01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
AbbVie Inc. reported strong financial results for the year ended December 31, 2025, with worldwide net revenues reaching $61.2 billiona, a 8.6% increase over the prior year.
This growth was primarily driven by its immunology products, Skyrizi and Rinvoq, which collectively accounted for approximately 42%b of total net revenues and demonstrated significant year-over-year increases of 49.9% and 39.1%, respectively. The company experienced a substantial decline in Humira revenues (-49.5%) due to ongoing biosimilar competition. AbbVie continued its strategic investments in research and development, with pipeline advancements across its core therapeutic areas, including notable progress in neuroscience and oncology.
The company's financial health remains robust, with operating earnings of $15.1 billionc and strong cash flow from operations of $19.0 billion. AbbVie also actively managed its capital structure, including debt issuance and repayment, and returned value to shareholders through dividends, which were increased to $1.73 per share quarterly.
The company also announced a voluntary agreement with the U.S. government, pledging significant investment in U.S.-based R&D and capital projects, in exchange for a three-year exemption from certain tariffs and price mandates. Despite these positive trends, AbbVie faces ongoing risks related to patent expirations, increasing biosimilar competition, and evolving regulatory and pricing pressures, particularly from the Inflation Reduction Act impacting key products like Imbruvica, Vraylar, and Botox.
02—Key points
Key Highlights
- AbbVie's net revenues grew 8.6% to $61.2 billion in 2025, driven by strong performance in immunology. Skyrizi and Rinvoq showed robust growth of 49.9% and 39.1% respectively, becoming major revenue drivers. Humira revenue declined significantly by 49.5% due to biosimilar competition.
- The company generated $19.0 billion in cash flow from operations, underscoring strong financial health.
- AbbVie increased its quarterly dividend to $1.73 per share, demonstrating a commitment to returning capital to shareholders.
- Significant R&D investments continue, with a pipeline of approximately 90 compounds, devices, or indications in development.
- The company is strategically expanding its capabilities with new facilities and announced a voluntary agreement with the U.S. government involving substantial investment in U.S. R&D and capital projects.
- AbbVie is subject to ongoing risks including patent expirations, biosimilar competition, and pricing pressures from regulatory actions like the Inflation Reduction Act.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, AbbVie Inc. kept $0.07.
- Revenue$61.16B100.0%
- Cost of revenue−$18.20B29.8%
- Gross profit$42.96B70.2%
- Operating costs−$27.88B45.6%
- Operating income$15.07B24.6%
- Interest, other & tax−$10.85B17.7%
- Net income$4.23B6.9%
Where FY2025 revenue went
$61.16B- Cost of revenue: $18.20B, 30% of revenue
- SG&A: $14.01B, 23% of revenue
- Other operating costs: $13.87B, 23% of revenue
- Interest, other & tax: $10.85B, 18% of revenue
- Net income: $4.23B, 6.9% of revenue
Kept 6.9% as net incomeNet income $4.23B · 6.9%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $61.16B$56.33B | +8.6% |
| Cost of Revenue | $18.20B$16.90B | +7.7% |
| Gross Profit | $42.96B$39.43B | +8.9% |
| SG&A Expenses | $14.01B$14.75B | −5.0% |
| Operating Expenses | $46.09B$47.20B | −2.4% |
| Operating Income | $15.07B$9.14B | +65.0% |
| Interest Expense | $2.89B$2.81B | +3.0% |
| Net Income | $4.23B$4.28B | −1.2% |
| EPS (Basic) | $2.37$2.40 | −1.2% |
| EPS (Diluted) | $2.36$2.39 | −1.3% |
| Shares Outstanding (Basic) | 1.77B1.77B | 0.0% |
| Shares Outstanding (Diluted) | 1.77B1.77B | 0.0% |
05—Questions
Frequently Asked Questions
What were AbbVie's key growth drivers in 2025?
AbbVie's primary growth drivers in 2025 were its immunology products, Skyrizi and Rinvoq, which experienced substantial year-over-year revenue increases of 49.9% and 39.1%, respectively. These drugs are becoming increasingly important contributors to the company's overall revenue, offsetting the decline seen in Humira due to biosimilar competition.
How is AbbVie managing the impact of Humira's biosimilar competition?
AbbVie's Humira revenue decreased by 49.5% in 2025, reflecting the continued impact of biosimilar competition. The company's strategy to mitigate this involves focusing on and investing in its newer growth drivers like Skyrizi and Rinvoq, which are performing strongly and are well-positioned for continued market uptake.
What is the outlook for AbbVie's R&D pipeline?
AbbVie maintains a robust R&D pipeline with approximately 90 compounds, devices, or indications in development, with a significant portion (around 60) in mid- to late-stage development. The company is making advancements across key therapeutic areas, including immunology, neuroscience, and oncology, and is continuing to invest in expanding its pipeline and exploring new growth areas like obesity.
What are the main risks facing AbbVie's business?
Key risks for AbbVie include the expiration of patent protection for its products, increased competition from generics and biosimilars, and pricing pressures resulting from regulatory initiatives such as the Inflation Reduction Act, which could impact the revenue of key products. The company also faces risks associated with its extensive reliance on third-party suppliers and potential disruptions in its global supply chain.
06—Continue