AbbVie Inc. (ABBV) 10-Year Financial Performance & Capital Metrics

ABBV •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

AboutAbbVie Inc. discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection. It also provides CREON, a pancreatic enzyme therapy for exocrine pancreatic insufficiency; Synthroid used in the treatment of hypothyroidism; Linzess/Constella to treat irritable bowel syndrome with constipation and chronic idiopathic constipation; Lupron for the palliative treatment of advanced prostate cancer, endometriosis and central precocious puberty, and patients with anemia caused by uterine fibroids; and Botox therapeutic. In addition, the company offers ORILISSA, a nonpeptide small molecule gonadotropin-releasing hormone antagonist for women with moderate to severe endometriosis pain; Duopa and Duodopa, a levodopa-carbidopa intestinal gel to treat Parkinson's disease; Lumigan/Ganfort, a bimatoprost ophthalmic solution for the reduction of elevated intraocular pressure (IOP) in patients with open angle glaucoma (OAG) or ocular hypertension; Ubrelvy to treat migraine with or without aura in adults; Alphagan/ Combigan, an alpha-adrenergic receptor agonist for the reduction of IOP in patients with OAG; and Restasis, a calcineurin inhibitor immunosuppressant to increase tear production, as well as other eye care products. AbbVie Inc. has a research collaboration with Dragonfly Therapeutics, Inc. The company was incorporated in 2012 and is headquartered in North Chicago, Illinois.Show more

Revenue $56.33B +3.7%
EBITDA $17.52B -18.3%
Net Income $4.28B -12.0%
EPS (Diluted) 2.39 -12.1%
Gross Margin 69.99% +12.1%
EBITDA Margin 31.11% -21.2%
Operating Margin 16.22% -30.9%
Net Margin 7.59% -15.2%
ROE 62.18% +77.0%
ROIC 11.11% -24.5%
Debt/Equity 20.17 +248.8%
Interest Coverage 3.25 -43.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 56.5%
✓FCF machine: 31.7% free cash flow margin
✓12 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.1%
✓Healthy dividend yield of 2.7%

✗Weaknesses

✗High debt to equity ratio of 20.2x
✗Profits declining 11.5% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Expensive at 122.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.93%

