Analysis of Inventory
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
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Inventory Disclosure
AbbVie Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Finished goods | |||||||||||
| Work-in-process | |||||||||||
| Raw materials | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Inventory levels exhibited a general upward trend over the five-year period, though with variations across components. Finished goods, work-in-process, and total inventories all increased from 2021 to 2025, while raw materials remained relatively stable. A closer examination of each inventory component reveals distinct patterns.
- Finished Goods
- The value of finished goods increased from US$932 million in 2021 to US$1,580 million in 2025. This represents a substantial increase, though not consistently year-over-year. A dip occurred in 2024, with a value of US$1,173 million, before rebounding in 2025. This fluctuation may indicate responsiveness to demand changes or shifts in production strategy.
- Work-in-Process
- Work-in-process inventory demonstrated the most consistent growth among the components, rising from US$1,193 million in 2021 to US$2,287 million in 2025. This steady increase suggests a potential expansion of production volume or a lengthening of the production cycle. The growth was linear, with incremental increases each year.
- Raw Materials
- Raw material inventory remained relatively flat throughout the period, fluctuating between US$1,000 million and US$1,100 million. In 2021, raw materials were valued at US$1,003 million, and in 2025, at US$1,084 million. This stability suggests effective supply chain management or consistent material requirements despite changes in production levels.
- Total Inventories
- Total inventories increased from US$3,128 million in 2021 to US$4,951 million in 2025, representing a significant overall increase. The largest year-over-year increase occurred between 2022 and 2023, moving from US$3,579 million to US$4,099 million. The increase in 2025 was also substantial, driven by the growth in both finished goods and work-in-process inventories. The slight decrease in total inventory growth between 2023 and 2024 is attributable to the dip in finished goods.
The combined trends suggest a potential increase in production activity and a build-up of inventory, particularly in the later years of the period. Further investigation into sales figures and cost of goods sold would be necessary to determine if this inventory build-up is aligned with demand and efficient operations.