AbbVie (ABBV) FY2020 results: revenue $45.8 billion, up 37.7% on the year
AbbVie Inc. (ABBV) reported revenue of $45.8 billion for fiscal 2020, the year ended 31 December 2020, up 37.7% on the year before. Net income was $4.6 billion, down 41.4%, and diluted earnings per share $2.72. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$45.8 billion
+37.7% on the year
FY2013FY2020
Operating margin
24.8%
39.0% a year earlier
FY2013FY2020
Net income
$4.6 billion
-41.4% on the year
FY2013FY2020
Diluted EPS
$2.72
-48.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
45,804
33,266
32,753
+37.7%
Cost of revenue
15,387
7,439
7,718
+106.8%
Gross profit
30,417
25,827
25,035
+17.8%
Gross margin
66.4%
77.6%
76.4%
Research and development
6,379
6,407
10,329
-0.4%
Selling, general and administrative
11,299
6,942
7,399
+62.8%
Operating income
11,363
12,983
6,383
-12.5%
Operating margin
24.8%
39.0%
19.5%
Interest expense
2,454
1,784
1,348
+37.6%
Pre-tax income
3,398
8,426
5,197
-59.7%
Income tax
-1,224
544
-490
Effective tax rate
-36.0%
6.5%
-9.4%
Net income
4,616
7,882
5,687
-41.4%
Net margin
10.1%
23.7%
17.4%
Diluted EPS
$2.72
$5.28
$3.66
-48.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
17,588
13,324
13,427
+32.0%
Capital expenditure
798
552
638
+44.6%
Free cash flow
16,790
12,772
12,789
+31.5%
Free cash flow margin
36.7%
38.4%
39.0%
Cash from investing
-37,557
596
-1,006
Cash from financing
-11,501
18,708
-14,396
Depreciation and amortisation
6,471
2,017
1,765
+220.8%
Share-based compensation
753
430
421
+75.1%
Buybacks
978
629
12,014
+55.5%
Dividends paid
7,716
6,366
5,580
+21.2%
Dividend per share
$4.84
$4.39
$3.95
+10.3%
Diluted shares, weighted
1,673m
1,484m
1,546m
+12.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,076
-8,172
-8,446
Non-controlling interest
21.0
0.0
n/a
Short-term borrowings
n/a
0.0
n/a
Debt
86,056
67,233
40,310
+28.0%
Operating lease liabilities
832
n/a
n/a
Finance lease liabilities
21.0
n/a
n/a
Other liabilities
50,559
30,054
27,488
+68.2%
Total liabilities and equity
150,565
89,115
59,352
+69.0%
Fixed assets
5,248
2,962
2,883
+77.2%
Goodwill
33,124
15,604
15,663
+112.3%
Intangible assets
82,876
18,649
21,233
+344.4%
Investments
323
93.0
2,192
+247.3%
Cash and equivalents
8,449
39,924
7,289
-78.8%
Receivables
8,822
5,428
5,384
+62.5%
Inventory
3,310
1,813
1,605
+82.6%
Other assets
8,413
4,642
3,103
+81.2%
Total assets
150,565
89,115
59,352
+69.0%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.