Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
AbbVie Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The profitability profile exhibits a distinct cycle of contraction followed by a recovery phase. While margins faced significant pressure between late 2023 and late 2025, there is a visible trend of stabilization and improvement heading into mid-2026.
- Gross Profit Margin
- A period of stability is observed through 2022, with values consistently around 70%. A downward trend emerged in 2023, reaching a low of 62.28% in March 2024. Subsequently, a sustained recovery occurred, with the margin climbing back to 71.48% by June 2026, indicating a restoration of production efficiency or pricing power.
- Operating and Net Profit Margins
- Both operating and net margins experienced a prolonged decline. Operating margins fell from 32.68% in March 2022 to a minimum of 15.16% in September 2025, before recovering to 26.20% by June 2026. Net profit margins followed a similar trajectory, dropping from 22.00% to a low of 4.00% in September 2025, eventually rebounding to 9.80% by June 2026. This pattern suggests a period of increased operating expenses or non-operating losses that heavily impacted bottom-line efficiency.
- Return on Equity (ROE)
- ROE displayed extreme volatility and a significant divergence from the margin trends. After an initial decline from 86.24% in June 2022 to 46.94% in December 2023, the ratio accelerated exponentially, peaking at 295.42% in March 2025. Such a sharp increase, occurring while net margins were at their lowest, suggests a substantial reduction in shareholders' equity, likely due to aggressive share buybacks or other capital structure adjustments.
- Return on Assets (ROA)
- Asset efficiency showed a steady erosion over the analyzed period. ROA decreased from a peak of 9.49% in September 2022 to a trough of 1.78% in September 2025. A partial recovery to 4.67% by June 2026 was recorded, closely mirroring the movements seen in the net profit margin, which confirms that the decline in asset productivity was driven primarily by reduced net income.
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Return on Sales
Return on Investment
Gross Profit Margin
AbbVie Inc., gross profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Gross margin | 12,699) | 10,784) | 12,066) | 10,472) | 11,077) | 9,341) | 10,706) | 10,248) | 10,260) | 8,216) | 8,597) | 7,442) | 9,625) | 8,239) | 10,951) | 9,790) | 10,413) | 9,486) | ||||||
| Net revenues | 16,990) | 15,002) | 16,618) | 15,776) | 15,423) | 13,343) | 15,102) | 14,460) | 14,462) | 12,310) | 14,301) | 13,927) | 13,865) | 12,225) | 15,121) | 14,812) | 14,583) | 13,538) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 71.48% | 70.68% | 70.24% | 69.74% | 70.93% | 70.69% | 69.99% | 67.21% | 62.75% | 62.28% | 62.42% | 65.76% | 68.91% | 69.43% | 70.00% | 69.62% | 70.48% | 69.53% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | — | 66.72% | 65.75% | 64.71% | 62.99% | 61.48% | 59.85% | 58.71% | 61.56% | 64.76% | 68.60% | 72.35% | 72.87% | 73.65% | 74.17% | 73.99% | 74.00% | 73.30% | ||||||
| Bristol-Myers Squibb Co. | 70.16% | 70.46% | 71.08% | 69.50% | 70.29% | 70.47% | 71.08% | 74.91% | 75.38% | 75.71% | 76.24% | 76.54% | 77.01% | 77.68% | 78.04% | 78.82% | 79.13% | 79.62% | ||||||
