AbbVie Inc.
- Growing?
- Yes: revenue up 10% on a year earlier (quarter ended Sep 2026); earnings per share up 340% over the last four quarters.
- Expensive?
- About usual: 50.7× trailing earnings; its five-year median is 56.2×. In line with the peer median of 44.6x (excludes 1 unprofitable peer).
- Analysts?
- 79% of 29 say buy; average 12-month target $311, 6% above today's price.
- Risky?
- About average for a large company: its price swung 25% over the past year (the S&P 500's 14%), and it fell as much as 24% since Nov 2021.
AbbVie Inc. is a research-based biopharmaceutical company that discovers, develops, manufactures, and markets prescription medicines, generating revenue primarily from product sales across therapeutic areas including immunology, oncology, neuroscience, and aesthetics.
More about AbbVie
Key brands include Skyrizi, Rinvoq, and Humira, alongside products added through the Allergan acquisition (e.g., Botox).
Market Position
AbbVie is a large-cap, global pharma company with leading scale in immunology and a diversified portfolio across specialty and broad-based medicines; its competitive position is supported by a deep R&D pipeline, global commercialization infrastructure, and durable cash generation from established brands.
Key Segments
AbbVie reports results primarily by therapeutic area (commonly including Immunology, Oncology, Neuroscience, Aesthetics, and Eye Care) and by U.S. vs. international geography, with performance influenced by product lifecycle dynamics (e.g., biosimilar competition for Humira).
How has the stock done?
Over the past month ABBV rose 4.7%; the health care ETF (XLV) rose 9.2% and the S&P 500 fell 2.7%.
Over the past six months ABBV rose 41.7%; the health care ETF (XLV) rose 28.8% and the S&P 500 rose 2.6%.
Over the past year ABBV rose 26.2%; the health care ETF (XLV) rose 22.9% and the S&P 500 rose 10.8%.
Over five years ABBV rose 151.7%; the health care ETF (XLV) rose 40.4% and the S&P 500 rose 62.0%.
From Apr 8, 2022 to Jun 28, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.0% the other way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 30, 2026 | ended Sep 2026 | $17.4B (+10% vs a year earlier) | $3.82 vs $3.76 (beat) | −0.7% | +0.2% |
| Jul 31, 2026 | ended Jun 2026 | $17.0B (+10% vs a year earlier) | $3.65 vs $3.61 (beat) | −4.8% | −4.4% |
| Apr 29, 2026 | ended Mar 2026 | $15.0B (+12% vs a year earlier) | $2.65 vs $2.67 (missed) | +6.9% | +3.7% |
| Feb 4, 2026 | ended Dec 2025 | $16.6B (+10% vs a year earlier) | $2.71 vs $2.65 (beat) | −2.9% | −2.1% |
| Oct 31, 2025 | ended Sep 2025 | $15.8B (+9% vs a year earlier) | — | −7.1% | −4.0% |
| Jul 31, 2025 | ended Jun 2025 | $15.4B (+7% vs a year earlier) | — | +3.1% | +5.0% |
| Apr 25, 2025 | ended Mar 2025 | $13.3B (+8% vs a year earlier) | — | +6.6% | +10.0% |
| Jan 31, 2025 | ended Dec 2024 | $15.1B (+6% vs a year earlier) | — | +8.2% | +8.5% |
| Oct 30, 2024 | ended Sep 2024 | $14.5B (+4% vs a year earlier) | — | +7.6% | +6.2% |
| Jul 25, 2024 | ended Jun 2024 | $14.5B (+4% vs a year earlier) | — | +5.1% | +7.7% |
| Apr 26, 2024 | ended Mar 2024 | $12.3B (+1% vs a year earlier) | — | −3.4% | −2.1% |
| Feb 2, 2024 | ended Dec 2023 | $14.3B (−5% vs a year earlier) | — | +2.2% | +3.9% |
