Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

AbbVie Inc., solvency ratios

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Debt Ratios
Debt to equity	—	—	7.33	7.95	8.03
Debt to equity (including operating lease liability)	—	—	7.33	7.95	8.03
Debt to capital	1.14	1.27	0.88	0.89	0.89
Debt to capital (including operating lease liability)	1.14	1.27	0.88	0.89	0.89
Debt to assets	0.75	0.68	0.53	0.56	0.60
Debt to assets (including operating lease liability)	0.75	0.68	0.53	0.56	0.60
Financial leverage	—	—	13.89	14.26	13.45
Coverage Ratios
Interest coverage	5.72	4.86	7.72	8.53	10.24
Fixed charge coverage	5.42	4.44	6.86	7.54	8.68

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	AbbVie Inc.’s debt to capital ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	AbbVie Inc.’s debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	AbbVie Inc.’s debt to assets ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	AbbVie Inc.’s debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019.

Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	AbbVie Inc.’s interest coverage ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	AbbVie Inc.’s fixed charge coverage ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

AbbVie Inc., debt to equity calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671

Stockholders’ equity (deficit)	(8,172)	(8,446)	5,097	4,636	3,945
Solvency Ratio
Debt to equity¹	—	—	7.33	7.95	8.03
Benchmarks
Debt to Equity, Competitors²
Abbott Laboratories	0.58	0.64	0.90	1.07	0.42
Amgen Inc.	3.09	2.71	1.40	1.16	1.12
Bristol-Myers Squibb Co.	0.91	0.52	0.68	0.41	0.47
Eli Lilly & Co.	5.88	1.30	1.18	0.74	0.55
Gilead Sciences Inc.	1.09	1.28	1.64	1.39	1.20
Illumina Inc.	0.25	0.53	0.49	0.58	0.60
Johnson & Johnson	0.47	0.51	0.57	0.39	0.28
Merck & Co. Inc.	1.02	0.94	0.71	0.62	0.59
Pfizer Inc.	0.83	0.66	0.61	0.71	0.60
Regeneron Pharmaceuticals Inc.	0.06	0.08	0.11	0.11	0.10
Vertex Pharmaceuticals Inc.	0.09	0.13	0.29	0.71	0.86
Zoetis Inc.	2.38	2.95	2.80	3.00	4.56
Debt to Equity, Sector
Pharmaceuticals & Biotechnology	1.12	1.00	0.94	0.84	0.70
Debt to Equity, Industry
Health Care	0.91	0.83	0.84	0.79	0.71

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 66,728 ÷ -8,172 = —

² Click competitor name to see calculations.

AbbVie Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671
Current operating lease liabilities (included in Accounts payable and accrued liabilities)	109	—	—	—	—
Noncurrent operating lease liabilities (included in Other long-term liabilities)	251	—	—	—	—
Total debt (including operating lease liability)	67,088	40,310	37,368	36,842	31,671

Stockholders’ equity (deficit)	(8,172)	(8,446)	5,097	4,636	3,945
Solvency Ratio
Debt to equity (including operating lease liability)¹	—	—	7.33	7.95	8.03
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors²
Abbott Laboratories	0.61	0.64	0.90	1.07	0.42
Amgen Inc.	3.15	2.71	1.40	1.16	1.12
Bristol-Myers Squibb Co.	0.92	0.52	0.68	0.41	0.47
Eli Lilly & Co.	6.11	1.30	1.18	0.74	0.55
Gilead Sciences Inc.	1.12	1.28	1.64	1.39	1.20
Illumina Inc.	0.41	0.53	0.49	0.58	0.60
Johnson & Johnson	0.48	0.51	0.57	0.39	0.28
Merck & Co. Inc.	1.06	0.94	0.71	0.62	0.59
Pfizer Inc.	0.85	0.66	0.61	0.71	0.60
Regeneron Pharmaceuticals Inc.	0.07	0.08	0.11	0.11	0.10
Vertex Pharmaceuticals Inc.	0.11	0.13	0.29	0.71	0.86
Zoetis Inc.	2.45	2.95	2.80	3.00	4.56
Debt to Equity (including Operating Lease Liability), Sector
Pharmaceuticals & Biotechnology	1.15	1.00	0.94	0.84	0.70
Debt to Equity (including Operating Lease Liability), Industry
Health Care	0.94	0.83	0.84	0.79	0.71

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 67,088 ÷ -8,172 = —

² Click competitor name to see calculations.

