⚡What does AbbVie do, in 30 seconds?
AbbVie discovers, develops, makes and sells medicines 34. It sold $61.2bn ✓ in FY2025, and immunology medicines for diseases of the immune system brought in half of that, 50% ✓. Two of them, Skyrizi and Rinvoq, made about 42% of its 2025 revenue together 28.
📱What does AbbVie sell?
AbbVie reports its sales in groups, and immunology is by far the biggest at 50% ✓. Its sales teams are organized by region or by the kind of disease treated 34. Here is what each group holds and who buys it.
Immunology
Medicines for autoimmune diseases, where the body's defences attack it, in joints, skin and gut 1. Skyrizi is an injected medicine for psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis 1. Rinvoq is a once-a-day pill for conditions such as rheumatoid arthritis and eczema 1. Humira, another injected medicine, faces direct competition from biosimilar copies around the world 12. Immunology brought in $30.4bn ✓ in FY2025, up 14.0% on the year before 4.
👥 Patients with autoimmune diseases. Doctors prescribe them, and insurers, hospitals and government programs such as Medicaid are also important customers 2.
Neuroscience
Medicines for the brain and nerves include Vraylar for schizophrenia, bipolar disorder and, as an add-on, major depression 5. Others are Botox Therapeutic for chronic migraine and other uses, and the migraine pills Ubrelvy and Qulipta 5. Vyalev is an all-day infusion under the skin for advanced Parkinson's disease 5. In September 2026, the FDA approved Juvmo, a daily pill for Parkinson's disease 67. Neuroscience brought in $10.8bn ✓ in FY2025, up 19.6% on the year before 4.
👥 Patients with brain and nerve diseases. Doctors prescribe them, and insurers, hospitals and government programs such as Medicaid are also important customers 2.
Oncology
Cancer medicines. The main ones are Imbruvica and Venclexta for blood cancers, Elahere for certain ovarian cancers and Epkinly for certain lymphomas 45. In May 2026, the FDA approved Decnupaz for adults with BPDCN, a cancer of certain blood cells 6. Oncology brought in $6.6bn ✓ in FY2025.
👥 Cancer patients. Doctors prescribe them, and insurers, hospitals and government programs such as Medicaid are also important customers 2.
Aesthetics
Beauty treatments: Botox Cosmetic, Juvederm fillers, CoolSculpting, Natrelle breast implants and SkinMedica skincare 45. AbbVie got this business when it bought Allergan in May 2020 87. Aesthetics brought in $4.9bn ✓ in FY2025, down 6.1% on the year before 45.
👥 People who choose cosmetic treatments such as Botox Cosmetic, Juvederm fillers and CoolSculpting 45.
Eye care
Eye medicines such as Ozurdex, Lumigan and Ganfort, and Alphagan and Combigan 5. Eye care brought in $2.1bn ✓ in FY2025.
👥 Patients with eye diseases. Doctors prescribe them, and insurers, hospitals and government programs such as Medicaid are also important customers 2.
Other key products
Medicines AbbVie reports as other key products, outside the groups above. Together they brought in $2.2bn ✓ in FY2025.
👥 Patients. Doctors prescribe them, and insurers, hospitals and government programs such as Medicaid are also important customers 2.
Other products
Everything AbbVie sells outside the groups above. Together these brought in $4.2bn ✓ in FY2025, or 7% ✓ of revenue.
👥 Patients. In the US, three wholesalers, McKesson, Cardinal Health and Cencora, handled substantially all of AbbVie's drug sales in 2025, not just this group's 2.
How the mix has shifted
Where the customers are
Most of AbbVie's revenue comes from the United States, at $46.6bn ✓ or 76% ✓ in FY2025. Germany added 3% ✓, Japan 2% ✓, Canada 2% ✓ and China 2% ✓. France, the UK, Spain, Italy, Brazil and Australia each added about 1% ✓, and all the remaining countries 9% ✓.
