AbbVie Reports Full-Year and Fourth-Quarter 2025 Financial Results

NORTH CHICAGO, Ill., Feb. 4, 2026 /PRNewswire/ -- AbbVie (NYSE: ABBV) announced financial results for the fourth quarter and full year ended December 31, 2025.

"2025 was another outstanding year for AbbVie. We delivered record net sales in just the second full year following the U.S. Humira loss of exclusivity, underscoring the strength of our diversified growth platform. We also advanced promising new treatments for patients while enhancing the breadth and depth of our pipeline with strategic investments," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based on our strong fundamentals, we expect another year of robust growth in 2026. This momentum combined with our investments in innovation position AbbVie for long-term success."

Fourth-Quarter Results

Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Recent Events

Full-Year 2026 Outlook

AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2026 of $14.37 to $14.57. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred during 2026, as both cannot be reliably forecasted.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our fourth-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.

Non-GAAP Financial Results

Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts, and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Media:

Investors:

Gabby Tarbert

Liz Shea

(224) 244-0111

(847) 935-2211

Todd Bosse

(847) 936-1182

Jeffrey Byrne

(847) 938-2923

AbbVie Inc.

Key Product Revenues

Quarter Ended December 31, 2025

(Unaudited)

% Change vs. 4Q24

Net Revenues (in millions)

Reported

Operational a

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$ 12,794

$ 3,824

$ 16,618

9.0 %

13.5 %

10.0 %

11.0 %

9.5 %

Immunology

6,961

1,665

8,626

17.9

19.7

18.3

16.8

17.7

Skyrizi

4,355

651

5,006

31.5

39.8

32.5

35.1

31.9

Rinvoq

1,709

665

2,374

26.9

36.4

29.5

33.2

28.6

Humira

897

349

1,246

(27.9)

(20.3)

(25.9)

(21.0)

(26.1)

Neuroscience

2,572

389

2,961

16.3

30.3

17.9

25.6

17.3

Vraylar

1,020

1,022

10.5

21.7

10.5

24.5

10.5

Botox Therapeutic

828

162

990

13.5

13.1

13.4

10.7

13.0

Ubrelvy

332

339

12.3

(3.7)

12.0

(3.0)

12.0

Qulipta

245

288

30.9

>100.0

42.6

>100.0

41.8

Vyalev

183

>100.0

Duodopa

(31.6)

(10.4)

(15.1)

(14.9)

(18.6)

Other Neuroscience

(13.9)

(20.1)

(14.4)

(19.0)

(14.3)

Oncology

997

667

1,664

(9.6)

13.6

(1.5)

10.8

(2.5)

Imbruvica b

469

202

671

(25.0)

(9.0)

(20.8)

(9.0)

(20.8)

Venclexta

332

378

710

6.2

10.8

8.6

6.6

6.4

Elahere

154

182

5.0

>100.0

22.6

>100.0

21.3

Epkinly c

23.8

>100.0

Other Oncology

—

n/m

Aesthetics

811

475

1,286

(3.3)

3.3

(0.9)

2.5

(1.2)

Botox Cosmetic

420

297

717

(2.1)

14.7

4.2

13.5

3.8

Juvederm Collection

107

142

249

(11.0)

(10.5)

(10.7)

(10.8)

Other Aesthetics

284

320

(1.8)

(14.5)

(3.4)

(15.0)

(3.5)

Eye Care

286

294

580

(19.7)

1.6

(10.1)

(0.4)

(11.0)

Ozurdex

128

(10.4)

14.1

6.9

10.4

4.3

Lumigan/Ganfort

104

(19.0)

(6.6)

(12.6)

(9.1)

(13.9)

Alphagan/Combigan

(54.8)

(4.5)

(30.5)

(5.4)

(30.9)

Other Eye Care

189

105

294

(14.9)

(1.5)

(10.5)

(2.3)

(10.8)

Other Key Products

711

173

884

(5.1)

5.3

(3.2)

1.3

(3.9)

Mavyret

163

161

324

17.9

4.9

11.0

0.8

8.9

Creon

385

—

385

(0.8)

n/m

(0.8)

n/m

(0.8)

Linzess/Constella

163

175

(26.8)

12.1

(25.1)

9.0

(25.2)

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Reflects profit sharing for Imbruvica international revenues.

