Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2012
- Debt to Equity since 2012
- Price to Operating Profit (P/OP) since 2012
- Analysis of Debt
- Aggregate Accruals
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AbbVie Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-12-31).
- Gross Margin and Cost of Products Sold
- Gross margin experienced fluctuations over the analyzed period, starting at 66.41% of net revenues in 2020 and peaking at 70% in 2022 before dropping sharply to 62.42% in 2023 and recovering close to 70% in 2024. Correspondingly, the cost of products sold decreased from 33.59% in 2020 to 30% in 2022 but spiked significantly to 37.58% in 2023, then decreased again to 30.01% in 2024. This volatility suggests variable production efficiency or changes in product mix impacting profitability.
- Operating Expenses
- Selling, general, and administrative expenses, as a percentage of net revenues, demonstrated variability with a decrease from 24.67% in 2020 to a low of 21.97% in 2021 but increased thereafter, peaking at 26.29% in 2022 and remaining elevated through 2024. Research and development expenses initially declined from 14.32% in 2020 to 11.21% in 2022 but surged considerably to 22.71% by 2024, indicating increased investment in innovation or new product development. Acquired intangible assets and milestones showed a downward trend from 2.62% in 2020 to 1.2% in 2022, followed by an increase to 4.89% in 2024, implying episodic acquisition activity.
- Operating Earnings
- Operating earnings as a percentage of net revenues increased from 24.81% in 2020 to a peak of 31.89% in 2021 but declined thereafter, falling to 16.22% in 2024. This decline corresponds with increases in cost of products sold and operating expenses in recent years, impacting operational profitability negatively.
- Interest and Foreign Exchange
- Interest expense decreased from 5.36% of net revenues in 2020 to 3.84% in 2022, then rose again to 4.98% in 2024. Interest income remained low but showed a gradual increase, reaching 1.15% in 2024. The net interest expense followed this trend, tightening from 4.98% in 2020 to 3.1% in 2023 before widening to 3.83% in 2024. Net foreign exchange losses were minimal and relatively stable, declining slightly to 0.04% in 2024, indicating limited foreign currency impact.
- Other Expenses
- Other expenses, net, fluctuated considerably, starting at 12.26% of net revenues in 2020 and decreasing to around 4.22%-4.45% in 2021-2022 but spiking to 8.61% in 2023 before decreasing again to 5.75% in 2024. This volatility may relate to non-recurring charges or variable operational costs.
- Earnings Before Income Tax and Net Earnings
- Earnings before income tax expense increased significantly from 7.42% in 2020 to approximately 23.2% in 2022 but fell sharply to 6.6% in 2024. Income tax expense shifted from a benefit of 2.67% in 2020 to consistent expenses around 2.5%-2.8% in the middle years before showing a benefit of 1.01% in 2024. Net earnings followed a similar pattern as operating earnings and earnings before tax, increasing from 10.09% in 2020 to over 20% in 2021-2022 but declining to 7.59% by 2024. Net earnings attributable to the company closely match this trend, indicating stable minority interests.