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AbbVie (ABBV) stock

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NYSE: ABBV NYSE Biotechnology

B Fundamentals grade

AbbVie is a research-based biopharmaceutical company that develops and markets prescription medicines for complex, serious diseases. Its products span immunology (Skyrizi, Rinvoq and Humira), neuroscience (Vraylar, Botox Therapeutic, Ubrelvy and Vyalev), oncology (Imbruvica, Venclexta and Elahere), aesthetics (Botox Cosmetic and the Juvederm dermal fillers), eye care (Ozurdex, Lumigan) and other areas including hepatitis C (Mavyret).

Most of its medicines require a prescription, so AbbVie markets to physicians and other health professionals, while managed-care organisations, hospitals and government agencies such as Medicaid and the Department of Veterans Affairs are also important customers. Revenue comes mainly from product sales to wholesalers, distributors, specialty pharmacies and retailers, plus licensing fees and royalties; aesthetic products are also sold directly to physicians. In 2025, three US wholesalers — McKesson, Cardinal Health and Cencora — handled substantially all of its American pharmaceutical sales.

AbbVie runs as a single global business segment, with commercial teams organised by region or therapeutic area, and sells across North America, the European Union, Japan and numerous other markets. It became an independent public company in January 2013, when Abbott Laboratories distributed its entire shareholding to Abbott's shareholders.

Based on AbbVie's 10-K filed February 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$170–$330 across our lower- and higher-growth cases (2.6%–12.6% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 20% above our base value.

Price used: $288.84, November 2, 2026

AbbVie valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter AbbVie files

Where AbbVie stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $64.4bn, up 10.4% on a year earlier, faster than 9.5% a quarter earlier. That growth ranks 2 of 8 among the biotechnology companies we cover. Free-cash-flow margin fell to 28.3% from 31.3% a year earlier. Operating margin widened to 26.2% from 18.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $208 a share, against a share price of $289. At that price, our model says the market is pricing in about 12.8% a year of cash-flow growth for five years, faster than the 2.8% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

AbbVie's trailing-twelve-month revenue grew 10.4% year on year, with a free-cash-flow margin of 28.3%. Where it stands out: stock pay as % of revenue of 1.5% ranks 8 of 179 biotechnology companies we cover. Where it lags: long-term debt as % of assets of 46.2% ranks 68 of 78 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$170–$330 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 0.2% while net income grew 67.7%: a 68pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 26.2% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 7.4 points on a year ago.
  • Strong cash generation. 28.3% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.

Things to watch

  • High earnings multiple. The shares trade at 81 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 3 insiders sold $19M of stock over the past 365 days and none bought (50% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 46.2% ranks 68 of 78 biotechnology companies we cover (median 20.6%).

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
$3.82 against an average estimate of $3.77: beat by 1.3%
Revenue
$16.99bn, up 10.2% on a year earlier
Share reaction
-0.7% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Guidance given
adjusted Diluted EPS $13.95 to $13.99 (full year 2026)
Next report
October 30, 2026; average EPS estimate $3.89

AbbVie's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.1%
  • 1 week+0.7%
  • 1 month+10.6%
  • This year+30.2%
  • 1 year+36.4%
  • 5 years+193.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$64.4B
Operating margin
26.2%
Net margin
9.8%
EPS (TTM, diluted)
$3.56

Growth

Revenue growth
+10.4%
Change in growth rate
+0.9 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
$18.2B
FCF margin
28.3%
Stock pay % of revenue
1.5%

Earnings

Last results
October 30, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Partnership
  2. Leadership
  3. Results
  4. Guidance
  5. Announcement
  6. Announcement
  7. Regulatory
  8. Partnership
  9. Regulatory
  10. Results
  11. Announcement
  12. Partnership
  13. Announcement
  14. Announcement
  15. Leadership
  16. Results
  17. Announcement
  18. Announcement
  19. Insider trade
  20. Announcement
  21. Results
  22. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AbbVie valuation models and calculator

What the price is pricing in

The share price implies about 10.9% a year of cash-flow growth for five years.That is faster than the 2.8% a year revenue growth AbbVie has delivered.

