AbbVieWide moat

ABBV — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageA proven replacement machine: Humira fell 79% and revenue still grew, as Skyrizi and Rinvoq reached $25.9bn in 2025
Greatest threatConcentration and pricing: Skyrizi and Rinvoq are about 47% of revenue with 2033 patents, rebates exceed revenue, and Medicare sets four prices by 2028
Key metricSkyrizi and Rinvoq share of revenue (about 47% in Q2 2026) against the 2033 patent expiry
Verdict: AbbVie has done what few drug companies manage: it lost 79% of the world's best-selling drug in three years and still grew, because Skyrizi and Rinvoq were ready. That proves a wide moat. It also rebuilt the same concentration, with two drugs near half of revenue and patents ending in 2033, while buying its next pipeline on a balance sheet with negative equity and about $64 billion of net debt. At about 17 times adjusted earnings the shares are fairly priced for a franchise with seven good years left and an open question after.
📈 ABBV valuation, revenue & earnings — P/E, P/S, revenue, EPS →

AbbVie makes prescription drugs, and it is best known for surviving the loss of the best-selling drug it ever had. It became an independent company on 1 January 2013, spun out of Abbott Laboratories1, with Humira, a treatment for inflammatory diseases, as its main product. It employs about 57,000 people2 and operates as a single global business segment3.

Net revenues ($bn)22.9201528.2201733.3201945.8202058.1202254.3202361.22025AbbVie Forms 10-K; Allergan from May 2020
Allergan in 2020, the Humira cliff in 2023, a record in 2025.

Net revenues were $61,160 million in 20254. Half came from immunology: Skyrizi sold $17,562 million, Rinvoq $8,304 million and Humira $4,540 million5. Neuroscience, much of it acquired with Allergan in 2020, sold $10,767 million; oncology $6,655 million; aesthetics, mainly Botox Cosmetic and fillers, $4,860 million67. About 76% of revenue was American8.

How it makes money is the pharmaceutical model at its most concentrated: patented drugs sold at high list prices, reduced by rebates and chargebacks that totalled $65.1 billion in 20259, more than the revenue it reported. The drugs are very profitable once made; the adjusted gross margin was 84.7% in the second quarter of 202610.

Reported earnings are much smaller than the business's cash. Diluted earnings per share were $2.36 in 2025 on a GAAP basis and $10.00 adjusted1112, the difference being amortisation of acquired intangibles, a royalty liability that grows with Skyrizi, and research bought from other companies. Operating cash flow was $19,030 million13.

The balance sheet carries the cost of the purchases. Net debt was about $64 billion at 30 June 202614, and stockholders' equity a deficit of $5,935 million15. AbbVie has raised its dividend every year since it became independent, to $6.65 a share declared in 202516.

In the second quarter of 2026 net revenues rose 10.2% to $16,990 million17. The shares were $265.12 on 24 September 2026, a market value of $468.50 billion18, 74.90 times trailing and 17.47 times forward earnings19.

The moat is wide: AbbVie proved it by replacing Humira before it fell. The number that would falsify that verdict is the share of revenue from drugs protected beyond 2033, when the Skyrizi and Rinvoq patents expire20; if it remains small into the 2030s, the second cliff will arrive with less ready behind it than the first.

The number that tests this moat
Reported
Revenue, and where it comes from
$61.2bn in 2025: immunology $30.4bn (50%), neuroscience $10.8bn, oncology $6.7bn, aesthetics $4.9bn

After $65.1bn of rebates and chargebacks. Watch Skyrizi and Rinvoq, about 42% of revenue.

Source: AbbVie Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects2/10
Pricing power5/10
Hard to replicate7/10
Disruption resistance6/10
Overall durability8/10

