AbbVie Inc.

abbvie.com

What Do They Do?

Develops and sells medicines for immune, neurological and cancer conditions to wholesalers, distributors and health care providers.

How Do They Make Money?

AbbVie mainly earns money from medicine sales. It invoices most customers when products ship, and payment terms vary by customer and location but are generally less than a year.

FY2025 revenue

Who Are Their Customers?

AbbVie sells medicines mainly through wholesalers and distributors to health care providers and government buyers, and sells some aesthetic products and devices directly to physicians and other licensed providers.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 29 cents into free cash flow.

Operating income, FY2025

25% of revenue

▲ +65% vs FY2024 ($9.1B, 16%)

Net income, FY2025

7% of revenue

▼ −1% vs FY2024 ($4.3B, 8%)

Free cash flow, FY2025

29% of revenue

▼ 0% vs FY2024 ($17.8B, 32%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $15.4B in Q2 FY2025
Net income: ▲ +285%; vs $938M in Q2 FY2025

Sep 3, 2026 Completed acquisition of Apogee Therapeutics The acquired pipeline includes candidates for atopic dermatitis and asthma; AbbVie expects the deal to reduce adjusted earnings per share in 2026 and 2027.

Growing. Revenue grew 9% in 4 years, from $56.2B in FY2021 to $61.2B in FY2025, about 2% a year.

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