  • Priced in10.9%
  • Last 12 months10.4%
  • 3 years a year4.7%
  • 5 years a year2.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($289.14, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$240
Price used
$289.14close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of AbbVie's free cash flow after stock-based pay with after-tax interest added back ($21B, FY2026 Q2 TTM), growing 9% and 8% in the next two years (forecasts, guidance and its record), then back to 7.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$330 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of AbbVie's free cash flow after stock-based pay ( $21B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value AbbVie as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.76 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$170–$330 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$180–$380 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$230 ~$200–$240 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AbbVie with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −10%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $134$196$277$384$523$704
8.5% $94$139$197$274$373$501
10% $70$104$149$208$284$381

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$37.95$41.67$66.70$66.06$67.03$85.61$113.37$140.59$140.26$166.71$221.85$288.84
Market value$62.1bn$68.0bn$106.9bn$102.1bn$99.5bn$143.2bn$201.5bn$250.0bn$248.7bn$295.6bn$393.3bn$512.3bn
+ Net debt (− = net cash)$23.3bn$31.7bn$28.1bn$33.0bn$27.3bn$77.6bn$66.9bn$54.1bn$46.6bn$61.6bn$62.3bn$64.3bn
Enterprise value$85.4bn$99.7bn$135.0bn$135.1bn$126.8bn$220.8bn$268.4bn$304.0bn$295.2bn$357.2bn$455.6bn$576.5bn
Multiples
Price / sales 2.7x2.7x3.8x3.1x3.0x3.1x3.6x4.3x4.6x5.2x6.4x8.0x
Price / earnings 12.1x11.4x20.1x18.0x12.6x31.0x17.5x21.1x51.1x69.1x93.1x81.2x
Price / free cash flow 8.9x10.4x11.3x8.0x7.8x8.5x9.2x10.3x11.3x16.6x22.1x28.1x
EV / EBITDA 10.7x10.2x13.5x19.7x9.4x18.4x14.3x16.1x21.9x36.1x28.8x32.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

88 /100

Strong moat

How hard AbbVie's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 21.0% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 71.2%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 29.6%; its worst year was 18.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.7% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.3% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (93 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.95 +40% $67.6bn +11%
Next $16.20 +16% $73.5bn +9%

Next year's EPS estimate has moved −0.8% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.4% on 90 days ago. In the last 30 days, 0 analysts raised AbbVie's forecast and 10 cut it.

Consensus EPS forecast AbbVie, last 90 days
$13.00 $14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.14 Current fiscal year, 60 days ago: $14.01 Current fiscal year, 30 days ago: $14.01 Current fiscal year, 7 days ago: $13.96 Current fiscal year, Now: $13.95 $13.95 Next fiscal year, 90 days ago: $16.33 Next fiscal year, 60 days ago: $16.28 Next fiscal year, 30 days ago: $16.26 Next fiscal year, 7 days ago: $16.19 Next fiscal year, Now: $16.20 $16.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.14$16.33
60 days ago $14.01$16.28
30 days ago $14.01$16.26
7 days ago $13.96$16.19
Now $13.95$16.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.77 $3.82 +1.3%
Jun 2026 $3.61 $3.65 +1.1%
Mar 2026 $2.67 $2.65 −0.8%
Dec 2025 $2.65 $2.71 +2.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026
  • Adjusted Diluted EPS full year 2026 $13.95 to $13.99 Non-GAAP Raised
    “AbbVie is raising its adjusted diluted EPS guidance for the full year 2026 from $13.76 - $13.96 to $13.95 - $13.99, which includes an unfavorable impact of $0.69 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows AbbVie's revenue by +9.0% next year and +8.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.7%, weight 70%) and the company's own record (+7.6%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy2379%
Hold517%
Sell13%

Monthly trend

  1. Oct 2026716529
  2. Sep 2026816530
  3. Aug 2026817531
  4. Jul 2026816631

Counts of recommendations published by analysts covering AbbVie, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
3.22
at average volume
Short interest, 1 month
−20%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
0.1%
of shares
Employees
57,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +36.4%

$211.70 on October 31, 2025 to $288.84

ThenNowEffect
Revenue (last 12 months) $58.3bn $64.4bn +10.4%
Net margin 6.5% 9.8% +51.9%
P/E multiple 99.7x 81.2x −18.6%
Share count 1773m 1774m 0.0%

Biggest factor: net margin.