Switching costs are real: patients stable on a biologic for a chronic disease are rarely switched, and AbbVie moved Humira patients to its own successors. Replication is hard because it takes years of trials and a large specialist sales force, but every molecule is eventually copied, as Humira was. Pricing power is middling: list prices are high but rebates exceed revenue and Medicare sets four prices by 2028. Disruption resistance is moderate: biosimilars and new mechanisms arrive on known dates. Network effects are minimal. Durability sits in the wide band because the replacement machine has been tested once and worked.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Half of AbbVie's revenue is immunology and another sixth is neuroscience; the rest is flat or shrinking.
DIG DEEPER 02
The Moat
AbbVie lost 79% of Humira and still grew, which proves the moat, and now depends on two drugs whose patents end in 2033.
DIG DEEPER 03
Competitors
AbbVie's main immunology rival also shares its cancer drug's profits, and in obesity AbbVie is the one arriving late.
DIG DEEPER 04
Major Clients
Three wholesalers carry almost all of AbbVie's American sales, but the parties that set its prices are the benefit managers and governments who take…
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Every one of AbbVie's big bets is an attempt to have Skyrizi's replacement ready before 2033, as Skyrizi was ready before Humira fell.
⚠ Threats to the moat
⚠ THREAT 01
The 2033 Cliff
Almost half of AbbVie's revenue depends on two drugs whose main American patents expire in 2033.
⚠ THREAT 02
Prices Set in Washington
Medicare will set the prices of four AbbVie drugs by 2028, and AbbVie has already traded price concessions for tariff relief.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
AbbVie trades at 75 times reported earnings and 17 times adjusted ones, and the truth lies in the royalty and research costs the adjusted figure…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
In the second quarter of 2026 AbbVie grew 10% on Skyrizi and Rinvoq while Imbruvica, its first drug with a government price, fell 29%.
References
  1. ReportedIt became an independent company on 1 January 2013, spun out of Abbott Laboratories, with Humira, a treatment for inflammatory diseases, as its main product.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  2. ReportedIt employs about 57,000 people and operates as a single global business segment.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  3. ReportedIt employs about 57,000 people and operates as a single global business segment.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  4. ReportedNet revenues were $61,160 million in 2025.
    AbbVie Form 10-K for fiscal 2025 - Item 1 business: products, customers, competition and research. — FY2025 · publ. 20 February 2026 · source ↗
  5. ReportedHalf came from immunology: Skyrizi sold $17,562 million, Rinvoq $8,304 million and Humira $4,540 million.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  6. ReportedNeuroscience, much of it acquired with Allergan in 2020, sold $10,767 million; oncology $6,655 million; aesthetics, mainly Botox Cosmetic and fillers, $4,860 million.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  7. Moat Explorer calcNeuroscience, much of it acquired with Allergan in 2020, sold $10,767 million; oncology $6,655 million; aesthetics, mainly Botox Cosmetic and fillers, $4,860 million.
