Analysis of Geographic Areas
AbbVie Inc. operates in 2 regions: United States and All other countries.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
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Area Asset Turnover
AbbVie Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries |
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).
Asset turnover ratios for the geographic areas presented demonstrate differing performance trends between the United States and all other countries over the five-year period. The United States consistently exhibits a higher ratio than other countries, indicating a more efficient utilization of assets in generating revenue within that region.
- United States
- The asset turnover ratio for the United States increased from 12.91 in 2021 to 14.10 in 2022, representing a notable improvement in asset efficiency. A subsequent decrease to 13.34 was observed in 2023, followed by a further decline to 12.92 in 2024. The ratio experienced a recovery in 2025, rising to 13.69. Overall, the ratio for the United States demonstrates fluctuation but remains within a relatively narrow range, suggesting a generally stable level of asset utilization.
- All Other Countries
- The asset turnover ratio for all other countries remained constant at 7.29 in both 2021 and 2022. A slight downward trend was then observed in 2023, with the ratio decreasing to 6.72. The ratio increased to 7.38 in 2024, but then decreased again to 6.55 in 2025. This pattern suggests a less consistent asset utilization efficiency compared to the United States, with a general tendency towards a lower ratio and increased volatility in recent years.
- Comparative Analysis
- The difference in asset turnover ratios between the two geographic areas remained substantial throughout the period. The United States consistently generated approximately twice the revenue per dollar of assets compared to all other countries. The recent downward trend in the ratio for all other countries, coupled with the recovery in the United States in 2025, has widened this gap. This disparity may warrant further investigation to understand the underlying factors contributing to the differing levels of asset efficiency.
In summary, asset utilization appears more effective in the United States, while asset turnover in all other countries has shown more variability and a slight downward trend in the latter part of the analyzed period.
Area Asset Turnover: United States
AbbVie Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
The financial performance within the United States reveals a generally stable asset turnover ratio alongside fluctuating revenue and relatively consistent long-lived asset values. Net revenues experienced initial growth followed by a decline and subsequent recovery, while long-lived assets remained comparatively stable throughout the observed period.
- Net Revenues
- Net revenues in the United States increased from US$43,510 million in 2021 to US$45,713 million in 2022, representing a growth of approximately 5.1%. A subsequent decrease was observed in 2023, with revenues falling to US$41,883 million. Revenues then partially recovered in 2024 to US$43,029 million before increasing again to US$46,603 million in 2025. This indicates a period of volatility followed by a return to growth.
- Long-Lived Assets
- Long-lived assets in the United States demonstrated relative stability. The value decreased from US$3,369 million in 2021 to US$3,139 million in 2023, a decline of approximately 7.1%. A slight increase occurred in 2024, reaching US$3,331 million, and continued into 2025 with a value of US$3,404 million. These fluctuations were modest compared to the revenue changes.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset utilization in generating revenue, exhibited a generally consistent pattern. The ratio increased from 12.91 in 2021 to 14.10 in 2022, indicating improved asset efficiency. It then decreased to 13.34 in 2023 and 12.92 in 2024, before rising again to 13.69 in 2025. The ratio remained within a relatively narrow range throughout the period, suggesting consistent, though not dramatically changing, asset utilization efficiency. The fluctuations in the ratio largely mirror the revenue trends, with higher revenues generally correlating with a higher turnover ratio.
Overall, the United States segment demonstrates a resilient asset turnover despite revenue fluctuations. The stability in long-lived assets contributes to the consistent asset turnover performance.
Area Asset Turnover: All other countries
AbbVie Inc.; All other countries; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
The financial performance of this geographic area reveals fluctuations in revenue generation relative to its asset base between 2021 and 2025. Net revenues exhibited an initial decrease, followed by a period of growth, while long-lived assets generally increased over the same timeframe. The area asset turnover ratio, a key indicator of asset utilization efficiency, demonstrates corresponding variations.
- Net Revenues
- Net revenues decreased from US$12,687 million in 2021 to US$12,341 million in 2022, representing a slight contraction. Revenues then experienced growth, reaching US$12,435 million in 2023, US$13,305 million in 2024, and further increasing to US$14,557 million in 2025. This indicates a positive revenue trend in the latter part of the analyzed period.
- Long-Lived Assets
- Long-lived assets decreased slightly from US$1,741 million in 2021 to US$1,692 million in 2022. An increase was then observed, reaching US$1,850 million in 2023 and US$1,803 million in 2024. The most substantial increase occurred between 2024 and 2025, with long-lived assets rising to US$2,224 million. This suggests increasing investment in long-term assets within this geographic area.
