NYSE · Healthcare

AbbVie Inc.

ABBV · Drug Manufacturers - General

$208.16

▲ 1.56 (0.76%)

Data cached · refreshes every 10 min

Mr. Market is currently offering AbbVie Inc. at $208.16.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 70.2%

Operating Margin 32.8%

Net Income Margin 6.9%

Fin. Health F

Years to Pay Off Debt 16.0 yrs

Working Capital vs Long-Term Debt -$73.2B

Working Capital -$14.2B

Valuation A

Price-to-Book -112.59x

Cash Flow B

Free Cash Flow $17.8B

CapEx % of Net Income 28.7%

Owner Earnings $13.6B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $368.2B

Enterprise Value $428.5B

P/E (TTM) 101.54

Dividend Yield 3.26%

Exchange NYSE

Key Margins

Gross Profit 70.2%

Operating Margin 32.8%

Net Margin 6.9%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 57000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering AbbVie Inc. at $208.16.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About AbbVie Inc.

AbbVie Inc., a research-based biopharmaceutical company, engages in the research and development, manufacturing, commercializing, and sale of medicines and therapies worldwide. The company offers Skyrizi to treat autoimmune diseases; Rinvoq to treat inflammatory diseases; Imbruvica for the treatment of adult patients with blood cancers; Venclexta to treat blood cancers; Elahere to treat various cancer; and Epkinly to treat lymphoma; and Emrelis for the treatment of lung cancer. It also provides facial injectables, plastics and regenerative medicine, body contouring, and skincare products; botox Cosmetic for the treatment of glabellar lines, crow's feet, forehead lines, and platysma bands; Juvederm Collection to treat volume loss in the temples, undereye, cheeks, chin, lips and lower face; Vraylar to treat schizophrenia, bipolar disorder, and depressive disorder; Duodopa to treat Parkinson's disease; Ubrelvy to treat migraine; Qulipta for episodic and chronic migraine; and Vyalev for the treatment of motor fluctuations, as well as Botox Therapeutic to treat chronic migraine, overactive bladder, spasticity, cervical dystonia, and other conditions. In addition, the company offers Ozurdex for visual impairment; Lumigan/Ganfort and Alphagan/Combigan for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension; and other eye care products, including Refresh/Optive, Xen, Durysta, and Restasis. Further, it provides Mavyret to treat chronic hepatitis C virus genotype 1-6 infection; Creon, a pancreatic enzyme therapy; and Linzess/Constella to treat irritable bowel syndrome with constipation and chronic idiopathic constipation. The company was incorporated in 2012 and is headquartered in North Chicago, Illinois.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	70.2% ▲	70.0%	62.4%	70.0%
Operating Margin %	32.8% ▲	21.1%	24.9%	32.4%
Net Income %	6.9% ▼	7.6%	9.0%	20.4%
Diluted EPS	2.36 ▼	2.39	2.72	6.63