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Key Product Revenues

Twelve Months Ended December 31, 2025

(Unaudited)

% Change vs. 12M24

Net Revenues (in millions)

Reported

Operational a

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$ 46,603

$ 14,557

$ 61,160

8.3 %

9.4 %

8.6 %

9.2 %

8.5 %

Immunology

24,204

6,202

30,406

12.7

19.4

14.0

18.8

13.9

Skyrizi

15,202

2,360

17,562

50.7

44.6

49.9

43.0

49.7

Rinvoq

5,940

2,364

8,304

39.5

38.0

39.1

37.1

38.8

Humira

3,062

1,478

4,540

(57.1)

(20.2)

(49.5)

(19.5)

(49.4)

Neuroscience

9,340

1,427

10,767

18.1

30.7

19.6

29.3

19.4

Vraylar

3,612

3,621

10.8

33.3

10.8

36.8

10.8

Botox Therapeutic

3,151

618

3,769

16.0

9.3

14.8

9.9

14.9

Ubrelvy

1,239

1,271

26.3

28.6

26.4

30.7

26.5

Qulipta

906

130

1,036

44.1

>100.0

57.3

>100.0

56.8

Vyalev

167

315

482

>100.0

Duodopa

308

381

(23.7)

(12.3)

(14.8)

(14.1)

(16.2)

Other Neuroscience

192

207

(13.9)

(0.4)

(13.0)

2.8

(12.8)

Oncology

4,080

2,575

6,655

(3.3)

10.3

1.5

9.9

1.4

Imbruvica b

2,048

821

2,869

(16.4)

(8.6)

(14.3)

(8.6)

(14.3)

Venclexta

1,306

1,486

2,792

5.9

10.2

8.1

9.8

7.9

Elahere

607

690

27.2

>100.0

44.0

>100.0

43.4

Epkinly c

185

271

42.3

>100.0

85.5

>100.0

85.0

Other Oncology

—

n/m

Aesthetics

2,990

1,870

4,860

(8.5)

(2.0)

(6.1)

(1.5)

(5.9)

Botox Cosmetic

1,504

1,098

2,602

(10.5)

5.7

(4.3)

6.2

(4.1)

Juvederm Collection

385

608

993

(18.0)

(14.1)

(15.6)

(13.6)

(15.3)

Other Aesthetics

1,101

164

1,265

(1.5)

1.8

(1.1)

2.7

(1.0)

Eye Care

954

1,155

2,109

(10.2)

(2.0)

(5.9)

(1.2)

(5.5)

Ozurdex

124

369

493

(10.1)

3.7

(0.2)

3.0

(0.7)

Lumigan/Ganfort

189

221

410

1.2

(8.7)

(4.4)

(8.3)

(4.2)

Alphagan/Combigan

144

197

(43.3)

(6.3)

(20.4)

(4.6)

(19.4)

Other Eye Care

588

421

1,009

(8.7)

(1.4)

(5.8)

0.5

(5.0)

Other Key Products

3,011

725

3,736

4.0

(3.8)

2.4

(4.8)

2.2

Mavyret

635

682

1,317

6.7

(4.7)

0.4

(5.7)

(0.2)

Creon

1,512

—

1,512

9.3

n/m

9.3

n/m

9.3

Linzess/Constella

864

907

(5.7)

13.6

(4.9)

13.3

(4.9)

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

Reflects profit sharing for Imbruvica international revenues.

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Consolidated Statements of Earnings

(Unaudited)

(in millions, except per share data)

Fourth Quarter

Ended December 31

Twelve Months

Ended December 31

2025

2024

2025

2024

Net revenues

$ 16,618

$ 15,102

$ 61,160

$ 56,334

Cost of products sold

4,552

4,396

18,204

16,904

Selling, general and administrative

3,895

3,855

14,010

14,752

Research and development

2,579

6,774

9,096

12,791

Acquired IPR&D and milestones

1,265

1,574

5,016

2,757

Other operating income

(217)

(7)

(241)

(7)

Total operating costs and expenses

12,074

16,592

46,085

47,197

Operating earnings (loss)

4,544

(1,490)

15,075

9,137

Interest expense, net

655

610

2,627

2,160

Net foreign exchange loss

Other expense, net

1,210

150

5,793

3,240

Earnings (loss) before income tax expense

2,668

(2,269)

6,597

3,716

Income tax expense (benefit)

853

(2,246)

2,364

(570)

Net earnings (loss)

1,815

(23)

4,233

4,286

Net earnings (loss) attributable to noncontrolling interest

(1)

Net earnings (loss) attributable to AbbVie Inc.