| Danaher Corp. | 58.51% | 58.94% | 59.11% | 59.53% | 59.66% | 59.74% | 59.50% | 59.37% | 59.27% | 58.39% | 58.74% | 58.77% | 59.17% | 60.22% | 60.21% | 60.65% | 60.77% | 60.77% | ||||||
| Eli Lilly & Co. | — | 82.83% | 83.04% | 83.03% | 82.64% | 81.70% | 81.31% | 80.91% | 80.75% | 80.16% | 79.25% | 78.67% | 77.77% | 77.67% | 76.77% | 75.61% | 75.98% | 74.40% | ||||||
| Gilead Sciences Inc. | — | 79.01% | 78.44% | 78.31% | 78.42% | 78.17% | 78.15% | 75.98% | 75.56% | 75.62% | 75.87% | 78.66% | 79.27% | 78.94% | 79.03% | 74.31% | 75.30% | 75.50% | ||||||
| Johnson & Johnson | 67.91% | 67.82% | 67.88% | 68.08% | 67.92% | 68.30% | 69.07% | 69.05% | 69.06% | 69.20% | 68.82% | 68.54% | 68.06% | 67.34% | 67.26% | 67.43% | 67.86% | 67.97% | ||||||
| Merck & Co. Inc. | — | 73.91% | 74.80% | 77.18% | 76.60% | 76.42% | 76.32% | 75.82% | 75.25% | 74.37% | 73.17% | 72.86% | 72.96% | 72.43% | 70.63% | 70.49% | 70.41% | 70.72% | ||||||
| Pfizer Inc. | — | 73.51% | 74.33% | 73.39% | 72.12% | 72.28% | 71.94% | 67.73% | 58.18% | 58.09% | 58.10% | 60.97% | 69.61% | 68.61% | 65.77% | 65.53% | 62.18% | 60.35% | ||||||
| Regeneron Pharmaceuticals Inc. | 84.86% | 84.55% | 85.35% | 85.39% | 85.57% | 85.79% | 86.13% | 86.12% | 86.16% | 86.32% | 86.16% | 85.96% | 86.42% | 86.96% | 87.18% | 85.39% | 84.97% | 84.65% | ||||||
| Thermo Fisher Scientific Inc. | 40.80% | 40.78% | 40.93% | 41.27% | 41.18% | 41.34% | 41.28% | 40.77% | 40.76% | 40.40% | 39.90% | 39.87% | 39.75% | 40.28% | 42.24% | 44.42% | 46.63% | 48.37% | ||||||
| Vertex Pharmaceuticals Inc. | — | 86.24% | 86.24% | 86.28% | 86.11% | 86.03% | 86.11% | 86.12% | 86.45% | 86.86% | 87.21% | 87.80% | 87.92% | 88.04% | 87.90% | 88.00% | 88.13% | 87.95% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025
+ Gross marginQ3 2025)
÷ (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
= 100 × (12,699 + 10,784 + 12,066 + 10,472)
÷ (16,990 + 15,002 + 16,618 + 15,776)
= 71.48%
2 Click competitor name to see calculations.
The analysis of the gross profit margin from March 2022 through June 2026 reveals a cyclical trajectory characterized by a period of initial stability, a significant mid-term contraction, and a robust subsequent recovery that eventually surpassed baseline levels.
- Initial Stability Phase (March 2022 – December 2022)
- During the first four quarters of the analyzed period, the gross profit margin remained highly consistent, fluctuating within a narrow corridor between 69.53% and 70.48%. This period reflects a stable cost structure relative to net revenues.
- Margin Contraction (March 2023 – March 2024)
- A marked downward trend is observed starting in the first quarter of 2023. The margin declined from 69.43% in March 2023 to a trough of 62.28% by March 2024. This contraction indicates a period of increased cost of sales or a shift in the revenue mix that compressed profitability, despite net revenues remaining relatively resilient.
- Recovery and Optimization (June 2024 – June 2026)
- A strong rebound began in mid-2024, with the margin climbing from 62.75% in June 2024 to 69.99% by December 2024. This recovery trend persisted through 2025 and into 2026, reaching a period high of 71.48% in June 2026. This phase is characterized by an expansion of profitability that coincided with a steady increase in net revenues, which grew from 12.31 billion US dollars in March 2024 to 16.99 billion US dollars by June 2026.
