Analysis of Geographic Areas
AbbVie Inc. operates in 2 regions: United States and All other countries.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2012
- Return on Assets (ROA) since 2012
- Total Asset Turnover since 2012
- Price to Operating Profit (P/OP) since 2012
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Area Asset Turnover
AbbVie Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries |
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).
- United States Asset Turnover
- The asset turnover ratio in the United States demonstrated a general upward trend from 2020 to 2022, increasing from 10.4 to 14.1. This indicates improved efficiency in using assets to generate revenue within this geographic area over these years. However, there was a decline observed in 2023 and 2024, with the ratio decreasing to 13.34 and then to 12.92, respectively. Despite the reduction in these years, the ratio remained higher than the initial 2020 value, suggesting that the asset utilization remained better than the starting point.
- All Other Countries Asset Turnover
- The asset turnover ratio for all other countries outside the United States showed a more moderate increase from 5.77 in 2020 to 7.29 in 2021, maintaining this level through 2022. A decline occurred in 2023, dropping to 6.72, followed by a rebound to 7.38 in 2024. This pattern suggests some volatility but an overall improvement in asset efficiency outside the United States, with the 2024 value slightly surpassing the previous peaks.
- Comparative Insights
- Comparing the two geographic areas, the United States consistently exhibited a significantly higher asset turnover ratio than all other countries throughout the observed period. Although both areas experienced a decrease in efficiency around 2023, the US ratio remained more resilient, and the other countries showed a recovery in 2024. The data indicates that asset utilization effectiveness is generally stronger and more stable within the United States compared to other global markets for this entity.
Area Asset Turnover: United States
AbbVie Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
- Net Revenues
- Net revenues exhibited an overall upward trend from 2020 to 2024. Starting at 34,879 million US dollars in 2020, revenues increased significantly to 43,510 million in 2021, representing a substantial rise. This growth continued, albeit at a slower pace, reaching 45,713 million in 2022. However, there was a notable decrease in 2023, with revenues falling to 41,883 million. Despite this dip, revenues recovered slightly in 2024, rising to 43,029 million, yet not fully returning to the peak observed in 2022.
- Long-lived Assets
- Long-lived assets showed relative stability with minor fluctuations. The value was 3,354 million US dollars in 2020 and remained almost unchanged in 2021 at 3,369 million. Subsequently, these assets experienced a gradual decline over the next two years, decreasing to 3,243 million in 2022 and further to 3,139 million in 2023. In 2024, there was a modest rebound to 3,331 million, nearing the levels seen at the beginning of the period.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a generally increasing trend from 2020 through 2022, rising from 10.4 to 14.1. This indicates improving efficiency in utilizing assets to generate revenues during this period. In 2023, there was a slight decline to 13.34, followed by a further small decrease to 12.92 in 2024. Despite these recent declines, the ratio remained notably higher than the 2020 level, suggesting sustained improvement compared to the start of the period.
- Summary Insights
- The data indicates that revenue growth was strong initially but encountered a setback in 2023, recovering partially thereafter. Asset levels remained fairly stable with minor declines mid-period, accompanied by a recovery in the final year. The asset turnover ratio improved significantly until 2022, reflecting enhanced operational efficiency, before experiencing a marginal reduction while staying above early period values. Together, these trends suggest a period of growth and improved asset utilization, tempered by some volatility in revenues and asset management in the later years.
Area Asset Turnover: All other countries
AbbVie Inc.; All other countries; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
- Net Revenues
-
The net revenues from the geographic area labeled "All other countries" exhibit a generally positive trend over the five-year period. Starting at $10,925 million in 2020, revenues increased significantly to $12,687 million in 2021. There was a slight decline to $12,341 million in 2022, followed by a modest recovery to $12,435 million in 2023. The upward trajectory resumed more robustly in 2024, reaching $13,305 million, marking the highest point in the period analyzed.
