Stock Analysis on Net
Stock Analysis on Net

AbbVie Inc. (NYSE:ABBV)

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Common-Size Income Statement
Quarterly Data

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AbbVie Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net revenues
Cost of products sold
Gross margin
Selling, general and administrative
Research and development
Acquired IPR&D and milestones
Other operating income (expense), net
Operating earnings
Interest expense, net
Net foreign exchange gain (loss)
Other income (expense), net
Earnings before income tax (expense) benefit
Income tax (expense) benefit
Net earnings
Net earnings attributable to noncontrolling interest
Net earnings attributable to AbbVie Inc.

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).

The common-size income statement reveals significant fluctuations in AbbVie Inc.'s profitability and cost structure over the analyzed period, spanning from March 31, 2021, to December 31, 2025. Net revenues are consistently represented as 100%, allowing for a clear view of the proportional impact of each line item.

Gross Margin
Gross margin demonstrates variability, generally ranging between 66% and 73% of net revenues. A peak is observed in December 2021 (70.98%) and December 2022 (72.42%). However, a substantial decline is noted in September 2023 (53.44%) and December 2023 (60.11%), before recovering somewhat in subsequent periods. This suggests potential shifts in cost of products sold or pricing strategies.
Operating Expenses
Selling, general, and administrative expenses consistently represent a significant portion of net revenues, typically between 21% and 37%. A marked increase is evident in June 2022 (37.11%), followed by a decrease, then another increase in September 2024 (29.08%). Research and development expenses generally fall between 10% and 19% of net revenues, with a substantial spike in March 2023 (18.75%). Acquired IPR&D and milestones show considerable volatility, peaking in September 2025 (16.99%) and reaching a low in September 2022 (0.27%).
Operating Earnings
Operating earnings as a percentage of net revenues exhibit a wide range, from a low of 12.07% in September 2025 to a high of 36.39% in December 2022. A significant drop is observed in the latter half of 2023, reaching 16.38% in September and 22.34% in December, before a partial recovery in 2024. This trend closely mirrors the fluctuations in gross margin and is influenced by changes in operating expenses.
Non-Operating Items
Interest expense remains relatively stable, generally between 3% and 5% of net revenues. Net foreign exchange gains/losses and other income/expense contribute to volatility, with notable negative impacts from other income/expense in June 2021 (-19.04%) and December 2022 (-13.37%). These items can significantly affect earnings before income tax.
Net Earnings
Net earnings fluctuate considerably, ranging from a low of 1.19% in September 2025 to a high of 33.19% in March 2021. The decline in operating earnings and the impact of non-operating items contribute to this variability. Net earnings attributable to AbbVie Inc. closely follows the trend of total net earnings, with a minimal impact from noncontrolling interests. A substantial negative value is observed in December 2024 (-0.15%), indicating a loss for the company in that quarter.

Overall, the company's financial performance demonstrates significant sensitivity to changes in cost of products sold, operating expenses, and non-operating items. The period from 2023 to 2025 shows a marked decrease in profitability compared to earlier periods, warranting further investigation into the underlying drivers of these changes.