Selected Financial Data
since 2012
Income Statement
AbbVie Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating earnings | Net earnings attributable to AbbVie Inc. |
|---|---|---|---|
| Dec 31, 2024 | 56,334) | 9,137) | 4,278) |
| Dec 31, 2023 | 54,318) | 12,757) | 4,863) |
| Dec 31, 2022 | 58,054) | 18,117) | 11,836) |
| Dec 31, 2021 | 56,197) | 17,924) | 11,542) |
| Dec 31, 2020 | 45,804) | 11,363) | 4,616) |
| Dec 31, 2019 | 33,266) | 12,983) | 7,882) |
| Dec 31, 2018 | 32,753) | 6,383) | 5,687) |
| Dec 31, 2017 | 28,216) | 9,592) | 5,309) |
| Dec 31, 2016 | 25,638) | 9,384) | 5,953) |
| Dec 31, 2015 | 22,859) | 7,537) | 5,144) |
| Dec 31, 2014 | 19,960) | 3,411) | 1,774) |
| Dec 31, 2013 | 18,790) | 5,664) | 4,128) |
| Dec 31, 2012 | 18,380) | 5,817) | 5,275) |
Based on: 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).
The financial data over the period from 2012 to 2024 reveals several key trends regarding net revenues, operating earnings, and net earnings attributable to the company.
- Net Revenues
- Net revenues demonstrated a consistent upward trajectory from 2012 through 2021, increasing from approximately $18.4 billion to over $56 billion, reflecting strong growth across these years. The peak was observed in 2021 at around $56.2 billion. However, starting in 2022, there was a decline to about $54 billion, followed by a modest recovery in 2023 to approximately $56.3 billion. This pattern may suggest some volatility or market challenges impacting revenue after a prolonged growth phase.
- Operating Earnings
- Operating earnings exhibited more volatility compared to net revenues. From 2012 to 2013, operating earnings slightly decreased but then dropped significantly in 2014. There was a strong recovery in 2015, continuing with growth through 2016 and 2017. After a substantial dip in 2018, a notable surge occurred in 2019 and 2021. However, the most recent years, 2022 and 2023, again showed a decline in operating earnings, with 2024 recording the lowest operating earnings in the observed period since 2014. This volatility could indicate shifts in cost structures, operational efficiency, or external economic factors affecting profitability.
- Net Earnings Attributable to the Company
- Net earnings showed a decline from 2012 to 2014, reaching the lowest point in 2014 at approximately $1.8 billion. Following that, there was a recovery trend until 2019, although fluctuating between years. A notable decrease was observed in 2020, followed by a sharp increase in 2021, marking the highest net earnings in the period at about $11.5 billion. After this peak, net earnings again declined sharply in 2022 and 2023, with a slight further decrease estimated for 2024. The pattern suggests cyclical profitability possibly influenced by extraordinary items, changes in tax or interest expenses, or other non-operating factors.
Overall, the data indicates that while net revenues grew substantially over the long term, operating and net earnings showed considerable fluctuations, especially in recent years. This disparity points to varied challenges impacting margins and profitability beyond just revenue generation.
Balance Sheet: Assets
AbbVie Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 25,582) | 135,161) |
| Dec 31, 2023 | 33,002) | 134,711) |
| Dec 31, 2022 | 28,463) | 138,805) |
| Dec 31, 2021 | 27,928) | 146,529) |
| Dec 31, 2020 | 24,173) | 150,565) |
| Dec 31, 2019 | 49,519) | 89,115) |
| Dec 31, 2018 | 16,945) | 59,352) |
| Dec 31, 2017 | 21,223) | 70,786) |
| Dec 31, 2016 | 16,187) | 66,099) |
| Dec 31, 2015 | 16,314) | 53,050) |
| Dec 31, 2014 | 16,088) | 27,547) |
| Dec 31, 2013 | 17,848) | 29,198) |
| Dec 31, 2012 | 15,354) | 27,008) |
Based on: 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).
The analysis of the financial data reveals several key trends over the period examined. Current assets show fluctuations with some notable peaks and troughs. Beginning at 15,354 million US dollars, current assets increased to a high of 49,519 million US dollars by the end of 2019, indicating a substantial accumulation of short-term resources during that period. However, after 2019, there is a decline in current assets, dropping to 25,582 million US dollars by 2024, which may suggest changes in liquidity management or asset allocation strategies.
