Revenue growth remains resilient at 12.4% in 2026Q1, while the firm maintains structural pricing power with a 71.9% gross margin despite competitive biosimilar entry.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 62.82B | 61.16B | 56.33B | 54.32B | 58.05B | 56.2B | 45.8B | 33.27B | 32.75B | 28.22B | 25.64B | 22.86B | 19.96B | 18.79B | 18.38B | 17.44B | 15.64B |
| Revenue Growth % | 9.5% | 8.57% | 3.71% | -6.44% | 3.3% | 22.69% | 37.69% | 1.57% | 16.08% | 10.06% | 12.16% | 14.52% | 6.23% | 2.23% | 5.37% | 11.55% | - |
| Cost of Goods Sold | 18.42B | 18.2B | 16.9B | 20.41B | 17.41B | 17.45B | 15.39B | 7.44B | 7.72B | 7.04B | 5.83B | 4.5B | 4.43B | 4.58B | 4.51B | 4.64B | 4.29B |
| COGS % of Revenue | - | 29.76% | 30.01% | 37.58% | 30% | 31.04% | 33.59% | 22.36% | 23.56% | 24.95% | 22.75% | 19.69% | 22.17% | 24.38% | 24.53% | 26.59% | 27.45% |
| Gross Profit | 44.4B | 42.96B | 39.43B | 33.9B | 40.64B | 38.75B | 30.42B | 25.83B | 25.04B | 21.18B | 19.8B | 18.36B | 15.53B | 14.21B | 13.87B | 12.8B | 11.35B |
| Gross Margin % | 70.68% | 70.24% | 69.99% | 62.42% | 70% | 68.96% | 66.41% | 77.64% | 76.44% | 75.05% | 77.25% | 80.31% | 77.83% | 75.62% | 75.47% | 73.41% | 72.55% |
| Gross Profit Growth % | - | 8.94% | 16.3% | -16.58% | 4.87% | 27.4% | 17.77% | 3.16% | 18.22% | 6.92% | 7.88% | 18.19% | 9.33% | 2.43% | 8.33% | 12.87% | - |
| Operating Expenses | 27.06B | 22.86B | 30.29B | 21.15B | 22.52B | 20.83B | 19.05B | 12.84B | 18.65B | 11.63B | 10.47B | 10.82B | 12.12B | 8.54B | 8.05B | 9.19B | 6.63B |
| OpEx % of Revenue | - | 37.39% | 53.77% | 38.93% | 38.8% | 37.06% | 41.6% | 38.61% | 56.95% | 41.21% | 40.82% | 47.34% | 60.74% | 45.48% | 43.82% | 52.65% | 42.38% |
| Selling, General & Admin | 14.29B | 14.01B | 14.75B | 12.87B | 15.26B | 12.35B | 11.3B | 6.94B | 7.4B | 6.29B | 5.88B | 6.39B | 7.72B | 5.35B | 4.99B | 5.89B | 3.82B |
| SG&A % of Revenue | - | 22.91% | 26.19% | 23.7% | 26.29% | 21.97% | 24.67% | 20.87% | 22.59% | 22.31% | 22.94% | 27.94% | 38.7% | 28.48% | 27.14% | 33.79% | 24.43% |
| Research & Development | 9.5B | 9.1B | 12.79B | 7.67B | 6.51B | 8.05B | 7.75B | 6.79B | 10.75B | 5.33B | 4.58B | 4.43B | 3.65B | 3.19B | 3.07B | 3.29B | 2.81B |
| R&D % of Revenue | - | 14.87% | 22.71% | 14.13% | 11.21% | 14.32% | 16.93% | 20.42% | 32.83% | 18.9% | 17.88% | 19.4% | 18.28% | 16.99% | 16.68% | 18.87% | 17.96% |
| Other Operating Expenses | 1000K | -241M | 2.75B | 599M | 753M | 432M | 0 | -890M | 500M | 0 | 0 | 0 | 750M | 0 | 0 | 0 | 0 |
| Operating Income | 17.34B | 20.09B | 9.14B | 12.76B | 18.12B | 17.92B | 11.36B | 12.98B | 6.38B | 9.54B | 9.34B | 7.54B | 3.41B | 5.66B | 5.82B | 3.62B | 4.72B |
| Operating Margin % | 27.6% | 32.85% | 16.22% | 23.49% | 31.21% | 31.89% | 24.81% | 39.03% | 19.49% | 33.83% | 36.43% | 32.97% | 17.09% | 30.14% | 31.65% | 20.75% | 30.16% |
| Operating Income Growth % | - | 119.89% | -28.38% | -29.59% | 1.08% | 57.74% | -12.48% | 103.4% | -33.13% | 2.19% | 23.92% | 120.96% | -39.78% | -2.63% | 60.69% | -23.26% | - |
| EBITDA | 25.38B | 28.23B | 17.52B | 21.45B | 26.58B | 26.45B | 17.83B | 15B | 8.15B | 11.05B | 10.53B | 8.37B | 4.2B | 6.56B | 6.97B | 4.89B | 5.9B |
| EBITDA Margin % | 40.4% | 46.16% | 31.11% | 39.5% | 45.79% | 47.06% | 38.94% | 45.09% | 24.88% | 39.15% | 41.07% | 36.63% | 21.03% | 34.92% | 37.91% | 28.04% | 37.73% |
| EBITDA Growth % | 37.75% | 61.1% | -18.33% | -19.29% | 0.53% | 48.28% | 18.89% | 84.09% | -26.24% | 4.91% | 25.75% | 99.5% | -36.03% | -5.83% | 42.42% | -17.1% | - |
