Stock Analysis on Net
Stock Analysis on Net

AbbVie Inc. (NYSE:ABBV)

$24.99

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.

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AbbVie Inc., consolidated income statement (quarterly data)

US$ in millions

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).

AbbVie Inc. demonstrates fluctuating financial performance over the observed period, spanning from March 2021 to December 2025. Net revenues exhibit an overall increasing trend, though with notable quarterly variations. Cost of products sold generally mirrors revenue fluctuations, impacting gross margin stability. Operating earnings show considerable volatility, influenced by shifts in selling, general and administrative expenses, research and development investments, and acquired IPR&D and milestones. Net earnings attributable to AbbVie Inc. display significant quarterly swings, ultimately showing a complex pattern of growth and decline.

Revenue and Gross Margin
Net revenues generally increased from $13.010 billion in March 2021 to $16.618 billion in December 2025, although with interim declines. A significant dip in revenues is observed in March 2023 ($12.225 billion) and again in March 2025 ($13.343 billion). Gross margin followed a similar pattern, peaking at $12.066 billion in December 2025, but experiencing declines in tandem with revenue drops. The gross margin percentage remained relatively stable, fluctuating between approximately 60% and 65% throughout the period.
Operating Expenses
Selling, general and administrative expenses increased substantially in June 2022 ($5.412 billion) before decreasing, but remained a significant portion of revenue. Research and development expenses remained relatively consistent until a substantial increase in December 2024 ($6.774 billion), significantly impacting operating earnings. Acquired IPR&D and milestones also exhibited volatility, with a particularly large expense in December 2024 ($1.574 billion) and September 2025 ($2.680 billion).
Operating and Net Earnings
Operating earnings peaked in December 2021 ($5.502 billion) and December 2023 ($4.544 billion) but experienced a substantial decline in December 2024 (-$1.490 billion) due to increased operating expenses. Net earnings attributable to AbbVie Inc. mirrored this trend, reaching $4.490 billion in March 2022, but falling to a net loss of -$22 million in December 2024. A recovery is observed in the final quarter of 2025, with net earnings reaching $1.816 billion.
Below Operating Income
Interest expense remained relatively stable, fluctuating between approximately $450 million and $678 million per quarter. Net foreign exchange gains/losses were generally small, but occasionally significant, with a notable loss in June 2022 (-$47 million) and December 2025 (-$11 million). Other income (expense), net, was highly volatile, with a large expense in June 2021 (-$2.658 billion) and December 2022 (-$2.021 billion), significantly impacting earnings before income tax. Income tax expense fluctuated between benefit and expense, correlating with earnings performance.

In summary, the financial performance of AbbVie Inc. is characterized by revenue growth punctuated by quarterly declines, significant operating expense volatility, and corresponding fluctuations in operating and net earnings. The substantial increase in research and development expenses and acquired IPR&D in late 2024 appears to have had a particularly pronounced negative impact on profitability, though a partial recovery is evident in the final quarter of 2025.