AbbVie Inc. (ABBV) - Stock Research

Revenue by Segment

Segment	2020	2021	2022	2023	2024	% of Total
Skyrizi	$1.59B	$2.94B	$5.17B	$7.76B	$11.72B	21%
Humira	$19.83B	$20.69B	$21.24B	$14.40B	$8.99B	16%
Rinvoq	$731M	$1.65B	$2.52B	$3.97B	$5.97B	11%
Imbruvica	$5.31B	$5.41B	$4.57B	$3.60B	$3.35B	6%
Botox Therapeutic	$1.39B	$2.45B	$2.72B	$2.99B	$3.28B	6%

	1-Yr	4-Yr
Sales	3.6%	3.9%
Cash Flow	-17.8%	0.3%
Earnings	-12.1%	-3.2%
Dividends	4.5%	7.9%
Book Value	-67.9%	-29.9%

	1-Yr	4-Yr
ROIC	226.5%	163.9%
Gross Margin	70.0%	67.8%
FCF Yield	5.8%	8.6%
Buyback Yield	0.6%	0.6%

	Q1	Q2	Q3	Q4
2021	1.99	0.42	1.78	2.26
2022	2.51	0.52	2.21	1.39
2023	0.13	1.13	1.00	0.46
2024	0.77	0.76	0.88	-0.02
2025	0.72	0.52	0.10	—