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Operating Profit Margin
AbbVie Inc., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating earnings | 6,432) | 3,990) | 4,544) | 1,904) | 4,894) | 3,733) | (1,490) | 3,831) | 3,998) | 2,798) | 3,195) | 2,281) | 4,513) | 2,768) | 5,502) | 4,603) | 3,295) | 4,717) | ||||||
| Net revenues | 16,990) | 15,002) | 16,618) | 15,776) | 15,423) | 13,343) | 15,102) | 14,460) | 14,462) | 12,310) | 14,301) | 13,927) | 13,865) | 12,225) | 15,121) | 14,812) | 14,583) | 13,538) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 26.20% | 24.41% | 24.65% | 15.16% | 18.80% | 17.56% | 16.22% | 24.89% | 22.31% | 23.50% | 23.49% | 27.32% | 31.03% | 28.49% | 31.21% | 30.59% | 30.33% | 32.68% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | — | 29.77% | 25.83% | 25.14% | 24.45% | 22.71% | 22.66% | 19.97% | 20.96% | 24.72% | 29.35% | 34.55% | 37.50% | 36.07% | 38.57% | 39.31% | 38.04% | 32.78% | ||||||
| Bristol-Myers Squibb Co. | 23.83% | 20.55% | 20.75% | 18.86% | 16.70% | 15.24% | -15.50% | -14.05% | -14.39% | -14.30% | 16.18% | 16.96% | 17.29% | 18.13% | 17.96% | 19.04% | 18.19% | 16.79% | ||||||
| Danaher Corp. | 20.42% | 19.21% | 19.09% | 19.01% | 18.39% | 20.26% | 20.37% | 20.11% | 21.22% | 21.05% | 21.77% | 23.83% | 25.06% | 27.02% | 27.61% | 27.35% | 25.44% | 25.23% | ||||||
| Eli Lilly & Co. | — | 43.63% | 40.35% | 38.84% | 32.37% | 28.74% | 28.64% | 24.81% | 23.28% | 20.80% | 18.92% | 18.42% | 24.17% | 22.45% | 24.97% | 24.65% | 25.50% | 25.94% | ||||||
| Gilead Sciences Inc. | — | 35.46% | 34.66% | 36.75% | 28.03% | 28.77% | 5.81% | 2.92% | 9.26% | 5.79% | 28.24% | 30.37% | 31.18% | 33.03% | 27.17% | 22.39% | 25.78% | 26.56% | ||||||
| Johnson & Johnson | 26.47% | 26.39% | 26.85% | 25.44% | 23.67% | 23.59% | 23.42% | 24.42% | 25.31% | 25.04% | 24.90% | 25.55% | 25.61% | 25.21% | 24.63% | 23.89% | 23.47% | 23.76% | ||||||
| Merck & Co. Inc. | — | 18.18% | 32.64% | 33.73% | 30.00% | 31.51% | 31.03% | 21.60% | 24.75% | 6.93% | 3.92% | 13.08% | 10.34% | 27.85% | 30.27% | 30.66% | 33.04% | 28.85% | ||||||
| Pfizer Inc. | — | 22.96% | 22.76% | 21.85% | 23.23% | 19.29% | 19.51% | 9.56% | -4.19% | -2.08% | 2.15% | 14.36% | 28.13% | 34.44% | 34.83% | 33.59% | 30.37% | 26.12% | ||||||
| Regeneron Pharmaceuticals Inc. | 24.74% | 24.32% | 24.95% | 25.89% | 27.02% | 27.20% | 28.10% | 28.69% | 28.95% | 29.40% | 30.85% | 32.23% | 34.20% | 35.79% | 38.93% | 45.45% | 48.19% | 55.08% | ||||||
| Thermo Fisher Scientific Inc. | 17.58% | 17.46% | 17.38% | 17.16% | 17.13% | 17.23% | 17.11% | 16.93% | 17.01% | 16.38% | 16.00% | 15.81% | 15.42% | 16.29% | 18.69% | 20.54% | 22.51% | 23.83% | ||||||
| Vertex Pharmaceuticals Inc. | — | 38.31% | 34.77% | 34.06% | 34.36% | -6.69% | -2.11% | -2.54% | -3.37% | 41.16% | 38.83% | 40.16% | 41.72% | 43.93% | 48.23% | 47.72% | 48.85% | 36.93% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating earningsQ2 2026
+ Operating earningsQ1 2026
+ Operating earningsQ4 2025
+ Operating earningsQ3 2025)
÷ (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
= 100 × (6,432 + 3,990 + 4,544 + 1,904)
÷ (16,990 + 15,002 + 16,618 + 15,776)
= 26.20%
2 Click competitor name to see calculations.
An analysis of the operating profit margin reveals a general downward trend followed by a period of significant volatility and a subsequent partial recovery. While margins were consistently maintained above 30% throughout 2022, they experienced a progressive contraction starting in early 2023, reaching a cyclical low in late 2024 before showing signs of rebound throughout 2025 and into 2026.