    Moat Explorer calculation from AbbVie's reported product revenue and financial statements ($ millions unless stated). Therapeutic areas 2025: immunology 17,562 + 8,304 + 4,540 = 30,406; neuroscience 3,621 + 3,769 + 1,271 + 1,036 + 482 + 381 + 207 = 10,767; oncology 2,869 + 2,792 + 690 + 271 + 33 = 6,655; aesthetics 2,602 + 993 + 1,265 = 4,860; eye care 493 + 410 + 197 + 1,009 = 2,109; other key products 1,317 + 1,512 + 907 = 3,736; all other 2,627; eye care and other products 2,109 + 3,736 + 2,627 = 8,472; total 61,160. 2024: immunology 11,718 + 5,971 + 8,993 = 26,682; neuroscience 8,999; oncology 6,555; aesthetics 5,176; eye care and other 2,242 + 3,648 + 3,032 = 8,922. 2023: 7,763 + 3,969 + 14,404 = 26,136; neuroscience 7,717; oncology 5,915; aesthetics 5,294; eye care and other 2,415 + 3,806 + 3,035 = 9,256. 2022: 5,165 + 2,522 + 21,237 = 28,924; neuroscience 6,528; oncology 6,577; aesthetics 5,333; eye care and other 2,701 + 3,854 + 4,137 = 10,692. Growth 2025: immunology 30,406 / 26,682 - 1 = 14.0%; neuroscience 10,767 / 8,999 - 1 = 19.6%. Immunology and neuroscience 30,406 + 10,767 = 41,173, 41,173 / 61,160 = 67.3%. Immunology share 30,406 / 61,160 = 49.7%. Skyrizi + Rinvoq: 5,165 + 2,522 = 7,687 (2022); 7,763 + 3,969 = 11,732 (2023); 11,718 + 5,971 = 17,689 (2024); 17,562 + 8,304 = 25,866 (2025); H1 2026 9,988 + 4,644 = 14,632; Q2 2026 5,505 + 2,525 = 8,030, 8,030 / 16,990 = 47.3%; 2026 plan 21.5 + 10.1 = 31.6 bn. Shares of revenue 7,687 / 58,054 = 13.2%; 11,732 / 54,318 = 21.6%; 17,689 / 56,334 = 31.4%; 25,866 / 61,160 = 42.3%. Humira: 4,540 / 21,237 - 1 = -78.6%; share 8,993 / 56,334 = 16.0% (2024), 4,540 / 61,160 = 7.4% (2025). Rebates: 65.1 / 61.16 = 1.06; 65.1 / 18.8 = 3.5 times (2019-2025) against net revenues 61,160 / 33,266 = 1.8 times; gross sales 61.2 + 65.1 = 126.3 bn, 126.3 / 61.2 = 2.1 times; managed care 22,307 / 61,160 = 36.5%; Medicaid and Medicare 21,283 / 61,160 = 34.8%; payers 22,307 + 21,283 = 43,590, 43,590 / 61,160 = 71.3%. Geography: US 46,603 / 61,160 = 76.2%; international 14,557 / 61,160 = 23.8%. Gross margin 2025 (61,160 - 18,204) / 61,160 = 70.2%. Government-set price products, 2025 sales: 2,869 + 3,621 + 907 + 3,769 = 11,166, 11,166 / 61,160 = 18.3%. Goodwill and intangibles 35,640 + 52,641 = 88,281, 88,281 / 133,960 = 65.9%. Eye care share 2,109 / 61,160 = 3.4%; aesthetics share 4,860 / 61,160 = 7.9%. Net debt 30 June 2026: 62,481 + 8,341 - 6,569 = 64,253; net debt / operating cash flow 64,253 / 19,030 = 3.4 years. Free cash flow 2025: 19,030 - 1,214 = 17,816; dividends paid 11,657 / 17,816 = 65.4%; operating cash flow / dividends 19,030 / 11,657 = 1.6; dividends declared / net earnings 11,819 / 4,226 = 2.8; dividends per share 6.65 / 1.75 = 3.8 times (2014-2025). Free cash flow yield 17,816 / 468,500 = 3.8%; free cash flow per share 17,816 / 1,771 = 10.06. 2026 adjusted EPS guidance midpoints: (14.37 + 14.57) / 2 = 14.47; (13.96 + 14.16) / 2 = 14.06; (14.08 + 14.28) / 2 = 14.18; (13.91 + 14.11) / 2 = 14.01; (13.87 + 14.07) / 2 = 13.97. Ubrelvy and Qulipta Q2 2026 392 + 350 = 742; 2025 1,271 + 1,036 = 2,307. Skyrizi share 17,562 / 61,160 = 28.7%. Juvederm 993 / 1,428 - 1 = -30.5%. Aesthetics 4,860 / 5,176 - 1 = -6.1%. Gross margin 2023 (54,318 - 20,415) / 54,318 = 62.4%. Skyrizi + Rinvoq 2021 2,939 + 1,651 = 4,590; 2022 7,687 / 21,237 = 36% - therapeutic-area totals, growth and rebates. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in AbbVie's Forms 10-K, 10-Q, results releases, the Q4 2025 call and market data; operands shown in the source line.