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$134.0B	$135.2B	$134.7B	$138.8B	N/A
Total Debt	$67.5B ↑	$67.1B	$59.4B	$63.3B	N/A
Working Capital	-$14.2B ▼	-$13.2B	-$4.8B	-$1.1B	N/A
Years to Pay Debt	15.97	15.70	12.21	5.35	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$17.8B ▼	$17.8B	$22.1B	$24.2B	N/A
Owner Earnings	$13.6B	$13.6B	$14.3B	$21.0B	N/A
CapEx % of Net Income	28.7%	22.8%	16.0%	5.9%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-1,818,241	-583,380	-203,280	-102,245
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	22,703,000	17,688,000	18,096,000	25,019,000
Total Unusual Items	-5,074,000	-2,778,000	-924,000	-845,000
Total Unusual Items Excluding Goodwill	-5,074,000	-2,778,000	-924,000	-845,000
Net Income From Continuing Operation Net Minority Interest	4,226,000	4,278,000	4,863,000	11,836,000
Reconciled Depreciation	8,139,000	8,386,000	8,698,000	8,467,000
Reconciled Cost Of Revenue	18,204,000	16,904,000	20,415,000	17,414,000
EBITDA	17,629,000	14,910,000	17,172,000	24,174,000
EBIT	9,490,000	6,524,000	8,474,000	15,707,000
Net Interest Income	-2,627,000	-2,160,000	-1,684,000	-2,044,000
Interest Expense	2,893,000	2,808,000	2,224,000	2,230,000
Interest Income	266,000	648,000	540,000	186,000
Normalized Income	7,481,759	6,472,620	5,583,720	12,578,755
Net Income From Continuing And Discontinued Operation	4,226,000	4,278,000	4,863,000	11,836,000
Total Expenses	41,069,000	44,440,000	40,783,000	39,240,000
Total Operating Income As Reported	15,075,000	9,137,000	12,757,000	18,117,000
Diluted Average Shares	1,773,000	1,773,000	1,773,000	1,778,000
Basic Average Shares	1,767,876	1,765,257	1,765,941	1,769,181
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,186,000	4,238,000	4,820,000	11,782,000
Net Income Common Stockholders	4,186,000	4,238,000	4,820,000	11,782,000
Otherunder Preferred Stock Dividend	40,000	40,000	43,000	54,000
Net Income	4,226,000	4,278,000	4,863,000	11,836,000
Minority Interests	-7,000	-8,000	-10,000	-9,000
Net Income Including Noncontrolling Interests	4,233,000	4,286,000	4,873,000	11,845,000
Net Income Continuous Operations	4,233,000	4,286,000	4,873,000	11,845,000
Tax Provision	2,364,000	-570,000	1,377,000	1,632,000
Pretax Income	6,597,000	3,716,000	6,250,000	13,477,000
Other Income Expense	-10,867,000	-6,018,000	-5,601,000	-3,293,000
Other Non Operating Income Expenses	-5,793,000	-3,240,000	-4,677,000	-2,448,000
Special Income Charges	-5,016,000	-2,757,000	-778,000	-697,000
Other Special Charges	5,016,000	2,757,000	778,000	697,000
Gain On Sale Of Security	-58,000	-21,000	-146,000	-148,000
Net Non Operating Interest Income Expense	-2,627,000	-2,160,000	-1,684,000	-2,044,000
Interest Expense Non Operating	2,893,000	2,808,000	2,224,000	2,230,000
Interest Income Non Operating	266,000	648,000	540,000	186,000
Operating Income	20,091,000	11,894,000	13,535,000	18,814,000
Operating Expense	22,865,000	27,536,000	20,368,000	21,826,000
Other Operating Expenses	-241,000	-7,000	-179,000	56,000
Research And Development	9,096,000	12,791,000	7,675,000	6,510,000
Selling General And Administration	14,010,000	14,752,000	12,872,000	15,260,000
Gross Profit	42,956,000	39,430,000	33,903,000	40,640,000
Cost Of Revenue	18,204,000	16,904,000	20,415,000	17,414,000
Total Revenue	61,160,000	56,334,000	54,318,000	58,054,000
Operating Revenue	61,160,000	56,334,000	54,318,000	58,054,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	70,803	66,338	57,105	44,589
Ordinary Shares Number	1,767,876	1,765,257	1,765,941	1,769,181
Share Issued	1,838,679	1,831,594	1,823,046	1,813,770
Net Debt	62,267,000	61,620,000	46,571,000	54,070,000
Total Debt	67,496,000	67,144,000	59,385,000	63,271,000
Tangible Book Value	-91,551,000	-91,699,000	-77,543,000	-82,341,000
Invested Capital	64,226,000	70,469,000	69,745,000	80,525,000
Working Capital	-14,227,000	-13,167,000	-4,839,000	-1,075,000
Net Tangible Assets	-91,551,000	-91,699,000	-77,543,000	-82,341,000
