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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net revenues	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)	13,858)	12,902)	10,425)	8,619)
Cost of products sold	(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)	(4,684)	(5,050)	(3,711)	(1,942)
Gross margin	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)	9,174)	7,852)	6,714)	6,677)
Selling, general and administrative	(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)	(3,231)	(2,846)	(3,527)	(1,695)
Research and development	(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)	(1,890)	(1,706)	(1,582)	(1,379)
Acquired IPR&D and milestones	(2,680)	(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	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)	3,753)	3,255)	752)	3,603)
Interest expense, net	(667)	(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)	(20)	(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	(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)	(4,625)	(115)	(802)	(72)
Earnings (loss) before income tax (expense) benefit	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)	(1,507)	2,500)	(693)	3,098)
Income tax (expense) benefit	(526)	(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)	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)	38)	2,313)	(739)	3,010)
Net (earnings) loss attributable to noncontrolling interest	(2)	(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.	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)	36)	2,308)	(738)	3,010)

Net Revenues: Net revenues showed an overall upward trend from March 31, 2020, through December 31, 2025, with some fluctuations along the way. The revenues increased significantly between 2020 and 2021, peaking in the December quarters. However, there is a noticeable dip around the March 31, 2023, period, followed by a recovery trend through the later quarters of 2023 and into 2024. The highest revenue value is observed towards the end of the data, indicating growth in sales over the medium term.
Cost of Products Sold: The cost of products sold mirrored the general trend of net revenues, increasing overall but with some volatility. In particular, the costs saw a significant rise in the second quarter of 2023, which correlates with the dip in gross margin during that period. Although the cost slightly decreases after this spike, it remains higher compared to earlier years, which suggests rising production or procurement costs impacting the pricing or margins.
Gross Margin: Gross margin followed a similar pattern to revenues, with a generally positive trajectory except for a drop around March 31, 2023. The margin peaks towards the latter part of 2022 but experiences a notable decline in early 2023, likely influenced by a spike in cost of products sold during the same period. Following this decline, there is a partial recovery, but margins do not return to the highest levels seen in late 2022, indicating some pressure on profitability.
Selling, General and Administrative Expenses (SG&A): SG&A expenses showed variability with occasional spikes, such as in mid-2022, suggesting increases in overhead or marketing activities at specific intervals. Despite some fluctuations, these expenses generally remain within a consistent range relative to revenues, though with some higher outliers that could impact operating profit. The expense behavior indicates ongoing investment in administrative and selling activities.
Research and Development (R&D): R&D expenses maintained a generally steady level with moderate increases over time, except for a remarkable peak in the first half of 2025, particularly in the June 30, 2025 quarter. This spike illustrates a shift towards intensified research activities or investments in innovation during this period. The rest of the timeline shows consistent spending reflecting ongoing commitment to development efforts.
Acquired IPR&D and Milestones: The expenses related to acquired in-process research and development (IPR&D) and milestones demonstrate considerable volatility. There are several quarters, especially in later years, with substantial spikes, suggesting occasional significant acquisitions or milestone payments contributing to expense fluctuations. These irregular costs indicate strategic investments or partnerships occurring intermittently.
Other Operating Income (Expense), Net: Other operating income or expenses show occasional positive and negative values with no clear pattern, indicating irregular non-core operating items affecting results on an ad hoc basis. Some quarters report gains while others report losses, contributing minor unpredictability to operating results.
Operating Earnings: Operating earnings experienced strong growth from early 2020 through 2021 but show considerable volatility thereafter. A significant decline in early 2023 is apparent, correlating with dips in gross margin and spikes in certain expenses. The subsequent quarters indicate some recovery but not a full return to previous peak operating profit levels, highlighting operational challenges or restructuring impacts.
Interest Expense, Net: Interest expense remained relatively stable throughout the period with a slight downward trend toward later quarters, suggesting effective debt management or repayment. The consistency of these expenses provides predictability for financing costs.
Net Foreign Exchange Gain (Loss): Foreign exchange impacts were generally minor and negative, with occasional small gains, indicating some currency fluctuation effects on financial results. The overall impact appears limited relative to other expense categories.
Other Income (Expense), Net: These items displayed significant volatility with both substantial positive and negative values. For example, a noted large expense occurred in late 2020, and several quarters in 2022 and 2023 also exhibited significant negative entries. Such fluctuations imply exposure to non-recurring or extraordinary items affecting net earnings irregularly.
Earnings Before Income Tax: Earnings before tax generally tracked operating earnings but with increased volatility due to other income and expenses. Periods of strong profitability were punctuated by quarters of declines or losses, notably negative earnings before tax in mid-2020 and early 2023. Despite the fluctuations, there is a positive underlying trend over the longer term.
Income Tax Expense (Benefit): Income tax expense showed variability, including some tax benefits in certain quarters, leading to fluctuations in net earnings. Notable tax benefits occurred in the fourth quarter of 2020 and again in 2024, contributing to improved net income in those periods. This volatility suggests changes in tax strategy, legislation, or income source composition.
Net Earnings: Net earnings reflect the combined effect of revenue, cost, operating expenses, and non-operating items, showing a generally positive but volatile pattern. There were sharp declines into negative or near-zero territory during mid-2020 and early 2023, followed by significant recoveries. The overall trend points to growth in profitability over the years, tempered by occasional disruptions from cost spikes, non-operating losses, and tax variations.
Net Earnings Attributable to the Parent Company: The net earnings attributable specifically to the parent company closely follow the total net earnings pattern, with minor adjustments for noncontrolling interests. This indicates limited impact from minority interests on the overall profitability, with the majority of earnings accruing to the parent entity.

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AbbVie Inc. (NYSE:ABBV)

Income Statement Quarterly Data

Income Statement
Quarterly Data