- Long-lived Assets
-
Long-lived assets in this geographic area showed a decreasing trend from 2020 through 2022, starting at $1,894 million, declining to $1,741 million in 2021, and further declining to $1,692 million in 2022. In 2023, the assets value rose to $1,850 million, indicating a recovery in asset base, though slightly decreasing again to $1,803 million in 2024. Overall, the asset base demonstrates some fluctuations but remained below the 2020 level by the end of the period.
- Area Asset Turnover Ratio
-
The area asset turnover ratio, which measures how efficiently the long-lived assets generate net revenues, shows notable variability. The ratio increased from 5.77 in 2020 to 7.29 in 2021 and maintained this high level through 2022. It dipped to 6.72 in 2023 but rebounded to 7.38 by 2024, representing the highest efficiency level in the observed timeframe. This pattern indicates an overall improvement in the use of assets to generate revenues, particularly strong in 2021-2022 and again recovering after a slight dip in 2023.
Net revenues
AbbVie Inc., net revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
- United States Net Revenues
- The net revenues from the United States exhibit a generally positive trend over the analyzed period with fluctuations observed. There was a substantial increase from 34,879 million USD in 2020 to a peak of 45,713 million USD in 2022. However, the revenue declined in 2023 to 41,883 million USD before experiencing a modest recovery to 43,029 million USD in 2024.
- All Other Countries Net Revenues
- Revenues from all other countries demonstrate consistent growth over the period with minor exceptions. Starting at 10,925 million USD in 2020, revenues rose steadily to 12,687 million USD in 2021, followed by a slight decrease to 12,341 million USD in 2022. Subsequent years showed a recovery and growth, with revenues reaching 13,305 million USD by 2024.
- Total Net Revenues
- The total net revenues mirror the cumulative trends of the geographic segments. There was marked growth from 45,804 million USD in 2020 to 58,054 million USD in 2022. A decline occurred in 2023, decreasing to 54,318 million USD, followed by an increase to 56,334 million USD in 2024. This pattern reflects the overall influence of the US market fluctuations and the steady growth of the other international markets.
- General Observations
- The data indicates that the United States remains the dominant revenue source, contributing significantly to the overall revenue trends. Its fluctuations have a noticeable impact on total revenues. In contrast, revenues from all other countries are more stable and generally increasing, partially offsetting the volatility experienced in the domestic market. This suggests geographic diversification that may support revenue stability despite fluctuations in the primary market.
Long-lived assets
AbbVie Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
The data reflects the annual long-lived assets distributed geographically between the United States and all other countries over a five-year period.
- United States
- The value of long-lived assets in the United States remained relatively stable, beginning at 3,354 million US dollars in 2020 and exhibiting a slight decline through 2023, reaching 3,139 million US dollars. In 2024, the value rebounded modestly to 3,331 million US dollars, approaching the initial level observed in 2020. This pattern suggests a period of mild asset contraction followed by renewed investment or revaluation within the United States.
- All Other Countries
- Long-lived assets outside the United States showed a different trend, starting at 1,894 million US dollars in 2020 and experiencing a consistent decrease each year to 1,692 million US dollars by 2022. In 2023, this value began to recover slightly to 1,850 million US dollars but then dipped again to 1,803 million US dollars in 2024. The overall trend suggests a reduction with minor fluctuations in the non-U.S. asset base over the examined period.
- Total Long-Lived Assets
- The combined total long-lived assets decreased steadily from 5,248 million US dollars in 2020 to 4,935 million US dollars in 2022. A slight increase occurred in 2023 to 4,989 million US dollars, followed by further growth to 5,134 million US dollars in 2024. Despite fluctuations, this indicates a modest overall reduction over the first three years, with a partial recovery in the final two years.
In summary, the geographic distribution of long-lived assets reflects a generally stable investment in the United States with minor fluctuations, contrasted by a more pronounced decline in assets located in other countries. The total asset value aligns with these patterns, showing an initial downward trend followed by gradual recovery, indicating possible strategic adjustments or changes in asset valuation across the periods reviewed.