💸How does AbbVie make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
AbbVie took in $61.2bn ✓ from its medicines and products in FY2025. Making them cost $18.2bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $43.0bn ✓.
Next come the costs of running the company. Research and development took $9.1bn ✓, and selling, marketing and admin took $14.0bn ✓. Other operating costs took $4.8bn ✓. That left operating profit, the profit from the main business, of $15.1bn ✓. Interest and other items came to -$8.5bn ✓, and tax took $2.4bn ✓. Net income was $4.2bn ✓. Put simply, out of every hundred dollars of sales, AbbVie kept about $7 ✓ as profit. Interest and other items below operating profit took $14 ✓, almost as much as research at $15 ✓.
Out of every $100 customers paid in FY2025…
⏱️ AbbVie by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: AbbVie Inc. 10-K [9].
📈How is AbbVie doing?
AbbVie's sales are growing again, after falling 6.4% ✓ in FY2023. Sales reached $61.2bn ✓ in FY2025, up 8.6% ✓ on the year before. Operating margin was 24.6% ✓, but net income was just $4.2bn ✓, or 6.9% ✓ of sales. Free cash flow was much larger, at $17.8bn ✓.
Skyrizi and Rinvoq grew fast. Skyrizi grew 50% and Rinvoq 39% in 2025 at constant currency, which AbbVie puts down to market share gains and market growth 15. Humira went the other way. It lost US exclusivity on 31 January 2023, and its sales fell from $14.404 billion in 2023 to $4.540 billion in 2025 as copies took sales 2415.
In the four quarters to 30 September 2026, sales reached $66.0bn ✓, up 10.7% ✓ on the four quarters before. Operating margin was 32.2% ✓, and net income was $10.3bn ✓. In the third quarter of 2026 alone, revenue was $17.404 billion, up 10.3% 7. Skyrizi grew 22.7% and Rinvoq 23.9% that quarter, while Humira fell 31.2% 7. On 30 October 2026, AbbVie raised its forecast for 2026 profit per share, on its own adjusted measure, to $13.95 to $13.99 7.
Over ten years, sales grew from $22.9bn ✓ in FY2015 to $61.2bn ✓ in FY2025, or 10.3% ✓ a year. Sales rose in 9 ✓ of those 10 ✓ years. The later figures include Allergan, which AbbVie bought in May 2020 87.
📝 The report card
AbbVie earns a top mark for cash and a good mark for profit, but low marks for growth, steadiness and its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where AbbVie (orange) and its 5 peers land; further right is better.
Growth
AbbVie's sales grew 1.8% ✓ a year over its last three fiscal years, which earns a D ✓ on the fixed scale. The peer median was 5.6% ✓. Eli Lilly grew 31.7% ✓ a year, an A ✓, while Pfizer's sales shrank by 14.8% ✓ a year, an F ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, AbbVie kept 21.5% ✓ of sales as operating profit, which earns a B ✓. That is below the 24.6% ✓ peer median. FY2024 pulled it down, with an operating margin of only 16.2% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, AbbVie turned 33.6% ✓ of sales into free cash flow, comfortably an A ✓. No peer did better. Amgen came closest at 26.3% ✓, and the peer median was 20.9% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
AbbVie owes far more than it holds in cash. At the end of FY2025, its cash and investments minus its borrowings (leases not counted) came to -91.9% ✓ of a year's sales, an F ✓. Johnson & Johnson also gets an F ✓, and Amgen is lower still at -123.7% ✓, also an F ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
AbbVie's yearly growth swings a lot, with a standard deviation of 12.4% ✓, which earns a D ✓. Sales jumped 37.7% ✓ in FY2020, a figure that includes Allergan from May 2020 87. They fell 6.4% ✓ in FY2023. Johnson & Johnson is the steadiest peer at 2.2% ✓, an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how AbbVie compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, AbbVie paid out less cash than it made. It spent $119.0bn ✓ on dividends and buybacks, against $169.3bn ✓ of free cash flow. In FY2025, payouts equalled 71% ✓ of free cash flow, and dividends made up most of it at $11.7bn ✓. Buybacks were $1.0bn ✓.