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Financial data for ABBV from SEC EDGAR
Metric	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Earnings Power
Revenue	18.8B	20.0B	22.9B	25.6B	28.2B	32.8B	33.3B	45.8B	56.2B	58.1B	54.3B	56.3B	59.6B
Net Income	4.1B	1.8B	5.1B	6.0B	5.3B	5.7B	7.9B	4.6B	11.5B	11.8B	4.9B	4.3B	2.4B
Owner Earnings	5.7B	2.9B	6.8B	6.3B	9.2B	12.5B	12.4B	16.2B	21.3B	23.5B	21.3B	17.1B	19.2B
Non-Recurring	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
Gross Margin	75.6%	77.8%	80.3%	77.2%	75.0%	76.4%	77.6%	66.4%	69.0%	70.0%	62.4%	70.0%	0.0%
Op. Margin	30.1%	17.1%	33.0%	36.6%	33.8%	19.5%	39.0%	24.8%	31.9%	31.2%	23.5%	16.2%	15.2%
Net Margin	22.0%	8.9%	22.5%	23.2%	18.8%	17.4%	23.7%	10.1%	20.5%	20.4%	9.0%	7.6%	4.0%
Returns on Capital
ROE	91.9%	101.8%	130.4%	128.4%	104.2%	0.0%	0.0%	35.3%	74.9%	68.6%	46.9%	62.5%	0.0%
ROA	14.1%	6.4%	9.7%	9.0%	7.5%	9.6%	8.8%	3.1%	7.9%	8.5%	3.6%	3.2%	46.3%
ROIC	97.6%	146.6%	147.9%	102.1%	58.0%	415.3%	0.0%	118.0%	88.2%	130.9%	210.0%	226.5%	0.0%
Cash Flow
Free Cash Flow	5.8B	2.9B	7.0B	6.6B	9.4B	12.8B	12.8B	16.8B	22.0B	24.2B	22.1B	17.8B	19.7B
CapEx	491M	612M	532M	479M	529M	638M	552M	798M	787M	695M	777M	974M	1.2B
Maint. CapEx	388M	383M	417M	425M	425M	471M	464M	666M	803M	778M	752M	764M	764M
Growth CapEx	103M	229M	115M	54M	104M	167M	88M	132M	0	0	25M	210M	412M
CapEx/OCF	7.8%	17.2%	7.1%	6.8%	5.3%	4.8%	4.1%	4.5%	3.5%	2.8%	3.4%	5.2%	5.6%
D&A	388M	383M	417M	425M	425M	471M	464M	666M	803M	778M	752M	764M	764M
Capital Allocation
Op. Cash Flow	6.3B	3.5B	7.5B	7.0B	10.0B	13.4B	13.3B	17.6B	22.8B	24.9B	22.8B	18.8B	20.9B
Dividends Paid	2.6B	2.7B	3.3B	3.7B	4.1B	5.6B	6.4B	7.7B	9.3B	10.0B	10.5B	11.0B	11.5B
Share Buybacks	320M	652M	7.6B	6.0B	1.4B	12.0B	629M	978M	934M	1.5B	2.0B	1.7B	1.7B
Buyback Yield	0.6%	1.0%	12.0%	8.7%	1.3%	11.6%	0.6%	0.7%	0.5%	0.6%	0.8%	0.6%	0.4%
Debt Repayment	601M	17M	4.0B	6.0B	25M	6.0B	1.5B	5.7B	9.4B	14.4B	4.1B	9.6B	9.6B
Stock-Based Comp	212M	241M	282M	353M	365M	421M	430M	753M	692M	671M	747M	911M	911M
Balance Sheet
Total Assets	29.2B	27.5B	53.0B	66.1B	70.8B	59.4B	89.1B	150.6B	146.5B	138.8B	134.7B	135.2B	5.2B
Intangibles	8.2B	7.4B	32.9B	44.3B	43.3B	36.9B	34.3B	116.0B	108.3B	99.6B	87.9B	95.0B	95.0B
Total Liabilities	24.7B	25.8B	49.1B	61.5B	65.7B	67.8B	97.3B	137.5B	131.1B	121.6B	124.4B	131.8B	33.6B
Equity	4.5B	1.7B	3.9B	4.6B	5.1B	-8.4B	-8.2B	13.1B	15.4B	17.3B	10.4B	3.3B	-2.6B
Net Debt	-5.9B	-4.3B	-4.3B	2.3B	6.2B	10.1B	-36.2B	23M	2.7B	-5.1B	-5.6B	1.2B	101M
Long-Term Debt	3.5B	3.7B	3.7B	8.4B	15.6B	14.5B	3.8B	8.5B	12.5B	4.1B	7.2B	6.8B	N/A
Debt/Equity	0.88	2.36	1.04	1.88	3.14	N/A	N/A	0.65	0.81	0.24	0.69	2.05	0.00
Interest Coverage	20.4	8.7	11.0	9.7	9.5	5.6	8.6	5.0	7.5	8.9	7.6	4.2	4.2
Working Capital	11.0B	4.7B	5.4B	6.4B	4.6B	-294M	33.9B	-4.5B	-7.3B	-1.1B	-4.8B	-13.2B	-13.2B
Current Assets	17.8B	16.1B	16.3B	16.2B	21.2B	16.9B	49.5B	24.2B	27.9B	28.5B	33.0B	25.6B	25.6B
Current Liabilities	6.9B	11.4B	10.9B	9.8B	16.6B	17.2B	15.6B	28.7B	35.2B	29.5B	37.8B	38.7B	38.7B
Retained Earnings	1.6B	535M	2.2B	4.4B	5.5B	3.4B	4.7B	1.1B	3.1B	4.8B	-1.0B	-7.9B	-7.9B
Per Share Data
Avg. Price	26.40	34.64	40.14	40.63	52.18	70.12	58.90	72.51	94.58	129.82	134.71	167.47	223.26
EPS	2.56	1.10	3.13	3.63	3.30	3.66	5.28	2.72	6.45	6.63	2.72	2.39	1.32
Owner EPS	3.51	1.81	4.16	3.82	5.70	8.07	8.33	9.53	11.89	13.16	11.94	9.57	10.86
Book Value	2.79	1.08	2.40	2.83	3.17	-5.44	-5.47	7.71	8.61	9.66	5.79	1.86	-1.49
Cash Flow/Share	3.89	2.20	4.58	4.29	6.19	8.64	8.93	10.36	12.73	13.97	12.77	10.51	1.78
Dividends/Share	2.00	1.75	2.10	2.35	2.55	3.59	4.26	4.55	5.18	5.63	5.89	6.16	6.51
Shares Out.	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.7B	1.8B	1.8B	1.8B	1.8B	1.8B
Valuation
P/E Ratio	12.6	38.6	12.3	11.7	20.9	18.2	13.1	31.0	17.8	21.7	52.6	71.4	169.1
Price/Book	11.6	39.3	16.0	15.0	21.7	N/A	N/A	11.0	13.4	14.9	24.7	91.9	0.0
Price/Sales	2.3	2.8	2.9	2.6	3.0	3.3	2.6	2.7	3.0	4.0	4.4	5.3	6.6
EV/EBIT	8.1	18.8	7.8	7.6	12.3	17.8	5.1	12.6	11.6	13.9	19.6	33.6	43.7
FCF Yield	11.1%	4.3%	11.1%	9.5%	8.5%	12.3%	12.4%	11.7%	10.7%	9.4%	8.6%	5.8%	5.0%
Market Cap	52.0B	68.5B	63.2B	69.4B	110.9B	103.7B	103.0B	143.3B	205.7B	257.4B	255.8B	305.4B	394.6B
Year-End Price	32.26	42.45	38.45	42.33	68.91	66.71	69.00	84.45	114.97	144.19	143.10	170.62	223.26

AbbVie Inc.

Business Description

Revenue by Segment

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