| D&A (Non-Cash Add-back) | 8.04B | 8.14B | 8.39B | 8.7B | 8.47B | 8.52B | 6.47B | 2.02B | 1.76B | 1.5B | 1.19B | 836M | 786M | 897M | 1.15B | 1.27B | 1.18B |
| EBIT | 8.88B | 9.49B | 6.52B | 8.47B | 15.71B | 15.41B | 5.85B | 10.21B | 6.54B | 8.88B | 8.93B | 7.36B | 2.8B | 5.63B | 5.83B | 3.67B | 4.84B |
| Net Interest Income | -2.65B | -2.63B | -2.16B | -1.68B | -2.04B | -2.38B | -2.28B | -1.51B | -1.14B | -1B | -965M | -686M | -391M | -278M | -84M | 20M | 28M |
| Interest Income | 265M | 266M | 648M | 540M | 186M | 39M | 174M | 275M | 204M | 146M | 82M | 33M | 38M | 21M | 20M | 20M | 28M |
| Interest Expense | 2.91B | 2.89B | 2.81B | 2.22B | 2.23B | 2.42B | 2.45B | 1.78B | 1.35B | 1.15B | 1.05B | 719M | 429M | 299M | 104M | 0 | 0 |
| Other Income/Expense | -11.37B | -13.49B | -5.42B | -6.51B | -4.64B | -4.93B | -7.96B | -4.56B | -1.19B | -1.82B | -1.46B | -892M | -1.04B | -332M | -92M | 48M | 119M |
| Pretax Income | 5.97B | 6.6B | 3.72B | 6.25B | 13.48B | 12.99B | 3.4B | 8.43B | 5.2B | 7.73B | 7.88B | 6.64B | 2.37B | 5.33B | 5.72B | 3.67B | 4.84B |
| Pretax Margin % | 9.51% | 10.79% | 6.6% | 11.51% | 23.21% | 23.11% | 7.42% | 25.33% | 15.87% | 27.39% | 30.75% | 29.07% | 11.87% | 28.38% | 31.15% | 21.03% | 30.92% |
| Income Tax | 2.33B | 2.36B | -570M | 1.38B | 1.63B | 1.44B | -1.22B | 544M | -490M | 2.42B | 1.93B | 1.5B | 595M | 1.2B | 450M | 235M | 658M |
| Effective Tax Rate % | 39.06% | 35.83% | -15.34% | 22.03% | 12.11% | 11.09% | -36.02% | 6.46% | -9.43% | 31.29% | 24.49% | 22.59% | 25.12% | 22.58% | 7.86% | 6.41% | 13.61% |
| Net Income | 3.64B | 4.23B | 4.28B | 4.86B | 11.84B | 11.54B | 4.62B | 7.88B | 5.69B | 5.31B | 5.95B | 5.14B | 1.77B | 4.13B | 5.28B | 3.43B | 4.18B |
| Net Margin % | 5.79% | 6.91% | 7.59% | 8.95% | 20.39% | 20.54% | 10.08% | 23.69% | 17.36% | 18.82% | 23.22% | 22.5% | 8.89% | 21.97% | 28.7% | 19.68% | 26.72% |
| Net Income Growth % | -13.25% | -1.22% | -12.03% | -58.91% | 2.55% | 150.04% | -41.44% | 38.6% | 7.12% | -10.82% | 15.73% | 189.97% | -57.03% | -21.74% | 53.66% | -17.83% | - |
| Net Income (Continuing) | 3.64B | 4.23B | 4.29B | 4.87B | 11.85B | 11.55B | 4.62B | 7.88B | 5.69B | 5.31B | 5.95B | 5.14B | 1.77B | 4.13B | 5.28B | 3.43B | 4.18B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 44M | 42M | 39M | 37M | 33M | 28M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.05 | 2.37 | 2.39 | 2.72 | 6.63 | 6.45 | 2.72 | 5.28 | 3.68 | 3.30 | 3.63 | 3.13 | 1.10 | 2.56 | 3.35 | 2.11 | 2.57 |
| EPS Growth % | -13.29% | -0.84% | -12.13% | -58.97% | 2.79% | 137.13% | -48.48% | 43.48% | 11.52% | -9.09% | 15.97% | 184.55% | -57.03% | -23.58% | 58.77% | -17.9% | - |
| EPS (Basic) | - | 2.37 | 2.40 | 2.73 | 6.65 | 6.48 | 2.73 | 5.30 | 3.69 | 3.31 | 3.65 | 3.15 | 1.11 | 2.58 | 3.35 | 2.12 | 2.59 |
| Diluted Shares Outstanding | 1.77B | 1.77B | 1.77B | 1.77B | 1.78B | 1.78B | 1.67B | 1.48B | 1.55B | 1.6B | 1.63B | 1.64B | 1.61B | 1.6B | 1.58B | 1.63B | 1.63B |
| Basic Shares Outstanding | 1.77B | 1.78B | 1.77B | 1.77B | 1.77B | 1.77B | 1.67B | 1.48B | 1.54B | 1.6B | 1.62B | 1.63B | 1.59B | 1.59B | 1.58B | 1.62B | 1.62B |
| Dividend Payout Ratio | - | 275.84% | 257.71% | 216.72% | 84.85% | 80.24% | 167.16% | 80.77% | 98.12% | 77.36% | 62.44% | 64.04% | 150% | 61.89% | - | - | - |
Pipeline Execution and IRA
As reported in recent financial statements, AbbVie achieved a 12.4% year-over-year revenue growth in 2026Q1, signaling that the company's strategic transition toward newer immunology assets is successfully offsetting the anticipated erosion from legacy Humira sales as the firm navigates its complex post-patent landscape.