  8. Moat Explorer calcAbout 76% of revenue was American.
    Moat Explorer calculation from AbbVie's reported product revenue and financial statements ($ millions unless stated). Therapeutic areas 2025: immunology 17,562 + 8,304 + 4,540 = 30,406; neuroscience 3,621 + 3,769 + 1,271 + 1,036 + 482 + 381 + 207 = 10,767; oncology 2,869 + 2,792 + 690 + 271 + 33 = 6,655; aesthetics 2,602 + 993 + 1,265 = 4,860; eye care 493 + 410 + 197 + 1,009 = 2,109; other key products 1,317 + 1,512 + 907 = 3,736; all other 2,627; eye care and other products 2,109 + 3,736 + 2,627 = 8,472; total 61,160. 2024: immunology 11,718 + 5,971 + 8,993 = 26,682; neuroscience 8,999; oncology 6,555; aesthetics 5,176; eye care and other 2,242 + 3,648 + 3,032 = 8,922. 2023: 7,763 + 3,969 + 14,404 = 26,136; neuroscience 7,717; oncology 5,915; aesthetics 5,294; eye care and other 2,415 + 3,806 + 3,035 = 9,256. 2022: 5,165 + 2,522 + 21,237 = 28,924; neuroscience 6,528; oncology 6,577; aesthetics 5,333; eye care and other 2,701 + 3,854 + 4,137 = 10,692. Growth 2025: immunology 30,406 / 26,682 - 1 = 14.0%; neuroscience 10,767 / 8,999 - 1 = 19.6%. Immunology and neuroscience 30,406 + 10,767 = 41,173, 41,173 / 61,160 = 67.3%. Immunology share 30,406 / 61,160 = 49.7%. Skyrizi + Rinvoq: 5,165 + 2,522 = 7,687 (2022); 7,763 + 3,969 = 11,732 (2023); 11,718 + 5,971 = 17,689 (2024); 17,562 + 8,304 = 25,866 (2025); H1 2026 9,988 + 4,644 = 14,632; Q2 2026 5,505 + 2,525 = 8,030, 8,030 / 16,990 = 47.3%; 2026 plan 21.5 + 10.1 = 31.6 bn. Shares of revenue 7,687 / 58,054 = 13.2%; 11,732 / 54,318 = 21.6%; 17,689 / 56,334 = 31.4%; 25,866 / 61,160 = 42.3%. Humira: 4,540 / 21,237 - 1 = -78.6%; share 8,993 / 56,334 = 16.0% (2024), 4,540 / 61,160 = 7.4% (2025). Rebates: 65.1 / 61.16 = 1.06; 65.1 / 18.8 = 3.5 times (2019-2025) against net revenues 61,160 / 33,266 = 1.8 times; gross sales 61.2 + 65.1 = 126.3 bn, 126.3 / 61.2 = 2.1 times; managed care 22,307 / 61,160 = 36.5%; Medicaid and Medicare 21,283 / 61,160 = 34.8%; payers 22,307 + 21,283 = 43,590, 43,590 / 61,160 = 71.3%. Geography: US 46,603 / 61,160 = 76.2%; international 14,557 / 61,160 = 23.8%. Gross margin 2025 (61,160 - 18,204) / 61,160 = 70.2%. Government-set price products, 2025 sales: 2,869 + 3,621 + 907 + 3,769 = 11,166, 11,166 / 61,160 = 18.3%. Goodwill and intangibles 35,640 + 52,641 = 88,281, 88,281 / 133,960 = 65.9%. Eye care share 2,109 / 61,160 = 3.4%; aesthetics share 4,860 / 61,160 = 7.9%. Net debt 30 June 2026: 62,481 + 8,341 - 6,569 = 64,253; net debt / operating cash flow 64,253 / 19,030 = 3.4 years. Free cash flow 2025: 19,030 - 1,214 = 17,816; dividends paid 11,657 / 17,816 = 65.4%; operating cash flow / dividends 19,030 / 11,657 = 1.6; dividends declared / net earnings 11,819 / 4,226 = 2.8; dividends per share 6.65 / 1.75 = 3.8 times (2014-2025). Free cash flow yield 17,816 / 468,500 = 3.8%; free cash flow per share 17,816 / 1,771 = 10.06. 2026 adjusted EPS guidance midpoints: (14.37 + 14.57) / 2 = 14.47; (13.96 + 14.16) / 2 = 14.06; (14.08 + 14.28) / 2 = 14.18; (13.91 + 14.11) / 2 = 14.01; (13.87 + 14.07) / 2 = 13.97. Ubrelvy and Qulipta Q2 2026 392 + 350 = 742; 2025 1,271 + 1,036 = 2,307. Skyrizi share 17,562 / 61,160 = 28.7%. Juvederm 993 / 1,428 - 1 = -30.5%. Aesthetics 4,860 / 5,176 - 1 = -6.1%. Gross margin 2023 (54,318 - 20,415) / 54,318 = 62.4%. Skyrizi + Rinvoq 2021 2,939 + 1,651 = 4,590; 2022 7,687 / 21,237 = 36% - revenue mix, concentration and geography. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in AbbVie's Forms 10-K, 10-Q, results releases, the Q4 2025 call and market data; operands shown in the source line.