| Oct 27, 2023 | ended Sep 2023 | $13.9B (−6% vs a year earlier) | — | −2.3% | −2.6% |
| Jul 27, 2023 | ended Jun 2023 | $13.9B (−5% vs a year earlier) | — | +6.3% | +5.0% |
| Apr 27, 2023 | ended Mar 2023 | $12.2B (−10% vs a year earlier) | — | −6.6% | −8.9% |
| Feb 9, 2023 | ended Dec 2022 | $15.1B (+2% vs a year earlier) | — | +5.1% | +3.4% |
| Oct 28, 2022 | ended Sep 2022 | $14.8B (+3% vs a year earlier) | — | −4.6% | −5.4% |
| Jul 29, 2022 | ended Jun 2022 | $14.6B (+4% vs a year earlier) | — | −6.4% | −7.8% |
| Apr 29, 2022 | ended Mar 2022 | $13.5B (+4% vs a year earlier) | — | −5.4% | −2.2% |
| Feb 2, 2022 | ended Dec 2021 | $14.9B (+7% vs a year earlier) | — | +2.7% | +4.5% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $17.4B in the quarter ended Sep 2026, up 10% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $15.1B | +2% |
| Mar 2023 | $12.2B | −10% |
| Jun 2023 | $13.9B | −5% |
| Sep 2023 | $13.9B | −6% |
| Dec 2023 | $14.3B | −5% |
| Mar 2024 | $12.3B | +1% |
| Jun 2024 | $14.5B | +4% |
| Sep 2024 | $14.5B | +4% |
| Dec 2024 | $15.1B | +6% |
| Mar 2025 | $13.3B | +8% |
| Jun 2025 | $15.4B | +7% |
| Sep 2025 | $15.8B | +9% |
| Dec 2025 | $16.6B | +10% |
| Mar 2026 | $15.0B | +12% |
| Jun 2026 | $17.0B | +10% |
| Sep 2026 | $17.4B | +10% |
Revenue went from $58.1B in FY22 to $61.2B in FY25; net income from $11.8B to $4.2B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $58.1B | $11.8B |
| FY23 | $54.3B | $4.9B |
| FY24 | $56.3B | $4.3B |
| FY25 | $61.2B | $4.2B |
In the fiscal year to Dec 2025, United States was 76% and All other countries was 9% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | United States | $41.9B | 77% |
| FY2023 | All other countries | $5.0B | 9% |
| FY2023 | Germany | $1.3B | 2% |
| FY2023 | Canada | $1.1B | 2% |
| FY2023 | Japan | $1.0B | 2% |
| FY2023 | Other | $4.0B | 7% |
| FY2024 | United States | $43.0B | 76% |
| FY2024 | All other countries | $5.4B | 10% |
| FY2024 | Germany | $1.5B | 3% |
| FY2024 | Japan | $1.1B | 2% |
| FY2024 | Canada | $1.1B | 2% |
| FY2024 | Other | $4.2B | 7% |
| FY2025 | United States | $46.6B | 76% |
| FY2025 | All other countries | $5.8B | 9% |
| FY2025 | Germany | $1.7B | 3% |
| FY2025 | Japan | $1.3B | 2% |
| FY2025 | Canada | $1.2B | 2% |
| FY2025 | Other | $4.6B | 7% |
A year earlier $0.10
Diluted, from SEC filings
Quarters: AbbVie Inc.'s SEC filings, named by the month they end. Fiscal years: AbbVie Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $6.9 ends up as net income. Net margin fell from 20.4% to 6.9% over the past 3 years.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Dec 2022 | 72.4% | 36.4% | 16.4% |
| Mar 2023 | 67.4% | 22.6% | 2.0% |
| Jun 2023 | 69.4% | 32.5% | 14.6% |
| Sep 2023 | 53.4% | 16.4% | 12.8% |
| Dec 2023 | 60.1% | 22.3% | 5.7% |
| Mar 2024 | 66.7% | 22.7% | 11.1% |
| Jun 2024 | 70.9% | 27.6% | 9.5% |
| Sep 2024 | 70.9% | 26.5% | 10.8% |
| Dec 2024 | 70.9% | −9.9% | −0.1% |
| Mar 2025 | 70.0% | 28.0% | 9.6% |
| Jun 2025 | 71.8% | 31.7% | 6.1% |
| Sep 2025 | 66.4% | 12.1% | 1.2% |
| Dec 2025 | 72.6% | 27.3% | 10.9% |
| Mar 2026 | 71.9% | 26.6% | 4.6% |
| Jun 2026 | 74.7% | 37.9% | 21.3% |
| Sep 2026 | 75.4% | 36.0% | 24.2% |
Circled: Dec 2024 (net −0.1%, operating −9.9%). Net margin is usually about 17 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.