$ 1,816

$ (22)

$ 4,226

$ 4,278

Diluted earnings (loss) per share attributable to AbbVie Inc.

$ 1.02

$ (0.02)

$ 2.36

$ 2.39

Adjusted diluted earnings per share a

$ 2.71

$ 2.16

$ 10.00

$ 10.12

Weighted-average diluted shares outstanding

1,774

1,769

1,773

Adjusted weighted-average diluted shares outstanding a

1,774

1,773

Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. Weighted-average diluted shares outstanding includes the effect of dilutive securities. Due to the GAAP net loss in the fourth quarter ended December 31, 2024, certain shares issuable under stock-based compensation plans that were dilutive on a non-GAAP basis were excluded from the computation of GAAP diluted EPS because the effects would have been antidilutive.

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Quarter Ended December 31, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 2,668

$ 1,816

$ 1.02

Adjusted for specified items:

Intangible asset amortization

1,784

1,500

0.85

Change in fair value of contingent consideration

1,406

1,368

0.77

Other

146

0.07

As adjusted (non-GAAP)

$ 5,909

$ 4,830

$ 2.71

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2025 included acquired IPR&D

and milestones expense of $1.3 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.71 to both diluted

EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Quarter Ended December 31, 2025

(in millions)

Cost of

products

sold

SG&A

R&D

Other

operating

income

Other

expense,

net

As reported (GAAP)

$ 4,552

$ 3,895

$ 2,579

$ (217)

$ 1,210

Adjusted for specified items:

Intangible asset amortization

(1,784)

—

Change in fair value of contingent consideration

—

(1,406)

Other

(42)

(190)

(16)

217

(20)

As adjusted (non-GAAP)

$ 2,726

$ 3,705

$ 2,563

$ —

$ (216)

3. The adjusted tax rate for the fourth quarter of 2025 was 18.3 percent, as detailed below:

Quarter Ended December 31, 2025

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 2,668

$ 853

32.0 %

Specified items

3,241

227

7.0 %

As adjusted (non-GAAP)

$ 5,909

$ 1,080

18.3 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Quarter Ended December 31, 2024

(in millions, except per share data)

Earnings (Loss)

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ (2,269)

$ (22)

$ (0.02)

Adjusted for specified items:

Intangible asset amortization

1,896

1,607

0.90

Intangible asset impairment

4,476

3,512

1.98

Change in fair value of contingent consideration

279

271

0.15

Litigation matters

173

136

0.08

Income tax items

—

(1,869)

(1.05)

Other

258

209

0.12

As adjusted (non-GAAP)

$ 4,813

$ 3,844

$ 2.16

a Represents net earnings (loss) attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible asset

acquired as part of the Cerevel Therapeutics acquisition. Income tax items primarily reflect an income tax benefit related to the

settlement of income tax examinations, partially offset by changes in income tax reserves.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2024 included acquired IPR&D

and milestones expense of $1.6 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.88 to both diluted

EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Quarter Ended December 31, 2024

(in millions)

Cost of

products

sold

SG&A

R&D

Other

operating

income

Other

expense,

net

As reported (GAAP)

$ 4,396

$ 3,855

$ 6,774

$ (7)

$ 150

Adjusted for specified items:

Intangible asset amortization

(1,896)

—

Intangible asset impairment

—

(4,476)

—

Change in fair value of contingent consideration

—

(279)

Litigation matters

—

(173)

—

Other

(47)

(121)

(25)

(72)

As adjusted (non-GAAP)

$ 2,453

$ 3,561

$ 2,273

$ —

$ (201)

3. The adjusted tax rate for the fourth quarter of 2024 was 20.2 percent, as detailed below:

Quarter Ended December 31, 2024

(dollars in millions)

Pre-tax

earnings (loss)

Income taxes

Tax rate

As reported (GAAP)

$ (2,269)

$ (2,246)

99.0 %

Specified items

7,082

3,216

45.4 %

As adjusted (non-GAAP)

$ 4,813

$ 970

20.2 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Twelve Months Ended December 31, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 6,597

$ 4,226

$ 2.36

Adjusted for specified items:

Intangible asset amortization

7,377

6,221

3.50

Intangible asset impairment

847

701

0.39

Acquisition and integration costs

276

262

0.15

Change in fair value of contingent consideration

6,495

6,309

3.56

Other

100

0.04

As adjusted (non-GAAP)

$ 21,692

$ 17,784

$ 10.00

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets.