Last 3 years +125.7%

$127.99 on November 3, 2023 to $288.84

ThenNowEffect
Revenue (last 12 months) $56.0bn $64.4bn +14.9%
Net margin 15.5% 9.8% −36.8%
P/E multiple 26.2x 81.2x +210.1%
Share count 1776m 1774m +0.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ABBV+32%+24%−0%+19%+33%+30%
Industry peers (median)−36%−57%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ABBV75%67%50%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ABBV−12%−22%−20%−19%−21%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from January 26, 2018 to August 15, 2019. Getting back needed a 82% gain, reached on December 4, 2020, 477 days after the low.

Price behaviour

52-week range
$194.79 – $294.89
From 52-week high
−2.1%
vs 50-day average
+7.5%
vs 200-day average
+23.1%
Volatility (1 year)
26%
Beta vs S&P 500
-0.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±2.9%
After a week
4 up, 7 down
typical move ±3.3%
After a month
6 up, 4 down
typical move ±4.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 −0.7% −2.2% — —
October 5, 2026 +1.5% +1.2% +7.0% —
July 31, 2026 −4.8% +2.2% −4.4% −0.4%
July 6, 2026 −2.5% +0.4% −5.0% −6.0%
April 29, 2026 +6.9% +1.0% +3.7% +10.1%
April 3, 2026 −1.0% +0.5% −0.4% +0.5%
February 4, 2026 −2.9% −1.7% −2.1% +2.0%
January 7, 2026 +0.1% −0.3% −0.9% +0.6%
October 31, 2025 −7.1% +0.5% −4.0% −1.7%
October 3, 2025 −2.7% +0.4% −2.6% −9.8%
July 31, 2025 +3.1% −2.0% +5.0% +11.1%
July 3, 2025 −1.6% 0.0% +0.9% +4.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How AbbVie’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.48× the last 60 days’ realised volatility .
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ABBV AbbVie Grade B $289.31

Own 100 shares, sell the $295 call expiring November 27, 2026 (25 days) for $5.45 a share — $545 per contract.

Previous session · Bid $5.45, ask $7.05, quoted Mon 2 Nov, 17:13 New York time with ABBV at $289.31. Option prices move with the shares: check the live chain at your broker before trading.

  • If ABBV ends below $295: you keep your shares and the $545 — 1.9% extra on the position, 27.5% a year at that pace.
  • If it ends above $295: your shares are sold at $295, a total return of 3.9% including the premium — at or above our value of ~$240.
$1.1k $0 −$5.7k Our value $240 Break-even $283.86 Price $289.31
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$545
Annualised
27.5%
Break-even
$283.86
Max gain
$1,114.01
Chance of selling
~44%

Collar

Own the shares, buy the $280 put and sell the $295 call, both expiring November 27, 2026 (25 days).

  • Net credit of $0.25 a share ($25.00 per contract of 100 shares).
  • Worst case at expiry: -3.1%, if the shares fall below $280 (-3.2% from today).
  • Best case at expiry: +2.1%, if the shares rise above $295 (+2.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $240: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