Roughly flat over 3 years
−6.6 pts over 3 years
−13.5 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: AbbVie Inc.'s annual reports to the SEC; quarters: SEC filings.
How much goes into research?
AbbVie spent $10.0B on research and development in the four quarters to Sep 2026, 15.1% of its revenue, against 22.3% a year earlier. Over the year its research spending fell 25.0% and its revenue rose 10.7%.
Down 25.0% on the four quarters before
22.3% a year earlier
Show the data
| Quarter ended | Research and development | Revenue | Share of revenue, four quarters |
|---|---|---|---|
| Dec 2023 | $1.9B | $14.3B | 14.1% |
| Mar 2024 | $1.9B | $12.3B | 13.5% |
| Jun 2024 | $1.9B | $14.5B | 13.7% |
| Sep 2024 | $2.1B | $14.5B | 14.3% |
| Dec 2024 | $6.8B | $15.1B | 22.7% |
| Mar 2025 | $2.1B | $13.3B | 22.5% |
| Jun 2025 | $2.1B | $15.4B | 22.5% |
| Sep 2025 | $2.3B | $15.8B | 22.3% |
| Dec 2025 | $2.6B | $16.6B | 14.9% |
| Mar 2026 | $2.5B | $15.0B | 15.1% |
| Jun 2026 | $2.3B | $17.0B | 15.1% |
| Sep 2026 | $2.6B | $17.4B | 15.1% |
From AbbVie Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.
Customers and suppliers
In its latest annual report AbbVie sells to McKesson, Cardinal Health, Cencora; it names no suppliers.
ABBVAbbVieCustomers
Partners
Pfizer PFELicenses patent rights for pipeline compoundsUp to $1.6 billion in regulatory and commercial milestone payments
GubraLicenses obesity treatment development and commercialization rights$350 million upfront payment in second quarter 2025
ADARx ADRXProvides options to license siRNA therapeutics$335 million upfront payment in second quarter 2025
Johnson & Johnson JNJJointly develops and commercializes ImbruvicaApproximately 60% of collaboration development costs borne by Janssen; remaining 40% by AbbVie
GenentechJointly researches, develops and commercializes Venclexta
Merck MRKExclusively licenses patents related to ubrogepantChanges since the previous annual report (10-K filed Feb 14, 2025)
ADARx ADRXNamed for the first time, as a partner$335 million upfront payment in second quarter 2025GubraNamed for the first time, as a partner$350 million upfront payment in second quarter 2025
AbCellera Biologics ABCLShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| McKesson | customer | “In 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.” |
| Cardinal Health | customer | “In 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.” |
| Cencora | customer | “In 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.” |
| Pfizer | partner · licensing deal with it | “AbbVie also assumed a licensing agreement entered into by Cerevel Therapeutics with Pfizer Inc. (Pfizer) prior to the acquisition....AbbVie could make additional payments of up to $1.6 billion upon achievement of certain regulatory and commercial milestones for all programs.” |
| RemeGen | partner · licensing deal with it | “Subsequent to December 31, 2025, AbbVie announced that it entered into a license agreement with RemeGen Co., Ltd. (RemeGen). Under the terms of the agreement, AbbVie will make an upfront payment of $650 million and receive an exclusive global license excluding China to develop, manufacture and commercialize RC148, a novel investigational Programmed Cell Death-1 (PD-1)/Vascular Endothelial Growth Factor (VEGF)-targeted bispecific antibody in development for the treatment of multiple advanced solid tumors.” |
| Gilgamesh Pharma | partner · licensing deal with it | “As part of the transaction, Gilgamesh spun off a new independent entity that will operate under the name Gilgamesh Pharma Inc. to retain its employees and other programs, including an existing option-to-license agreement with AbbVie which remains in effect.” |