5Y11.11%

3Y0.08%

TTM7.4%

Profit (Net Income) CAGR

10Y9.2%

5Y-11.5%

3Y-28.17%

TTM-53.38%

EPS CAGR

10Y8.07%

5Y-14.66%

3Y-28.17%

TTM-53.78%

ROCE

10Y Avg16.31%

5Y Avg13.05%

3Y Avg12.75%

Latest9.45%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.86B	25.64B	28.22B	32.75B	33.27B	45.8B	56.2B	58.05B	54.32B	56.33B
Revenue Growth %	14.52%	12.16%	10.06%	16.08%	1.57%	37.69%	22.69%	3.3%	-6.44%	3.71%
Cost of Goods Sold+	4.5B	5.83B	7.04B	7.72B	7.44B	15.39B	17.45B	17.41B	20.41B	16.9B
COGS % of Revenue	19.69%	22.75%	24.95%	23.56%	22.36%	33.59%	31.04%	30%	37.58%	30.01%
Gross Profit+	18.36B	19.8B	21.18B	25.04B	25.83B	30.42B	38.75B	40.64B	33.9B	39.43B
Gross Margin %	80.31%	77.25%	75.05%	76.44%	77.64%	66.41%	68.96%	70%	62.42%	69.99%
Gross Profit Growth %	18.19%	7.88%	6.92%	18.22%	3.16%	17.77%	27.4%	4.87%	-16.58%	16.3%
Operating Expenses+	10.82B	10.47B	11.63B	18.65B	12.84B	19.05B	20.83B	22.52B	21.15B	30.29B
OpEx % of Revenue	47.34%	40.82%	41.21%	56.95%	38.61%	41.6%	37.06%	38.8%	38.93%	53.77%
Selling, General & Admin	6.39B	5.88B	6.29B	7.4B	6.94B	11.3B	12.35B	15.26B	12.87B	14.75B
SG&A % of Revenue	27.94%	22.94%	22.31%	22.59%	20.87%	24.67%	21.97%	26.29%	23.7%	26.19%
Research & Development	4.43B	4.58B	5.33B	10.75B	6.79B	7.75B	8.05B	6.51B	7.67B	12.79B
R&D % of Revenue	19.4%	17.88%	18.9%	32.83%	20.42%	16.93%	14.32%	11.21%	14.13%	22.71%
Other Operating Expenses	0	0	0	500M	-890M	0	432M	753M	599M	2.75B
Operating Income+	7.54B	9.34B	9.54B	6.38B	12.98B	11.36B	17.92B	18.12B	12.76B	9.14B
Operating Margin %	32.97%	36.43%	33.83%	19.49%	39.03%	24.81%	31.89%	31.21%	23.49%	16.22%
Operating Income Growth %	120.96%	23.92%	2.19%	-33.13%	103.4%	-12.48%	57.74%	1.08%	-29.59%	-28.38%
EBITDA+	8.37B	10.53B	11.05B	8.15B	15B	17.83B	26.45B	26.58B	21.45B	17.52B
EBITDA Margin %	36.63%	41.07%	39.15%	24.88%	45.09%	38.94%	47.06%	45.79%	39.5%	31.11%
EBITDA Growth %	99.5%	25.75%	4.91%	-26.24%	84.09%	18.89%	48.28%	0.53%	-19.29%	-18.33%
D&A (Non-Cash Add-back)	836M	1.19B	1.5B	1.76B	2.02B	6.47B	8.52B	8.47B	8.7B	8.39B
EBIT	7.36B	8.93B	8.88B	6.54B	10.21B	5.85B	15.41B	15.71B	8.47B	6.52B
Net Interest Income+	-686M	-965M	-1B	-1.14B	-1.51B	-2.28B	-2.38B	-2.04B	-1.68B	-2.16B
Interest Income	33M	82M	146M	204M	275M	174M	39M	186M	540M	648M
Interest Expense	719M	1.05B	1.15B	1.35B	1.78B	2.45B	2.42B	2.23B	2.22B	2.81B
Other Income/Expense	-892M	-1.46B	-1.82B	-1.19B	-4.56B	-7.96B	-4.93B	-4.64B	-6.51B	-5.42B
Pretax Income+	6.64B	7.88B	7.73B	5.2B	8.43B	3.4B	12.99B	13.48B	6.25B	3.72B
Pretax Margin %	29.07%	30.75%	27.39%	15.87%	25.33%	7.42%	23.11%	23.21%	11.51%	6.6%
Income Tax+	1.5B	1.93B	2.42B	-490M	544M	-1.22B	1.44B	1.63B	1.38B	-570M
Effective Tax Rate %	77.41%	75.51%	68.71%	109.43%	93.54%	135.84%	88.86%	87.82%	77.81%	115.12%
Net Income+	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.54B	11.84B	4.86B	4.28B
Net Margin %	22.5%	23.22%	18.82%	17.36%	23.69%	10.08%	20.54%	20.39%	8.95%	7.59%
Net Income Growth %	189.97%	15.73%	-10.82%	7.12%	38.6%	-41.44%	150.04%	2.55%	-58.91%	-12.03%
Net Income (Continuing)	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.55B	11.85B	4.87B	4.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	21M	28M	33M	37M	39M
EPS (Diluted)+	3.13	3.63	3.30	3.68	5.28	2.72	6.45	6.63	2.72	2.39
EPS Growth %	184.55%	15.97%	-9.09%	11.52%	43.48%	-48.48%	137.13%	2.79%	-58.97%	-12.13%
EPS (Basic)	3.15	3.65	3.31	3.69	5.30	2.73	6.48	6.65	2.73	2.40
Diluted Shares Outstanding	1.64B	1.63B	1.6B	1.55B	1.48B	1.67B	1.78B	1.78B	1.77B	1.77B
Basic Shares Outstanding	1.63B	1.62B	1.6B	1.54B	1.48B	1.67B	1.77B	1.77B	1.77B	1.77B