AbbVie in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AbbVie
$50B $55B $60B $65B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $55.1B Revenue (TTM), FY23 Q4: $54.3B Revenue (TTM), FY24 Q1: $54.4B Revenue (TTM), FY24 Q2: $55B Revenue (TTM), FY24 Q3: $55.5B Revenue (TTM), FY24 Q4: $56.3B Revenue (TTM), FY25 Q1: $57.4B Revenue (TTM), FY25 Q2: $58.3B Revenue (TTM), FY25 Q3: $59.6B Revenue (TTM), FY25 Q4: $61.2B Revenue (TTM), FY26 Q1: $62.8B Revenue (TTM), FY26 Q2: $64.4B $64.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $55.1B
FY23 Q4 $54.3B
FY24 Q1 $54.4B
FY24 Q2 $55B
FY24 Q3 $55.5B
FY24 Q4 $56.3B
FY25 Q1 $57.4B
FY25 Q2 $58.3B
FY25 Q3 $59.6B
FY25 Q4 $61.2B
FY26 Q1 $62.8B
FY26 Q2 $64.4B
Revenue growth, TTM YoY AbbVie
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.6% Revenue growth, TTM YoY, FY23 Q4: -6.4% Revenue growth, TTM YoY, FY24 Q1: -4.1% Revenue growth, TTM YoY, FY24 Q2: -1.8% Revenue growth, TTM YoY, FY24 Q3: 0.7% Revenue growth, TTM YoY, FY24 Q4: 3.7% Revenue growth, TTM YoY, FY25 Q1: 5.4% Revenue growth, TTM YoY, FY25 Q2: 6.1% Revenue growth, TTM YoY, FY25 Q3: 7.4% Revenue growth, TTM YoY, FY25 Q4: 8.6% Revenue growth, TTM YoY, FY26 Q1: 9.5% Revenue growth, TTM YoY, FY26 Q2: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.6%
FY23 Q4 -6.4%
FY24 Q1 -4.1%
FY24 Q2 -1.8%
FY24 Q3 0.7%
FY24 Q4 3.7%
FY25 Q1 5.4%
FY25 Q2 6.1%
FY25 Q3 7.4%
FY25 Q4 8.6%
FY26 Q1 9.5%
FY26 Q2 10.4%
Operating margin (TTM) AbbVie
15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 27.3% Operating margin (TTM), FY23 Q4: 23.5% Operating margin (TTM), FY24 Q1: 23.5% Operating margin (TTM), FY24 Q2: 22.3% Operating margin (TTM), FY24 Q3: 24.9% Operating margin (TTM), FY24 Q4: 16.2% Operating margin (TTM), FY25 Q1: 17.6% Operating margin (TTM), FY25 Q2: 18.8% Operating margin (TTM), FY25 Q3: 15.2% Operating margin (TTM), FY25 Q4: 24.6% Operating margin (TTM), FY26 Q1: 24.4% Operating margin (TTM), FY26 Q2: 26.2% 26.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 27.3%
FY23 Q4 23.5%
FY24 Q1 23.5%
FY24 Q2 22.3%
FY24 Q3 24.9%
FY24 Q4 16.2%
FY25 Q1 17.6%
FY25 Q2 18.8%
FY25 Q3 15.2%
FY25 Q4 24.6%
FY26 Q1 24.4%
FY26 Q2 26.2%
FCF margin (TTM) AbbVie
25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 44.8% FCF margin (TTM), FY23 Q4: 40.6% FCF margin (TTM), FY24 Q1: 40.2% FCF margin (TTM), FY24 Q2: 32.3% FCF margin (TTM), FY24 Q3: 28.1% FCF margin (TTM), FY24 Q4: 31.7% FCF margin (TTM), FY25 Q1: 26.8% FCF margin (TTM), FY25 Q2: 31.3% FCF margin (TTM), FY25 Q3: 33.0% FCF margin (TTM), FY25 Q4: 29.1% FCF margin (TTM), FY26 Q1: 31.8% FCF margin (TTM), FY26 Q2: 28.3% 28.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 44.8%
FY23 Q4 40.6%
FY24 Q1 40.2%
FY24 Q2 32.3%
FY24 Q3 28.1%
FY24 Q4 31.7%
FY25 Q1 26.8%
FY25 Q2 31.3%
FY25 Q3 33.0%
FY25 Q4 29.1%
FY26 Q1 31.8%
FY26 Q2 28.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar AbbVie took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $61.2B
  2. Cost of revenue $18.2B · 29.8%
  3. Gross profit $43B · 70.2%
  4. Research and development $9.1B · 14.9%
  5. Selling, general and admin $14B · 22.9%
  6. Other operating costs $4.8B · 7.8%
  7. Operating income $15.1B · 24.6%
  8. Income tax $2.4B · 3.9%
  9. Interest and other $8.5B · 13.9%
  10. Net income $4.2B · 6.9%