| IGI | partner · licensing deal with it | “In September 2025, AbbVie entered into a license agreement with Ichnos Glenmark Innovation, Inc. (IGI)....The upfront payment of $700 million was recorded in acquired IPR&D and milestones expense in the consolidated statement of earnings in the third quarter of 2025.” |
| ADARx | partner · licensing deal with it | “In May 2025, AbbVie entered into a license option agreement with ADARx Pharmaceuticals, Inc. (ADARx)....Under the terms of the agreement, AbbVie made an upfront payment of $335 million which was recognized in acquired IPR&D and milestones expense in the consolidated statement of earnings in the second quarter of 2025.” |
| Gubra | partner · licensing deal with it | “In April 2025, AbbVie entered into a licensing agreement with Gubra A/S....Under the terms of the agreement, AbbVie made an upfront payment of $350 million which was recognized in acquired IPR&D and milestones expense in the consolidated statement of earnings in the second quarter of 2025.” |
| Johnson & Johnson | partner · licensing deal with it | “The collaboration provides Janssen with an exclusive license to commercialize Imbruvica outside of the United States and co-exclusively with AbbVie in the United States....Except in certain cases, Janssen is responsible for approximately 60% of collaboration development costs and AbbVie is responsible for the remaining 40% of collaboration development costs.” |
| Genentech | partner · licensing deal with it | “AbbVie and Genentech, a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which included Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta in the United States.” |
| Merck | partner · licensing deal with it | “Merck Sharp & Dohme LLC, which exclusively licenses certain patents to AbbVie, is a co-plaintiff in the litigation.” |
| AbCellera Biologics (10-K filed Feb 24, 2026) | co-develops with it | “AbbVie Inc. Multi-target, multi-year Oncology January 13, 2025” |
| Johnson & Johnson (10-K filed Feb 11, 2026) | co-develops with it | “The Company has a number of products and compounds developed in collaboration with strategic partners including XARELTO, co-developed with Bayer HealthCare AG, IMBRUVICA, developed in collaboration and co-marketed with Pharmacyclics LLC, an AbbVie company and CARVYKTI, licensed and developed in collaboration with Legend Biotech USA Inc. and Legend Biotech Ireland Limited.” |
Only the companies AbbVie names in its 10-K filed Feb 20, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names AbbVie. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 50.7x, in line with the peer median of 44.6x, with earnings still growing.
In line with the peer median of 44.6x (excludes 1 unprofitable peer).
Show the data
| Company | P/E (trailing) |
|---|---|
| MRK · Merck & Co., Inc. | 151× |
| ABBV · AbbVie Inc. | 50.7× |
| LLY · Eli Lilly and Company | 46.3× |
| JNJ · Johnson & Johnson | 43× |
| AMGN · Amgen Inc. | 27.1× |
| GILD · Gilead Sciences, Inc. | Loss |
At 50.7× trailing earnings ABBV is inside the middle of its five-year range; the five-year median is 56.2×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 27.6× |
| Feb 8, 2022 | 22.2× |
| May 10, 2022 | 21.8× |
| Aug 10, 2022 | 20.0× |
| Nov 8, 2022 | 19.8× |
| Feb 9, 2023 | 22.5× |
| May 11, 2023 | 34.7× |
| Aug 11, 2023 | 31.3× |
| Nov 9, 2023 | 37.8× |
| Feb 12, 2024 | 63.4× |
| May 13, 2024 | 47.9× |
| Aug 13, 2024 | 63.7× |
| Nov 11, 2024 | 60.6× |
| Feb 13, 2025 | 80.6× |
| May 15, 2025 | 77.3× |
| Aug 15, 2025 | 98.4× |
| Nov 13, 2025 | 176× |
| Feb 17, 2026 | 98.7× |
| May 18, 2026 | 103× |
| Aug 18, 2026 | 73.1× |