- Initial Stability and Contraction (2022-2023)
- During 2022, the operating profit margin remained relatively stable, peaking at 32.68% in March and closing the year at 31.21%. A downward shift began in March 2023, where the margin dropped to 28.49%. Despite a brief recovery to 31.03% in June 2023, a steady decline followed, ending the year at 23.49% in December 2023.
- Period of Peak Volatility (2024-2025)
- The fiscal year 2024 was characterized by instability, with the margin fluctuating between 22.31% and 24.89% for the first three quarters before falling sharply to 16.22% in December 2024. This contraction continued into early 2025, with a further dip to 15.16% observed in September 2025, marking the lowest efficiency point in the analyzed period.
- Recovery Trend (2025-2026)
- A recovery phase is evident in the latter half of 2025, with the margin climbing to 24.65% by December. This positive momentum continued into 2026, with the operating profit margin reaching 26.20% by June 30, 2026. Although this represents a significant improvement from the 2024 lows, the margin remains below the baseline established in 2022.
- Revenue and Earnings Relationship
- Net revenues showed a general upward trajectory, increasing from 13,538 million in March 2022 to 16,990 million by June 2026. However, the decline in operating profit margins suggests that operating expenses grew at a faster rate than revenue growth during the 2023-2025 period, compressing profitability despite the increase in top-line scale.
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Net Profit Margin
AbbVie Inc., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings attributable to AbbVie Inc. | 3,613) | 695) | 1,816) | 186) | 938) | 1,286) | (22) | 1,561) | 1,370) | 1,369) | 822) | 1,778) | 2,024) | 239) | 2,473) | 3,949) | 924) | 4,490) | ||||||
| Net revenues | 16,990) | 15,002) | 16,618) | 15,776) | 15,423) | 13,343) | 15,102) | 14,460) | 14,462) | 12,310) | 14,301) | 13,927) | 13,865) | 12,225) | 15,121) | 14,812) | 14,583) | 13,538) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 9.80% | 5.79% | 6.91% | 4.00% | 6.45% | 7.31% | 7.59% | 9.22% | 9.71% | 11.02% | 8.95% | 11.81% | 15.50% | 13.37% | 20.39% | 23.19% | 22.04% | 22.00% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | — | 21.98% | 21.94% | 20.31% | 19.75% | 18.10% | 12.77% | 13.58% | 10.60% | 13.35% | 24.96% | 29.52% | 31.52% | 31.77% | 26.42% | 27.88% | 26.73% | 23.42% | ||||||
| Bristol-Myers Squibb Co. | 18.87% | 15.01% | 14.64% | 12.57% | 10.58% | 11.38% | -18.53% | -15.30% | -14.06% | -13.50% | 17.83% | 18.44% | 17.62% | 15.95% | 13.71% | 14.29% | 14.04% | 13.31% | ||||||
| Danaher Corp. | 15.95% | 14.89% | 14.71% | 14.43% | 14.21% | 15.81% | 16.33% | 16.39% | 17.83% | 18.54% | 19.94% | 22.89% | 22.80% | 23.32% | 22.91% | 21.65% | 20.61% | 21.32% | ||||||
| Eli Lilly & Co. | — | 34.99% | 31.67% | 30.99% | 25.91% | 22.66% | 23.51% | 20.48% | 18.86% | 17.08% | 15.36% | 15.55% | 22.01% | 20.54% | 21.88% | 20.63% | 19.58% | 20.90% | ||||||