Shares of revenue. Source: AbbVie's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 17.4 18.4 18.8 20.0 22.9 25.6 28.2 32.8 33.3 45.8 56.2 58.1 54.3 56.3 61.2 64.4
Gross profit — — — — — 19.8 21.2 25.0 25.8 30.4 38.8 40.6 33.9 39.4 43.0 46.0
EBITDA 4.1 6.3 6.1 3.8 8.0 9.8 10.0 6.9 13.4 12.0 18.7 18.9 13.5 9.9 15.8 17.6
Operating income 3.6 5.8 5.7 3.4 7.5 9.3 9.5 6.4 13.0 11.4 17.9 18.1 12.8 9.1 15.1 16.9
Net income 3.4 5.3 4.1 1.8 5.1 6.0 5.3 5.7 7.9 4.6 11.5 11.8 4.9 4.3 4.2 6.3
Diluted EPS $2.18 $3.35 $2.56 $1.10 $3.13 $3.63 $3.30 $3.66 $5.28 $2.72 $6.45 $6.63 $2.72 $2.39 $2.36 $3.56
Growth (year on year)
Revenue — +5.4% +2.2% +6.2% +14.5% +12.2% +10.1% +16.1% +1.6% +37.7% +22.7% +3.3% −6.4% +3.7% +8.6% +10.4%
EBITDA — +53.6% −4.6% −37.3% +109.6% +22.8% +2.1% −31.3% +96.2% −10.5% +55.7% +0.9% −28.5% −26.7% +60.0% +50.4%
Operating income — +60.7% −2.6% −39.8% +121.0% +23.9% +2.2% −33.1% +103.4% −12.5% +57.7% +1.1% −29.6% −28.4% +65.0% +53.8%
Net income — +53.7% −21.7% −57.0% +190.0% +15.7% −10.8% +7.1% +38.6% −41.4% +150.0% +2.5% −58.9% −12.0% −1.2% +67.7%
Diluted EPS — +53.7% −23.6% −57.0% +184.5% +16.0% −9.1% +10.9% +44.3% −48.5% +137.1% +2.8% −59.0% −12.1% −1.3% +67.6%
Margins
Gross margin — — — — — 77.3% 75.0% 76.4% 77.6% 66.4% 69.0% 70.0% 62.4% 70.0% 70.2% 71.5%
EBITDA margin 23.7% 34.5% 32.2% 19.0% 34.8% 38.1% 35.3% 20.9% 40.4% 26.3% 33.3% 32.5% 24.9% 17.6% 25.9% 27.4%
Operating margin 20.8% 31.6% 30.1% 17.1% 33.0% 36.4% 33.8% 19.5% 39.0% 24.8% 31.9% 31.2% 23.5% 16.2% 24.6% 26.2%
Net margin 19.7% 28.7% 22.0% 8.9% 22.5% 23.2% 18.8% 17.4% 23.7% 10.1% 20.5% 20.4% 9.0% 7.6% 6.9% 9.8%
Free-cash-flow margin 33.8% 32.7% 30.7% 14.7% 30.6% 25.6% 33.4% 39.0% 38.4% 36.7% 39.1% 41.8% 40.6% 31.7% 29.1% 28.3%
Cash flow
Cash from operations 6.2 6.3 6.3 3.5 7.5 7.0 10.0 13.4 13.3 17.6 22.8 24.9 22.8 18.8 19.0 19.5
Capital spending 0.4 0.3 0.5 0.6 0.5 0.5 0.5 0.6 0.6 0.8 0.8 0.7 0.8 1.0 1.2 1.3
Free cash flow 5.9 6.0 5.8 2.9 7.0 6.6 9.4 12.8 12.8 16.8 22.0 24.2 22.1 17.8 17.8 18.2
Stock-based pay 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.4 0.8 0.7 0.7 0.7 0.9 1.0 1.0
Free cash flow after stock pay 5.7 5.8 5.6 2.7 6.7 6.2 9.1 12.4 12.3 16.0 21.3 23.6 21.3 16.9 16.9 17.2
Balance sheet
Cash 0.0 5.9 9.6 8.3 8.4 5.1 9.3 7.3 39.9 8.4 9.7 9.2 12.8 5.5 5.2 6.6
Total debt 0.0 15.7 14.7 15.0 31.7 36.8 37.4 40.3 67.2 86.1 76.7 63.3 59.4 67.1 67.5 70.8
Net debt (negative = net cash) −0.0 9.8 5.1 6.6 23.3 31.7 28.1 33.0 27.3 77.6 66.9 54.1 46.6 61.6 62.3 64.3
Diluted shares 1,577m 1,577m 1,604m 1,610m 1,637m 1,631m 1,603m 1,546m 1,484m 1,673m 1,777m 1,778m 1,773m 1,773m 1,773m 1,774m
Returned to shareholders
Dividends — — 2.6 2.7 3.3 3.7 4.1 5.6 6.4 7.7 9.3 10.0 10.5 11.0 11.7 12.0
Buybacks — — 0.3 0.7 7.6 6.0 1.4 12.0 0.6 1.0 0.9 1.5 2.0 1.7 1.0 1.5
Total returned — — 2.9 3.3 10.9 9.8 5.5 17.6 7.0 8.7 10.2 11.5 12.5 12.7 12.6 13.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · June 30, 2026
What it owns · $135.1bn
Short-term assets $33.7bnLonger-term assets $101.4bn
What it owes, and who funded it · $41.6bn
Short-term liabilities $41.6bnShareholders' equity $-5.9bn
  • Short-term assets cover short-term liabilities $33.7bn of assets due within a year against $41.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $6.6bn of cash against $62.5bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $19.5bn of operating cash flow against $62.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $16.9bn against $2.9bn of interest.

