Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2012
- Debt to Equity since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
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AbbVie Inc., consolidated income statement
US$ in millions
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).
- Net Revenues
- The net revenues show a consistent upward trend from 2020 to 2022, increasing from 45,804 million USD to 58,054 million USD. However, there is a decline in 2023 to 54,318 million USD, followed by a moderate recovery in 2024 reaching 56,334 million USD.
- Cost of Products Sold
- The cost of products sold increased steadily from 15,387 million USD in 2020 to a peak of 20,415 million USD in 2023, before decreasing to 16,904 million USD in 2024. This fluctuation suggests an uneven cost structure, with a notable decrease in 2024 that may reflect improved cost management or changes in sales mix.
- Gross Margin
- Gross margin mirrored the revenue trend, rising from 30,417 million USD in 2020 to a high of 40,640 million USD in 2022, then declining sharply in 2023 to 33,903 million USD before rebounding to 39,430 million USD in 2024. The variation corresponds with the changes in both revenue and cost of products sold.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses increased overall from 11,299 million USD in 2020 to 15,260 million USD in 2022, followed by a decrease in 2023 to 12,872 million USD, then rose again in 2024 to 14,752 million USD. This pattern indicates fluctuation in operating spending, with no clear trend toward sustained cost reduction.
- Research and Development (R&D)
- R&D expenditures show notable volatility: starting at 6,557 million USD in 2020, peaking modestly at 7,675 million USD in 2023, then sharply increasing to 12,791 million USD in 2024. This marked rise in 2024 suggests a strategic emphasis on innovation or pipeline development during that year.
- Acquired IPR&D and Milestones
- Expenses related to acquired in-process research & development and milestones decreased steadily from 1,198 million USD in 2020 to 697 million USD in 2022, slightly increasing thereafter to 2,757 million USD in 2024. The increase in 2024 may indicate heightened acquisition activity or milestone payments driving this cost.
- Other Operating Income (Expense), Net
- This item was negatively impacted in 2021 and 2022 with losses of 432 and 56 million USD, respectively, but turned positive in 2023 with an income of 179 million USD and remained nearly neutral in 2024 at 7 million USD, demonstrating improving non-core operating results.
- Operating Earnings
- Operating earnings exhibited strong growth from 11,363 million USD in 2020 to a peak of 18,117 million USD in 2022, before declining sharply to 12,757 million USD in 2023 and further to 9,137 million USD in 2024. The substantial drop reflects the combined impact of fluctuating revenues, costs, and increased expenses, particularly in R&D.
- Interest Expense and Income
- Interest expense remained relatively stable from 2,454 million USD in 2020 to about 2,224 million USD in 2023, then increased to 2,808 million USD in 2024. Interest income was low and variable until 2023 but increased to 648 million USD in 2024. Net interest expense follows a decreasing trend until 2023, then rises again in 2024 to 2,160 million USD.
- Net Foreign Exchange Loss
- Foreign exchange losses were generally moderate, ranging from 21 million to 148 million USD, peaking in 2022 and 2023, then decreasing significantly in 2024 to 21 million USD. This suggests reduced currency volatility impacts in the most recent year.
- Other Expense, Net
- Other net expenses exhibit variability, with a high of 5,614 million USD in 2020, decreasing to about 2,448 million USD in 2022, then increasing again in 2023 to 4,677 million USD, and declining to 3,240 million USD in 2024. This inconsistent pattern points to irregular one-time charges or other non-operating items.
- Earnings Before Income Tax Expense
- Earnings before taxes increased notably from 3,398 million USD in 2020 to 13,477 million USD in 2022, then decreased substantially in 2023 to 6,250 million USD and further to 3,716 million USD in 2024, reflecting lower operating earnings and increased expenses.
- Income Tax Expense (Benefit)
- Income tax showed a benefit in 2020 of 1,224 million USD but turned into expenses from 2021 through 2023, ranging approximately from 1,377 to 1,632 million USD, then reverting to a tax benefit of 570 million USD in 2024. This reversal may imply recognition of tax credits or adjustments impacting net earnings positively in the latest period.
- Net Earnings
- Net earnings increased sharply from 4,622 million USD in 2020 to a peak of 11,845 million USD in 2022, before dropping considerably to 4,873 million USD in 2023 and slightly declining further to 4,286 million USD in 2024. The earnings contraction corresponds with the trends seen in operating performance and tax treatment.
- Net Earnings Attributable to AbbVie Inc.
- The net earnings attributable to the parent company closely follow the total net earnings trend, ranging from 4,616 million USD in 2020, peaking at 11,836 million USD in 2022, then decreasing to 4,863 million USD in 2023 and 4,278 million USD in 2024, underscoring the consistency in earnings allocation.