Common-Size Income Statement
Quarterly Data
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AbbVie Inc. pages available for free this week:
- 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 (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Products Sold
- The cost of products sold, expressed as a percentage of net revenues, exhibited considerable variability over the observed periods. Initially, it was relatively low at -22.53% in March 2020, peaked at -46.56% in September 2023, and showed a general downward trend returning to about -29.99% by March 2025. This indicates fluctuations in production or procurement efficiencies that impact gross margins.
- Gross Margin
- Gross margin generally fluctuated inversely with the cost of products sold, starting high at 77.47% in March 2020, dropping to lows around 53.44% in September 2023, and recovering to around 70% towards the end of the dataset (March 2025). This reflects periodic pressure on profitability at the gross level, with improvement in recent quarters.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net revenues showed notable volatility, ranging from about -19.67% to as high as -37.11% in June 2022. The expense ratio trended upward for certain quarters, particularly mid-2022 and intermittently through 2024, indicating periods of increased operating expenses possibly due to strategic spending or inflationary pressures.
- Research and Development (R&D)
- R&D expenses maintained a relatively consistent share of net revenues, mostly between -10.9% and -16%, with an outlier spike to -44.85% in March 2025. This marked increase may represent significant investment in development or milestone payments during that quarter. Otherwise, the R&D expense trend suggests steady commitment to innovation over time.
- Acquired IPR&D and Milestones
- Spending on acquired in-process research and development and milestones showed fluctuations with periodic spikes (e.g., -8.18% in June 2020, -10.42% in December 2024). These irregular peaks imply occasional strategic acquisitions or milestone payments that impact operating costs variably.
- Other Operating Income (Expense), Net
- This category showed sporadic entries with minor values, including positive and negative swings, indicating incidental operational gains or expenses without a clear trend.
- Operating Earnings
- Operating earnings demonstrated substantial volatility, dipping as low as 7.21% of net revenues in June 2020, rising to peaks above 36% (December 2022), and showing negative territory (-9.87%) in March 2025. This suggests uneven operating profitability influenced by varying cost structures and extraordinary items.
- Interest Expense, Net
- Interest expense relative to net revenues declined gradually over the period from approximately -4.97% to a low near -2.64%, before rising again in later quarters to close near -4.7%. This pattern may reflect changes in debt levels or interest rates affecting financing costs.
- Net Foreign Exchange Gain (Loss)
- Foreign exchange impacts were relatively minor but mostly negative, generally hovering between -0.03% and -0.34%, signaling modest currency translation losses over the periods considered.
- Other Income (Expense), Net
- Other income or expenses showed intermittent and substantial fluctuations, including large negative effects such as -33.37% in December 2020, indicating episodic one-time charges or income items impacting overall earnings significantly in some quarters.
- Earnings Before Income Tax
- This metric experienced wide swings from negative figures (e.g., -10.87% in December 2020) to strong positive peaks (36.41% in March 2022), suggesting volatile profitability before tax considerations, highly influenced by operational performance and other income/expense items.
- Income Tax Expense (Benefit)
- Income tax as a percentage of net revenues varied broadly, sometimes positive and at other times showing benefits (e.g., 11.15% in December 2020, 14.87% in March 2025). This inconsistency indicates fluctuating tax liabilities or credits affecting net profitability.
- Net Earnings
- Net earnings reflected the combined effects of the above factors, showing strong positive margins early on (34.92% in March 2020), intermittent losses (as in June 2020 at -7.09%), and recovery periods peaking above 30% in March 2022. A notable dip to nearly zero or negative occurred around March 2025. Overall, net profitability displayed a pattern of volatility with recovery phases.
- Net Earnings Attributable to AbbVie Inc.
- The net earnings specifically attributable to the company closely tracked total net earnings, sharing the same periods of volatility and recovery. This confirms that results attributable to controlling interests followed the overall profitability trends without significant divergence.