| Nov 12, 2026 | 50.7× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $311, 6% above the current price; 79% of 29 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 23 analysts (79%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $249.21 to $304.23 (+22%), while ABBV went from $232.29 to $294.45 (+27%). In the past three months targets were raised 18 times and never cut. 3 upgrades and 1 downgrade over the year; the latest: Wolfe Research moved it to Outperform from Peer Perform on Aug 13, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 2, 2026 | UBS | Target raised | Neutral | $295.00, was $275.00 |
| Nov 2, 2026 | Leerink Partners | Target raised | Outperform | $342.00, was $309.00 |
| Nov 2, 2026 | Morgan Stanley | Target raised | Overweight | $346.00, was $310.00 |
| Nov 2, 2026 | Guggenheim | Target raised | Buy | $322.00, was $288.00 |
| Nov 2, 2026 | Wells Fargo | Target raised | Overweight | $340.00, was $300.00 |
| Nov 2, 2026 | RBC Capital | Target raised | Outperform | $330.00, was $280.00 |
| Nov 2, 2026 | Canaccord Genuity | Target raised | Buy | $338.00, was $290.00 |
| Nov 2, 2026 | Cantor Fitzgerald | Target raised | Overweight | $325.00, was $290.00 |
| Oct 23, 2026 | Goldman Sachs | Target raised | Neutral | $294.00, was $258.00 |
| Oct 21, 2026 | Barclays | Target raised | Overweight | $325.00, was $300.00 |
| Oct 13, 2026 | RBC Capital | Target kept | Outperform | $280.00 |
| Oct 9, 2026 | UBS | Target raised | Neutral | $275.00, was $260.00 |
| Oct 9, 2026 | Guggenheim | Target kept | Buy | $288.00 |
| Oct 8, 2026 | JP Morgan | Target raised | Overweight | $300.00, was $285.00 |
| Oct 8, 2026 | Cantor Fitzgerald | Target raised | Overweight | $290.00, was $285.00 |
| Oct 7, 2026 | Morgan Stanley | Target raised | Overweight | $310.00, was $296.00 |
| Oct 6, 2026 | Scotiabank | Target raised | Sector Outperform | $320.00, was $280.00 |
| Sep 10, 2026 | HSBC | Target raised | Buy | $315.00, was $300.00 |
| Aug 20, 2026 | Piper Sandler | Target raised | Overweight | $303.00, was $298.00 |
| Aug 17, 2026 | Wells Fargo | Target raised | Overweight | $300.00, was $295.00 |
| Aug 13, 2026 | Wolfe Research | Upgrade | Outperform, was Peer Perform | $300.00 |
| Aug 11, 2026 | BNP Paribas | Target raised | Neutral | $247.00, was $218.00 |
| Aug 10, 2026 | Evercore ISI Group | Target raised | Outperform | $260.00, was $246.00 |
| Aug 6, 2026 | Berenberg | Target kept | Buy | $275.00 |
| Aug 5, 2026 | Erste Group | Upgrade | Buy, was Hold | — |
| Aug 4, 2026 | Guggenheim | Target raised | Buy | $288.00, was $261.00 |
| Aug 3, 2026 | Canaccord Genuity | Target raised | Buy | $290.00, was $282.00 |
| Aug 3, 2026 | Cantor Fitzgerald | Target raised | Overweight | $285.00, was $265.00 |
| Aug 3, 2026 | Morgan Stanley | Target raised | Overweight | $296.00, was $278.00 |
| Jul 31, 2026 | TD Cowen | Target kept | Buy | $280.00 |
| Jul 31, 2026 | William Blair | Rating kept | Buy | — |
| Jul 29, 2026 | Barclays | Target raised | Overweight | $300.00, was $275.00 |
| Jul 22, 2026 | Canaccord Genuity | Target raised | Buy | $282.00, was $273.00 |
| Jul 15, 2026 | Citigroup | Target raised | Neutral | $260.00, was $230.00 |
| Jul 13, 2026 | UBS | Target raised | Neutral | $260.00, was $230.00 |
| Jul 13, 2026 | BMO Capital | Target raised | Outperform | $300.00, was $258.00 |
| Jul 10, 2026 | B of A Securities | Target raised | Buy | $276.00, was $234.00 |
| Jul 10, 2026 | RBC Capital | Target raised | Outperform | $280.00, was $260.00 |
| Jul 10, 2026 | Wells Fargo | Target raised | Overweight | $295.00, was $260.00 |
| Jul 9, 2026 | Guggenheim | Target raised | Buy | $261.00, was $249.00 |
| Jul 9, 2026 | JP Morgan | Target raised | Overweight | $280.00, was $260.00 |
| Jul 6, 2026 | Cantor Fitzgerald | Target raised | Overweight | $265.00, was $240.00 |
| Jun 23, 2026 | Piper Sandler | Target kept | Overweight | $298.00 |
| Jun 23, 2026 | Canaccord Genuity | Target raised | Buy | $273.00, was $265.00 |
| May 15, 2026 | Evercore ISI Group | Target cut | Outperform | $235.00, was $236.00 |
