Common-Size Income Statement
Quarterly Data
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AbbVie Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2012
- Analysis of Debt
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AbbVie Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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).
Analysis of the quarterly common-size income statements reveals a general trend of margin compression and increased volatility in operational expenditures over the period from March 2021 to March 2026. While the company maintains a strong baseline for gross profitability, net earnings as a percentage of revenue have declined significantly from peaks exceeding 33% to below 5%.
- Gross Margin Stability and Volatility
- Gross margins remained consistently high, generally fluctuating between 66% and 72%. A notable outlier occurred in September 2023, where the margin dropped to 53.44% due to a spike in the cost of products sold to 46.56%. Following this decline, the margin recovered and stabilized above 70% for most of 2024 and 2025, indicating a resilient core pricing and production structure.
- Operational Expense Patterns
- Selling, general, and administrative (SG&A) expenses typically ranged between 21% and 26% of net revenues, though a sharp increase to 37.11% was recorded in June 2022. Research and development (R&D) costs showed more significant variance, typically residing between 11% and 18% before an exceptional surge to 44.85% in December 2024. This spike, combined with a 10.42% expenditure on acquired IPR&D and milestones in the same period, suggests a substantial one-time strategic investment or impairment charge.
- Operating and Net Earnings Performance
- Operating earnings exhibited extreme fluctuations, reaching a peak of 36.39% in December 2022 and dropping to a deficit of -9.87% in December 2024. This volatility is primarily attributed to the irregular spikes in R&D and SG&A. The compression of net earnings is further exacerbated by "Other income (expense), net," which has frequently acted as a significant drag on profitability, often recording negative values between 7% and 19% of net revenues.
- Financial and Tax Obligations
- Interest expenses have remained relatively stable, consistently oscillating between 2.64% and 4.78% of net revenues, suggesting a controlled debt-servicing cost relative to revenue growth. Income tax expenses as a percentage of revenue have remained low and stable, typically between 1% and 5%, with a significant tax benefit of 14.87% appearing in December 2024, which partially offset the operating losses of that quarter.
The overall trajectory indicates that while the company possesses strong gross margins, the bottom-line profitability is increasingly susceptible to high-impact, non-recurring operational expenses and volatile non-operating items. The transition from net earnings of 27.31% in March 2021 to 4.63% in March 2026 highlights a systemic reduction in the conversion of revenue to net profit.