Stock Analysis on Net
Stock Analysis on Net

AbbVie Inc. (NYSE:ABBV)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

AbbVie Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.40 0.42 0.38 0.30 0.37
Adjusted 0.42 0.43 0.39 0.31 0.38
Solvency Ratios
Debt to Equity
Reported 5.73 3.67 4.98 6.58 —
Adjusted 8.82 3.83 4.71 5.88 —
Debt to Capital
Reported 0.85 0.79 0.83 0.87 1.14
Adjusted 0.90 0.79 0.82 0.85 1.12
Financial Leverage
Reported 13.00 8.04 9.51 11.51 —
Adjusted 18.87 8.11 8.76 10.01 —
Profitability Ratios
Net Profit Margin
Reported 8.95% 20.39% 20.54% 10.08% 23.69%
Adjusted 3.38% 18.27% 19.00% 6.80% 20.83%
Return on Equity (ROE)
Reported 46.94% 68.60% 74.91% 35.30% —
Adjusted 26.84% 63.38% 64.89% 21.03% —
Return on Assets (ROA)
Reported 3.61% 8.53% 7.88% 3.07% 8.84%
Adjusted 1.42% 7.81% 7.40% 2.10% 7.82%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. AbbVie Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. AbbVie Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. AbbVie Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 AbbVie Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. AbbVie Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. AbbVie Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. AbbVie Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

AbbVie Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net revenues 54,318 58,054 56,197 45,804 33,266
Total assets 134,711 138,805 146,529 150,565 89,115
Activity Ratio
Total asset turnover1 0.40 0.42 0.38 0.30 0.37
Adjusted
Selected Financial Data (US$ in millions)
Net revenues 54,318 58,054 56,197 45,804 33,266
Adjusted total assets2 128,956 135,785 144,255 148,151 88,600
Activity Ratio
Adjusted total asset turnover3 0.42 0.43 0.39 0.31 0.38

Based on: 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).

1 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 54,318 ÷ 134,711 = 0.40

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 54,318 ÷ 128,956 = 0.42

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. AbbVie Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 59,385 63,271 76,684 86,056 66,728
Stockholders’ equity (deficit) 10,360 17,254 15,408 13,076 (8,172)
Solvency Ratio
Debt to equity1 5.73 3.67 4.98 6.58 —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 60,286 64,191 77,575 87,063 67,088
Adjusted total equity (deficit)3 6,833 16,740 16,459 14,806 (7,417)
Solvency Ratio
Adjusted debt to equity4 8.82 3.83 4.71 5.88 —

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 59,385 ÷ 10,360 = 5.73

2 Adjusted total debt. See details »

3 Adjusted total equity (deficit). See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity (deficit)
= 60,286 ÷ 6,833 = 8.82

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. AbbVie Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 59,385 63,271 76,684 86,056 66,728
Total capital 69,745 80,525 92,092 99,132 58,556
Solvency Ratio
Debt to capital1 0.85 0.79 0.83 0.87 1.14
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 60,286 64,191 77,575 87,063 67,088
Adjusted total capital3 67,119 80,931 94,034 101,869 59,671
Solvency Ratio
Adjusted debt to capital4 0.90 0.79 0.82 0.85 1.12

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 59,385 ÷ 69,745 = 0.85

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 60,286 ÷ 67,119 = 0.90

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. AbbVie Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 134,711 138,805 146,529 150,565 89,115
Stockholders’ equity (deficit) 10,360 17,254 15,408 13,076 (8,172)
Solvency Ratio
Financial leverage1 13.00 8.04 9.51 11.51 —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 128,956 135,785 144,255 148,151 88,600
Adjusted total equity (deficit)3 6,833 16,740 16,459 14,806 (7,417)
Solvency Ratio
Adjusted financial leverage4 18.87 8.11 8.76 10.01 —

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 134,711 ÷ 10,360 = 13.00

2 Adjusted total assets. See details »

3 Adjusted total equity (deficit). See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity (deficit)
= 128,956 ÷ 6,833 = 18.87

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 AbbVie Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc. 4,863 11,836 11,542 4,616 7,882
Net revenues 54,318 58,054 56,197 45,804 33,266
Profitability Ratio
Net profit margin1 8.95% 20.39% 20.54% 10.08% 23.69%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 1,834 10,609 10,680 3,113 6,929
Net revenues 54,318 58,054 56,197 45,804 33,266
Profitability Ratio
Adjusted net profit margin3 3.38% 18.27% 19.00% 6.80% 20.83%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net earnings attributable to AbbVie Inc. ÷ Net revenues
= 100 × 4,863 ÷ 54,318 = 8.95%

2 Adjusted net earnings. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net revenues
= 100 × 1,834 ÷ 54,318 = 3.38%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. AbbVie Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc. 4,863 11,836 11,542 4,616 7,882
Stockholders’ equity (deficit) 10,360 17,254 15,408 13,076 (8,172)
Profitability Ratio
ROE1 46.94% 68.60% 74.91% 35.30% —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 1,834 10,609 10,680 3,113 6,929
Adjusted total equity (deficit)3 6,833 16,740 16,459 14,806 (7,417)
Profitability Ratio
Adjusted ROE4 26.84% 63.38% 64.89% 21.03% —

Based on: 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).

1 2023 Calculation
ROE = 100 × Net earnings attributable to AbbVie Inc. ÷ Stockholders’ equity (deficit)
= 100 × 4,863 ÷ 10,360 = 46.94%

2 Adjusted net earnings. See details »

3 Adjusted total equity (deficit). See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total equity (deficit)
= 100 × 1,834 ÷ 6,833 = 26.84%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. AbbVie Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc. 4,863 11,836 11,542 4,616 7,882
Total assets 134,711 138,805 146,529 150,565 89,115
Profitability Ratio
ROA1 3.61% 8.53% 7.88% 3.07% 8.84%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 1,834 10,609 10,680 3,113 6,929
Adjusted total assets3 128,956 135,785 144,255 148,151 88,600
Profitability Ratio
Adjusted ROA4 1.42% 7.81% 7.40% 2.10% 7.82%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net earnings attributable to AbbVie Inc. ÷ Total assets
= 100 × 4,863 ÷ 134,711 = 3.61%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 1,834 ÷ 128,956 = 1.42%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. AbbVie Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.