| Gilead Sciences Inc. | — | 31.51% | 29.43% | 28.41% | 21.98% | 20.87% | 1.68% | 0.45% | 3.82% | 1.78% | 21.03% | 21.60% | 20.18% | 20.87% | 17.02% | 12.44% | 15.22% | 16.60% | ||||||
| Johnson & Johnson | 21.48% | 21.83% | 28.46% | 27.26% | 25.00% | 24.41% | 15.84% | 16.74% | 43.91% | 44.92% | 41.28% | 39.58% | 14.52% | 13.77% | 18.90% | 19.95% | 19.21% | 20.90% | ||||||
| Merck & Co. Inc. | — | 13.59% | 28.08% | 29.63% | 25.79% | 27.27% | 26.68% | 19.23% | 21.98% | 3.76% | 0.61% | 7.77% | 5.34% | 22.52% | 24.49% | 25.88% | 29.00% | 26.27% | ||||||
| Pfizer Inc. | — | 11.83% | 12.42% | 15.65% | 16.84% | 12.62% | 12.62% | 7.04% | -4.62% | -0.55% | 3.56% | 15.13% | 27.38% | 31.19% | 31.27% | 29.81% | 28.94% | 27.01% | ||||||
| Regeneron Pharmaceuticals Inc. | 27.86% | 29.65% | 31.41% | 32.13% | 31.37% | 31.94% | 31.07% | 33.61% | 32.04% | 29.45% | 30.14% | 30.47% | 33.93% | 33.81% | 35.64% | 39.17% | 39.97% | 48.06% | ||||||
| Thermo Fisher Scientific Inc. | 15.04% | 15.15% | 15.05% | 15.02% | 15.23% | 15.18% | 14.77% | 14.48% | 14.69% | 14.20% | 13.99% | 13.68% | 13.14% | 13.75% | 15.47% | 15.92% | 17.37% | 18.49% | ||||||
| Vertex Pharmaceuticals Inc. | — | 35.51% | 32.94% | 31.35% | 31.86% | -8.91% | -4.86% | -4.52% | -4.74% | 39.46% | 36.68% | 35.94% | 35.40% | 35.40% | 37.20% | 37.62% | 38.26% | 30.84% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net earnings attributable to AbbVie Inc.Q2 2026
+ Net earnings attributable to AbbVie Inc.Q1 2026
+ Net earnings attributable to AbbVie Inc.Q4 2025
+ Net earnings attributable to AbbVie Inc.Q3 2025)
÷ (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
= 100 × (3,613 + 695 + 1,816 + 186)
÷ (16,990 + 15,002 + 16,618 + 15,776)
= 9.80%
2 Click competitor name to see calculations.
The net profit margin demonstrates a pronounced downward trend over the analyzed period, characterized by a transition from high profitability levels in 2022 to significant compression through 2025, followed by a partial recovery in 2026.
- Profitability Compression and Volatility
- A substantial decline in the net profit margin is observed, falling from a peak of 23.19% in September 2022 to a minimum of 4.00% by September 2025. The most acute drop occurred between December 2022 (20.39%) and March 2023 (13.37%), marking the beginning of a multi-year period of margin erosion.
- Revenue and Earnings Divergence
- A divergence is noted between top-line growth and bottom-line efficiency. While net revenues expanded from 13,538 million USD in March 2022 to 16,990 million USD by June 2026, net earnings exhibited extreme volatility. This inconsistency resulted in the net profit margin failing to track with revenue growth, remaining in the single digits for the majority of the period between December 2023 and March 2026.
- Recent Recovery Trend
- Following the trough in September 2025, an upward trajectory in profitability emerged. The net profit margin rose from 4.00% to 9.80% by June 2026. This recovery is supported by a significant increase in net earnings attributable to the company, which reached 3,613 million USD in the final quarter of the analyzed timeframe.