🧮Ratios 101: what are AbbVie's key financial ratios?
Ratios shrink AbbVie's big numbers into easy comparisons, and they show strong cash next to thin final profit and heavy debt. The FY2025 figures include Allergan, which AbbVie bought in May 2020, so comparisons with FY2015 span that deal 87. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with AbbVie's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 70.2% ✓, AbbVie is below the 74.3% ✓ peer median and down from 80.3% ✓ in FY2015. The later figure includes Allergan, bought in May 2020 87.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 AbbVie's 24.6% ✓ is a little below the 26.8% ✓ peer median and down from 33.0% ✓ in FY2015.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 AbbVie kept only 6.9% ✓ of FY2025 sales as final profit, far below the 28.1% ✓ peer median and its own 22.5% ✓ in FY2015. Interest and other items came to -$8.5bn ✓ that year, against operating profit of $15.1bn ✓.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 3.2% ✓ is well below the 13.3% ✓ peer median and the 9.7% ✓ of FY2015, because net income was small next to $134.0bn ✓ of assets.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 In FY2025, AbbVie's sales were 0.5x ✓ the value of everything it owned, the same as the 0.5x ✓ peer median and up from 0.4x ✓ in FY2015.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 AbbVie held 99 ✓ days of stock at the end of FY2025, down from 139 ✓ in FY2015 and well below the peer median of 189 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At the end of FY2025, AbbVie's current ratio was 0.7x ✓: its short-term assets of $29.1bn ✓ did not cover the $43.3bn ✓ of bills due within a year. The peer median is 1.2x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest 5.2x ✓ in FY2025, down from 10.5x ✓ in FY2015 and well below the 16.4x ✓ peer median. Interest cost $2.9bn ✓ that year.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 AbbVie turned profit into free cash at 4.2x ✓, far above the 0.7x ✓ peer median. Free cash flow of $17.8bn ✓ was much bigger than net income of $4.2bn ✓.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 AbbVie spent 14.9% ✓ of sales on R&D in FY2025, below the 19.8% ✓ peer median and down from 18.7% ✓ in FY2015. It was 22.7% ✓ in FY2024.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was 1.6% ✓ of FY2025 sales, a little above the 1.3% ✓ peer median and up from 1.2% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 AbbVie returned 299.0% ✓ of FY2025 profit to shareholders, as payouts of $12.6bn ✓ were three times net income of $4.2bn ✓. Measured against free cash flow, payouts were 71% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are AbbVie's competitors?
AbbVie competes with other big drug makers in immunology, migraine and cancer. Johnson & Johnson, Eli Lilly and Pfizer sell rival medicines for psoriasis, bowel disease or arthritis 151617182122. Amgen names Skyrizi and Humira as rivals to its psoriasis pill Otezla 23. Merck meets AbbVie in cancer medicines 1920.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| AbbVie (ABBV, FY2025) | Immunology, neuroscience, cancer, aesthetics and eye care medicines 154 | $61.2bn | 1.8% | 24.6% | 29.1% |
| Johnson & Johnson (JNJ, FY2025) | Psoriasis and bowel-disease biologics, where Tremfya competes with Skyrizi 1516; also co-markets AbbVie's Imbruvica with it 16 | $94.2bn | 5.6% | 26.8% | 20.9% |
| Eli Lilly (LLY, FY2025) | Psoriasis and bowel disease (Taltz and Omvoh against Skyrizi and Rinvoq) and migraine prevention (Emgality against Qulipta) 1718 | $65.2bn | 31.7% | 40.4% | 13.8% |
| Merck (MRK, FY2025) | Cancer medicines: Keytruda and Keytruda Qlex had $31,680 million of 2025 sales, compared with $6,622 million for AbbVie's four largest cancer medicines combined 1920 | $65.0bn | 3.1% | 34.2% | 19.0% |
| Pfizer (PFE, FY2025) | JAK inhibitor pills for diseases such as rheumatoid arthritis: Xeljanz against Rinvoq 152122 | $62.6bn | -14.8% | 26.1% | 14.5% |
| Amgen (AMGN, FY2025) | Psoriasis: Amgen names Skyrizi and Humira as rivals to its pill Otezla in the US and Europe 23 | $36.8bn | 11.8% | 24.7% | 22.0% |
Humira also faces direct competition around the world from biosimilars, copies of the medicine made by other companies 12.
