AbbVie (ABBV) FY2018 results: revenue $32.8 billion, up 16.1% on the year
AbbVie Inc. (ABBV) reported revenue of $32.8 billion for fiscal 2018, the year ended 31 December 2018, up 16.1% on the year before. Net income was $5.7 billion, up 7.1%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$32.8 billion
+16.1% on the year
FY2011FY2018
Operating margin
19.5%
33.8% a year earlier
FY2011FY2018
Net income
$5.7 billion
+7.1% on the year
FY2011FY2018
Diluted EPS
$3.66
+10.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
32,753
28,216
25,638
+16.1%
Cost of revenue
7,718
7,042
5,832
+9.6%
Gross profit
25,035
21,174
19,806
+18.2%
Gross margin
76.4%
75.0%
77.3%
Research and development
10,329
5,007
4,385
+106.3%
Selling, general and administrative
7,399
6,295
5,881
+17.5%
Operating income
6,383
9,545
9,340
-33.1%
Operating margin
19.5%
33.8%
36.4%
Interest expense
1,348
1,150
1,047
+17.2%
Pre-tax income
5,197
7,727
7,884
-32.7%
Income tax
-490
2,418
1,931
Effective tax rate
-9.4%
31.3%
24.5%
Net income
5,687
5,309
5,953
+7.1%
Net margin
17.4%
18.8%
23.2%
Diluted EPS
$3.66
$3.30
$3.63
+10.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
13,427
9,960
7,041
+34.8%
Capital expenditure
638
529
479
+20.6%
Free cash flow
12,789
9,431
6,562
+35.6%
Free cash flow margin
39.0%
33.4%
25.6%
Cash from investing
-1,006
-274
n/a
Cash from financing
-14,396
-5,512
-3,928
Depreciation and amortisation
1,765
1,501
1,189
+17.6%
Share-based compensation
421
365
353
+15.3%
Buybacks
12,014
1,410
6,033
+752.1%
Dividends paid
5,580
4,107
3,717
+35.9%
Dividend per share
$3.95
$2.63
$2.35
+50.2%
Diluted shares, weighted
1,546m
1,603m
1,631m
-3.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-8,446
5,097
4,636
Debt
40,310
37,368
36,842
+7.9%
Other liabilities
27,488
28,321
24,621
-2.9%
Total liabilities and equity
59,352
70,786
66,099
-16.2%
Fixed assets
2,883
2,803
2,604
+2.9%
Goodwill
15,663
15,785
15,416
-0.8%
Intangible assets
21,233
27,559
28,897
-23.0%
Investments
2,192
2,576
3,106
-14.9%
Cash and equivalents
7,289
9,303
5,100
-21.6%
Receivables
5,384
5,088
4,758
+5.8%
Inventory
1,605
1,605
1,444
0.0%
Other assets
3,103
6,067
4,774
-48.9%
Total assets
59,352
70,786
66,099
-16.2%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.