AbbVie (ABBV) FY2019 results: revenue $33.3 billion, up 1.6% on the year
AbbVie Inc. (ABBV) reported revenue of $33.3 billion for fiscal 2019, the year ended 31 December 2019, up 1.6% on the year before. Net income was $7.9 billion, up 38.6%, and diluted earnings per share $5.28. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$33.3 billion
+1.6% on the year
FY2012FY2019
Operating margin
39.0%
19.5% a year earlier
FY2012FY2019
Net income
$7.9 billion
+38.6% on the year
FY2012FY2019
Diluted EPS
$5.28
+44.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
33,266
32,753
28,216
+1.6%
Cost of revenue
7,439
7,718
7,042
-3.6%
Gross profit
25,827
25,035
21,174
+3.2%
Gross margin
77.6%
76.4%
75.0%
Research and development
6,407
10,329
5,007
-38.0%
Selling, general and administrative
6,942
7,399
6,295
-6.2%
Operating income
12,983
6,383
9,545
+103.4%
Operating margin
39.0%
19.5%
33.8%
Interest expense
1,784
1,348
1,150
+32.3%
Pre-tax income
8,426
5,197
7,727
+62.1%
Income tax
544
-490
2,418
Effective tax rate
6.5%
-9.4%
31.3%
Net income
7,882
5,687
5,309
+38.6%
Net margin
23.7%
17.4%
18.8%
Diluted EPS
$5.28
$3.66
$3.30
+44.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
13,324
13,427
9,960
-0.8%
Capital expenditure
552
638
529
-13.5%
Free cash flow
12,772
12,789
9,431
-0.1%
Free cash flow margin
38.4%
39.0%
33.4%
Cash from investing
596
-1,006
-274
Cash from financing
18,708
-14,396
-5,512
Depreciation and amortisation
2,017
1,765
1,501
+14.3%
Share-based compensation
430
421
365
+2.1%
Buybacks
629
12,014
1,410
-94.8%
Dividends paid
6,366
5,580
4,107
+14.1%
Dividend per share
$4.39
$3.95
$2.63
+11.1%
Diluted shares, weighted
1,484m
1,546m
1,603m
-4.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-8,172
-8,446
5,097
Non-controlling interest
0.0
n/a
n/a
Short-term borrowings
0.0
n/a
n/a
Debt
67,233
40,310
37,368
+66.8%
Other liabilities
30,054
27,488
28,321
+9.3%
Total liabilities and equity
89,115
59,352
70,786
+50.1%
Fixed assets
2,962
2,883
2,803
+2.7%
Goodwill
15,604
15,663
15,785
-0.4%
Intangible assets
18,649
21,233
27,559
-12.2%
Investments
93.0
2,192
2,576
-95.8%
Cash and equivalents
39,924
7,289
9,303
+447.7%
Receivables
5,428
5,384
5,088
+0.8%
Inventory
1,813
1,605
1,605
+13.0%
Other assets
4,642
3,103
6,067
+49.6%
Total assets
89,115
59,352
70,786
+50.1%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.