Dividend Payout Ratio	64.04%	62.44%	77.36%	98.12%	80.77%	167.16%	80.24%	84.85%	216.72%	257.71%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	16.31B	16.19B	21.22B	16.95B	49.52B	24.17B	27.93B	28.46B	33B	25.58B
Cash & Short-Term Investments	8.41B	6.42B	9.79B	8.06B	39.92B	8.48B	9.83B	9.23B	12.82B	5.55B
Cash Only	8.4B	5.1B	9.3B	7.29B	39.92B	8.45B	9.75B	9.2B	12.81B	5.52B
Short-Term Investments	8M	1.32B	486M	772M	0	30M	84M	28M	2M	31M
Accounts Receivable	4.73B	4.76B	5.09B	5.38B	5.43B	8.82B	9.98B	11.25B	11.15B	10.92B
Days Sales Outstanding	75.53	67.74	65.82	60	59.56	70.3	64.8	70.76	74.96	70.75
Inventory	1.72B	1.44B	1.6B	1.6B	1.81B	3.31B	3.13B	3.58B	4.1B	4.18B
Days Inventory Outstanding	139.43	90.36	83.21	75.9	88.96	78.52	65.44	75.02	73.29	90.28
Other Current Assets	0	0	0	0	0	0	0	4.4B	4.93B	4.93B
Total Non-Current Assets+	36.74B	49.91B	49.56B	42.41B	39.6B	126.39B	118.6B	110.34B	101.71B	109.58B
Property, Plant & Equipment	2.56B	2.6B	2.8B	2.88B	2.96B	5.25B	5.11B	4.93B	4.99B	5.13B
Fixed Asset Turnover	8.91x	9.85x	10.07x	11.36x	11.23x	8.73x	11.00x	11.76x	10.89x	10.97x
Goodwill	13.17B	15.42B	15.79B	15.66B	15.6B	33.12B	32.38B	32.16B	32.29B	34.96B
Intangible Assets	19.71B	28.9B	27.56B	21.23B	18.65B	82.88B	75.95B	67.44B	55.61B	60.07B
Long-Term Investments	145M	1.78B	2.09B	1.42B	93M	293M	277M	241M	304M	279M
Other Non-Current Assets	1.15B	1.21B	1.33B	1.21B	2.29B	4.85B	4.88B	5.57B	8.51B	9.14B
Total Assets+	53.05B	66.1B	70.79B	59.35B	89.11B	150.56B	146.53B	138.81B	134.71B	135.16B
Asset Turnover	0.43x	0.39x	0.40x	0.55x	0.37x	0.30x	0.38x	0.42x	0.40x	0.42x
Asset Growth %	92.82%	24.6%	7.09%	-16.15%	50.15%	68.96%	-2.68%	-5.27%	-2.95%	0.33%
Total Current Liabilities+	10.89B	9.78B	16.64B	17.24B	15.59B	28.66B	35.19B	29.54B	37.84B	38.75B
Accounts Payable	1.6B	1.41B	1.47B	1.55B	1.45B	2.28B	2.88B	2.93B	3.69B	2.94B
Days Payables Outstanding	129.53	88.04	76.42	73.11	71.24	53.99	60.3	61.5	65.94	63.59
Short-Term Debt	2.43B	402M	6.42B	5.31B	3.75B	8.68B	12.67B	4.3B	7.19B	6.8B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	924M	1.03B	1.14B	1.61B	0	16.04B	17.85B	20.93B	25.16B	27.01B
Current Ratio	1.50x	1.65x	1.28x	0.98x	3.18x	0.84x	0.79x	0.96x	0.87x	0.66x
Quick Ratio	1.34x	1.51x	1.18x	0.89x	3.06x	0.73x	0.70x	0.84x	0.76x	0.55x
Cash Conversion Cycle	85.42	70.05	72.61	62.79	77.27	94.83	69.95	84.28	82.31	97.43
Total Non-Current Liabilities+	38.21B	51.68B	49.05B	50.56B	81.7B	108.81B	95.9B	91.98B	86.47B	93.05B
Long-Term Debt	29.24B	36.44B	30.95B	35B	62.98B	77.53B	64.16B	59.12B	52.17B	60.34B
Capital Lease Obligations	0	0	0	0	271M	853M	738M	771M	762M	720M
Deferred Tax Liabilities	6.18B	8.06B	5.17B	3.79B	3.9B	9.33B	8.98B	8.69B	8.63B	7.63B
Other Non-Current Liabilities	2.79B	7.19B	12.92B	11.76B	14.57B	21.09B	22.02B	23.4B	24.91B	24.38B
Total Liabilities	49.1B	61.46B	65.69B	67.8B	97.29B	137.47B	131.09B	121.52B	124.31B	131.8B
Total Debt+	31.67B	36.84B	37.37B	40.31B	67.09B	87.06B	77.58B	64.19B	60.12B	67.84B
Net Debt	23.27B	31.74B	28.07B	33.02B	27.16B	78.61B	67.83B	54.99B	47.31B	62.32B
Debt / Equity	8.03x	7.95x	7.33x	-	-	6.65x	5.03x	3.71x	5.78x	20.17x
Debt / EBITDA	3.78x	3.50x	3.38x	4.95x	4.47x	4.88x	2.93x	2.41x	2.80x	3.87x
Net Debt / EBITDA	2.78x	3.01x	2.54x	4.05x	1.81x	4.41x	2.56x	2.07x	2.20x	3.56x
Interest Coverage	10.48x	8.92x	8.30x	4.74x	7.28x	4.63x	7.40x	8.12x	5.74x	3.25x
Total Equity+	3.94B	4.64B	5.1B	-8.45B	-8.17B	13.1B	15.44B	17.29B	10.4B	3.36B
Equity Growth %	126.46%	17.52%	9.94%	-265.71%	3.24%	260.27%	17.86%	11.99%	-39.86%	-67.64%
Book Value per Share	2.41	2.84	3.18	-5.46	-5.51	7.83	8.69	9.72	5.86	1.90
Total Shareholders' Equity	3.94B	4.64B	5.1B	-8.45B	-8.17B	13.08B	15.41B	17.25B	10.36B	3.33B