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Return on Equity (ROE)
AbbVie Inc., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings attributable to AbbVie Inc. | 3,613) | 695) | 1,816) | 186) | 938) | 1,286) | (22) | 1,561) | 1,370) | 1,369) | 822) | 1,778) | 2,024) | 239) | 2,473) | 3,949) | 924) | 4,490) | ||||||
| Stockholders’ equity (deficit) | (5,935) | (6,656) | (3,270) | (2,642) | (183) | 1,420) | 3,325) | 6,032) | 6,778) | 8,007) | 10,360) | 12,094) | 12,866) | 13,274) | 17,254) | 15,994) | 14,653) | 16,283) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | 295.42% | 128.66% | 84.91% | 78.77% | 74.85% | 46.94% | 53.86% | 67.50% | 57.14% | 68.60% | 83.83% | 86.24% | 76.64% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | — | 84.87% | 89.06% | 72.82% | 89.11% | 95.59% | 69.59% | 56.20% | 52.83% | 74.93% | 107.78% | 98.82% | 117.67% | 148.04% | 178.97% | 187.11% | 271.85% | 624.78% | ||||||
| Bristol-Myers Squibb Co. | 41.59% | 36.25% | 38.19% | 32.55% | 28.96% | 31.16% | -54.78% | -42.34% | -38.44% | -37.28% | 27.27% | 28.57% | 24.91% | 22.97% | 20.37% | 20.44% | 20.30% | 19.79% | ||||||
| Danaher Corp. | 7.61% | 6.97% | 6.88% | 6.86% | 6.52% | 7.40% | 7.87% | 7.59% | 8.42% | 8.24% | 8.91% | 11.29% | 12.30% | 13.47% | 14.39% | 14.40% | 13.63% | 13.93% | ||||||
| Eli Lilly & Co. | — | 81.02% | 77.78% | 77.38% | 75.52% | 70.45% | 74.62% | 58.78% | 54.14% | 47.91% | 48.65% | 44.46% | 58.73% | 50.82% | 58.64% | 59.91% | 66.61% | 65.69% | ||||||
| Gilead Sciences Inc. | — | 39.19% | 37.48% | 37.65% | 32.08% | 31.13% | 2.48% | 0.69% | 5.77% | 2.77% | 24.81% | 26.33% | 25.92% | 26.59% | 21.62% | 15.82% | 20.44% | 22.66% | ||||||
| Johnson & Johnson | 24.76% | 25.92% | 32.87% | 31.69% | 28.88% | 27.92% | 19.68% | 20.93% | 53.14% | 54.95% | 51.11% | 48.61% | 17.37% | 17.95% | 23.36% | 25.68% | 24.05% | 26.54% | ||||||
| Merck & Co. Inc. | — | 19.48% | 34.70% | 36.71% | 33.49% | 36.07% | 36.96% | 27.30% | 31.52% | 5.71% | 0.97% | 11.17% | 8.04% | 27.82% | 31.57% | 34.32% | 38.34% | 34.68% | ||||||
| Pfizer Inc. | — | 8.31% | 8.99% | 10.59% | 12.12% | 8.73% | 9.11% | 4.61% | -2.96% | -0.33% | 2.38% | 10.81% | 21.68% | 28.77% | 32.79% | 32.14% | 33.61% | 30.29% | ||||||
| Regeneron Pharmaceuticals Inc. | 13.65% | 14.08% | 14.41% | 14.79% | 14.89% | 15.31% | 15.03% | 15.87% | 15.32% | 14.29% | 15.22% | 16.03% | 17.90% | 17.80% | 19.14% | 25.05% | 27.49% | 39.84% | ||||||
| Thermo Fisher Scientific Inc. | 13.23% | 13.19% | 12.55% | 12.88% | 13.03% | 13.19% | 12.78% | 12.52% | 13.12% | 13.26% | 12.83% | 13.11% | 13.08% | 14.26% | 15.80% | 16.15% | 17.59% | 18.56% | ||||||
| Vertex Pharmaceuticals Inc. | — | 22.41% | 21.18% | 21.22% | 21.18% | -5.99% | -3.26% | -3.07% | -3.32% | 21.67% | 20.59% | 21.01% | 21.75% | 22.59% | 23.88% | 25.12% | 26.77% | 22.47% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
ROE = 100
× (Net earnings attributable to AbbVie Inc.Q2 2026
+ Net earnings attributable to AbbVie Inc.Q1 2026
+ Net earnings attributable to AbbVie Inc.Q4 2025
+ Net earnings attributable to AbbVie Inc.Q3 2025)
÷ Stockholders’ equity (deficit)
= 100 × (3,613 + 695 + 1,816 + 186)
÷ -5,935 = —
2 Click competitor name to see calculations.
The financial data reveals a significant structural shift in the balance sheet, characterized by a continuous decline in stockholders' equity and a corresponding distortion of the Return on Equity (ROE) metric.