🧭AbbVie SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Skyrizi grew 50% and Rinvoq 39% in 2025 at constant currency, which AbbVie puts down to market share gains and market growth 15.
- Over the last three years combined, AbbVie turned 33.6% ✓ of sales into free cash flow, an A ✓.
- After deals with generic makers, AbbVie expects no US generic Rinvoq before April 2037 26. That date assumes extra protection for testing in children, and some terms can bring it forward 26.
- AbbVie says its aesthetics products hold market-leading positions in the US and key markets 5.
🩹 Weaknesses
- Immunology brought in 50% ✓ of FY2025 revenue, and Skyrizi and Rinvoq alone about 42% of 2025 revenue 28.
- Borrowings were $72.2bn ✓ at 30 September 2026, against cash and investments of $10.8bn ✓.
- In 2025, US Botox Cosmetic sales fell 10.5% and worldwide Juvederm sales fell 15.6% 15.
- Imbruvica's sales fell 14.3% in 2025, to $2.869 billion 15.
🚀 Opportunities
- In a Phase 3 trial reported in October 2026, adding Epkinly to standard chemotherapy cut the risk of the disease getting worse or death by 51% 7. The trial was in people newly diagnosed with diffuse large B-cell lymphoma 7.
- In October 2026, lutikizumab met its main goal in a Phase 3 study in adults and teenagers with moderate to severe hidradenitis suppurativa, a skin disease 67.
- AbbVie completed its purchase of Apogee Therapeutics in September 2026, adding zumilokibart, a late-stage antibody in development for eczema (atopic dermatitis) 3031.
- In July 2026, the European Commission approved Rinvoq for non-segmental vitiligo and for severe alopecia areata, a hair-loss disease 6.
⚠️ Threats
- Under the Inflation Reduction Act, Imbruvica was picked for a government-set Medicare price from 2026, and Vraylar and Linzess from 2027 15. AbbVie says more of its products could be picked later 15.
- Botox was picked for a government-set Medicare price from 2028 15. A US court cancelled that pick on 29 October 2026, but the government can appeal 32.
- In 2021, the FDA required warnings on JAK inhibitors, including Rinvoq, about higher risks of serious heart events, cancer, blood clots and death 22.
- In April 2026, the FDA did not approve trenibotulinumtoxinE and asked for more information on how it is made, without raising safety or efficacy concerns 6. The European Commission approved it as Boey in July 2026 6.
🏰Does AbbVie have a moat?
Why 3?
AbbVie says its aesthetics products hold market-leading positions in the US and key markets, and Botox Cosmetic is approved in all major markets 5. The same medicine is sold as Botox Therapeutic for migraine and Botox Cosmetic for frown lines 5. But a known name did not hold Humira's sales once copies arrived in the US in 2023 2415.
Why 3?
Skyrizi is approved for four diseases in North America, the EU and Japan 1. It grew 50% in 2025 at constant currency, and Rinvoq 39%, which AbbVie puts down to share gains and market growth 15. But Humira's sales fell from $14.404 billion in 2023 to $4.540 billion in 2025 as copies took sales 2415.
Why 3?
AbbVie had about 57,000 employees in more than 70 countries at 31 December 2025 25. It owned or leased about 600 sites at that date 25. Biologic medicines cost far more to develop and make than ordinary pills, and need costly specialist plants 2. In the third quarter of 2026, AbbVie's gross margin was 75.4% under standard accounting rules 7.
