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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net revenues	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)	13,858)	12,902)	10,425)	8,619)
Cost of products sold	(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)	(4,684)	(5,050)	(3,711)	(1,942)
Gross margin	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)	9,174)	7,852)	6,714)	6,677)
Selling, general and administrative	(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)	(3,231)	(2,846)	(3,527)	(1,695)
Research and development	(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)	(1,890)	(1,706)	(1,582)	(1,379)
Acquired IPR&D and milestones	(823)	(248)	(1,574)	(82)	(937)	(164)	(282)	(66)	(280)	(150)	(243)	(40)	(269)	(145)	(405)	(390)	(97)	(70)	(300)	(45)	(853)	—)
Other operating income (expense), net	24)	—)	7)	—)	—)	—)	—)	—)	169)	10)	1)	(229)	172)	—)	—)	(500)	68)	—)	—)	—)	—)	—)
Operating earnings	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)	3,753)	3,255)	752)	3,603)
Interest expense, net	(678)	(627)	(610)	(591)	(506)	(453)	(378)	(398)	(454)	(454)	(476)	(497)	(532)	(539)	(571)	(585)	(606)	(622)	(618)	(620)	(614)	(428)
Net foreign exchange gain (loss)	(23)	(4)	(19)	3)	(1)	(4)	(49)	(25)	(37)	(35)	(40)	(36)	(47)	(25)	(16)	(12)	(14)	(9)	(17)	(20)	(29)	(5)
Other income (expense), net	(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)	(4,625)	(115)	(802)	(72)
Earnings (loss) before income tax (expense) benefit	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)	(1,507)	2,500)	(693)	3,098)
Income tax (expense) benefit	(613)	(372)	2,246)	(520)	(773)	(383)	(388)	(172)	(583)	(234)	(493)	(448)	(255)	(436)	(226)	(508)	(394)	(312)	1,545)	(187)	(46)	(88)
Net earnings (loss)	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)	38)	2,313)	(739)	3,010)
Net (earnings) loss attributable to noncontrolling interest	(3)	(3)	1)	(3)	(3)	(3)	(2)	(3)	(3)	(2)	1)	(3)	(4)	(3)	(1)	(1)	(3)	(2)	(2)	(5)	1)	—)
Net earnings (loss) attributable to AbbVie Inc.	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)	36)	2,308)	(738)	3,010)

Net Revenues: Net revenues exhibited a general upward trajectory from March 2020 to December 2021, increasing from 8,619 million USD to a peak of 14,886 million USD. However, a noticeable decline began in 2022, with fluctuations evident through the subsequent quarters. Despite some recovery attempts, revenues in 2025 remained somewhat lower relative to the peak periods in late 2021 and 2022.
Cost of Products Sold: The cost of products sold increased sharply from March to September 2020, reaching over 5,000 million USD before slightly declining and stabilizing between 4,000 and 5,000 million USD across most quarters. However, a significant spike occurred in September 2023 (6,485 million USD) and December 2023 (5,704 million USD), reversing earlier trends before returning closer to previous levels in 2024 and 2025.
Gross Margin: Gross margin trends largely mirrored net revenues but showed higher volatility. The margin peaked in December 2022 at 10,951 million USD before dropping sharply in March 2023 to 8,239 million USD and again reached a low of 7,442 million USD in September 2023. While subsequent quarters showed recovery, gross margin did not consistently return to its prior highs.
Selling, General and Administrative Expenses (SG&A): SG&A expenses increased considerably in mid-2022, particularly in June (5,412 million USD), suggesting a spike in operating costs during this period. After this peak, expenses generally decreased and stabilized toward 3,000 to 4,000 million USD in later quarters, indicating some cost control measures or operational adjustments.
Research and Development (R&D): R&D expenses remained relatively consistent through 2020 and 2021, mostly in the 1,600–1,900 million USD range. A significant anomaly occurred in June 2024 with an unusually high expense of 6,774 million USD, followed by a return to more typical levels in subsequent quarters. This spike could represent a substantial investment or acquisition-related charge during that quarter.
Acquired IPR&D and Milestones: These expenses were irregular and sporadic, with varying values across quarters. Notably, June 2025 recorded an elevated figure of 823 million USD. The fluctuations indicate ongoing activities related to in-process research and development acquisitions or milestone payments, which can significantly impact quarterly results.
Other Operating Income (Expense), Net: This item displayed high volatility, with some quarters registering notable gains (e.g., 172 million USD in March 2022 and 169 million USD in June 2023) and others reflecting significant expenses (e.g., -500 million USD in September 2020). Its irregularity suggests occasional one-time items or adjustments impacting operating earnings.
Operating Earnings: Operating earnings fluctuated markedly, reaching highs near 5,500 million USD in December 2022 but falling sharply in June 2025 to -1,490 million USD, indicating a major operational loss in that quarter. General trends show periods of growth interrupted by notable downswings, reflecting sensitivity to cost and revenue variations.
Interest Expense, Net: Interest expense remained relatively stable over the period, generally declining slightly from approximately 600 million USD per quarter in 2020 towards the high 400s and 500s later, with some increase again in 2025. This reflects modest changes in debt servicing costs.
Net Foreign Exchange Gain (Loss): Foreign exchange gains and losses were minor and largely negative, contributing nominal impacts across quarters without a clear trend, indicating limited exposure or impact on earnings from currency fluctuations.
Other Income (Expense), Net: This category exhibited significant volatility, with sharp losses such as -4,625 million USD in December 2020 and gains like 776 million USD in March 2022. This wide variance points to irregular non-operating items materially influencing pre-tax earnings.
Earnings (Loss) Before Income Tax Expense (Benefit): Pre-tax earnings followed a cyclical pattern with sharp volatility, including a notable negative value in June 2020 (-693 million USD), a strong rebound through 2021 and early 2022 reaching nearly 5,000 million USD, and fluctuations thereafter. The quarter ending June 2025 again showed negative pre-tax earnings (-2,269 million USD), reflecting operational and non-operating pressures.
Income Tax Expense (Benefit): Tax expenses were inconsistent, with occasional tax benefits such as 1,545 million USD in December 2020 and 2,246 million USD in June 2025 contrasting with regular tax expenses ranging between approximately 200 to 700 million USD. This variability may stem from changes in profitability, tax planning, or regulatory impacts.
Net Earnings (Loss): Net earnings showed substantial variability, peaking near 4,500 million USD in early 2022 and experiencing sharp declines in quarters such as June 2020 (-739 million USD) and June 2025 (-23 million USD). Overall, the data reveal a pattern of strong profitability interspersed with notable earnings contractions, driven by the combined effects of revenue, costs, operating income, and unusual non-recurring expenses.
Net Earnings Attributable to AbbVie Inc.: The net earnings attributable to the company generally aligned closely with consolidated net earnings, demonstrating similar trends of growth, fluctuation, and some quarters with earnings near or below zero. This confirms that the controlling interest's profitability trends mirror overall company performance.

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AbbVie Inc. (NYSE:ABBV)

Income Statement Quarterly Data

Income Statement
Quarterly Data