Total assets present a pattern of growth punctuated by volatility. Starting at 27,008 million US dollars in 2012, total assets nearly doubled to 53,050 million US dollars by the end of 2015, continuing a robust growth trajectory until reaching a peak of 150,565 million US dollars in 2020. Following this peak, total assets decline steadily to 135,161 million US dollars by 2024. Despite this decrease, total assets remain significantly higher than at the beginning of the period, indicating overall asset base expansion over the years.
- Current Assets
- Fluctuated significantly with a peak in 2019 followed by a downward trend through 2024.
- Initial increases suggest improved liquidity or short-term investment, while later decreases may reflect asset reallocation or operational changes.
- Total Assets
- Exhibited strong growth from 2012 to 2020, nearly quintupling.
- Post-2020, total assets declined but stayed well above initial levels, implying a large asset base despite recent contractions.
- Overall Insights
- The trends imply strategic asset growth with possible portfolio adjustments in recent years.
- The peak in 2019-2020 for both current and total assets may correspond with major acquisitions, investments, or capital inflows, followed by consolidation or divestitures.
Balance Sheet: Liabilities and Stockholders’ Equity
AbbVie Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt and finance lease obligations | Stockholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2024 | 38,749) | 67,144) | 3,325) |
| Dec 31, 2023 | 37,841) | 59,385) | 10,360) |
| Dec 31, 2022 | 29,538) | 63,271) | 17,254) |
| Dec 31, 2021 | 35,194) | 76,684) | 15,408) |
| Dec 31, 2020 | 28,661) | 86,056) | 13,076) |
| Dec 31, 2019 | 15,585) | 66,728) | (8,172) |
| Dec 31, 2018 | 17,239) | 40,310) | (8,446) |
| Dec 31, 2017 | 16,641) | 37,368) | 5,097) |
| Dec 31, 2016 | 9,781) | 36,842) | 4,636) |
| Dec 31, 2015 | 10,894) | 31,671) | 3,945) |
| Dec 31, 2014 | 11,400) | 15,011) | 1,742) |
| Dec 31, 2013 | 6,879) | 14,723) | 4,492) |
| Dec 31, 2012 | 6,776) | 15,672) | 3,363) |
Based on: 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).
The analysis of the annual financial data reveals several notable trends in liabilities, debt, and equity over the observed periods.
- Current Liabilities
- Current liabilities showed a generally increasing trend from 2012 through 2024, starting at 6,776 million US dollars and rising to 38,749 million US dollars. There was a moderate increase annually up to 2016, after which a significant rise occurred in 2017 and 2018, peaking briefly before fluctuating somewhat. The highest values were recorded in 2023 and 2024, indicating elevated short-term obligations relative to earlier years.
- Total Debt and Finance Lease Obligations
- Total debt exhibited a considerable increase over the period, beginning at 15,672 million US dollars in 2012 and reaching 67,144 million US dollars in 2024. The trend was relatively stable from 2012 to 2014, then sharply escalated from 2015 onward, particularly between 2018 and 2020, where values nearly doubled. After peaking in 2020, debt levels decreased somewhat by 2022 but saw a resurgence by 2024. This pattern indicates increased leverage and possibly greater reliance on borrowing or lease financing in recent years.
- Stockholders’ Equity (Deficit)
- Equity levels reflected significant volatility. Initially, stockholders’ equity rose from 3,363 million US dollars in 2012 to 5,097 million US dollars in 2017. However, there were drastic declines afterward, with equity moving into a deficit state in 2018 and 2019, recording negative balances of -8,446 and -8,172 million US dollars, respectively. Recovery began in 2020 with positive equity of 13,076 million US dollars, followed by steady increases until 2022. Yet, equity decreased again in 2023 and 2024, falling to 3,325 million US dollars by the end of the period, indicating fluctuations in retained earnings, asset valuations, or shareholder contributions over time.
Overall, the data demonstrates increasing financial leverage and volatility in equity, alongside rising short-term liabilities. These patterns suggest potential challenges in managing debt levels and maintaining stable equity positions, highlighting areas for further financial strategy review and risk assessment.
Cash Flow Statement
AbbVie Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities |
|---|---|---|---|
| Dec 31, 2024 | 18,806) | (20,820) | (5,211) |
| Dec 31, 2023 | 22,839) | (2,009) | (17,222) |
| Dec 31, 2022 | 24,943) | (623) | (24,803) |
| Dec 31, 2021 | 22,777) | (2,344) | (19,039) |
| Dec 31, 2020 | 17,588) | (37,557) | (11,501) |
| Dec 31, 2019 | 13,324) | 596) | 18,708) |
| Dec 31, 2018 | 13,427) | (1,006) | (14,396) |
| Dec 31, 2017 | 9,960) | (274) | (5,512) |
| Dec 31, 2016 | 7,041) | (6,074) | (3,928) |
| Dec 31, 2015 | 7,535) | (12,936) | 5,752) |
| Dec 31, 2014 | 3,549) | (926) | (3,293) |
| Dec 31, 2013 | 6,267) | 879) | (3,442) |
| Dec 31, 2012 | 6,345) | (2,418) | 1,931) |
Based on: 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).