| May 14, 2026 | Piper Sandler | Target raised | Overweight | $298.00, was $294.00 |
| May 4, 2026 | Evercore ISI Group | Target raised | Outperform | $236.00, was $232.00 |
| May 1, 2026 | Guggenheim | Target kept | Buy | $249.00 |
| Apr 30, 2026 | Canaccord Genuity | Target raised | Buy | $265.00, was $262.00 |
| Apr 30, 2026 | Morgan Stanley | Target raised | Overweight | $278.00, was $270.00 |
| Apr 30, 2026 | Cantor Fitzgerald | Target kept | Overweight | $240.00 |
| Apr 23, 2026 | Piper Sandler | Target cut | Overweight | $294.00, was $299.00 |
| Apr 21, 2026 | Canaccord Genuity | Began coverage | Buy | $262.00 |
| Apr 10, 2026 | Guggenheim | Target raised | Buy | $249.00, was $242.00 |
| Apr 8, 2026 | Cantor Fitzgerald | Target cut | Overweight | $240.00, was $250.00 |
| Feb 25, 2026 | RBC Capital | Began coverage | Outperform | $260.00 |
| Feb 20, 2026 | Barclays | Began coverage | Overweight | $275.00 |
| Feb 18, 2026 | Piper Sandler | Target raised | Overweight | $299.00, was $289.00 |
| Feb 17, 2026 | Freedom Broker | Target raised | Buy | $260.00, was $245.00 |
| Feb 5, 2026 | UBS | Target cut | Neutral | $230.00, was $240.00 |
| Feb 5, 2026 | Evercore ISI Group | Target cut | Outperform | $228.00, was $232.00 |
| Feb 5, 2026 | Morgan Stanley | Target raised | Overweight | $270.00, was $269.00 |
| Jan 27, 2026 | Citigroup | Target cut | Neutral | $230.00, was $235.00 |
| Jan 8, 2026 | Wolfe Research | Downgrade | Peer Perform, was Outperform | — |
| Dec 12, 2025 | Morgan Stanley | Target raised | Overweight | $269.00, was $261.00 |
| Dec 10, 2025 | HSBC | Upgrade | Buy, was Hold | $265.00, was $225.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $2.65 | $2.71 | +2.3% |
| Mar ’26 | $2.67 | $2.65 | −0.7% |
| Jun ’26 | $3.61 | $3.65 | +1.1% |
| Sep ’26 | $3.76 | $3.82 | +1.6% |
The day after each of these reports the stock moved −2.9% (Dec 2025, beat); +6.9% (Mar 2026, missed); −4.8% (Jun 2026, beat); −0.7% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $3.88 a share, 43% more than the $2.71 of a year earlier, and revenue of $18.4B, up 11% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $16.20 a share, 16% more than the year before's estimate of $13.98, and revenue of $73.9B, up 9% on the year before's estimate.
Adjusted. Dec 2025: $2.71; range $3.81 to $4.01; 20 analysts
Dec 2025: $16.6B; range $18.3B to $18.5B; 17 analysts
Adjusted. The year to Dec 2026: $13.98 expected; range $15.31 to $17.23; 29 analysts
The year to Dec 2026: $67.8B expected; range $72.0B to $76.0B; 25 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $3.88 | $3.81 to $4.01 | 20 | $2.71 (Dec 2025) | +43% |
| Quarter ending Dec 2026 | Revenue | $18.4B | $18.3B to $18.5B | 17 | $16.6B (Dec 2025) | +11% |
| Quarter ending Mar 2027 | EPS (adjusted) | $3.44 | $3.31 to $3.90 | 9 | $2.65 (Mar 2026) | +30% |
| Quarter ending Mar 2027 | Revenue | $16.4B | $15.9B to $17.2B | 6 | $15.0B (Mar 2026) | +10% |
| Year ending Dec 2026 | EPS (adjusted) | $13.98 | $13.93 to $14.13 | 27 | — | — |
| Year ending Dec 2026 | Revenue | $67.8B | $67.7B to $68.0B | 24 | $61.2B (year to Dec 2025) | +11% |
| Year ending Dec 2027 | EPS (adjusted) | $16.20 | $15.31 to $17.23 | 29 | $13.98 (expected, year to Dec 2026) | +16% |
| Year ending Dec 2027 | Revenue | $73.9B | $72.0B to $76.0B | 25 | $67.8B (expected, year to Dec 2026) | +9% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $18.9B in free cash flow over the year, of which $13.7B went back to shareholders (dividends plus buybacks), leaving $5.2B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $20.1B |
| Capex | −$1.2B |
| Free cash flow | $18.9B |
| Dividends | −$12.1B |
| Buybacks | −$1.6B |
| Cash retained | $5.2B |
For every $100 of market cap, the company generates about $3.6 in free cash flow a year.