  9. ReportedHow it makes money is the pharmaceutical model at its most concentrated: patented drugs sold at high list prices, reduced by rebates and chargebacks that totalled $65.1 billion in 2025, more than the revenue it reported.
    AbbVie Form 10-K for fiscal 2025 - Item 1A risk factors, patents and exclusivity, government pricing and legal proceedings. — FY2025 · publ. 20 February 2026 · source ↗
  10. ReportedThe drugs are very profitable once made; the adjusted gross margin was 84.7% in the second quarter of 2026.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  11. ReportedDiluted earnings per share were $2.36 in 2025 on a GAAP basis and $10.00 adjusted, the difference being amortisation of acquired intangibles, a royalty liability that grows with Skyrizi, and research bought from other companies.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  12. ReportedDiluted earnings per share were $2.36 in 2025 on a GAAP basis and $10.00 adjusted, the difference being amortisation of acquired intangibles, a royalty liability that grows with Skyrizi, and research bought from other companies.
    AbbVie fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - adjusted EPS and 2026 guidance. — FY2025 · publ. 4 February 2026 · source ↗
  13. ReportedOperating cash flow was $19,030 million.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  14. Moat Explorer calcNet debt was about $64 billion at 30 June 2026, and stockholders' equity a deficit of $5,935 million.
    Moat Explorer calculation from AbbVie's reported product revenue and financial statements ($ millions unless stated). Therapeutic areas 2025: immunology 17,562 + 8,304 + 4,540 = 30,406; neuroscience 3,621 + 3,769 + 1,271 + 1,036 + 482 + 381 + 207 = 10,767; oncology 2,869 + 2,792 + 690 + 271 + 33 = 6,655; aesthetics 2,602 + 993 + 1,265 = 4,860; eye care 493 + 410 + 197 + 1,009 = 2,109; other key products 1,317 + 1,512 + 907 = 3,736; all other 2,627; eye care and other products 2,109 + 3,736 + 2,627 = 8,472; total 61,160. 2024: immunology 11,718 + 5,971 + 8,993 = 26,682; neuroscience 8,999; oncology 6,555; aesthetics 5,176; eye care and other 2,242 + 3,648 + 3,032 = 8,922. 2023: 7,763 + 3,969 + 14,404 = 26,136; neuroscience 7,717; oncology 5,915; aesthetics 5,294; eye care and other 2,415 + 3,806 + 3,035 = 9,256. 2022: 5,165 + 2,522 + 21,237 = 28,924; neuroscience 6,528; oncology 6,577; aesthetics 5,333; eye care and other 2,701 + 3,854 + 4,137 = 10,692. Growth 2025: immunology 30,406 / 26,682 - 1 = 14.0%; neuroscience 10,767 / 8,999 - 1 = 19.6%. Immunology and neuroscience 30,406 + 10,767 = 41,173, 41,173 / 61,160 = 67.3%. Immunology share 30,406 / 61,160 = 49.7%. Skyrizi + Rinvoq: 5,165 + 2,522 = 7,687 (2022); 7,763 + 3,969 = 11,732 (2023); 11,718 + 5,971 = 17,689 (2024); 17,562 + 8,304 = 25,866 (2025); H1 2026 9,988 + 4,644 = 14,632; Q2 2026 5,505 + 2,525 = 8,030, 8,030 / 16,990 = 47.3%; 2026 plan 21.5 + 10.1 = 31.6 bn. Shares of revenue 7,687 / 58,054 = 13.2%; 11,732 / 54,318 = 21.6%; 17,689 / 56,334 = 31.4%; 25,866 / 61,160 = 42.3%. Humira: 4,540 / 21,237 - 1 = -78.6%; share 8,993 / 56,334 = 16.0% (2024), 4,540 / 61,160 = 7.4% (2025). Rebates: 65.1 / 61.16 = 1.06; 65.1 / 18.8 = 3.5 times (2019-2025) against net revenues 61,160 / 33,266 = 1.8 times; gross sales 61.2 + 65.1 = 126.3 bn, 126.3 / 61.2 = 2.1 times; managed care 22,307 / 61,160 = 36.5%; Medicaid and