From AbbVie's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.5B
Dividends (TTM)
$12B
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$4.7B
Diluted share count
+0.0%
year over year
Total shareholder yield
2.6%
dividends 2.3% + buybacks 0.3% of market value
Dividend payout ratio
190%
of net income paid out
R&D spending
15.1%
of revenue
Sales & admin spending
22.8%
of revenue
Days sales outstanding
78 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ABBV AMGN GILD REGN VRTX BIIB Median
Revenue, last 12 months $64.4bn $38.1bn $31.0bn $16.9bn $12.6bn $10.3bn $56m
Revenue growth, last 12 months 10.4% 9.1% 6.5% 18.6% 10.2% 2.3% 12.6%
Revenue growth, 3-year average 4.7% 12.7% 4.2% 8.9% 9.8% 1.0% 13.7%
Revenue growth, latest quarter 10.2% 9.5% 6.8% 36.3% 12.5% 10.6% 10.2%
Gross margin 71.5% 69.5% 79.9% — 86.0% 74.0% 82.9%
Operating margin 26.2% 30.0% −7.6% 28.8% 38.0% 22.9% −189.4%
Operating margin, 3-year average 22.4% 24.5% 10.4% 27.8% 23.0% 34.4% −363.5%
Net margin 9.8% 23.0% −12.5% 28.5% 35.0% 3.4% −169.8%
Cash from operations / revenue 30.3% 32.8% 46.7% 28.7% 34.1% 21.8% −168.0%
Free-cash-flow margin 28.3% 26.7% 44.5% 22.6% 30.2% 20.1% −162.4%
Free-cash-flow margin, 3-year average 30.6% 24.9% 36.4% 25.7% 16.5% 21.1% −310.0%
Stock pay / revenue 1.5% 1.3% 2.9% 5.9% 5.5% 3.0% 20.0%
Change in share count 0.0% 0.2% −0.7% −3.2% −0.6% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 10.4% 12.6% 91 of 172
Change in growth rate Growth +0.9pp -0.1pp 76 of 172
Gross margin Profitability 71.5% 82.4% 51 of 75
Operating margin Profitability 26.2% -189.4% 19 of 175
Net margin Profitability 9.8% -157.3% 30 of 180
Free-cash-flow margin Cash generation 28.3% -145.4% 16 of 176
Stock pay as % of revenue Cash generation 1.5% 19.2% 8 of 179
Long-term debt as % of assets Balance sheet 46.2% 20.6% 68 of 78
Change in share count Balance sheet 0.0% 7.9% 22 of 156
Days sales outstanding Balance sheet 78 days 75 days 52 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $46.6B 76.2% ▲ 8.3%
Other Countries $5.8B 9.4% ▲ 5.7%
Germany $1.7B 2.8% ▲ 18.6%
Japan $1.3B 2.1% ▲ 13.5%
Canada $1.2B 2.0% ▲ 12.3%
China $1B 1.6% ▲ 9.7%
France $806M 1.3% ▲ 3.9%
United Kingdom $626M 1.0% ▲ 19.9%
ES $609M 1.0% ▲ 15.3%
IT $580M 0.9% ▲ 13.5%
Brazil $478M 0.8% ▲ 3.0%
Australia $459M 0.8% ▼ 0.9%