For every $100 of market cap, you receive about $2.4 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $2.6 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $4.5B | $2.6B | $3.0M |
| Mar 2024 | $3.8B | $2.8B | $1.3B |
| Jun 2024 | $2.0B | $2.8B | $9.0M |
| Sep 2024 | $5.2B | $2.8B | $17M |
| Dec 2024 | $6.8B | $2.8B | $358M |
| Mar 2025 | $1.4B | $2.9B | $961M |
| Jun 2025 | $4.9B | $2.9B | $12M |
| Sep 2025 | $6.6B | $2.9B | $4.0M |
| Dec 2025 | $4.9B | $2.9B | $3.0M |
| Mar 2026 | $3.6B | $3.1B | $1.5B |
| Jun 2026 | $3.1B | $3.1B | $9.0M |
| Sep 2026 | $7.3B | $3.1B | $5.0M |
AbbVie had 1.77B diluted shares in the quarter ended Sep 2026, 0.0% more than a year earlier, and 1.2% more each year on average since Jun 2020. It spent $1.5B on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 1.65B |
| Sep 2020 | 1.77B |
| Mar 2021 | 1.77B |
| Jun 2021 | 1.78B |
| Sep 2021 | 1.78B |
| Mar 2022 | 1.78B |
| Jun 2022 | 1.78B |
| Sep 2022 | 1.78B |
| Mar 2023 | 1.78B |
| Jun 2023 | 1.77B |
| Sep 2023 | 1.77B |
| Mar 2024 | 1.77B |
| Jun 2024 | 1.77B |
| Sep 2024 | 1.77B |
| Mar 2025 | 1.77B |
| Jun 2025 | 1.77B |
| Sep 2025 | 1.77B |
| Mar 2026 | 1.77B |
| Jun 2026 | 1.77B |
| Sep 2026 | 1.77B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 0.7, short-term debt coverage is tight; shareholder equity is below zero; net debt is 3.1 years of operating cash flow, which is heavy.
Assets that can be turned into cash soon are 0.7x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
Cash and short-term investments of $5.3B against debt of $67.5B. It also holds $268M of long-term investments, which can be stakes in other companies rather than cash.
Net debt of $62.2B is 3.1 years of the $20.1B its operations brought in over the last four quarters. Under 1 year is light; over 3 is heavy.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 4 members of Congress and 6 funds whose copy leaves ABBV out (not traded on the exchange): Jared Moskowitz, Fisher Asset Management, Rob Bresnahan, Swiss National Bank, Norges Bank, Canada Pension Plan Investment Board and 4 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held ABBV at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut, 1 bought new, 1 sold all and 2 held the same. The largest of them is Norges Bank, 25.55M shares worth $6.4B at Jun 30, 2026, 0.4% fewer than at Dec 31, 2025.
1 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 25.55M | $6.4B | −114,223 | −0.4% | Aug 12, 2026 |
| Fisher Asset Management | Q3 2026 | 10.06M | $2.6B | +565,569 | +6.0% | Nov 6, 2026 |
| Swiss National Bank | Q3 2026 | 4.83M | $1.3B | −156,300 | −3.1% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 4.04M | $1.1B | +33,992 | +0.8% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 3.25M | $817M | +602,090 | +23% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 1.29M | $325M | +23,922 | +1.9% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 537,976 | $141M | +42,973 | +8.7% | Nov 3, 2026 |
| Glenview Capital Management | Q2 2026 | 148,913 | $37.5M | +148,913 | New | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 0 | — | −161,053 | Sold all | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 109,358 | $27.5M | +97,566 | +827% | Aug 14, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 12,410 | $3.2M | 0 | 0.0% | Nov 12, 2026 |
| Bridgewater Associates | Q2 2026 | 11,775 | $3.0M | −18,587 | −61% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 10,393 | $2.6M | 0 | 0.0% | Aug 13, 2026 |
| Harris Associates L P | Q2 2026 | 2,420 | $609K | −262 | −9.8% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ABBV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.