Why 4?
Under US law, a new biologic such as Skyrizi gets 12 years before a copy can be approved 26. AbbVie's US patents on the Skyrizi and Rinvoq molecules are expected to expire in 2033 26. After deals with generic makers, AbbVie expects no US generic Rinvoq before April 2037 26. That assumes extra protection for testing in children, and some terms can bring it forward 26. But the US government can now set Medicare prices for high-spend medicines 13 years after a biologic's approval, or nine years for small-molecule drugs 27.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is AbbVie; grey dots are peers).
🔭What should you watch next?
Lutikizumab filing for hidradenitis suppurativa
AbbVie expects more data from the INTREPID study in 2027 and plans to use them to ask regulators for approval in the second half of 2027 7.
📚Learn the words
❓Frequently asked questions about AbbVie
How does AbbVie make money?
AbbVie makes most of its money selling prescription medicines. In FY2025, immunology medicines brought in $30.4bn ✓ and neuroscience medicines $10.8bn ✓. Cancer medicines brought in $6.6bn ✓, aesthetics $4.9bn ✓ and eye care $2.1bn ✓. AbbVie also sells other medicines, such as Mavyret for hepatitis C, Creon (US rights only) and Linzess 5.
What is Skyrizi?
Skyrizi is an injected AbbVie medicine that blocks a protein called IL-23 1. It is approved for psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis 1. Its 2025 sales of $17.562 billion were nearly four times Humira's 15.
What happened to Humira?
Humira's sales fell sharply after biosimilar copies arrived. It lost US exclusivity on 31 January 2023, and its sales fell from $14.404 billion in 2023 to $4.540 billion in 2025 2415. Humira is approved for 14 autoimmune conditions in North America or the EU 1.
Is AbbVie still growing?
Yes, AbbVie's sales are growing. Sales rose 10.7% ✓ in the four quarters to 30 September 2026, compared with the four quarters before. In the third quarter of 2026 alone, revenue was $17.404 billion, up 10.3% 7.
Where did AbbVie come from?
AbbVie was part of Abbott Laboratories until 1 January 2013, when Abbott gave all AbbVie's shares to its own shareholders 34. AbbVie bought Allergan, the maker of Botox, on 8 May 2020 87.
Who is AbbVie's CEO?
Robert A. Michael has been AbbVie's CEO since 2024 25. He also became chairman on 1 July 2025, taking over from Richard A. Gonzalez 25.
Does AbbVie pay a dividend?
Yes, AbbVie pays a quarterly dividend, and it paid $11.7bn ✓ in dividends in FY2025. On 30 October 2026, its board raised the quarterly dividend from $1.73 to $1.82 a share 7. AbbVie says it has raised its quarterly dividend by 355% since 2013 7.
How do US drug-price rules affect AbbVie?
The US government now sets Imbruvica's Medicare price, and will set the prices of Vraylar and Linzess from 2027 15. Imbruvica's government-set price in Medicare Part D started on 1 January 2026 15. AbbVie says more of its products could be picked later 15. In January 2026, AbbVie agreed with the US government to offer low Medicaid prices 15. It also agreed to invest $100 billion in US research and building projects over ten years 15. In return, it got three years free of tariffs and new price rules 15.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [9] [10] [11] [12] [13] [14].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of AbbVie's FY2025 sales came from immunology medicines?