Common Stock	17M	18M	18M	18M	18M	18M	18M	18M	18M	18M
Retained Earnings	2.25B	4.38B	5.46B	3.37B	4.72B	1.05B	3.13B	4.78B	-1B	-7.9B
Treasury Stock	-8.84B	-10.85B	-11.92B	-24.11B	-24.5B	-2.26B	-3.14B	-4.59B	-6.53B	-8.2B
Accumulated OCI	-2.56B	-2.59B	-2.73B	-2.48B	-3.6B	-3.12B	-2.9B	-2.2B	-2.31B	-1.93B
Minority Interest	0	0	0	0	0	21M	28M	33M	37M	39M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.54B	7.04B	9.96B	13.43B	13.32B	17.59B	22.78B	24.94B	22.84B	18.81B
Operating CF Margin %	32.96%	27.46%	35.3%	40.99%	40.05%	38.4%	40.53%	42.97%	42.05%	33.38%
Operating CF Growth %	112.31%	-6.56%	41.46%	34.81%	-0.77%	32%	29.5%	9.51%	-8.44%	-17.66%
Net Income	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.55B	11.85B	4.82B	4.29B
Depreciation & Amortization	836M	1.19B	1.5B	1.76B	2.02B	6.47B	8.52B	8.47B	8.7B	8.39B
Stock-Based Compensation	282M	353M	365M	421M	430M	753M	692M	671M	747M	911M
Deferred Taxes	0	298M	1.24B	424M	700M	-2.33B	-898M	-1.93B	-2.89B	-1.45B
Other Non-Cash Items	769M	937M	1.53B	6.26B	3.62B	7.96B	4.24B	6.15B	8.65B	9.45B
Working Capital Changes	504M	-1.69B	9M	-1.13B	-1.33B	106M	-1.32B	-258M	2.81B	-2.78B
Change in Receivables	-5.99B	-71M	-391M	-591M	-74M	-929M	-1.32B	-1.46B	66M	207M
Change in Inventory	-434M	-38M	93M	-226M	-231M	-40M	-142M	-686M	-417M	-319M
Change in Payables	1.5B	-1.19B	425M	190M	-1.12B	1.51B	1.63B	1.6B	3.84B	177M
Cash from Investing+	-12.94B	-6.07B	-274M	-1.01B	596M	-37.56B	-2.34B	-623M	-2.01B	-20.82B
Capital Expenditures	-532M	-479M	-529M	-638M	-552M	-798M	-787M	-695M	-777M	-974M
CapEx % of Revenue	2.33%	1.87%	1.87%	1.95%	1.66%	1.74%	1.4%	1.2%	1.43%	1.73%
Acquisitions	-12.45B	-2.76B	-308M	-736M	-1.14B	-39.61B	-1.9B	-794M	-1.22B	-17.49B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19M	118M	0	0	167M	1.39B	366M	774M	13M	-2.83B
Cash from Financing+	5.75B	-3.93B	-5.51B	-14.4B	18.71B	-11.5B	-19.04B	-24.8B	-17.22B	-5.21B
Debt Issued (Net)	16.62B	5.59B	-2M	3.23B	26.25B	-2.68B	-8.41B	-12.43B	-4.15B	7.35B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-3.29B	-3.72B	-4.11B	-5.58B	-6.37B	-7.72B	-9.26B	-10.04B	-10.54B	-11.03B
Share Repurchases	-7.59B	-6.03B	-1.41B	-12.01B	-629M	-978M	-934M	-1.49B	-1.97B	-1.71B
Other Financing	9M	228M	30M	-31M	-544M	-124M	-430M	-840M	-562M	172M
Net Change in Cash	51M	-3.3B	4.2B	-2.01B	32.63B	-31.48B	1.3B	-545M	3.61B	-7.29B
Free Cash Flow+	7B	6.56B	9.43B	12.79B	12.77B	16.79B	21.99B	24.25B	22.06B	17.83B
FCF Margin %	30.64%	25.59%	33.42%	39.05%	38.39%	36.66%	39.13%	41.77%	40.62%	31.65%
FCF Growth %	138.44%	-6.3%	43.72%	35.61%	-0.13%	31.46%	30.97%	10.27%	-9.02%	-19.17%
FCF per Share	4.28	4.02	5.88	8.27	8.61	10.04	12.37	13.64	12.44	10.06
FCF Conversion (FCF/Net Income)	1.46x	1.18x	1.88x	2.36x	1.69x	3.81x	1.97x	2.11x	4.70x	4.40x
Interest Paid	536M	986M	1.1B	1.22B	1.79B	2.62B	2.71B	2.55B	2.47B	2.81B
Taxes Paid	1.11B	3.56B	1.7B	-35M	1.45B	1.67B	3.65B	2.99B	4.7B	4.06B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	180.9%	138.75%	109.09%	-	-	187.45%	80.9%	72.34%	35.13%	62.18%
Return on Invested Capital (ROIC)	31.74%	22.03%	20.59%	16.58%	44.7%	15.4%	15.37%	17.47%	14.72%	11.11%
Gross Margin	80.31%	77.25%	75.05%	76.44%	77.64%	66.41%	68.96%	70%	62.42%	69.99%
Net Margin	22.5%	23.22%	18.82%	17.36%	23.69%	10.08%	20.54%	20.39%	8.95%	7.59%
Debt / Equity	8.03x	7.95x	7.33x	-	-	6.65x	5.03x	3.71x	5.78x	20.17x
Interest Coverage	10.48x	8.92x	8.30x	4.74x	7.28x	4.63x	7.40x	8.12x	5.74x	3.25x
FCF Conversion	1.46x	1.18x	1.88x	2.36x	1.69x	3.81x	1.97x	2.11x	4.70x	4.40x
Revenue Growth	14.52%	12.16%	10.06%	16.08%	1.57%	37.69%	22.69%	3.3%	-6.44%	3.71%

