AbbVie (ABBV) FY2025 results: revenue $61.2 billion, up 8.6% on the year

AbbVie is a research-based biopharmaceutical company with products across immunology, neuroscience, oncology and aesthetics, plus eye care and several other areas. It was incorporated in Delaware on 10 April 2012 and became an independent, publicly traded company on 1 January 2013, when Abbott Laboratories distributed all of AbbVie's outstanding common stock to Abbott's shareholders. It operates as a single global business segment: one global research and development and supply chain organisation discovers, develops, manufactures and supplies the products, while the commercial effort that markets, sells and distributes them is organised by geographic region or therapeutic area.

Immunology

The portfolio spans rheumatology, dermatology and gastroenterology, and rests on two medicines. Skyrizi, risankizumab, is an interleukin-23 inhibitor that blocks IL-23 by binding to its p19 subunit, approved across autoimmune diseases in North America, the European Union and Japan. Rinvoq, upadacitinib, is an oral, once-daily selective and reversible JAK inhibitor approved in the same three regions and sold in numerous other markets. In the United States, Rinvoq covers rheumatoid arthritis, ankylosing spondylitis, ulcerative colitis and Crohn's disease in adults who have not responded to or cannot tolerate tumor necrosis factor blockers, psoriatic arthritis in patients two years and older, and atopic dermatitis in adults and adolescents.

Neuroscience

Vraylar, cariprazine, is a dopamine receptor partial agonist for schizophrenia, manic or mixed episodes of bipolar disorder, bipolar I depression and as an add-on in major depressive disorder. Botox Therapeutic, onabotulinumtoxinA, is an injectable acetylcholine release inhibitor and neuromuscular blocking agent approved in the United States for chronic migraine, overactive bladder, spasticity in patients two years and older and cervical dystonia, among other conditions; it is marketed by GSK in Japan. Ubrelvy treats a migraine attack and Qulipta, sold as Aquipta in the European Union, prevents episodic and chronic migraine, both being calcitonin gene-related peptide receptor antagonists. For advanced Parkinson's disease there is Vyalev, a subcutaneous 24-hour infusion of levodopa-based therapy, sold mainly as Produodopa outside the United States, and Duodopa, an intestinal gel, sold as Duopa in the United States.

Oncology

Imbruvica, ibrutinib, is an oral once-daily Bruton's tyrosine kinase inhibitor for blood cancers including chronic lymphocytic leukemia and certain non-Hodgkin lymphomas, and for chronic graft versus host disease. Venclexta, venetoclax, is a BCL-2 inhibitor for chronic lymphocytic leukemia and, in combination, newly diagnosed acute myeloid leukemia in older patients; it is Venclyxto outside the United States. Elahere is an antibody-drug conjugate for FRα positive, platinum-resistant ovarian, fallopian tube or primary peritoneal cancer. Epkinly, sold as Tepkinly outside the United States, is a subcutaneous injection for certain diffuse large B-cell and high-grade B-cell lymphomas and for relapsed or refractory follicular lymphoma. Emrelis is an antibody-drug conjugate for non-squamous non-small cell lung cancer with high c-Met protein overexpression.

Aesthetics, eye care and the rest

Aesthetics is facial injectables, plastics and regenerative medicine, body contouring and skincare. Botox Cosmetic treats frown lines, crow's feet, forehead lines and platysma bands, and is approved for masseter muscle prominence in China. The Juvederm Collection is a range of hyaluronic acid dermal fillers for volume loss in the temples, undereye, cheeks, chin, lips and lower face. Around them sit Alloderm regenerative dermal tissue, CoolSculpting body contouring, Natrelle breast implants, the SkinMedica skincare line, Latisse eyelash solution and DiamondGlow dermabrasion.

Eye care covers Ozurdex, a corticosteroid implant injected into the back of the eye that dissolves naturally, for diabetic macular oedema and non-infectious uveitis; Lumigan, Ganfort, Alphagan and Combigan for lowering intraocular pressure in open-angle glaucoma and ocular hypertension; and Refresh, Optive, Xen, Durysta and Restasis. The other key products are Mavyret, sold as Maviret outside the United States, for chronic hepatitis C; Creon, a pancreatic enzyme therapy for exocrine pancreatic insufficiency, which AbbVie has the rights to sell only in the United States; and Linzess, sold as Constella outside the United States, for irritable bowel syndrome with constipation and chronic idiopathic constipation.

How it reaches the patient

Marketing is aimed first at securing the prescription or recommendation from physicians, external experts and other healthcare providers, with managed care providers, hospitals and state and federal government agencies also important customers. The company markets directly to consumers as well, and runs patient support programmes. Products are generally sold worldwide directly to wholesalers, distributors, government agencies, healthcare facilities, specialty pharmacies and independent retailers, from AbbVie-owned distribution centres and public warehouses, with aesthetic products and devices also sold directly to physicians and other licensed providers. In 2025 three wholesale distributors, McKesson, Cardinal Health and Cencora, accounted for substantially all of AbbVie's pharmaceutical product sales in the United States, and no individual wholesaler accounted for more than 43% of gross revenues there.

From AbbVie's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.