AbbVie Inc., debt to capital calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671
Stockholders’ equity (deficit)	(8,172)	(8,446)	5,097	4,636	3,945
Total capital	58,556	31,864	42,465	41,478	35,616
Solvency Ratio
Debt to capital¹	1.14	1.27	0.88	0.89	0.89
Benchmarks
Debt to Capital, Competitors²
Abbott Laboratories	0.37	0.39	0.47	0.52	0.30
Amgen Inc.	0.76	0.73	0.58	0.54	0.53
Bristol-Myers Squibb Co.	0.48	0.34	0.40	0.29	0.32
Eli Lilly & Co.	0.85	0.57	0.54	0.42	0.35
Gilead Sciences Inc.	0.52	0.56	0.62	0.58	0.54
Illumina Inc.	0.20	0.35	0.33	0.37	0.37
Johnson & Johnson	0.32	0.34	0.37	0.28	0.22
Merck & Co. Inc.	0.50	0.48	0.42	0.38	0.37
Pfizer Inc.	0.45	0.40	0.38	0.41	0.38
Regeneron Pharmaceuticals Inc.	0.06	0.07	0.10	0.10	0.09
Vertex Pharmaceuticals Inc.	0.09	0.12	0.22	0.42	0.46
Zoetis Inc.	0.70	0.75	0.74	0.75	0.82
Debt to Capital, Sector
Pharmaceuticals & Biotechnology	0.53	0.50	0.48	0.46	0.41
Debt to Capital, Industry
Health Care	0.48	0.45	0.46	0.44	0.41

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 66,728 ÷ 58,556 = 1.14

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	AbbVie Inc.’s debt to capital ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

AbbVie Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671
Current operating lease liabilities (included in Accounts payable and accrued liabilities)	109	—	—	—	—
Noncurrent operating lease liabilities (included in Other long-term liabilities)	251	—	—	—	—
Total debt (including operating lease liability)	67,088	40,310	37,368	36,842	31,671
Stockholders’ equity (deficit)	(8,172)	(8,446)	5,097	4,636	3,945
Total capital (including operating lease liability)	58,916	31,864	42,465	41,478	35,616
Solvency Ratio
Debt to capital (including operating lease liability)¹	1.14	1.27	0.88	0.89	0.89
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors²
Abbott Laboratories	0.38	0.39	0.47	0.52	0.30
Amgen Inc.	0.76	0.73	0.58	0.54	0.53
Bristol-Myers Squibb Co.	0.48	0.34	0.40	0.29	0.32
Eli Lilly & Co.	0.86	0.57	0.54	0.42	0.35
Gilead Sciences Inc.	0.53	0.56	0.62	0.58	0.54
Illumina Inc.	0.29	0.35	0.33	0.37	0.37
Johnson & Johnson	0.33	0.34	0.37	0.28	0.22
Merck & Co. Inc.	0.51	0.48	0.42	0.38	0.37
Pfizer Inc.	0.46	0.40	0.38	0.41	0.38
Regeneron Pharmaceuticals Inc.	0.06	0.07	0.10	0.10	0.09
Vertex Pharmaceuticals Inc.	0.10	0.12	0.22	0.42	0.46
Zoetis Inc.	0.71	0.75	0.74	0.75	0.82
Debt to Capital (including Operating Lease Liability), Sector
Pharmaceuticals & Biotechnology	0.53	0.50	0.48	0.46	0.41
Debt to Capital (including Operating Lease Liability), Industry
Health Care	0.48	0.45	0.46	0.44	0.41

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 67,088 ÷ 58,916 = 1.14

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	AbbVie Inc.’s debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

AbbVie Inc., debt to assets calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671