US Stock Screener

...

AbbVie Inc. (ABBV) 10-Year Financial Performance & Capital Metrics

ABBV •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

Revenue $56.33B +3.7%
EBITDA $17.52B -18.3%
Net Income $4.28B -12.0%
EPS (Diluted) 2.39 -12.1%
Gross Margin 69.99% +12.1%
EBITDA Margin 31.11% -21.2%
Operating Margin 16.22% -30.9%
Net Margin 7.59% -15.2%
ROE 62.18% +77.0%
ROIC 11.11% -24.5%
Debt/Equity 20.17 +248.8%
Interest Coverage 3.25 -43.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 56.5%
✓FCF machine: 31.7% free cash flow margin
✓12 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.1%
✓Healthy dividend yield of 2.7%

✗Weaknesses

✗High debt to equity ratio of 20.2x
✗Profits declining 11.5% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Expensive at 122.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.93%

5Y11.11%

3Y0.08%

TTM7.4%

Profit (Net Income) CAGR

10Y9.2%

5Y-11.5%

3Y-28.17%

TTM-53.38%

EPS CAGR

10Y8.07%

5Y-14.66%

3Y-28.17%

TTM-53.78%

ROCE

10Y Avg16.31%

5Y Avg13.05%

3Y Avg12.75%

Latest9.45%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.86B	25.64B	28.22B	32.75B	33.27B	45.8B	56.2B	58.05B	54.32B	56.33B
Revenue Growth %	14.52%	12.16%	10.06%	16.08%	1.57%	37.69%	22.69%	3.3%	-6.44%	3.71%
Cost of Goods Sold+	4.5B	5.83B	7.04B	7.72B	7.44B	15.39B	17.45B	17.41B	20.41B	16.9B
COGS % of Revenue	19.69%	22.75%	24.95%	23.56%	22.36%	33.59%	31.04%	30%	37.58%	30.01%
Gross Profit+	18.36B	19.8B	21.18B	25.04B	25.83B	30.42B	38.75B	40.64B	33.9B	39.43B
Gross Margin %	80.31%	77.25%	75.05%	76.44%	77.64%	66.41%	68.96%	70%	62.42%	69.99%
Gross Profit Growth %	18.19%	7.88%	6.92%	18.22%	3.16%	17.77%	27.4%	4.87%	-16.58%	16.3%
Operating Expenses+	10.82B	10.47B	11.63B	18.65B	12.84B	19.05B	20.83B	22.52B	21.15B	30.29B
OpEx % of Revenue	47.34%	40.82%	41.21%	56.95%	38.61%	41.6%	37.06%	38.8%	38.93%	53.77%
Selling, General & Admin	6.39B	5.88B	6.29B	7.4B	6.94B	11.3B	12.35B	15.26B	12.87B	14.75B
SG&A % of Revenue	27.94%	22.94%	22.31%	22.59%	20.87%	24.67%	21.97%	26.29%	23.7%	26.19%
Research & Development	4.43B	4.58B	5.33B	10.75B	6.79B	7.75B	8.05B	6.51B	7.67B	12.79B
R&D % of Revenue	19.4%	17.88%	18.9%	32.83%	20.42%	16.93%	14.32%	11.21%	14.13%	22.71%
Other Operating Expenses	0	0	0	500M	-890M	0	432M	753M	599M	2.75B
Operating Income+	7.54B	9.34B	9.54B	6.38B	12.98B	11.36B	17.92B	18.12B	12.76B	9.14B
Operating Margin %	32.97%	36.43%	33.83%	19.49%	39.03%	24.81%	31.89%	31.21%	23.49%	16.22%
Operating Income Growth %	120.96%	23.92%	2.19%	-33.13%	103.4%	-12.48%	57.74%	1.08%	-29.59%	-28.38%
EBITDA+	8.37B	10.53B	11.05B	8.15B	15B	17.83B	26.45B	26.58B	21.45B	17.52B
EBITDA Margin %	36.63%	41.07%	39.15%	24.88%	45.09%	38.94%	47.06%	45.79%	39.5%	31.11%
EBITDA Growth %	99.5%	25.75%	4.91%	-26.24%	84.09%	18.89%	48.28%	0.53%	-19.29%	-18.33%
D&A (Non-Cash Add-back)	836M	1.19B	1.5B	1.76B	2.02B	6.47B	8.52B	8.47B	8.7B	8.39B
EBIT	7.36B	8.93B	8.88B	6.54B	10.21B	5.85B	15.41B	15.71B	8.47B	6.52B
Net Interest Income+	-686M	-965M	-1B	-1.14B	-1.51B	-2.28B	-2.38B	-2.04B	-1.68B	-2.16B
