Business overview
Business, headline metrics, from the 10-K
$61,160M
Revenue FY2025
+8.6% YoY
$15,837M
EBITDA
25.9% margin
$15,075M
Operating income
24.6% margin
$4,226M
Net income
6.9% margin
$2.36
Diluted EPS
-1.3% YoY
$17,816M
Free cash flow
112.5% of EBITDA
A global, diversified research-based biopharmaceutical company with leadership positions in immunology, neuroscience, oncology and aesthetics, incorporated in Delaware in 2012 and spun off from Abbott Laboratories in 2013, operating as a single global segment.
The immunology portfolio, anchored by Skyrizi and Rinvoq for conditions such as psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis, alongside the legacy biologic Humira, addresses autoimmune diseases across North America, the European Union and Japan. Neuroscience includes Vraylar for schizophrenia and bipolar disorder, Botox Therapeutic for migraine, and Vyalev and Duodopa for Parkinson's disease.
Company overview is an editorial rewrite of 10-K Item 1. AbbVie 10-K, accession 0001551152-26-000008.
Recent developments
Earnings releases and the executive summary
Key developments8-K Item 2.02, most recent first
2026-04-29First-quarter results
GAAP diluted EPS $0.39, down 45.8%; adjusted diluted EPS $2.65, up 7.7%.
2026-02-04Full-year results
GAAP diluted EPS $2.36, down 1.3%; adjusted diluted EPS $10.00, down 1.2%.
AbbVie enters mid-2026 with the top line clearly past the Humira cliff but GAAP earnings still depressed. Full-year 2025 revenue of $61,160M was the highest in the twelve-year series, above the prior 2022 peak of $58,054M and up from $56,334M in 2024, and gross margin recovered to 70.2% from 62.4% in 2023.
Profitability, however, has not followed: 2025 GAAP net income of $4,226M and diluted EPS of $2.36 sat below 2024's $4,278M and $2.39, and were roughly a third of the $11,836M and $6.63 earned in 2022, on a GAAP operating margin of 24.6% versus 31.2% in 2022.
Executive summary is authored and cited. AbbVie 10-K.
Historical financials
Five years, every figure cited
Five-year financials, $MFY2021 to FY2025
| Line | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|
| Revenue | 56,197 | 58,054 | 54,318 | 56,334 | 61,160 |
| EBITDA | 18,727 | 18,895 | 13,509 | 9,901 | 15,837 |
| Net income | 11,542 | 11,836 | 4,863 | 4,278 | 4,226 |
| Free cash flow | 21,990 | 24,248 | 22,062 | 17,832 | 17,816 |
Read-through
Revenue. FY2025 $61,160m, +8.6% Y/Y; five-year CAGR 2.1%.
EBITDA. $15,837m at a 25.9% margin, against 33.3% in FY2021.
Net income. $4,226m, -1.2% Y/Y, at a 6.9% net margin.
EPS. Diluted $2.36, -1.3% Y/Y; five-year CAGR -22.2%.
Cash. Operating cash flow $19,030m less capex $1,214m gives free cash flow of $17,816m, 112.5% of EBITDA.
Balance sheet. Net debt $61,745m, 3.90x EBITDA; interest cover 5.2x.
AbbVie 10-K. EBITDA is operating income plus depreciation and amortisation.
Intelligence OS