Medicare 21,283 / 61,160 = 34.8%; payers 22,307 + 21,283 = 43,590, 43,590 / 61,160 = 71.3%. Geography: US 46,603 / 61,160 = 76.2%; international 14,557 / 61,160 = 23.8%. Gross margin 2025 (61,160 - 18,204) / 61,160 = 70.2%. Government-set price products, 2025 sales: 2,869 + 3,621 + 907 + 3,769 = 11,166, 11,166 / 61,160 = 18.3%. Goodwill and intangibles 35,640 + 52,641 = 88,281, 88,281 / 133,960 = 65.9%. Eye care share 2,109 / 61,160 = 3.4%; aesthetics share 4,860 / 61,160 = 7.9%. Net debt 30 June 2026: 62,481 + 8,341 - 6,569 = 64,253; net debt / operating cash flow 64,253 / 19,030 = 3.4 years. Free cash flow 2025: 19,030 - 1,214 = 17,816; dividends paid 11,657 / 17,816 = 65.4%; operating cash flow / dividends 19,030 / 11,657 = 1.6; dividends declared / net earnings 11,819 / 4,226 = 2.8; dividends per share 6.65 / 1.75 = 3.8 times (2014-2025). Free cash flow yield 17,816 / 468,500 = 3.8%; free cash flow per share 17,816 / 1,771 = 10.06. 2026 adjusted EPS guidance midpoints: (14.37 + 14.57) / 2 = 14.47; (13.96 + 14.16) / 2 = 14.06; (14.08 + 14.28) / 2 = 14.18; (13.91 + 14.11) / 2 = 14.01; (13.87 + 14.07) / 2 = 13.97. Ubrelvy and Qulipta Q2 2026 392 + 350 = 742; 2025 1,271 + 1,036 = 2,307. Skyrizi share 17,562 / 61,160 = 28.7%. Juvederm 993 / 1,428 - 1 = -30.5%. Aesthetics 4,860 / 5,176 - 1 = -6.1%. Gross margin 2023 (54,318 - 20,415) / 54,318 = 62.4%. Skyrizi + Rinvoq 2021 2,939 + 1,651 = 4,590; 2022 7,687 / 21,237 = 36% - balance sheet, cash flow, dividends and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in AbbVie's Forms 10-K, 10-Q, results releases, the Q4 2025 call and market data; operands shown in the source line.
  15. ReportedNet debt was about $64 billion at 30 June 2026, and stockholders' equity a deficit of $5,935 million.
    AbbVie Form 10-Q for the quarter ended 30 June 2026 - product revenue, the balance sheet, cash flow and the Apogee agreement. — Q2 2026 · publ. 3 August 2026 · source ↗
  16. ReportedAbbVie has raised its dividend every year since it became independent, to $6.65 a share declared in 2025.
    AbbVie Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, balance sheet, acquisitions and contingent consideration. — FY2025 · publ. 20 February 2026 · source ↗
  17. ReportedIn the second quarter of 2026 net revenues rose 10.2% to $16,990 million.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  18. ReportedThe shares were $265.12 on 24 September 2026, a market value of $468.50 billion, 74.90 times trailing and 17.47 times forward earnings.
    AbbVie (ABBV) market data - $265.12 a share at the close on 24 September 2026, market cap $468.50B, 52-week range 190.75-269.39. — September 2026 · publ. 24 September 2026 · source ↗
  19. ReportedThe shares were $265.12 on 24 September 2026, a market value of $468.50 billion, 74.90 times trailing and 17.47 times forward earnings.
    AbbVie (ABBV) statistics - trailing P/E 74.90, forward P/E 17.47, P/S 7.28, 1.77 billion shares, negative book value. — September 2026 · publ. 24 September 2026 · source ↗
  20. ReportedThe number that would falsify that verdict is the share of revenue from drugs protected beyond 2033, when the Skyrizi and Rinvoq patents expire; if it remains small into the 2030s, the second cliff will arrive with less ready behind it than the first.
    AbbVie Form 10-K for fiscal 2025 - Item 1A risk factors, patents and exclusivity, government pricing and legal proceedings. — FY2025 · publ. 20 February 2026 · source ↗
Sources
Generated September 25, 2026