2. Botox Cosmetic smooths frown lines. What else is the same medicine used for?
3. By 2025, how did Skyrizi's sales compare with Humira's?
4. Which company was AbbVie part of before 2013?
5. For how many autoimmune conditions is Humira approved in North America or the EU?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- AbbVie Form 10-K for fiscal year 2025 — Item 1 products: immunology (Skyrizi, Rinvoq, Humira) and approved conditions (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 marketing, sales and distribution; competition and biosimilars (accessed 2026-11-04)
- AbbVie (ABBV) Form 10-K for fiscal year 2025, filed 2026-02-20 — revenue by product, segment and geography (accessed 2026-11-04)
- AbbVie press release: full-year and fourth-quarter 2025 financial results (Form 8-K exhibit 99.1, February 4, 2026) — Full-year 2025 net revenues by therapeutic area (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 products: neuroscience, oncology, aesthetics, eye care and other key products (accessed 2026-11-04)
- AbbVie Form 10-Q for the quarter ended September 30, 2026 — MD&A significant programs and developments in 2026 (approvals, submissions, trial results) (accessed 2026-11-04)
- AbbVie press release: third-quarter 2026 financial results (Form 8-K exhibit 99.1, October 30, 2026) — Q3 2026 net revenues by therapeutic area and product, margins, 2026 outlook, dividend, recent events (accessed 2026-11-04)
- AbbVie press release: AbbVie completes acquisition of Allergan (Form 8-K exhibit 99.1, May 8, 2020) — Allergan acquisition completed May 8, 2020 (accessed 2026-11-04)
- SEC EDGAR companyfacts: AbbVie (ABBV) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: JOHNSON & JOHNSON (JNJ) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: ELI LILLY & Co (LLY) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Merck & Co., Inc. (MRK) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: PFIZER INC (PFE) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: AMGEN INC (AMGN) — annual 10-K facts (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 7 recent events (U.S. government agreement, Inflation Reduction Act selections) and net revenues by product 2023-2025 (accessed 2026-11-04)
- Johnson & Johnson Form 10-K for fiscal year 2025 — Tremfya uses and 2025 worldwide sales; Imbruvica collaboration with Pharmacyclics (an AbbVie company) (accessed 2026-11-04)
- Eli Lilly Form 10-K for fiscal year 2025 — Item 1 overview: founding, incorporation, single segment, countries; product list by therapeutic area; cover: fiscal year end (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 products (Skyrizi, Rinvoq, Qulipta) and Skyrizi and Rinvoq share of 2025 net revenues (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 product sales table: 2025, 2024 and 2023 sales by segment and top product (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 oncology products and MD&A net revenues: Imbruvica, Venclexta, Elahere, Epkinly 2025 (accessed 2026-11-04)
- Pfizer Form 10-K for fiscal year 2025 — Xeljanz 2025 worldwide revenues (accessed 2026-11-04)
- U.S. FDA drug safety communication on JAK inhibitors (September 1, 2021) — Xeljanz and Rinvoq named as JAK inhibitors for chronic inflammatory conditions; boxed warning (accessed 2026-11-04)
- Amgen Form 10-K for fiscal year 2025 — Item 1 competition table: competitors of Otezla; Otezla approved uses (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2023 — Item 7 Humira: U.S. loss of exclusivity on January 31, 2023 (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 employees; Item 2 properties; executive officers; chairman succession (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 intellectual property and regulatory exclusivity; research and development process (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 regulation: Inflation Reduction Act Medicare price-setting rules (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1A risk factors: Skyrizi and Rinvoq share of 2025 net revenues (accessed 2026-11-04)
- SEC EDGAR companyfacts: AbbVie (ABBV) — balance sheet at 2026-09-30 (accessed 2026-11-04)
- AbbVie press release: AbbVie to acquire Apogee Therapeutics (Form 8-K exhibit 99.1, June 22, 2026) — Apogee deal announcement and pipeline assets (accessed 2026-11-04)
- AbbVie press release: AbbVie completes acquisition of Apogee Therapeutics (Form 8-K exhibit 99.1, September 3, 2026) — Apogee acquisition completed (accessed 2026-11-04)
- AbbVie Form 10-Q for the quarter ended September 30, 2026 — MD&A recent events: regulatory environment, Botox court ruling, U.S. capital investment; pipeline size (accessed 2026-11-04)
- SEC EDGAR companyfacts: AbbVie (ABBV) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 overview: incorporation, separation from Abbott, single segment; cover: fiscal year end (accessed 2026-11-04)