From AbbVie's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$335B
Institutions reporting
4,157
Shares held vs prior quarter
▲ 3.0%
Positions opened / closed
226 / 113

Top buyers and sellers, Q2 2026: 2,130 institutions bought and 1,615 sold ; the biggest buyer was Franklin Resources Inc (+5.4M shares) and the biggest seller Jpmorgan Chase & Co (−8.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $37.6B 149.5M 11.2% ▼ 0.8%
Vanguard Capital Management LLC $29B 115.4M 8.7% ▲ 0.4%
State Street Corp $20.8B 82.6M 6.2% ▲ 1.7%
Vanguard Portfolio Management LLC $12.2B 48.5M 3.6% ▼ 2.1%
Jpmorgan Chase & Co $12.2B 47.9M 3.6% ▼ 15.6%
Geode Capital Management, LLC $11.8B 47.0M 3.5% ▲ 0.6%
Morgan Stanley $9.8B 38.9M 2.9% ▲ 2.3%
Capital Research Global Investors $7.6B 30.1M 2.3% ▼ 3.7%
Norges Bank $6.4B 25.6M 1.9% —
Bank Of America Corp $5.3B 21.2M 1.6% ▼ 11.3%
FMR LLC $5.2B 20.8M 1.6% ▼ 4.5%
Northern Trust Corp $5.2B 20.6M 1.5% ▼ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AbbVie's complete shareholder register. Values are as reported by the filers ; 19 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $18.9M 6 trades by 3 insiders · 50% under pre-set plans
Net ▼ $18.9M net selling
Insider Date Trade Shares Price Value
Donoghoe Nicholas EVP, CHIEF BUS/STRAT OFFICER August 14, 2026 Sell 32,710 $250.00 $8.2M
Purdue David Ryan SVP, Controller March 4, 2026 Sell 5,230 $233.56 $1.2M
Siatis Perry C EVP, GC AND SECRETARY March 2, 2026 Sell pre-set plan 2,600 $235.26 $611,676
Siatis Perry C EVP, GC AND SECRETARY March 2, 2026 Sell pre-set plan 10,291 $234.66 $2.4M
Siatis Perry C EVP, GC AND SECRETARY March 2, 2026 Sell pre-set plan 5,777 $233.51 $1.3M
Siatis Perry C EVP, GC AND SECRETARY February 25, 2026 Sell pre-set plan 22,381 $230.00 $5.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 124 trades and filings

In the last 12 months, 4 members of Congress disclosed 0 purchases and 5 sales of AbbVie shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded September 14, 2026, filed September 18, 2026
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded May 5, 2026, filed June 3, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 30, 2026
  • October 5, 2026
  • July 31, 2026
  • July 6, 2026
  • April 29, 2026
  • April 3, 2026

Recent SEC filings

Data status

When each part of this page on AbbVie was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AbbVie in brief

What does AbbVie do?
AbbVie is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is AbbVie's stock ticker?
AbbVie trades under the ticker ABBV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AbbVie's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AbbVie reported revenue of $64.4B, 10.4% higher than a year earlier, according to its SEC filings.
What is AbbVie's free cash flow?
AbbVie's free-cash-flow margin is 28.3% of revenue over the trailing twelve months, ranking 16 of the 176 biotechnology companies we cover.
What is AbbVie's fair value (intrinsic value) per share?
Our discounted-cash-flow model of AbbVie's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$170–$330 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are AbbVie's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is AbbVie buying back stock, and does it pay a dividend?
AbbVie spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
What is AbbVie's market cap?
On November 2, 2026, AbbVie's market capitalisation was about $512B, with a price-to-earnings ratio of 81.2 and net debt of $64.3B. Market figures come from third-party market data and may be delayed.
Does AbbVie pay a dividend?
Yes: AbbVie paid $12B in dividends over the trailing twelve months, a dividend yield of 2.34% and a payout ratio of 189.8%.
Who are AbbVie's competitors?
In our Biotechnology peer group, the companies closest to AbbVie are Amgen, Gilead Sciences, Regeneron Pharmaceuticals, Vertex Pharmaceuticals and Biogen. The side-by-side comparison below sets their revenue, margins and growth against AbbVie's.
Are insiders buying or selling AbbVie stock?
Over the last 12 months, AbbVie's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.