AbbVie (ABBV) FY2023 results: revenue $54.3 billion, down 6.4% on the year
AbbVie Inc. (ABBV) reported revenue of $54.3 billion for fiscal 2023, the year ended 31 December 2023, down 6.4% on the year before. Net income was $4.9 billion, down 58.9%, and diluted earnings per share $2.72. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$54.3 billion
-6.4% on the year
FY2016FY2023
Operating margin
23.5%
31.2% a year earlier
FY2016FY2023
Net income
$4.9 billion
-58.9% on the year
FY2016FY2023
Diluted EPS
$2.72
-59.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
22,839
24,943
22,777
-8.4%
Capital expenditure
777
695
787
+11.8%
Free cash flow
22,062
24,248
21,990
-9.0%
Free cash flow margin
40.6%
41.8%
39.1%
Cash from investing
-2,009
-623
-2,344
Cash from financing
-17,222
-24,803
-19,039
Depreciation and amortisation
8,698
8,467
8,521
+2.7%
Share-based compensation
747
671
692
+11.3%
Buybacks
1,972
1,487
934
+32.6%
Dividends paid
10,539
10,043
9,261
+4.9%
Dividend per share
$5.99
$5.71
$5.31
+4.9%
Diluted shares, weighted
1,773m
1,778m
1,777m
-0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,360
17,254
15,408
-40.0%
Non-controlling interest
37.0
33.0
28.0
+12.1%
Short-term borrowings
0.0
1.0
n/a
Debt
59,245
63,128
76,684
-6.2%
Operating lease liabilities
735
754
713
-2.5%
Finance lease liabilities
27.0
17.0
25.0
+58.8%
Other liabilities
64,307
57,618
53,671
+11.6%
Total liabilities and equity
134,711
138,805
146,529
-2.9%
Fixed assets
4,989
4,935
5,110
+1.1%
Goodwill
32,293
32,156
32,379
+0.4%
Intangible assets
55,610
67,439
75,951
-17.5%
Investments
306
269
361
+13.8%
Cash and equivalents
12,814
9,201
9,746
+39.3%
Receivables
11,155
11,254
9,977
-0.9%
Inventory
4,099
3,579
3,128
+14.5%
Other assets
13,445
9,972
9,877
+34.8%
Total assets
134,711
138,805
146,529
-2.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.