbVie's latest 10-K. Read the original for the full list.
- Patents and biosimilarsWhen patents expire, cheaper copies can take sales quickly, as happened with Humira.
- Pricing and payersGovernment price rules, cost-containment and pharmacy benefit managers can lower prices.
- Research and partnersDrug development is uncertain, and it relies on collaborations and acquisitions for new products.
- Manufacturing and supplyBiologics are complex to make, and some materials come from a single source.
- CompetitionRival medicines and new treatments compete in each of its areas.
- Debt and intangiblesLarge debt and big intangible assets from acquisitions could weigh on results if impaired.
- Trade, regulation and legalTariffs, international rules, product liability and government program rules are listed risks.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenues | $54.3B | $56.3B | $61.2B |
| Net earnings to AbbVie | $4.9B | $4.3B | $4.2B |
| Operating cash flow | $22.8B | $18.8B | $19.0B |
| Cash & equivalents (year end) | $12.8B | $5.5B | $5.2B |
| Total debt (year end) | $59.4B | $67.1B | $67.5B |
| Diluted shares | 1.77B | 1.77B | 1.77B |
- Net revenues: Sales of medicines and aesthetics products, net of rebates, chargebacks and returns.
- Net earnings to AbbVie: Net earnings attributable to AbbVie after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings plus current and long-term debt, including finance lease obligations, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Revenue outside the US adds up AbbVie's country-level figures and its “other countries” line.
- The product chart shows only the eight largest products, so it doesn't cover all revenue.
- Total debt includes finance lease obligations, as AbbVie tags them together with debt.
Recent filings
Latest filings
- Oct 154:00 PM ET
8-K
AbbVie files an 8-K on director or officer changes
AbbVie filed a Form 8-K on Oct 15, 2026 at 4:00 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
- Oct 54:07 PM ET
8-K
AbbVie files an 8-K on quarterly results
AbbVie filed a Form 8-K on Oct 5, 2026 at 4:07 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 25:00 PM ET
Form 4
AbbVie director Susan E. Quaggin reports an award of 59 stock Equivalent units
The filing reports 59 stock Equivalent units in a grant or award (code A).
- Oct 25:00 PM ET
Form 4
AbbVie director Edward J. Rapp reports an award of 129 stock Equivalent units
The filing reports 129 stock Equivalent units in a grant or award (code A).
Common questions about AbbVie
How does AbbVie make money?
In fiscal 2025, net revenues totaled $61.2B. Skyrizi alone was 29% of 2025 revenue and Rinvoq 14%; Humira was down to 7%. About 76% of revenue came from the United States. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What was AbbVie's revenue in fiscal 2025?
Net revenues came to $61.2B in the year ended Dec 31, 2025. Going back two years, it was $54.3B in fiscal 2023 and $56.3B in fiscal 2024, so the latest year was up 8.6%. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
Is AbbVie profitable?
Yes, by US accounting rules (GAAP): net earnings to AbbVie was $4.2B in fiscal 2025, down 1.2% from $4.3B a year earlier. For the quarter ended Jun 30, 2026, net income was $3.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What did AbbVie report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows net revenues of $17.0B, against $15.4B in the same quarter a year before (up 10.2%), and net income of $3.6B, against $938M (up 285.2%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026.
How much cash and debt does AbbVie have?
On Jun 30, 2026, cash and cash equivalents stood at $6.6B and total debt at $70.8B. Total debt here is short-term borrowings plus current and long-term debt, including finance lease obligations, at carrying value. Source: 10-Q filed Aug 3, 2026.
What are the main risks AbbVie lists?
Item 1A of the fiscal 2025 10-K (filed Feb 20, 2026) sets out the risks. Grouped, they fall into 7 areas: Patents and biosimilars; pricing and payers; research and partners; manufacturing and supply; competition; debt and intangibles; trade, regulation and legal. To start with the first: When patents expire, cheaper copies can take sales quickly, as happened with Humira. Source: 10-K, Item 1A Risk Factors.
Where do these AbbVie numbers come from?
Two filings AbbVie made with the SEC: its fiscal 2025 10-K, filed Feb 20, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in ABBV
- The editor holds no position in AbbVie (ABBV). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell ABBV from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold ABBV, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
| Johnson & JohnsonJNJ | FY2025 | $94.2B | +6.0% | $26.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.