- Equity Trend Analysis
- A consistent downward trajectory in stockholders' equity is observed, starting from 16,283 million USD in March 2022 and declining to a deficit of 5,935 million USD by June 2026. The transition into negative equity occurred in June 2025, indicating a state where total liabilities exceed total assets.
- Return on Equity (ROE) Dynamics
- Between March 2022 and December 2023, ROE exhibited a general downward trend, moving from a peak of 86.24% in June 2022 to 46.94% by December 2023. Following this period, ROE began to accelerate sharply, rising to 128.66% in December 2024 and peaking at 295.42% in March 2025. This escalation is a mathematical result of a shrinking equity denominator rather than a linear increase in operational profitability.
- Net Earnings Volatility
- Net earnings attributable to the company demonstrated substantial quarterly volatility. Notable highs were recorded in March 2022 (4,490 million USD) and June 2026 (3,613 million USD), while a significant contraction to negative 22 million USD occurred in December 2024.
The convergence of declining equity and fluctuating earnings resulted in ROE figures that became mathematically exaggerated as the equity base approached zero. The cessation of ROE reporting from June 2025 onward coincides with the establishment of a stockholders' deficit, at which point the ratio loses its standard interpretative utility.
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Return on Assets (ROA)
AbbVie Inc., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings attributable to AbbVie Inc. | 3,613) | 695) | 1,816) | 186) | 938) | 1,286) | (22) | 1,561) | 1,370) | 1,369) | 822) | 1,778) | 2,024) | 239) | 2,473) | 3,949) | 924) | 4,490) | ||||||
| Total assets | 135,115) | 136,463) | 133,960) | 133,898) | 137,182) | 136,165) | 135,161) | 143,422) | 141,937) | 148,874) | 134,711) | 136,221) | 135,367) | 134,544) | 138,805) | 141,325) | 143,186) | 143,211) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 4.67% | 2.66% | 3.15% | 1.78% | 2.74% | 3.08% | 3.17% | 3.57% | 3.76% | 4.03% | 3.61% | 4.78% | 6.42% | 5.64% | 8.53% | 9.49% | 8.83% | 8.71% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | — | 8.43% | 8.51% | 7.77% | 7.53% | 6.64% | 4.45% | 4.65% | 3.44% | 4.05% | 6.91% | 8.36% | 8.84% | 8.92% | 10.06% | 10.73% | 11.09% | 9.67% | ||||||
| Bristol-Myers Squibb Co. | 10.59% | 8.41% | 7.83% | 6.23% | 5.33% | 5.86% | -9.66% | -7.75% | -6.91% | -6.21% | 8.43% | 9.08% | 8.52% | 7.75% | 6.53% | 6.80% | 6.59% | 6.07% | ||||||
| Danaher Corp. | 4.33% | 4.42% | 4.33% | 4.38% | 4.18% | 4.76% | 5.03% | 4.83% | 5.35% | 5.28% | 5.64% | 6.74% | 7.49% | 8.15% | 8.55% | 8.35% | 7.76% | 7.74% | ||||||
| Eli Lilly & Co. | — | 21.68% | 18.35% | 16.02% | 13.67% | 12.42% | 13.45% | 11.07% | 10.22% | 9.60% | 8.19% | 8.61% | 11.85% | 10.70% | 12.62% | 12.71% | 12.09% | 13.06% | ||||||
| Gilead Sciences Inc. | — | 16.38% | 14.42% | 13.86% | 11.33% | 10.57% | 0.81% | 0.23% | 1.97% | 0.86% | 9.12% | 9.42% | 8.80% | 9.02% | 7.27% | 5.33% | 6.58% | 7.16% | ||||||
| Johnson & Johnson | 10.46% | 10.47% | 13.46% | 13.03% | 11.72% | 11.26% | 7.81% | 8.24% | 20.99% | 22.37% | 20.98% | 20.85% | 6.81% | 6.49% | 9.57% | 10.94% | 10.33% | 11.12% | ||||||