Acquisition and integration costs primarily reflect costs related to the Capstan Therapeutics acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2025 included acquired

IPR&D and milestones expense of $5.0 billion on a pre-tax and $4.9 billion on an after-tax basis, representing an unfavorable

impact of $2.76 to both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Twelve Months Ended December 31, 2025

(in millions)

Cost of

products

sold

SG&A

R&D

Other

operating

income

Other

expense,

net

As reported (GAAP)

$ 18,204

$ 14,010

$ 9,096

$ (241)

$ 5,793

Adjusted for specified items:

Intangible asset amortization

(7,377)

—

Intangible asset impairment

(847)

—

Acquisition and integration costs

(15)

(172)

(89)

—

Change in fair value of contingent consideration

—

(6,495)

Other

(163)

(202)

(22)

241

As adjusted (non-GAAP)

$ 9,802

$ 13,636

$ 8,985

$ —

$ (656)

3. The adjusted tax rate for the full-year 2025 was 18.0 percent, as detailed below:

Twelve Months Ended December 31, 2025

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 6,597

$ 2,364

35.8 %

Specified items

15,095

1,537

10.2 %

As adjusted (non-GAAP)

$ 21,692

$ 3,901

18.0 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1. Specified items impacted results as follows:

Twelve Months Ended December 31, 2024

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-tax a

EPS

As reported (GAAP)

$ 3,716

$ 4,278

$ 2.39

Adjusted for specified items:

Intangible asset amortization

7,622

6,461

3.63

Intangible asset impairment

4,476

3,512

1.98

Acquisition and integration costs

1,061

978

0.55

Change in fair value of contingent consideration

3,771

3,673

2.07

Litigation matters

910

721

0.41

Income tax items

—

(1,819)

(1.02)

Other

256

197

0.11

As adjusted (non-GAAP)

$ 21,812

$ 18,001

$ 10.12

a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible asset

acquired as part of the Cerevel Therapeutics acquisition. Acquisition and integration costs primarily reflect costs related to the

ImmunoGen and Cerevel Therapeutics acquisitions. Income tax items primarily reflect an income tax benefit related to the

settlement of income tax examinations, partially offset by changes in income tax reserves. Litigation matters primarily include

charges related to actual and potential settlements of litigation.

Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2024 included acquired

IPR&D and milestones expense of $2.8 billion on a pre-tax and $2.7 billion on an after-tax basis, representing an unfavorable

impact of $1.52 to both diluted EPS and adjusted diluted EPS.

2. The impact of the specified items by line item was as follows:

Twelve Months Ended December 31, 2024

(in millions)

Cost of

products

sold

SG&A

R&D

Other

operating

income

Interest

expense,

net

Other

expense,

net

As reported (GAAP)

$ 16,904

$ 14,752

$ 12,791

$ (7)

$ 2,160

$ 3,240

Adjusted for specified items:

Intangible asset amortization

(7,622)

—

Intangible asset impairment

—

(4,476)

—

Acquisition and integration costs

(225)

(554)

(258)

—

(24)

—

Change in fair value of contingent consideration

—

(3,771)

Litigation matters

—

(910)

—

Other

(110)

(54)

(1)

—

(98)

As adjusted (non-GAAP)

$ 8,947

$ 13,234

$ 8,056

$ —

$ 2,136

$ (629)

3. The adjusted tax rate for the full-year 2024 was 17.4 percent, as detailed below:

Twelve Months Ended December 31, 2024

(dollars in millions)

Pre-tax

earnings

Income taxes

Tax rate

As reported (GAAP)

$ 3,716

$ (570)

(15.3) %

Specified items

18,096

4,373

24.2 %

As adjusted (non-GAAP)

$ 21,812

$ 3,803

17.4 %

SOURCE AbbVie