Interest Income	33M	82M	146M	204M	275M	174M	39M	186M	540M	648M
Interest Expense	719M	1.05B	1.15B	1.35B	1.78B	2.45B	2.42B	2.23B	2.22B	2.81B
Other Income/Expense	-892M	-1.46B	-1.82B	-1.19B	-4.56B	-7.96B	-4.93B	-4.64B	-6.51B	-5.42B
Pretax Income+	6.64B	7.88B	7.73B	5.2B	8.43B	3.4B	12.99B	13.48B	6.25B	3.72B
Pretax Margin %	29.07%	30.75%	27.39%	15.87%	25.33%	7.42%	23.11%	23.21%	11.51%	6.6%
Income Tax+	1.5B	1.93B	2.42B	-490M	544M	-1.22B	1.44B	1.63B	1.38B	-570M
Effective Tax Rate %	77.41%	75.51%	68.71%	109.43%	93.54%	135.84%	88.86%	87.82%	77.81%	115.12%
Net Income+	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.54B	11.84B	4.86B	4.28B
Net Margin %	22.5%	23.22%	18.82%	17.36%	23.69%	10.08%	20.54%	20.39%	8.95%	7.59%
Net Income Growth %	189.97%	15.73%	-10.82%	7.12%	38.6%	-41.44%	150.04%	2.55%	-58.91%	-12.03%
Net Income (Continuing)	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.55B	11.85B	4.87B	4.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	21M	28M	33M	37M	39M
EPS (Diluted)+	3.13	3.63	3.30	3.68	5.28	2.72	6.45	6.63	2.72	2.39
EPS Growth %	184.55%	15.97%	-9.09%	11.52%	43.48%	-48.48%	137.13%	2.79%	-58.97%	-12.13%
EPS (Basic)	3.15	3.65	3.31	3.69	5.30	2.73	6.48	6.65	2.73	2.40
Diluted Shares Outstanding	1.64B	1.63B	1.6B	1.55B	1.48B	1.67B	1.78B	1.78B	1.77B	1.77B
Basic Shares Outstanding	1.63B	1.62B	1.6B	1.54B	1.48B	1.67B	1.77B	1.77B	1.77B	1.77B
Dividend Payout Ratio	64.04%	62.44%	77.36%	98.12%	80.77%	167.16%	80.24%	84.85%	216.72%	257.71%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	16.31B	16.19B	21.22B	16.95B	49.52B	24.17B	27.93B	28.46B	33B	25.58B
Cash & Short-Term Investments	8.41B	6.42B	9.79B	8.06B	39.92B	8.48B	9.83B	9.23B	12.82B	5.55B
Cash Only	8.4B	5.1B	9.3B	7.29B	39.92B	8.45B	9.75B	9.2B	12.81B	5.52B
Short-Term Investments	8M	1.32B	486M	772M	0	30M	84M	28M	2M	31M
Accounts Receivable	4.73B	4.76B	5.09B	5.38B	5.43B	8.82B	9.98B	11.25B	11.15B	10.92B
Days Sales Outstanding	75.53	67.74	65.82	60	59.56	70.3	64.8	70.76	74.96	70.75
Inventory	1.72B	1.44B	1.6B	1.6B	1.81B	3.31B	3.13B	3.58B	4.1B	4.18B
Days Inventory Outstanding	139.43	90.36	83.21	75.9	88.96	78.52	65.44	75.02	73.29	90.28
Other Current Assets	0	0	0	0	0	0	0	4.4B	4.93B	4.93B
Total Non-Current Assets+	36.74B	49.91B	49.56B	42.41B	39.6B	126.39B	118.6B	110.34B	101.71B	109.58B
Property, Plant & Equipment	2.56B	2.6B	2.8B	2.88B	2.96B	5.25B	5.11B	4.93B	4.99B	5.13B
Fixed Asset Turnover	8.91x	9.85x	10.07x	11.36x	11.23x	8.73x	11.00x	11.76x	10.89x	10.97x
Goodwill	13.17B	15.42B	15.79B	15.66B	15.6B	33.12B	32.38B	32.16B	32.29B	34.96B
Intangible Assets	19.71B	28.9B	27.56B	21.23B	18.65B	82.88B	75.95B	67.44B	55.61B	60.07B
Long-Term Investments	145M	1.78B	2.09B	1.42B	93M	293M	277M	241M	304M	279M
Other Non-Current Assets	1.15B	1.21B	1.33B	1.21B	2.29B	4.85B	4.88B	5.57B	8.51B	9.14B
Total Assets+	53.05B	66.1B	70.79B	59.35B	89.11B	150.56B	146.53B	138.81B	134.71B	135.16B
Asset Turnover	0.43x	0.39x	0.40x	0.55x	0.37x	0.30x	0.38x	0.42x	0.40x	0.42x