- Area Asset Turnover
- The area asset turnover ratio remained constant at 7.29 in both 2021 and 2022. A decrease to 6.72 was observed in 2023, potentially reflecting slower revenue growth relative to asset investment. The ratio then rebounded to 7.38 in 2024, coinciding with increased revenue. However, the ratio decreased again in 2025 to 6.55, despite continued revenue growth, suggesting a disproportionate increase in long-lived assets compared to revenue generation. This decline warrants further investigation to determine the efficiency of asset utilization.
Overall, while revenue demonstrates a positive trend, the decreasing area asset turnover ratio in 2023 and 2025 suggests a potential decline in the efficiency with which assets are being used to generate revenue within this geographic area. The increasing investment in long-lived assets may not be translating directly into proportional revenue gains.
Net revenues
AbbVie Inc., net revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
Net revenues exhibited varied performance across geographic areas between 2021 and 2025. The United States consistently represented the largest portion of overall revenue, while revenue from all other countries collectively formed a significant, though smaller, contribution.
- United States Revenue Trend
- Revenue from the United States increased from US$43,510 million in 2021 to US$45,713 million in 2022, representing a growth of approximately 5.1%. A subsequent decline was observed in 2023, with revenue falling to US$41,883 million. This was followed by a moderate recovery to US$43,029 million in 2024, and further growth to US$46,603 million in 2025. Overall, the United States demonstrated a net increase in revenue over the five-year period, despite the intermediate dip.
- International Revenue Trend
- Revenue from all countries outside the United States experienced a slight decrease from US$12,687 million in 2021 to US$12,341 million in 2022. Revenue remained relatively stable in 2023 at US$12,435 million before increasing to US$13,305 million in 2024 and reaching US$14,557 million in 2025. This indicates a positive trend in international revenue, particularly in the latter two years of the analyzed period.
- Total Revenue Trend
- Total net revenues increased from US$56,197 million in 2021 to US$58,054 million in 2022. A decrease was then recorded in 2023, with total revenue amounting to US$54,318 million. Revenue recovered in 2024 to US$56,334 million, and continued to grow substantially in 2025, reaching US$61,160 million. The overall trend demonstrates a net increase in total revenue from 2021 to 2025, with a noticeable acceleration in growth during the final year.
- Geographic Contribution
- Throughout the period, the United States consistently accounted for approximately 77% to 81% of total net revenues. The contribution from all other countries ranged from approximately 22% to 24% of the total. The increasing revenue from all other countries in 2024 and 2025 suggests a potential diversification of revenue streams, although the United States remains the dominant market.
The fluctuations in United States revenue warrant further investigation to understand the underlying drivers. The positive trend in international revenue, particularly in the most recent years, suggests successful expansion or increased market penetration in those regions.
Long-lived assets
AbbVie Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other countries | |||||
| Total |
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).
The value of long-lived assets within the United States experienced fluctuations over the five-year period. Initially decreasing from 2021 to 2023, the value bottomed out at US$3,139 million before increasing in both 2024 and 2025, reaching US$3,404 million. This suggests potential reinvestment or acquisitions within the U.S. market in the latter years of the observed period.
Long-lived assets held in all other countries exhibited a different pattern. While initially declining from 2021 to 2022, the value increased significantly in 2023 to US$1,850 million. A slight decrease followed in 2024, but a substantial increase was observed in 2025, reaching US$2,224 million. This indicates a growing investment in international long-lived assets, particularly pronounced in the final year.
- Overall Trend
- Total long-lived assets decreased from US$5,110 million in 2021 to US$4,935 million in 2022. However, the total value then demonstrated an upward trend, culminating in US$5,628 million in 2025. This overall increase is primarily driven by the growth in assets held outside of the United States in the later years.
- Geographic Contribution
- In 2021, the United States accounted for approximately 65.9% of total long-lived assets, while all other countries comprised 34.1%. By 2025, the United States’ contribution decreased to roughly 60.5%, with all other countries increasing their share to approximately 39.5%. This shift suggests a diversification of asset allocation towards international markets.
The combined effect of these trends is a noticeable shift in the geographic distribution of long-lived assets. While the United States remains the dominant location for these assets, the proportion held internationally is increasing, suggesting a strategic focus on expanding operations and investments outside of the domestic market.