The analysis of cash flow activities over the period from 2012 to 2024 reveals significant fluctuations and notable trends in operating, investing, and financing cash flows.
- Cash Flows from Operating Activities
-
This category shows generally strong positive cash flows throughout the period, indicating consistent ability to generate cash from core business operations. While there was a decline in 2014 to 3549 million US dollars from prior years, the overall trend from 2015 onwards is one of steady growth, peaking at 24943 million in 2022. However, a decline occurs in the last two years, dropping to 22839 million in 2023 and further to 18806 million in 2024, which may suggest emerging operational or market challenges.
- Cash Flows from Investing Activities
-
This component exhibits considerable volatility with alternating periods of inflows and outflows. Early years show mixed results, with positive inflows in 2013 but mostly negative outflows in other years. The year 2020 stands out with a significant cash outflow of -37557 million, the largest in the dataset, possibly due to major investment or acquisition activities. More recent years (2022 to 2024) maintain negative cash flow from investing activities, with a sharp increase in outflows again in 2024 to -20820 million, suggesting continued aggressive capital expenditure or investments.
- Cash Flows from Financing Activities
-
Financing cash flows vary markedly with multiple shifts between positive and negative values. Notably, 2015 and 2019 show substantial positive inflows (5752 and 18708 million respectively), while the surrounding years tend toward significant negative outputs, reflecting debt repayments, dividend distributions, or share buybacks. From 2020 onwards, financing cash flows are consistently negative with large outflows peaking in 2022 at -24803 million, before decreasing to -5211 million in 2024. This pattern suggests an emphasis on deleveraging or returning capital to shareholders in recent years.
Per Share Data
AbbVie Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 2.40 | 2.39 | 6.29 |
| Dec 31, 2023 | 2.73 | 2.72 | 5.99 |
| Dec 31, 2022 | 6.65 | 6.63 | 5.71 |
| Dec 31, 2021 | 6.48 | 6.45 | 5.31 |
| Dec 31, 2020 | 2.73 | 2.72 | 4.84 |
| Dec 31, 2019 | 5.30 | 5.28 | 4.39 |
| Dec 31, 2018 | 3.67 | 3.66 | 3.95 |
| Dec 31, 2017 | 3.31 | 3.30 | 2.63 |
| Dec 31, 2016 | 3.65 | 3.63 | 2.35 |
| Dec 31, 2015 | 3.15 | 3.13 | 2.10 |
| Dec 31, 2014 | 1.11 | 1.10 | 1.75 |
| Dec 31, 2013 | 2.58 | 2.56 | 2.00 |
| Dec 31, 2012 | 3.35 | 3.35 | 0.00 |
Based on: 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, 2, 3 Data adjusted for splits and stock dividends.
The analysis of the financial data reveals several notable trends over the observed period. The basic and diluted earnings per share (EPS) exhibit significant fluctuations, whereas the dividend per share shows a consistent upward trajectory.
- Basic and Diluted Earnings per Share (EPS)
- Both basic and diluted EPS follow similar patterns, indicating negligible dilution impact over time. Initial values in 2012 were relatively strong at approximately 3.35 US$, but a downward trend followed, reaching a low point near 1.1 US$ in 2014. Subsequent years demonstrate recovery and growth, with EPS peaking around 5.3 US$ in 2019 for basic EPS and 5.28 US$ for diluted EPS. However, after 2019, there is a marked decline again, dropping to approximately 2.4 US$ by 2024.
- This variability suggests possible volatility in earnings influenced by operational or market factors, with no clear sustained growth beyond the peak year of 2019. The declines after 2019 might warrant further investigation into underlying causes such as changes in revenue, costs, or extraordinary items impacting net income.
- Dividend per Share
- The dividend per share shows a steady increase over the entire period from the first recorded value in 2013 at 2 US$ to an estimated 6.29 US$ in 2024. This sustained growth in dividends suggests a consistent commitment to returning value to shareholders, even in years where earnings fluctuated significantly.
- The ability to increase dividends during periods of declining EPS, notably post-2019, may indicate strong cash flow generation, a stable dividend policy, or use of retained earnings reserves. It reflects a focus on maintaining investor confidence and providing income stability.