Asset Growth %	92.82%	24.6%	7.09%	-16.15%	50.15%	68.96%	-2.68%	-5.27%	-2.95%	0.33%
Total Current Liabilities+	10.89B	9.78B	16.64B	17.24B	15.59B	28.66B	35.19B	29.54B	37.84B	38.75B
Accounts Payable	1.6B	1.41B	1.47B	1.55B	1.45B	2.28B	2.88B	2.93B	3.69B	2.94B
Days Payables Outstanding	129.53	88.04	76.42	73.11	71.24	53.99	60.3	61.5	65.94	63.59
Short-Term Debt	2.43B	402M	6.42B	5.31B	3.75B	8.68B	12.67B	4.3B	7.19B	6.8B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	924M	1.03B	1.14B	1.61B	0	16.04B	17.85B	20.93B	25.16B	27.01B
Current Ratio	1.50x	1.65x	1.28x	0.98x	3.18x	0.84x	0.79x	0.96x	0.87x	0.66x
Quick Ratio	1.34x	1.51x	1.18x	0.89x	3.06x	0.73x	0.70x	0.84x	0.76x	0.55x
Cash Conversion Cycle	85.42	70.05	72.61	62.79	77.27	94.83	69.95	84.28	82.31	97.43
Total Non-Current Liabilities+	38.21B	51.68B	49.05B	50.56B	81.7B	108.81B	95.9B	91.98B	86.47B	93.05B
Long-Term Debt	29.24B	36.44B	30.95B	35B	62.98B	77.53B	64.16B	59.12B	52.17B	60.34B
Capital Lease Obligations	0	0	0	0	271M	853M	738M	771M	762M	720M
Deferred Tax Liabilities	6.18B	8.06B	5.17B	3.79B	3.9B	9.33B	8.98B	8.69B	8.63B	7.63B
Other Non-Current Liabilities	2.79B	7.19B	12.92B	11.76B	14.57B	21.09B	22.02B	23.4B	24.91B	24.38B
Total Liabilities	49.1B	61.46B	65.69B	67.8B	97.29B	137.47B	131.09B	121.52B	124.31B	131.8B
Total Debt+	31.67B	36.84B	37.37B	40.31B	67.09B	87.06B	77.58B	64.19B	60.12B	67.84B
Net Debt	23.27B	31.74B	28.07B	33.02B	27.16B	78.61B	67.83B	54.99B	47.31B	62.32B
Debt / Equity	8.03x	7.95x	7.33x	-	-	6.65x	5.03x	3.71x	5.78x	20.17x
Debt / EBITDA	3.78x	3.50x	3.38x	4.95x	4.47x	4.88x	2.93x	2.41x	2.80x	3.87x
Net Debt / EBITDA	2.78x	3.01x	2.54x	4.05x	1.81x	4.41x	2.56x	2.07x	2.20x	3.56x
Interest Coverage	10.48x	8.92x	8.30x	4.74x	7.28x	4.63x	7.40x	8.12x	5.74x	3.25x
Total Equity+	3.94B	4.64B	5.1B	-8.45B	-8.17B	13.1B	15.44B	17.29B	10.4B	3.36B
Equity Growth %	126.46%	17.52%	9.94%	-265.71%	3.24%	260.27%	17.86%	11.99%	-39.86%	-67.64%
Book Value per Share	2.41	2.84	3.18	-5.46	-5.51	7.83	8.69	9.72	5.86	1.90
Total Shareholders' Equity	3.94B	4.64B	5.1B	-8.45B	-8.17B	13.08B	15.41B	17.25B	10.36B	3.33B
Common Stock	17M	18M	18M	18M	18M	18M	18M	18M	18M	18M
Retained Earnings	2.25B	4.38B	5.46B	3.37B	4.72B	1.05B	3.13B	4.78B	-1B	-7.9B
Treasury Stock	-8.84B	-10.85B	-11.92B	-24.11B	-24.5B	-2.26B	-3.14B	-4.59B	-6.53B	-8.2B
Accumulated OCI	-2.56B	-2.59B	-2.73B	-2.48B	-3.6B	-3.12B	-2.9B	-2.2B	-2.31B	-1.93B
Minority Interest	0	0	0	0	0	21M	28M	33M	37M	39M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.54B	7.04B	9.96B	13.43B	13.32B	17.59B	22.78B	24.94B	22.84B	18.81B
Operating CF Margin %	32.96%	27.46%	35.3%	40.99%	40.05%	38.4%	40.53%	42.97%	42.05%	33.38%
Operating CF Growth %	112.31%	-6.56%	41.46%	34.81%	-0.77%	32%	29.5%	9.51%	-8.44%	-17.66%
Net Income	5.14B	5.95B	5.31B	5.69B	7.88B	4.62B	11.55B	11.85B	4.82B	4.29B
Depreciation & Amortization	836M	1.19B	1.5B	1.76B	2.02B	6.47B	8.52B	8.47B	8.7B	8.39B
Stock-Based Compensation	282M	353M	365M	421M	430M	753M	692M	671M	747M	911M
Deferred Taxes	0	298M	1.24B	424M	700M	-2.33B	-898M	-1.93B	-2.89B	-1.45B
