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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Selected Financial Data since 2012
- Net Profit Margin since 2012
- Return on Assets (ROA) since 2012
- Price to Earnings (P/E) since 2012
- Analysis of Revenues
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AbbVie Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Net Revenues
- Net revenues exhibit a generally cyclical pattern with notable fluctuations across quarters. There is a sharp increase from March 2020 to December 2020, peaking at 13,858 million USD, followed by some volatility through 2021 and 2022. A marked decline is observed in early 2023, dropping to 12,225 million USD, before revenues gradually recover by the end of 2025. The data indicates periodic declines roughly every year-end followed by recoveries.
- Cost of Products Sold
- The cost of products sold rises significantly in mid-2020, peaking at 5,050 million USD in September 2020 before decreasing and stabilizing around 4,000-4,500 million USD in subsequent quarters. A substantial spike occurs in September 2023, reaching 6,485 million USD, followed by a decline in the following quarters to levels closer to previous trends, suggesting occasional increases in production or procurement costs.
- Gross Margin
- Gross margin trends correspond closely to net revenues and cost of products sold. It peaks at 10,951 million USD in December 2022 but experiences declines in early 2023, reaching a low of 7,442 million USD in September 2023. The margin recovers once more by the end of 2025. This pattern highlights sensitivity of gross margin to cost fluctuations and revenue volatility over the periods.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses fluctuate considerably, spiking notably in June 2022 to 5,412 million USD, which is substantially higher than most other quarters. This suggests a significant one-time expenditure or increased operating costs during that period. Otherwise, the expenses generally range between 2,800 and 3,800 million USD with some increase towards late 2024, where higher values again appear.
- Research and Development (R&D)
- R&D costs show a steady increase from 1,379 million USD in March 2020 to peaks such as 6,774 million USD in December 2024, indicating intensified investment in development activities over time. There are occasional dips but the overall trend suggests growing commitment to research and product development, reflecting in the volatile but upward movement.
- Acquired IPR&D and Milestones
- Acquired in-process research and development (IPR&D) and milestones expenses fluctuate significantly, with occasional large write-offs such as 1,574 million USD in December 2024, implying irregular but impactful acquisition-related expenses. These costs appear inconsistent quarter to quarter but occasionally represent substantial outflows, affecting overall operating costs.
- Other Operating Income (Expense), Net
- Recorded income or expenses from other operating activities are intermittent and irregular, with sporadic entries suggesting non-recurring items. For instance, a notable negative figure of -500 million USD appears in September 2020, and positive spikes like 172 million USD in June 2022. These are likely related to extraordinary or non-operational gains or losses.
- Operating Earnings
- Operating earnings show considerable variation, peaking at 5,502 million USD in December 2022. However, sharp drops occur frequently such as in March 2020 (3603 million) and December 2024 (-1,490 million), indicating exposure to volatile operating conditions. Overall, the trend reflects the influence of fluctuating revenues and costs, with occasional negative operating results signaling challenging periods.
- Interest Expense, Net
- Interest expenses are relatively stable, generally declining slightly from -428 million USD in March 2020 to around -400 to -600 million USD in later quarters. These have minor fluctuations but do not show extreme variation, indicating consistent debt servicing costs.
- Net Foreign Exchange Gain (Loss)
- Foreign exchange effects are minor but mostly negative, indicating losses in most quarters ranging from -1 million USD to -47 million USD. Small positive gains appear sporadically but do not significantly affect overall earnings trends.
- Other Income (Expense), Net
- Other non-operating income and expenses vary widely, including severe negative impacts like -4,625 million USD in December 2020 and positive inflows such as 776 million USD in March 2022. This volatility suggests exposure to irregular, often one-time financial items that materially impact pre-tax earnings in certain quarters.
- Earnings Before Income Tax
- Earnings before tax fluctuate markedly, reflecting operating earnings variation and the impact of other income/expense items. Significant negative values occur such as in June 2020 (-693 million USD) and December 2020 (-1,507 million USD), followed by strong recoveries. This pattern corresponds closely with operational volatility and extraordinary income/expense fluctuations.
- Income Tax Expense (Benefit)
- Income tax expenses vary inconsistently, including negative amounts (tax benefits) such as 1,545 million USD in December 2020 and 2,246 million USD in March 2025, indicating tax credits or adjustments. At other times, expenses are typical, fluctuating in response to income before tax changes.
- Net Earnings (Loss)
- Net earnings demonstrate extreme variability, with losses recorded notably in June 2020 (-739 million USD) and near break-even or small profits in some quarters (e.g., 38 million USD in December 2020). Peaks appear in March 2022 (4,493 million USD) and December 2022 (2,472 million USD), followed by substantial declines in 2023. The trend underlines sensitivity to operating results, tax impacts, and other financial items, resulting in an overall uneven earnings performance.
- Net Earnings Attributable to AbbVie Inc.
- The net earnings attributable to the company closely follow the overall net earnings pattern, confirming minimal influence from noncontrolling interests. The fluctuations mirror those described above, reinforcing the cyclical and volatile nature of the company's financial results during the period analyzed.