Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2012
- Current Ratio since 2012
- Debt to Equity 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: 2025-06-30), 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), 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
- Cost of products sold as a percentage of net revenues shows notable volatility over the periods, ranging from a low of approximately -22.53% to a high near -46.56%. After peaking in the third quarter of 2023, costs generally retraced downward, stabilizing around the -28% to -30% range in recent quarters, indicating some improvement in production efficiency or pricing leverage.
- Gross Margin
- Gross margin moved inversely to the cost of products sold, fluctuating between roughly 53.44% and 77.47%. Margins dipped sharply in late 2023, coinciding with the spike in cost of goods, but recovered steadily thereafter, reaching over 70% in several recent quarters. This pattern suggests effective margin management despite periods of increased cost pressure.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses exhibit significant variability, ranging from approximately -19.67% to -37.11%. The highest peaks in SG&A occurred in mid-2022, which could indicate increased marketing or administrative efforts during that period. Subsequently, these expenses decreased and oscillated around the -21% to -26% band, indicating efforts toward cost control in administrative functions.
- Research and Development (R&D)
- The R&D expense as a percentage of net revenues generally trends downward from around -16% in early 2020 to near -11% in most quarters of 2021 and 2022, reflecting a reduction or more efficient allocation of research investment. However, there are periodic spikes, notably in the first quarter of 2023 and mid-2024, indicating renewed or increased research activities.
- Acquired IPR&D and Milestones
- This line item presents a sporadic pattern with negative values representing expenses related to acquired in-process research and development and milestone payments. There are occasional spikes in these expenditures, particularly in mid-2024 and late 2024, suggesting episodic investments in acquisition-related intangible assets or milestone achievements impacting earnings.
- Other Operating Income (Expense), Net
- Values here are minimal and irregular, with occasional positive income and small charges, indicating that other operational factors have marginal impact on overall profitability and do not show a consistent trend.
- Operating Earnings
- Operating earnings demonstrate considerable fluctuation, with values ranging from a low near 7.21% to highs exceeding 41.8%. Notable declines are observed in early and late 2023, correlating with increased costs and other expenses. However, recovery is evident as earnings approach or surpass the 30% mark in several quarters, reflecting operational resilience.
- Interest Expense, Net
- Interest expense as a percentage of net revenues shows a general downward trend from near -5.89% in early 2020 to roughly -2.64% to -3.7% in subsequent periods, suggesting a reduction in debt service costs or more favorable financing conditions over time.
- Net Foreign Exchange Gain (Loss)
- Foreign exchange effects remain relatively minor throughout, fluctuating narrowly around zero, with slight negative biases in some quarters, indicating modest currency impacts on earnings.
- Other Income (Expense), Net
- This item exhibits high volatility with both sizeable positive and negative swings, such as a significant negative impact in the fourth quarter of 2020 and positive spikes in some quarters of 2021 and 2022. Such fluctuations imply periodic non-operational gains and losses affecting net earnings unpredictably.
- Earnings Before Income Tax (EBT)
- EBT percentages vary significantly, from negative values (e.g., -10.87% in late 2020) to peaks over 36% in early 2022. The data reflects sensitivity to operational and non-operational factors, with a general tendency toward positive earnings, albeit with episodic downturns corresponding with increased expenses or charges.
- Income Tax Expense
- Income tax expense fluctuates moderately around negative percentages, indicating tax outflows relative to net revenues, with occasional benefits notably in the fourth quarter of 2020 and the first quarter of 2025. These variations suggest fluctuating effective tax rates and potential tax planning impacts.
- Net Earnings
- Net earnings as a percentage of net revenues show substantial variability, from negative values near -7.09% in mid-2020 to highs exceeding 34% in early 2020 and early 2022. The data reflects high earnings volatility, with periods of contraction typically accompanying increased costs or other operating challenges. Recent quarters tend to stabilize in the 6% to 12% range, indicating a return to consistent profitability.
- Net Earnings Attributable to AbbVie Inc.
- The pattern closely mirrors total net earnings with minor adjustments for noncontrolling interests. The attributable net earnings reflect the overall trends in company profitability, showcasing recovery phases and periods of financial pressure but maintaining a generally positive outcome over the longer term.