Price to Book Value (P/BV)
since 2012
Calculation
AbbVie Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2026 | — | = | 224.81 | ÷ | -1.85 | -1.85 | = | -3,270 | ÷ | 1,768,169,012 | |
| Feb 14, 2025 | 102.40 | = | 192.87 | ÷ | 1.88 | 1.88 | = | 3,325 | ÷ | 1,765,354,859 | |
| Feb 20, 2024 | 29.97 | = | 175.75 | ÷ | 5.86 | 5.86 | = | 10,360 | ÷ | 1,766,473,359 | |
| Feb 17, 2023 | 15.52 | = | 151.31 | ÷ | 9.75 | 9.75 | = | 17,254 | ÷ | 1,769,399,971 | |
| Feb 18, 2022 | 16.53 | = | 144.03 | ÷ | 8.71 | 8.71 | = | 15,408 | ÷ | 1,768,753,829 | |
| Feb 19, 2021 | 14.18 | = | 105.01 | ÷ | 7.40 | 7.40 | = | 13,076 | ÷ | 1,765,881,690 | |
| Feb 21, 2020 | — | = | 94.96 | ÷ | -5.52 | -5.52 | = | -8,172 | ÷ | 1,479,156,683 | |
| Feb 27, 2019 | — | = | 79.41 | ÷ | -5.73 | -5.73 | = | -8,446 | ÷ | 1,475,083,514 | |
| Feb 16, 2018 | 36.95 | = | 118.60 | ÷ | 3.21 | 3.21 | = | 5,097 | ÷ | 1,587,972,655 | |
| Feb 17, 2017 | 21.24 | = | 61.77 | ÷ | 2.91 | 2.91 | = | 4,636 | ÷ | 1,593,920,285 | |
| Feb 19, 2016 | 22.17 | = | 54.29 | ÷ | 2.45 | 2.45 | = | 3,945 | ÷ | 1,611,238,226 | |
| Feb 20, 2015 | 56.09 | = | 61.30 | ÷ | 1.09 | 1.09 | = | 1,742 | ÷ | 1,593,886,909 | |
| Feb 21, 2014 | 18.05 | = | 51.04 | ÷ | 2.83 | 2.83 | = | 4,492 | ÷ | 1,588,518,764 | |
| Mar 15, 2013 | 18.06 | = | 38.50 | ÷ | 2.13 | 2.13 | = | 3,363 | ÷ | 1,577,334,090 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of AbbVie Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates relative stability between 2013 and 2015, followed by significant volatility and, more recently, a substantial increase.
- Initial Stability (2013-2015)
- From 2013 to 2015, the P/BV ratio remained within a range of approximately 18 to 56. The ratio began at 18.06 in 2013, increased to 18.05 in 2014, and then rose sharply to 56.09 in 2015. This initial increase coincided with a substantial increase in share price and a decrease in book value per share.
- Volatility and Moderate Values (2016-2021)
- The period between 2016 and 2021 shows more moderate P/BV values, fluctuating between approximately 14 and 37. The ratio decreased to 22.17 in 2016, then increased to 36.95 in 2018, before declining again. Values in 2019 and 2020 are missing, but the ratio recovered to 14.18 in 2021. This period is characterized by fluctuations in both share price and book value per share.
- Recent Increase (2022-2024)
- From 2022, the P/BV ratio has shown a marked upward trend. It increased from 15.52 in 2022 to 29.97 in 2023, and then dramatically to 102.40 in 2024. This increase is driven by a substantial increase in share price coupled with a significant decrease in book value per share. The book value per share became negative in 2025 (-1.85) and the P/BV ratio is not available for 2026.
- Book Value Per Share Trends
- Book value per share generally increased from 2013 to 2017, peaking at 3.21. However, it then experienced a dramatic decline, becoming negative in 2019 and 2020, before recovering to positive values in 2021, 2022, and 2023. The value decreased significantly in 2024 to 1.88 and became negative again in 2025.
The observed trends suggest a growing disconnect between the market valuation of the company, as reflected in the share price, and its underlying book value. The recent surge in the P/BV ratio warrants further investigation to understand the factors driving this divergence.
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Comparison to Competitors
AbbVie Inc., P/BV, long-term trends, comparison to competitors
| AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2026 | — | 22.99 | 6.61 | 2.82 | 36.91 | 8.07 | 7.12 | 5.82 | 1.78 | 2.62 | 3.62 | 6.69 |
| Feb 14, 2025 | 102.40 | 26.61 | 6.98 | 3.00 | 57.93 | 7.36 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 20, 2024 | 29.97 | 24.94 | 3.35 | 3.47 | 65.80 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 17, 2023 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 18, 2022 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 19, 2021 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 21, 2020 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 27, 2019 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 16, 2018 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 17, 2017 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 19, 2016 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 20, 2015 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 21, 2014 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Mar 15, 2013 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
AbbVie Inc., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| AbbVie Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 20, 2026 | — | 7.72 |
| Feb 14, 2025 | 102.40 | 7.03 |
| Feb 20, 2024 | 29.97 | 6.77 |
| Feb 17, 2023 | 15.52 | 5.66 |
| Feb 18, 2022 | 16.53 | 5.72 |
| Feb 19, 2021 | 14.18 | 5.99 |
| Feb 21, 2020 | — | 5.82 |
| Feb 27, 2019 | — | 6.02 |
| Feb 16, 2018 | 36.95 | 5.14 |
| Feb 17, 2017 | 21.24 | 4.58 |
| Feb 19, 2016 | 22.17 | 4.15 |
| Feb 20, 2015 | 56.09 | 4.47 |
| Feb 21, 2014 | 18.05 | 3.97 |
| Mar 15, 2013 | 18.06 | 3.21 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Health Care)
AbbVie Inc., P/BV, long-term trends, comparison to industry (health care)
| AbbVie Inc. | Health Care | |
|---|---|---|
| Feb 20, 2026 | — | 6.08 |
| Feb 14, 2025 | 102.40 | 5.99 |
| Feb 20, 2024 | 29.97 | 5.94 |
| Feb 17, 2023 | 15.52 | 87,112.79 |
| Feb 18, 2022 | 16.53 | 5.48 |
| Feb 19, 2021 | 14.18 | 5.37 |
| Feb 21, 2020 | — | 5.14 |
| Feb 27, 2019 | — | 5.17 |
| Feb 16, 2018 | 36.95 | 4.55 |
| Feb 17, 2017 | 21.24 | 4.06 |
| Feb 19, 2016 | 22.17 | 3.62 |
| Feb 20, 2015 | 56.09 | 4.10 |
| Feb 21, 2014 | 18.05 | 3.51 |
| Mar 15, 2013 | 18.06 | 2.87 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).