Common Stock Equity	-3,270,000	3,325,000	10,360,000	17,254,000
Total Capitalization	55,671,000	63,665,000	62,554,000	76,389,000
Total Equity Gross Minority Interest	-3,228,000	3,364,000	10,397,000	17,287,000
Minority Interest	42,000	39,000	37,000	33,000
Stockholders Equity	-3,270,000	3,325,000	10,360,000	17,254,000
Gains Losses Not Affecting Retained Earnings	-1,144,000	-1,925,000	-2,305,000	-2,199,000
Other Equity Adjustments	-1,144,000	-1,925,000	-2,305,000	-2,199,000
Treasury Stock	9,146,000	8,201,000	6,533,000	4,594,000
Retained Earnings	-15,493,000	-7,900,000	-1,000,000	4,784,000
Additional Paid In Capital	22,495,000	21,333,000	20,180,000	19,245,000
Capital Stock	18,000	18,000	18,000	18,000
Common Stock	18,000	18,000	18,000	18,000
Total Liabilities Net Minority Interest	137,188,000	131,797,000	124,314,000	121,518,000
Total Non Current Liabilities Net Minority Interest	93,899,000	93,048,000	86,473,000	91,980,000
Other Non Current Liabilities	30,795,000	27,634,000	28,607,000	26,032,000
Employee Benefits	1,410,000	1,234,000	1,538,000	1,638,000
Non Current Pension And Other Postretirement Benefit Plans	1,410,000	1,234,000	1,538,000	1,638,000
Tradeand Other Payables Non Current	364,000	1,261,000	2,182,000	2,985,000
Non Current Deferred Liabilities	2,389,000	2,579,000	1,952,000	2,190,000
Non Current Deferred Taxes Liabilities	2,389,000	2,579,000	1,952,000	2,190,000
Long Term Debt And Capital Lease Obligation	58,941,000	60,340,000	52,194,000	59,135,000
Long Term Debt	58,941,000	60,340,000	52,194,000	59,135,000
Current Liabilities	43,289,000	38,749,000	37,841,000	29,538,000
Current Deferred Liabilities		14,304,000	13,627,000	10,717,000	8,254,000
Current Deferred Revenue		14,304,000	13,627,000	10,717,000	8,254,000
Current Debt And Capital Lease Obligation	8,555,000	6,804,000	7,191,000	4,136,000
Current Debt	8,555,000	6,804,000	7,191,000	4,136,000
Payables And Accrued Expenses	34,734,000	31,945,000	30,650,000	25,402,000
Current Accrued Expenses	28,043,000	26,064,000	24,179,000	19,788,000
Payables	6,691,000	5,881,000	6,471,000	5,614,000
Dividends Payable	3,099,000	2,936,000	2,783,000	2,680,000
Accounts Payable	3,592,000	2,945,000	3,688,000	2,934,000
Total Assets	133,960,000	135,161,000	134,711,000	138,805,000
Total Non Current Assets	104,898,000	109,579,000	101,709,000	110,342,000
Other Non Current Assets	10,721,000	9,142,000	8,513,000	5,571,000
Investments And Advances	268,000	279,000	304,000	241,000
Goodwill And Other Intangible Assets	88,281,000	95,024,000	87,903,000	99,595,000
Other Intangible Assets	52,641,000	60,068,000	55,610,000	67,439,000
Goodwill	35,640,000	34,956,000	32,293,000	32,156,000
Net PPE	5,628,000	5,134,000	4,989,000	4,935,000
Accumulated Depreciation	-7,902,000	-7,133,000	-6,646,000	-6,051,000
Gross PPE	13,530,000	12,267,000	11,635,000	10,986,000
Construction In Progress	1,401,000	1,093,000	1,073,000	856,000
Other Properties	8,785,000	7,995,000	7,449,000
Machinery Furniture Equipment		7,995,000	7,449,000	7,107,000	6,850,000
Buildings And Improvements	3,057,000	2,895,000	2,827,000	2,737,000
Land And Improvements	287,000	284,000	286,000	286,000
Current Assets	29,062,000	25,582,000	33,002,000	28,463,000
Other Current Assets	6,265,000	4,927,000	4,932,000	4,401,000
Prepaid Assets					4,993,000
Inventory	4,951,000	4,181,000	4,099,000	3,579,000
Finished Goods	1,580,000	1,173,000	1,356,000	1,162,000
Work In Process	2,287,000	1,951,000	1,643,000	1,417,000
Raw Materials	1,084,000	1,057,000	1,100,000	1,000,000
Receivables	12,589,000	10,919,000	11,155,000	11,254,000
Accounts Receivable	12,589,000	10,919,000	11,155,000	11,254,000
Cash Cash Equivalents And Short Term Investments	5,257,000	5,555,000	12,816,000	9,229,000
Other Short Term Investments	28,000	31,000	2,000	28,000
Cash And Cash Equivalents	5,229,000	5,524,000	12,814,000	9,201,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	17,816,000	17,832,000	22,062,000	24,248,000
Repurchase Of Capital Stock	-980,000	-1,708,000	-1,972,000	-1,487,000
Repayment Of Debt	-9,595,000	-14,621,000	-4,149,000	-14,433,000
Issuance Of Debt	9,291,000	21,971,000	0	2,000,000
Capital Expenditure	-1,214,000	-974,000	-777,000	-695,000
Interest Paid Supplemental Data	3,002,000	2,811,000	2,469,000	2,546,000
Income Tax Paid Supplemental Data	3,626,000	4,064,000	4,702,000	2,988,000
End Cash Position	5,229,000	5,524,000	12,814,000	9,201,000
Beginning Cash Position	5,524,000	12,814,000	9,201,000	9,746,000
Effect Of Exchange Rate Changes	42,000	-65,000	5,000	-62,000
Changes In Cash	-337,000	-7,225,000	3,608,000	-483,000
Financing Cash Flow	-12,724,000	-5,211,000	-17,222,000	-24,803,000
Cash Flow From Continuing Financing Activities	-12,724,000	-5,211,000	-17,222,000	-24,803,000
Net Other Financing Charges	45,000	-42,000	-742,000	-1,102,000
Proceeds From Stock Option Exercised	172,000	214,000	180,000	262,000
Cash Dividends Paid	-11,657,000	-11,025,000	-10,539,000	-10,043,000
Common Stock Dividend Paid	-11,657,000	-11,025,000	-10,539,000	-10,043,000
Net Common Stock Issuance	-980,000	-1,708,000	-1,972,000	-1,487,000
Common Stock Payments	-980,000	-1,708,000	-1,972,000	-1,487,000
Net Issuance Payments Of Debt	-304,000	7,350,000	-4,149,000	-12,433,000
Net Short Term Debt Issuance	2,499,000	0	0	0
Short Term Debt Payments	-2,798,000	-5,008,000	0	0
Short Term Debt Issuance	5,297,000	5,008,000	0	0
Net Long Term Debt Issuance	-2,803,000	7,350,000	-4,149,000	-12,433,000
Long Term Debt Payments	-6,797,000	-9,613,000	-4,149,000	-14,433,000
Long Term Debt Issuance	3,994,000	16,963,000	0	2,000,000
Investing Cash Flow	-6,643,000	-20,820,000	-2,009,000	-623,000
Cash Flow From Continuing Investing Activities	-6,643,000	-20,820,000	-2,009,000	-623,000
Net Other Investing Changes	-29,000	189,000	13,000	774,000
Net Investment Purchase And Sale	41,000	482,000	-22,000	92,000
Sale Of Investment	76,000	555,000	55,000	1,530,000
Purchase Of Investment	-35,000	-73,000	-77,000	-1,438,000
Net Business Purchase And Sale	-5,441,000	-20,517,000	-1,223,000	-794,000
Purchase Of Business	-5,441,000	-20,517,000	-1,223,000	-794,000
Net PPE Purchase And Sale	-1,214,000	-974,000	-777,000	-695,000
Purchase Of PPE	-1,214,000	-974,000	-777,000	-695,000
Operating Cash Flow	19,030,000	18,806,000	22,839,000	24,943,000
Cash Flow From Continuing Operating Activities	19,030,000	18,806,000	22,839,000	24,943,000
Change In Working Capital	-2,362,000	-2,782,000	2,813,000	-94,000
Change In Other Working Capital	-762,000	-3,208,000	-488,000	542,000
Change In Payables And Accrued Expense	951,000	177,000	3,840,000	1,769,000
Change In Payable	951,000	177,000	3,840,000	1,769,000
Change In Account Payable	951,000	177,000	3,840,000	1,769,000
Change In Prepaid Assets	-827,000	361,000	-188,000	-264,000
Change In Inventory	-234,000	-319,000	-417,000	-686,000
Change In Receivables	-1,490,000	207,000	66,000	-1,455,000
Changes In Account Receivables	-1,490,000	207,000	66,000	-1,455,000
Other Non Cash Items	8,643,000	4,470,000	4,811,000	3,144,000
Stock Based Compensation	955,000	911,000	747,000	671,000
Provisionand Write Offof Assets	-933,000	508,000	-443,000	2,243,000
Asset Impairment Charge	847,000	4,476,000	4,229,000	770,000
Deferred Tax	-492,000	-1,449,000	-2,889,000	-1,931,000
Deferred Income Tax	-492,000	-1,449,000	-2,889,000	-1,931,000
Depreciation Amortization Depletion	8,139,000	8,386,000	8,698,000	8,467,000
Depreciation And Amortization	8,139,000	8,386,000	8,698,000	8,467,000
Amortization Cash Flow	7,377,000	7,622,000	7,946,000	7,689,000
Amortization Of Intangibles	7,377,000	7,622,000	7,946,000	7,689,000
Depreciation	762,000	764,000	752,000	778,000
Operating Gains Losses				-172,000	-68,000
Gain Loss On Sale Of Business		0	0	-172,000	-68,000
Net Income From Continuing Operations	4,233,000	4,286,000	4,873,000	11,845,000

These metrics estimate what AbbVie Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-17.25

P/B Ratio

-112.59

Warren's Owner Earnings

$13.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$61.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.67x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.26%

vs Uninterrupted dividends

❌ Earnings Growth

-64.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

101.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-61.13

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	28.7%	22.8%	16.0%	5.9%	N/A
Repurchase of Capital Stock	-$980M	-$1.7B	-$2.0B	-$1.5B	N/A
Free Cash Flow	$17.8B ▼	$17.8B ▼	$22.1B ▼	$24.2B •	N/A •
Warren's Owner Earnings	$13.6B	$13.6B	$14.3B	$21.0B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare ABBV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.12%

Low — management has little skin in the game

Return on Assets (ROA)

3.2%

Fair — average asset utilization

Share Buybacks (Latest Year)

$980M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.5% YoY

Debt is roughly stable

Leadership Team

Robert Michael CPA

CEO & Chairman of the Board

Age 55

Pay: $7,416,293

0.175% of net income

Scott Reents

Executive VP & CFO

Age 57

Pay: $3,946,913

0.093% of net income

Azita Saleki-Gerhardt Ph.

Executive VP & COO

Age 62

Pay: $4,072,891

0.096% of net income

Elizabeth Shea

Senior Vice President of Investor Relations

Wulff-Erik von Borcke

Senior VP & President of Oncology

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.22%	180,779,699
Blackrock Inc.	8.55%	151,174,543
State Street Corporation	4.58%	80,940,931
JPMORGAN CHASE & CO	2.96%	52,393,323
Geode Capital Management, LLC	2.52%	44,629,980
Morgan Stanley	2.26%	40,041,940
Bank of America Corporation	1.46%	25,824,399
NORGES BANK	1.45%	25,668,761

Risk Analysis

Beta (Market Risk)

0.30

Low volatility — more stable than the market

Short Interest

1.4% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $176.57 Current: $208.16 High: $244.81

Currently at 46% of 52-week range

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