Income Statement
Quarterly Data

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.

AbbVie Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2026	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	15,002)	16,618)	15,776)	15,423)	13,343)	15,102)	14,460)	14,462)	12,310)	14,301)	13,927)	13,865)	12,225)	15,121)	14,812)	14,583)	13,538)	14,886)	14,342)	13,959)	13,010)
Cost of products sold	(4,218)	(4,552)	(5,304)	(4,346)	(4,002)	(4,396)	(4,212)	(4,202)	(4,094)	(5,704)	(6,485)	(4,240)	(3,986)	(4,170)	(5,022)	(4,170)	(4,052)	(4,320)	(4,390)	(4,523)	(4,213)
Gross margin	10,784)	12,066)	10,472)	11,077)	9,341)	10,706)	10,248)	10,260)	8,216)	8,597)	7,442)	9,625)	8,239)	10,951)	9,790)	10,413)	9,486)	10,566)	9,952)	9,436)	8,797)
Selling, general and administrative	(3,578)	(3,895)	(3,569)	(3,253)	(3,293)	(3,855)	(4,205)	(3,377)	(3,315)	(3,193)	(3,372)	(3,268)	(3,039)	(3,417)	(3,304)	(5,412)	(3,127)	(3,260)	(3,083)	(3,164)	(2,842)
Research and development	(2,472)	(2,579)	(2,319)	(2,131)	(2,067)	(6,774)	(2,130)	(1,948)	(1,939)	(1,927)	(1,723)	(1,733)	(2,292)	(1,790)	(1,614)	(1,609)	(1,497)	(1,827)	(1,673)	(1,802)	(1,782)
Acquired IPR&D and milestones	(744)	(1,265)	(2,680)	(823)	(248)	(1,574)	(82)	(937)	(164)	(282)	(66)	(280)	(150)	(243)	(40)	(269)	(145)	(405)	(390)	(97)	(70)
Other operating income (expense), net	—)	217)	—)	24)	—)	7)	—)	—)	—)	—)	—)	169)	10)	1)	(229)	172)	—)	—)	(500)	68)	—)
Operating earnings	3,990)	4,544)	1,904)	4,894)	3,733)	(1,490)	3,831)	3,998)	2,798)	3,195)	2,281)	4,513)	2,768)	5,502)	4,603)	3,295)	4,717)	5,074)	4,306)	4,441)	4,103)
Interest expense, net	(645)	(655)	(667)	(678)	(627)	(610)	(591)	(506)	(453)	(378)	(398)	(454)	(454)	(476)	(497)	(532)	(539)	(571)	(585)	(606)	(622)
Net foreign exchange gain (loss)	—)	(11)	(20)	(23)	(4)	(19)	3)	(1)	(4)	(49)	(25)	(37)	(35)	(40)	(36)	(47)	(25)	(16)	(12)	(14)	(9)
Other income (expense), net	(2,306)	(1,210)	(503)	(2,639)	(1,441)	(150)	(1,159)	(1,345)	(586)	(1,556)	95)	(1,412)	(1,804)	(2,021)	330)	(1,533)	776)	(216)	(21)	(2,658)	395)
Earnings before income tax (expense) benefit	1,039)	2,668)	714)	1,554)	1,661)	(2,269)	2,084)	2,146)	1,755)	1,212)	1,953)	2,610)	475)	2,965)	4,400)	1,183)	4,929)	4,271)	3,688)	1,163)	3,867)
Income tax (expense) benefit	(342)	(853)	(526)	(613)	(372)	2,246)	(520)	(773)	(383)	(388)	(172)	(583)	(234)	(493)	(448)	(255)	(436)	(226)	(508)	(394)	(312)
Net earnings	697)	1,815)	188)	941)	1,289)	(23)	1,564)	1,373)	1,372)	824)	1,781)	2,027)	241)	2,472)	3,952)	928)	4,493)	4,045)	3,180)	769)	3,555)
Net earnings attributable to noncontrolling interest	(2)	1)	(2)	(3)	(3)	1)	(3)	(3)	(3)	(2)	(3)	(3)	(2)	1)	(3)	(4)	(3)	(1)	(1)	(3)	(2)
Net earnings attributable to AbbVie Inc.	695)	1,816)	186)	938)	1,286)	(22)	1,561)	1,370)	1,369)	822)	1,778)	2,024)	239)	2,473)	3,949)	924)	4,490)	4,044)	3,179)	766)	3,553)

Net revenues demonstrate a general long-term upward trajectory, growing from 13,010 million US$ in March 2021 to a peak of 16,618 million US$ in December 2025. Despite this growth, a recurring seasonal pattern is observed where revenues typically decline in the first quarter of each year before recovering. Gross margins have generally expanded in tandem with revenue, although they experienced notable volatility, particularly in September 2023 when the cost of products sold spiked to 6,485 million US$, causing a temporary contraction in margin.

Operational Expenditure Patterns: Selling, general and administrative (SG&A) expenses remained relatively stable between 3,000 million US$ and 3,500 million US$ for most of the period, with a significant outlier in June 2022 reaching 5,412 million US$. Research and development (R&D) spending showed a steady increase from approximately 1,800 million US$ in 2021 to over 2,400 million US$ by early 2026. A critical anomaly occurred in December 2024, where R&D expenses surged to 6,774 million US$, indicating a substantial one-time investment or accounting adjustment.
Strategic Acquisitions and IPR&D: Spending on Acquired In-Process Research and Development (IPR&D) and milestones exhibits high volatility and an increasing trend in magnitude. While early expenditures were relatively modest, there was a marked escalation starting in 2024, culminating in a peak expenditure of 2,680 million US$ in September 2025. This suggests an intensified strategy of inorganic growth and pipeline expansion during the latter half of the analyzed period.
Operating and Net Profitability: Operating earnings fluctuate significantly, reflecting the impact of strategic spending. The most pronounced decline occurred in December 2024, where operating earnings fell to negative 1,490 million US$, directly correlating with the aforementioned R&D spike. Net earnings are characterized by extreme volatility, largely driven by "Other income (expense), net," which frequently records large negative values exceeding 1,000 million US$. This volatility resulted in a net loss of 23 million US$ in December 2024, contrasting with peaks such as 4,493 million US$ in March 2022.
Financial Obligations and Tax Impact: Interest expenses remained consistently between 378 million US$ and 678 million US$, showing a slight increase in the most recent quarters. The effective tax expense varies considerably, with a notable tax benefit of 2,246 million US$ recorded in December 2024, which partially offset the operational losses incurred during that quarter.

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AbbVie Inc. (NYSE:ABBV)

Income Statement Quarterly Data

Income Statement
Quarterly Data