You know the brand. Let’s discover the business.We’re putting its numbers in order so they tell a clear story.How it makes money, how it’s doing and what could hold it back.Behind every company there’s a lot to tell.Revenue, results and risks, in plain language.One moment: your analysis is being prepared.You know the brand. Let’s discover the business.
Share price multiplied by shares outstanding. It does not measure company cash.
$514.8B
Revenue · FY 2025
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Sales generated during the period, before costs and expenses.
$61.2B
Net margin · FY 2025
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Net income as a proportion of revenue.
6.9%
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
Overview
01 · The business
02 · Financial performance
03 · Behind the results
Analysis
04 · Risks
05 · Goals and expectations
Outlook
06 · Valuation
07 · Events
Tracking
08 · Changes since my last visit
P1 · What does it do and how does it make money?
Of every $100 it takes in,29 come from SKYRIZI.
SKYRIZI is its largest source of revenue (28.7%), followed by RINVOQ (13.6%). Here you will see what it sells, where, and how that mix is changing.
$61bnrevenue in FY 2025
21business lines with data
76%of sales, in UNITED STATES
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue +10.3% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.
01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
Revenue is spread out.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
4.9%
No room for a label in the mosaic
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
$3bn (4.9%) of revenue has no segment assigned in the published data.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
It depends on one main market.
UNITED STATES is its largest market, with 76.2% of sales. Each square is a region and its area is what it sells there.
Regions from largest to smallest · FY 2025
$12bn (19.9%) of revenue has no segment assigned in the published data.
04How the mix is changing
H U M I R A is losing weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
Share of revenue in FY 2024 and FY 2025, on one scaleFY 2024FY 2025FY 2024FY 2025Change (pp)
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
Even though revenue grew faster, the net margin fell: profit did not keep pace with Skyrizi or US growth.
✕That Skyrizi or the US is the most profitable by themselves: margin by line or region is unknown, only group margin is given.
Our take
“
AbbVie is more reliant than ever on Skyrizi and the US market; other lines and regions no longer sustain growth or profit.
01Shown by the figures
Dependence on Skyrizi and US market
In 2025, growth was entirely supported by Skyrizi and the US: Skyrizi delivered more than the total increase as the rest of the portfolio and non-US sales declined substantially. The company is exposed to a single product and its home region, not a broad mix of lines or geographies.
02Our interpretation
Limited diversification in earnings
Although sales growth accelerated in 2025, the net margin dropped, indicating that extra revenue (mainly from Skyrizi) did not translate to profit at the same pace. It is unknown if any line or region offsets this in profitability; the company is simply more dependent on Skyrizi and the US.
What is not proven
Does any other line or region contribute more to profit than to revenue? Knowing line-by-line margin would clarify whether Skyrizi and the US also lead in profitability.
See the calculations behind it
Skyrizi brought $5.8B of the $4.8B by which revenue grew in FY 2025 (121.1%), although it weighed 20.8%. Without that line, the rest grew −2.3%.
Dependence on Skyrizi rises: from 20.8% of revenue in FY 2024 to 28.7% in FY 2025.
H U M I R A, Imbruvica, Other Products, Botox Cosmetic, Other Aesthetics, Juvederm Collection, Linzess/Constella, Ozurdex, Lumigan/Ganfort, Duodopa, Other Neuroscience, and Alphagan/Combigan took away $6B in FY 2025; the other lines made up for it and revenue still rose $4.8B.
United States brings 76.2% of sales (76.4% in FY 2024).
Skyrizi brought $5.8B, more than the whole increase in revenue in FY 2025 ($4.8B).
With data to Nov 7, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
Next step
Now you know how it makes money. Next: how is it doing?