| Merck & Co. Inc. | — | 6.94% | 13.34% | 14.69% | 13.96% | 15.14% | 14.62% | 10.34% | 12.20% | 2.18% | 0.34% | 4.32% | 2.98% | 12.09% | 13.30% | 14.25% | 15.48% | 13.29% | ||||||
| Pfizer Inc. | — | 3.61% | 3.73% | 4.71% | 5.22% | 3.79% | 3.76% | 1.94% | -1.20% | -0.14% | 0.94% | 4.87% | 9.75% | 14.85% | 15.91% | 15.32% | 15.01% | 13.58% | ||||||
| Regeneron Pharmaceuticals Inc. | 10.37% | 10.82% | 11.11% | 11.40% | 11.67% | 11.98% | 11.69% | 12.43% | 11.98% | 11.22% | 11.95% | 12.41% | 14.02% | 13.91% | 14.85% | 19.40% | 20.90% | 30.11% | ||||||
| Thermo Fisher Scientific Inc. | 6.16% | 6.05% | 6.08% | 6.38% | 6.50% | 6.58% | 6.51% | 6.11% | 6.32% | 6.21% | 6.07% | 6.12% | 6.08% | 6.36% | 7.15% | 7.77% | 8.21% | 8.20% | ||||||
| Vertex Pharmaceuticals Inc. | — | 16.38% | 15.42% | 14.78% | 15.13% | -4.32% | -2.38% | -2.16% | -2.43% | 16.81% | 15.92% | 15.97% | 16.54% | 17.18% | 18.30% | 19.59% | 20.50% | 17.19% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
ROA = 100
× (Net earnings attributable to AbbVie Inc.Q2 2026
+ Net earnings attributable to AbbVie Inc.Q1 2026
+ Net earnings attributable to AbbVie Inc.Q4 2025
+ Net earnings attributable to AbbVie Inc.Q3 2025)
÷ Total assets
= 100 × (3,613 + 695 + 1,816 + 186)
÷ 135,115 = 4.67%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a significant long-term downward trajectory from March 2022 through September 2025, followed by a partial recovery in the first half of 2026. The period is characterized by high initial efficiency that steadily eroded over several years, primarily driven by volatility in net earnings rather than substantial changes in the asset base.
- Return on Assets Trend
- ROA began the period with strong performance, peaking at 9.49% in September 2022. A sharp decline commenced in early 2023, with the ratio falling to 5.64% in March 2023 and continuing a general descent to 3.61% by December 2023. The downward trend persisted through 2024 and reached a minimum of 1.78% in September 2025, indicating a marked decrease in the ability of assets to generate net income.
- Net Earnings Volatility
- Net earnings demonstrate extreme fluctuations, which directly impact the ROA. High earnings of 4,490 million USD in March 2022 contributed to the early peak in profitability. Conversely, a significant downturn occurred in December 2024, where earnings dropped to -22 million USD, contributing to the depressed ROA levels observed during that phase.
- Asset Base Consistency
- Total assets remained relatively stable throughout the analyzed timeframe, fluctuating within a range between 133,898 million USD and 148,874 million USD. Because the asset base did not experience a corresponding contraction during the periods of declining profitability, the reduction in ROA is attributable to the decrease in net earnings rather than an expansion of the balance sheet.
- Recovery Phase
- A trend of recovery is observable starting in late 2025. After hitting the period low in September 2025, the ROA climbed to 3.15% in December 2025 and further increased to 4.67% by June 2026. This rebound is supported by a substantial increase in net earnings, which reached 3,613 million USD in the final reported quarter.
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