Other Non-Cash Items	769M	937M	1.53B	6.26B	3.62B	7.96B	4.24B	6.15B	8.65B	9.45B
Working Capital Changes	504M	-1.69B	9M	-1.13B	-1.33B	106M	-1.32B	-258M	2.81B	-2.78B
Change in Receivables	-5.99B	-71M	-391M	-591M	-74M	-929M	-1.32B	-1.46B	66M	207M
Change in Inventory	-434M	-38M	93M	-226M	-231M	-40M	-142M	-686M	-417M	-319M
Change in Payables	1.5B	-1.19B	425M	190M	-1.12B	1.51B	1.63B	1.6B	3.84B	177M
Cash from Investing+	-12.94B	-6.07B	-274M	-1.01B	596M	-37.56B	-2.34B	-623M	-2.01B	-20.82B
Capital Expenditures	-532M	-479M	-529M	-638M	-552M	-798M	-787M	-695M	-777M	-974M
CapEx % of Revenue	2.33%	1.87%	1.87%	1.95%	1.66%	1.74%	1.4%	1.2%	1.43%	1.73%
Acquisitions	-12.45B	-2.76B	-308M	-736M	-1.14B	-39.61B	-1.9B	-794M	-1.22B	-17.49B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19M	118M	0	0	167M	1.39B	366M	774M	13M	-2.83B
Cash from Financing+	5.75B	-3.93B	-5.51B	-14.4B	18.71B	-11.5B	-19.04B	-24.8B	-17.22B	-5.21B
Debt Issued (Net)	16.62B	5.59B	-2M	3.23B	26.25B	-2.68B	-8.41B	-12.43B	-4.15B	7.35B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-3.29B	-3.72B	-4.11B	-5.58B	-6.37B	-7.72B	-9.26B	-10.04B	-10.54B	-11.03B
Share Repurchases	-7.59B	-6.03B	-1.41B	-12.01B	-629M	-978M	-934M	-1.49B	-1.97B	-1.71B
Other Financing	9M	228M	30M	-31M	-544M	-124M	-430M	-840M	-562M	172M
Net Change in Cash	51M	-3.3B	4.2B	-2.01B	32.63B	-31.48B	1.3B	-545M	3.61B	-7.29B
Free Cash Flow+	7B	6.56B	9.43B	12.79B	12.77B	16.79B	21.99B	24.25B	22.06B	17.83B
FCF Margin %	30.64%	25.59%	33.42%	39.05%	38.39%	36.66%	39.13%	41.77%	40.62%	31.65%
FCF Growth %	138.44%	-6.3%	43.72%	35.61%	-0.13%	31.46%	30.97%	10.27%	-9.02%	-19.17%
FCF per Share	4.28	4.02	5.88	8.27	8.61	10.04	12.37	13.64	12.44	10.06
FCF Conversion (FCF/Net Income)	1.46x	1.18x	1.88x	2.36x	1.69x	3.81x	1.97x	2.11x	4.70x	4.40x
Interest Paid	536M	986M	1.1B	1.22B	1.79B	2.62B	2.71B	2.55B	2.47B	2.81B
Taxes Paid	1.11B	3.56B	1.7B	-35M	1.45B	1.67B	3.65B	2.99B	4.7B	4.06B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	180.9%	138.75%	109.09%	-	-	187.45%	80.9%	72.34%	35.13%	62.18%
Return on Invested Capital (ROIC)	31.74%	22.03%	20.59%	16.58%	44.7%	15.4%	15.37%	17.47%	14.72%	11.11%
Gross Margin	80.31%	77.25%	75.05%	76.44%	77.64%	66.41%	68.96%	70%	62.42%	69.99%
Net Margin	22.5%	23.22%	18.82%	17.36%	23.69%	10.08%	20.54%	20.39%	8.95%	7.59%
Debt / Equity	8.03x	7.95x	7.33x	-	-	6.65x	5.03x	3.71x	5.78x	20.17x
Interest Coverage	10.48x	8.92x	8.30x	4.74x	7.28x	4.63x	7.40x	8.12x	5.74x	3.25x
FCF Conversion	1.46x	1.18x	1.88x	2.36x	1.69x	3.81x	1.97x	2.11x	4.70x	4.40x
Revenue Growth	14.52%	12.16%	10.06%	16.08%	1.57%	37.69%	22.69%	3.3%	-6.44%	3.71%

AbbVie Inc. (ABBV) 10-Year Financial Performance & Capital Metrics

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Growth Metrics

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Revenue History

Financial Ratios

AbbVie Inc. (ABBV) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ABBV vs Peers

vs AMGN

vs GILD

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios