AbbVie $ABBV

Company profile

AbbVie Inc., whose principal executive offices are in North Chicago, Illinois, describes itself in its annual report for fiscal 2025 (Form 10-K) as a global, diversified research-based biopharmaceutical company with a product portfolio that has leadership positions across immunology, neuroscience, oncology and aesthetics. It was incorporated in Delaware on April 10, 2012 and became an independent, publicly traded company on January 1, 2013, when Abbott Laboratories distributed all of AbbVie's common stock to Abbott's shareholders. AbbVie operates as a single global business segment, and it employed approximately 57,000 people in over 70 countries as of December 31, 2025 (10-K). Its common stock trades as ABBV.

For 2025 the consolidated statements of earnings report net revenues of $61,160 million, operating earnings of $15,075 million and net earnings attributable to AbbVie Inc. of $4,226 million, or $2.36 per diluted share. The 10-K says 2025 results included $7.4 billion of amortization of intangible assets and $6.5 billion for the change in fair value of contingent consideration liabilities. Cash flows from operating activities were $19,030 million. At December 31, 2025 total assets were $133,960 million and total stockholders' equity was a deficit of $3,270 million (10-K).

Two products drive much of the business. The 10-K says Skyrizi and Rinvoq each represented more than 10% of total net revenues and together approximately 42% in 2025; Skyrizi net revenues were $17,562 million and Rinvoq $8,304 million. Humira, which faces direct biosimilar competition globally, had net revenues of $4,540 million in 2025. The 10-K says the U.S. composition of matter patents covering risankizumab (Skyrizi) and upadacitinib (Rinvoq) are expected to expire in 2033, and that after a September 2025 settlement with generic manufacturers, assuming pediatric exclusivity is granted, no generic entry for Rinvoq tablets is expected in the U.S. before April 2037. Its pipeline included approximately 90 compounds, devices or indications in development (10-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), net revenues were $16,990 million for the second quarter and $31,992 million for the first six months, and net earnings attributable to AbbVie Inc. were $3,613 million for the quarter, or $2.03 per diluted share. AbbVie completed its acquisition of Apogee Therapeutics, Inc. on September 3, 2026, paying Apogee shareholders $135.11 per share in cash for a total equity value of approximately $10.9 billion, according to its press release of that date. After June 30, 2026 it entered into a $10.0 billion 364-day senior unsecured term loan facility in connection with the Apogee acquisition (10-Q), and on August 18, 2026 it completed an underwritten public offering of nine series of senior notes maturing from 2028 to 2066 (Form 8-K). In a Form 8-K filed October 5, 2026 it gave a full-year 2026 adjusted diluted earnings per share guidance range of $13.76 to $13.96 (a company projection, non-GAAP), including third-quarter acquired IPR&D and milestones expense of $216 million before tax.

Robert A. Michael is Chairman and Chief Executive Officer. The 10-K says he has been Chief Executive Officer since 2024 and Chairman since July 2025, when he succeeded Richard A. Gonzalez, and that Scott T. Reents is Executive Vice President, Chief Financial Officer. The 10-K also says that after December 31, 2025 AbbVie announced a voluntary agreement with the U.S. government under which it will provide low prices in Medicaid and expand direct-to-patient offerings, pledged $100 billion of U.S.-based research and development and capital investment over the next decade, and received a three-year exemption from tariffs and future price mandates.

Summary sources:¹²³⁴⁵

Revenue by fiscal year, as reported in 10-K

Segments and products

• One business segment, as filed: The 10-K says AbbVie operates as a single global business segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies, with the Chief Executive Officer as chief operating decision maker assessing performance on a global basis. Commercial efforts are organized by geographic region or therapeutic area. The 10-K breaks net revenues down by product and by geography, as shown below (10-K, Item 1 and Note 16).¹
• Immunology products, 2025: Net revenues as filed: Skyrizi (risankizumab, an IL-23 inhibitor) $17,562 million ($15,202 million U.S., $2,360 million international); Rinvoq (upadacitinib, an oral JAK inhibitor) $8,304 million ($5,940 million U.S., $2,364 million international); Humira (adalimumab) $4,540 million ($3,062 million U.S., $1,478 million international). The 10-K attributes the Humira decline to direct biosimilar competition following the loss of exclusivity (10-K).¹
• Neuroscience products, 2025: Net revenues as filed: Botox Therapeutic $3,769 million; Vraylar (cariprazine, for schizophrenia, bipolar disorder and as adjunctive treatment in major depressive disorder) $3,621 million; Ubrelvy (acute treatment of migraine) $1,271 million; Qulipta (preventive treatment of migraine) $1,036 million; Vyalev (advanced Parkinson's disease) $482 million; Duodopa $381 million; other neuroscience $207 million (10-K).¹
• Oncology products, 2025: Net revenues as filed: Imbruvica $2,869 million, made up of $2,048 million of U.S. product revenues and $821 million of collaboration revenues outside the U.S. related to AbbVie's 50% share of Imbruvica profit; Venclexta $2,792 million; Elahere $690 million; Epkinly $271 million; other oncology $33 million (10-K).¹
• Aesthetics products, 2025: The aesthetics portfolio consists of facial injectables, plastics and regenerative medicine, body contouring and skincare products. Net revenues as filed: Botox Cosmetic $2,602 million ($1,504 million U.S., $1,098 million international); Juvederm Collection $993 million; other aesthetics, including Alloderm, CoolSculpting, Natrelle, SkinMedica and Latisse, $1,265 million (10-K).¹
• Eye care and other key products, 2025: Net revenues as filed: Ozurdex $493 million; Lumigan/Ganfort $410 million; Alphagan/Combigan $197 million; other eye care $1,009 million; Creon (United States) $1,512 million; Mavyret $1,317 million; Linzess/Constella $907 million; all other $2,627 million (10-K).¹
• Revenue by geography, 2023 to 2025: United States net revenues were $46,603 million in 2025, $43,029 million in 2024 and $41,883 million in 2023; international net revenues were $14,557 million, $13,305 million and $12,435 million. In 2025 three wholesale distributors, McKesson, Cardinal Health and Cencora, accounted for substantially all of AbbVie's U.S. pharmaceutical product sales, and none accounted for more than 43% of its 2025 U.S. gross revenues (10-K).¹
• Portfolios in the second quarter of 2026: For the quarter ended June 30, 2026 AbbVie reported global net revenues of $8.786 billion from the immunology portfolio (Skyrizi $5.505 billion, Rinvoq $2.525 billion, Humira $756 million), $3.228 billion from neuroscience, $1.650 billion from oncology and $1.282 billion from aesthetics (press release dated July 31, 2026).⁶

Risks

• Reliance on Skyrizi and Rinvoq: The 10-K says a significant portion of revenues and operating earnings comes from two products, Skyrizi and Rinvoq, which together accounted for approximately 42% of total net revenues in 2025, and that its major products could lose patent protection earlier than expected (10-K, Item 1A).¹
• Loss of exclusivity, generics and biosimilars: AbbVie says the expiration or loss of patent protection is typically followed promptly by lower-priced generic or biosimilar substitutes that may significantly reduce sales of a product in a short amount of time. Humira faces direct biosimilar competition globally; its net revenues were $4,540 million in 2025 against $8,993 million in 2024 (10-K).¹
• Government price setting and pricing pressure: Under the Inflation Reduction Act, the government selected Imbruvica for government-set Medicare Part D prices beginning January 1, 2026, Vraylar and Linzess for prices beginning January 1, 2027, and Botox for Medicare Parts B and D prices beginning January 1, 2028. The 10-K says more products could be selected in future years, and that pharmacy benefit managers and other intermediaries exert significant influence over pricing and patient access (10-K, Items 1 and 1A).¹
• Debt and financing: The 10-K says the amount of debt AbbVie has incurred and intends to incur could require a portion of its operating cash flow to go to interest payments and reduce the cash available for capital expenditures and other purposes. At December 31, 2025 AbbVie had long-term debt and finance lease obligations of $58,941 million, a current portion of $6,056 million and short-term borrowings of $2,499 million (10-K, Item 1A and balance sheet).¹
• Intangible assets and goodwill: A significant amount of AbbVie's total assets is acquired intangibles and goodwill: at December 31, 2025 the carrying value of developed product rights and other intangible assets was $52.6 billion and of goodwill $35.6 billion. The 10-K says these balances are subject to impairment testing and may result in impairment charges (10-K, Item 1A).¹
• Research and development, acquisitions and collaborations: AbbVie says its research and development efforts may not succeed in producing products that can be commercialized, that part of its near-term pipeline relies on collaborations with third parties, and that acquisitions and licensing deals may not deliver the expected benefits and could bring significant expenses, debt and impairment charges (10-K, Item 1A).¹
• Trade policy and international business: The 10-K says tariffs and other changes in global trade policy could increase costs and disrupt supply chains, and that net revenues outside the U.S., approximately 24% of the total in 2025, are exposed to currency, pricing, regulatory and political risks (10-K, Item 1A).¹

Frequently asked questions

What does AbbVie do?

AbbVie is a research-based biopharmaceutical company that develops and sells medicines and other products in immunology (Skyrizi, Rinvoq, Humira), neuroscience (Vraylar, Botox Therapeutic, Ubrelvy, Qulipta), oncology (Imbruvica, Venclexta, Elahere, Epkinly), aesthetics (Botox Cosmetic, Juvederm) and eye care, according to its 10-K for 2025. It reports as a single global business segment.

How much revenue did AbbVie make in 2025?

Net revenues were $61,160 million in 2025, compared with $56,334 million in 2024, according to its 10-K. U.S. net revenues were $46,603 million and international net revenues $14,557 million. Net earnings attributable to AbbVie Inc. were $4,226 million, or $2.36 per diluted share.

What are AbbVie's best-selling products?

In 2025 its largest products by net revenues were Skyrizi ($17,562 million), Rinvoq ($8,304 million) and Humira ($4,540 million), followed by Botox Therapeutic ($3,769 million) and Vraylar ($3,621 million), according to its 10-K. Skyrizi and Rinvoq together accounted for approximately 42% of total net revenues.

What happened to Humira sales?

Humira faces direct biosimilar competition globally. Its net revenues were $14,404 million in 2023, $8,993 million in 2024 and $4,540 million in 2025, and the 10-K attributes the 2025 decline to direct biosimilar competition following the loss of exclusivity. In the quarter ended June 30, 2026 Humira net revenues were $756 million (10-Q).

What were AbbVie's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports net revenues of $16,990 million and net earnings attributable to AbbVie Inc. of $3,613 million, or $2.03 per diluted share. In its July 31, 2026 press release AbbVie reported adjusted diluted earnings per share, a non-GAAP measure, of $3.65 for the quarter.

What is AbbVie's 2026 guidance?

In a Form 8-K filed October 5, 2026, AbbVie gave a full-year 2026 adjusted diluted earnings per share guidance range of $13.76 to $13.96, a non-GAAP company projection that includes $216 million of third-quarter acquired IPR&D and milestones expense; AbbVie says it does not forecast acquired IPR&D and milestones expense. This is the company's own forecast, not a reported result.

Does AbbVie pay a dividend?

Yes. Cash dividends declared per common share totaled $6.65 in 2025, $6.29 in 2024 and $5.99 in 2023, according to its 10-K. On June 18, 2026 its board declared a quarterly dividend of $1.73 per share, payable on August 14, 2026 (10-Q). The 10-K says future dividends are at the board's discretion.

Does AbbVie buy back its own shares?

Yes. It repurchased 3 million shares for $606 million in 2025 (10-K) and 5 million shares for $1.1 billion in the six months ended June 30, 2026; its remaining repurchase authorization was approximately $1.8 billion at June 30, 2026 (10-Q).

Who runs AbbVie?

Robert A. Michael is Chairman and Chief Executive Officer; he has been Chief Executive Officer since 2024 and Chairman since July 2025, succeeding Richard A. Gonzalez as Chairman. Scott T. Reents is Executive Vice President, Chief Financial Officer (10-K for 2025).

When did AbbVie become a public company?

AbbVie became an independent, publicly traded company on January 1, 2013, when Abbott Laboratories distributed 100% of AbbVie's common stock to Abbott's shareholders, according to its 10-K.

What did AbbVie buy in 2026?

AbbVie completed its acquisition of Apogee Therapeutics, Inc. on September 3, 2026. Apogee shareholders received $135.11 per share in cash, for a total equity value of approximately $10.9 billion, according to AbbVie's press release of that date. Apogee's lead asset, zumilokibart, is a late-stage antibody targeting IL-13 in development for atopic dermatitis.

Sources

1. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-K for the fiscal year ended December 31, 2025, Feb 20, 2026
2. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Aug 3, 2026
3. AbbVie Inc. (SEC filing), AbbVie Inc. Form 8-K, Exhibit 99.1: press release dated September 3, 2026, AbbVie Completes Acquisition of Apogee Therapeutics, Sep 3, 2026
4. AbbVie Inc. (SEC filing), AbbVie Inc. Form 8-K, Item 8.01: completion of an underwritten public offering of senior notes on August 18, 2026, Aug 18, 2026
5. AbbVie Inc. (SEC filing), AbbVie Inc. Form 8-K, Item 2.02: 2026 guidance including the impact of third-quarter 2026 acquired IPR&D and milestones expense, dated October 5, 2026, Oct 5, 2026
6. AbbVie Inc. (SEC filing), AbbVie Inc. Form 8-K, Item 2.02, Exhibit 99.1: press release dated July 31, 2026, AbbVie Reports Second-Quarter 2026 Financial Results, Jul 31, 2026
7. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-K for the fiscal year ended December 31, 2021, Feb 18, 2022
8. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-K for the fiscal year ended December 31, 2022, Feb 17, 2023
9. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-K for the fiscal year ended December 31, 2023, Feb 20, 2024
10. AbbVie Inc. (SEC filing), AbbVie Inc. Form 10-K for the fiscal year ended December 31, 2024, Feb 14, 2025

Figures last checked against the sources above on Oct 13, 2026. General information, not investment advice.