Total assets	89,115	59,352	70,786	66,099	53,050
Solvency Ratio
Debt to assets¹	0.75	0.68	0.53	0.56	0.60
Benchmarks
Debt to Assets, Competitors²
Abbott Laboratories	0.27	0.29	0.37	0.42	0.22
Amgen Inc.	0.50	0.51	0.44	0.45	0.44
Bristol-Myers Squibb Co.	0.36	0.21	0.24	0.20	0.21
Eli Lilly & Co.	0.39	0.29	0.30	0.27	0.22
Gilead Sciences Inc.	0.40	0.43	0.48	0.46	0.43
Illumina Inc.	0.16	0.29	0.25	0.30	0.30
Johnson & Johnson	0.18	0.20	0.22	0.19	0.15
Merck & Co. Inc.	0.31	0.30	0.28	0.26	0.26
Pfizer Inc.	0.31	0.26	0.25	0.25	0.23
Regeneron Pharmaceuticals Inc.	0.05	0.06	0.08	0.07	0.07
Vertex Pharmaceuticals Inc.	0.07	0.09	0.16	0.28	0.32
Zoetis Inc.	0.56	0.60	0.58	0.58	0.62
Debt to Assets, Sector
Pharmaceuticals & Biotechnology	0.35	0.32	0.32	0.31	0.28
Debt to Assets, Industry
Health Care	0.33	0.31	0.32	0.31	0.29

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= 66,728 ÷ 89,115 = 0.75

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	AbbVie Inc.’s debt to assets ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

AbbVie Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Short-term borrowings	—	3,699	400	377	406
Current portion of long-term debt and finance lease obligations	3,753	1,609	6,015	25	2,025
Long-term debt and finance lease obligations, excluding current portion	62,975	35,002	30,953	36,440	29,240
Total debt	66,728	40,310	37,368	36,842	31,671
Current operating lease liabilities (included in Accounts payable and accrued liabilities)	109	—	—	—	—
Noncurrent operating lease liabilities (included in Other long-term liabilities)	251	—	—	—	—
Total debt (including operating lease liability)	67,088	40,310	37,368	36,842	31,671

Total assets	89,115	59,352	70,786	66,099	53,050
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.75	0.68	0.53	0.56	0.60
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors²
Abbott Laboratories	0.28	0.29	0.37	0.42	0.22
Amgen Inc.	0.51	0.51	0.44	0.45	0.44
Bristol-Myers Squibb Co.	0.37	0.21	0.24	0.20	0.21
Eli Lilly & Co.	0.41	0.29	0.30	0.27	0.22
Gilead Sciences Inc.	0.41	0.43	0.48	0.46	0.43
Illumina Inc.	0.26	0.29	0.25	0.30	0.30
Johnson & Johnson	0.18	0.20	0.22	0.19	0.15
Merck & Co. Inc.	0.32	0.30	0.28	0.26	0.26
Pfizer Inc.	0.32	0.26	0.25	0.25	0.23
Regeneron Pharmaceuticals Inc.	0.05	0.06	0.08	0.07	0.07
Vertex Pharmaceuticals Inc.	0.08	0.09	0.16	0.28	0.32
Zoetis Inc.	0.58	0.60	0.58	0.58	0.62
Debt to Assets (including Operating Lease Liability), Sector
Pharmaceuticals & Biotechnology	0.36	0.32	0.32	0.31	0.28
Debt to Assets (including Operating Lease Liability), Industry
Health Care	0.34	0.31	0.32	0.31	0.29

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 67,088 ÷ 89,115 = 0.75

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	AbbVie Inc.’s debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019.

AbbVie Inc., financial leverage calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Total assets	89,115	59,352	70,786	66,099	53,050
Stockholders’ equity (deficit)	(8,172)	(8,446)	5,097	4,636	3,945
Solvency Ratio
Financial leverage¹	—	—	13.89	14.26	13.45
Benchmarks
Financial Leverage, Competitors²
Abbott Laboratories	2.18	2.20	2.47	2.56	1.94
Amgen Inc.	6.17	5.31	3.17	2.60	2.55
Bristol-Myers Squibb Co.	2.52	2.49	2.86	2.08	2.23
Eli Lilly & Co.	15.07	4.47	3.88	2.77	2.44
Gilead Sciences Inc.	2.74	2.98	3.44	3.02	2.80
Illumina Inc.	1.59	1.85	1.91	1.95	1.99
Johnson & Johnson	2.65	2.56	2.61	2.01	1.88
Merck & Co. Inc.	3.26	3.09	2.56	2.38	2.28
Pfizer Inc.	2.65	2.51	2.41	2.88	2.59
Regeneron Pharmaceuticals Inc.	1.34	1.34	1.43	1.57	1.53
Vertex Pharmaceuticals Inc.	1.37	1.41	1.75	2.50	2.66
Zoetis Inc.	4.26	4.93	4.85	5.14	7.41
Financial Leverage, Sector
Pharmaceuticals & Biotechnology	3.18	3.08	2.89	2.67	2.45
Financial Leverage, Industry
Health Care	2.77	2.68	2.66	2.54	2.41

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 89,115 ÷ -8,172 = —

² Click competitor name to see calculations.