The acceleration in top-line growth suggests that the company's 'indication expansion' strategy for Skyrizi and Rinvoq is gaining traction with prescribers. Investors should monitor whether this growth trajectory can be sustained without excessive reliance on aggressive rebate structures that could eventually compress net pricing.
Based on reported figures, AbbVie maintained a gross margin of 71.9% in 2026Q1, demonstrating that the firm retains significant pricing power despite the competitive entry of biosimilars and the ongoing shift in product mix toward newer, potentially lower-margin therapeutic categories within the immunology portfolio.
The consistency in gross margins appears to validate the company's ability to maintain formulary positioning for its core assets. However, the divergence between gross and net margins warrants further investigation, as it suggests that non-cash amortization charges continue to weigh heavily on the bottom line.
According to recent SEC filings, AbbVie's operating margin reached 31.6% in 2026Q1, reflecting a disciplined approach to managing SG&A expenses even as the company continues to invest heavily in R&D to secure future growth through its recent acquisitions of ImmunoGen and Cerevel Therapeutics.
The company appears to be successfully balancing the need for aggressive commercial investment with the requirement to scale operating income. Analysts should remain cautious, as the high fixed-cost base inherent in pharmaceutical R&D may limit the firm's ability to expand operating margins significantly in the near term.
As indicated by the 2026Q1 net margin of 4.7%, AbbVie's GAAP earnings are frequently impacted by significant non-cash charges, which may mask the underlying cash-generating capacity of the business and complicate direct comparisons with peers who have less intensive M&A-related intangible asset amortization.
The volatility in net income, highlighted by the sharp decline in EPS growth, suggests that investors should focus on adjusted metrics to gauge true operational performance. The recurring nature of these non-cash charges implies that GAAP net income may continue to understate the company's actual dividend-paying capacity.
Based on an analysis of recent income statements, the primary risk to AbbVie's narrative is the potential for structural margin compression driven by the Inflation Reduction Act, which may force price concessions on top-selling drugs and challenge the long-term terminal value of the oncology portfolio.
Short-term growth in revenue may be masking underlying pressures from pharmacy benefit manager negotiations that are not fully transparent in the current reporting. Investors should monitor whether the company's reliance on bundle contracting remains a sustainable strategy in an increasingly scrutinized regulatory environment.
Quick answers to the most common questions about buying ABBV stock.
For fiscal year 2025, AbbVie Inc. (ABBV) reported total revenue of $61.16B. This represents a 291.1% increase compared to $15.64B in 2010.
AbbVie Inc. (ABBV) is profitable, generating $4.23B in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
AbbVie Inc. (ABBV) reported an operating income of $20.09B, resulting in an operating profit margin of 32.8%. This margin reflects the operational efficiency of the business before interest and taxes.
AbbVie Inc. (ABBV) generated $42.96B in gross profit for the year, representing a gross profit margin of 70.2%. This demonstrates the company's core pricing power and production efficiency.