AbbVie (ABBV) FY2017 results: revenue $28.2 billion, up 10.1% on the year
AbbVie Inc. (ABBV) reported revenue of $28.2 billion for fiscal 2017, the year ended 31 December 2017, up 10.1% on the year before. Net income was $5.3 billion, down 10.8%, and diluted earnings per share $3.30. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$28.2 billion
+10.1% on the year
FY2011FY2017
Operating margin
33.8%
36.4% a year earlier
FY2011FY2017
Net income
$5.3 billion
-10.8% on the year
FY2011FY2017
Diluted EPS
$3.30
-9.1% on the year
FY2011FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
28,216
25,638
22,859
+10.1%
Cost of revenue
7,042
5,832
4,500
+20.7%
Gross profit
21,174
19,806
18,359
+6.9%
Gross margin
75.0%
77.3%
80.3%
Research and development
5,007
4,385
4,285
+14.2%
Selling, general and administrative
6,295
5,881
6,387
+7.0%
Operating income
9,545
9,340
7,537
+2.2%
Operating margin
33.8%
36.4%
33.0%
Interest expense
1,150
1,047
719
+9.8%
Pre-tax income
7,727
7,884
6,645
-2.0%
Income tax
2,418
1,931
1,501
+25.2%
Effective tax rate
31.3%
24.5%
22.6%
Net income
5,309
5,953
5,144
-10.8%
Net margin
18.8%
23.2%
22.5%
Diluted EPS
$3.30
$3.63
$3.13
-9.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
9,960
7,041
7,535
+41.5%
Capital expenditure
529
479
532
+10.4%
Free cash flow
9,431
6,562
7,003
+43.7%
Free cash flow margin
33.4%
25.6%
30.6%
Cash from investing
-274
n/a
n/a
Cash from financing
-5,512
-3,928
n/a
Depreciation and amortisation
1,501
1,189
836
+26.2%
Share-based compensation
365
353
282
+3.4%
Buybacks
1,410
6,033
7,586
-76.6%
Dividends paid
4,107
3,717
3,294
+10.5%
Dividend per share
$2.63
$2.35
$2.10
+11.9%
Diluted shares, weighted
1,603m
1,631m
1,637m
-1.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
5,097
4,636
3,945
+9.9%
Debt
37,368
36,842
31,671
+1.4%
Other liabilities
28,321
24,621
17,434
+15.0%
Total liabilities and equity
70,786
66,099
53,050
+7.1%
Fixed assets
2,803
2,604
2,565
+7.6%
Goodwill
15,785
15,416
13,168
+2.4%
Intangible assets
27,559
28,897
19,709
-4.6%
Investments
2,576
3,106
153
-17.1%
Cash and equivalents
9,303
5,100
8,399
+82.4%
Receivables
5,088
4,758
4,730
+6.9%
Inventory
1,605
1,444
1,719
+11.1%
Other assets
6,067
4,774
2,607
+27.1%
Total assets
70,786
66,099
53,050
+7.1%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.