AbbVie Inc., interest coverage calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Net earnings	7,882	5,687	5,309	5,953	5,144
Add: Income tax expense	544	(490)	2,418	1,931	1,501
Add: Interest expense	1,784	1,348	1,150	1,047	719
Earnings before interest and tax (EBIT)	10,210	6,545	8,877	8,931	7,364
Solvency Ratio
Interest coverage¹	5.72	4.86	7.72	8.53	10.24
Benchmarks
Interest Coverage, Competitors²
Abbott Laboratories	7.09	4.48	3.47	4.28	20.53
Amgen Inc.	8.09	7.86	8.36	8.27	8.29
Bristol-Myers Squibb Co.	8.58	33.61	27.18	36.42	12.29
Eli Lilly & Co.	14.15	14.95	10.77	19.22	18.31
Gilead Sciences Inc.	6.19	8.24	13.10	18.74	32.48
Illumina Inc.	22.50	16.68	29.19	17.91	14.84
Johnson & Johnson	55.49	18.91	19.92	28.28	35.78
Merck & Co. Inc.	13.84	12.27	9.65	7.72	9.04
Pfizer Inc.	12.23	10.03	10.69	8.04	8.48
Regeneron Pharmaceuticals Inc.	81.43	91.55	83.75	185.82	87.03
Vertex Pharmaceuticals Inc.	24.84	9.28	0.77	0.17	-5.62
Zoetis Inc.	9.08	9.20	9.71	8.40	5.40
Interest Coverage, Sector
Pharmaceuticals & Biotechnology	11.09	10.29	10.99	12.62	14.99
Interest Coverage, Industry
Health Care	9.95	9.71	10.14	10.74	12.97

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Interest coverage = EBIT ÷ Interest expense
= 10,210 ÷ 1,784 = 5.72

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	AbbVie Inc.’s interest coverage ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

AbbVie Inc., fixed charge coverage calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Net earnings	7,882	5,687	5,309	5,953	5,144
Add: Income tax expense	544	(490)	2,418	1,931	1,501
Add: Interest expense	1,784	1,348	1,150	1,047	719
Earnings before interest and tax (EBIT)	10,210	6,545	8,877	8,931	7,364
Add: Operating lease cost	124	161	169	159	146
Earnings before fixed charges and tax	10,334	6,706	9,046	9,090	7,510

Interest expense	1,784	1,348	1,150	1,047	719
Operating lease cost	124	161	169	159	146
Fixed charges	1,908	1,509	1,319	1,206	865
Solvency Ratio
Fixed charge coverage¹	5.42	4.44	6.86	7.54	8.68
Benchmarks
Fixed Charge Coverage, Competitors²
Abbott Laboratories	5.14	4.48	3.47	4.28	20.53
Amgen Inc.	7.12	7.13	7.56	7.57	7.50
Bristol-Myers Squibb Co.	7.10	20.07	17.24	19.96	7.41
Eli Lilly & Co.	10.18	8.66	5.89	9.31	8.21
Gilead Sciences Inc.	5.46	7.58	12.26	17.36	29.28
Illumina Inc.	9.22	8.98	13.57	8.11	8.23
Johnson & Johnson	28.72	14.46	14.53	19.75	23.12
Merck & Co. Inc.	10.31	8.95	7.03	5.73	6.54
Pfizer Inc.	9.88	8.34	8.76	6.64	7.21
Vertex Pharmaceuticals Inc.	20.79	7.69	0.82	0.33	-4.45
Zoetis Inc.	7.85	7.73	8.55	7.43	4.63
Fixed Charge Coverage, Sector
Pharmaceuticals & Biotechnology	9.00	8.63	9.13	10.29	11.82
Fixed Charge Coverage, Industry
Health Care	7.68	7.66	7.99	8.46	9.74

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-19).

¹ 2019 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 10,334 ÷ 1,908 = 5.42

² Click competitor name to see calculations.

Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	AbbVie Inc.’s fixed charge coverage ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

AbbVie Inc. (NYSE:ABBV)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage