# AbbVie Inc. (ABBV)

> Source: Nexqual · https://nexqual.com/ABBV · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, AbbVie Inc. (ABBV), nexqual.com/ABBV" · informational, not investment advice.

**Price:** USD 285.19 (+0.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 284.8 · day 278.01–285.74 · 52w 190.75–291.4 · market cap $504B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $64.4B, net income $6.31B (9.8% margin), free cash flow $18.2B (SEC filings).
- Valuation: P/E 79.9x (avg 75.3x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income -$5.49B vs operating income $16.9B over the last four quarters; P/E excluding non-operating income ≈48.9x (estimate: non-operating income taxed at the company's 27.4% effective rate).
- 7 of 80 tracked superinvestors hold ABBV (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 5 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $8.2M; 1 not under a Rule 10b5-1 plan ($8.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (30 analysts), mean target USD 284.79 (range 200–328).
- Total return with dividends: 1Y +28.7% vs S&P 500 +14.9%; 5Y +212.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 3.78, revenue estimate $17.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $56.2B | $58.1B | $54.3B | $56.3B | $61.2B | $64.4B |
| Gross profit | $38.8B | $40.6B | $33.9B | $39.4B | $43.0B | — |
| Operating income | $17.9B | $18.1B | $12.8B | $9.14B | $15.1B | $16.9B |
| Net income | $11.5B | $11.8B | $4.86B | $4.28B | $4.23B | $6.31B |
| EPS (diluted) | $6.45 | $6.63 | $2.72 | $2.39 | $2.36 | — |
| Free cash flow | $22.0B | $24.2B | $22.1B | $17.8B | $17.8B | $18.2B |
| Gross margin | 69.0% | 70.0% | 62.4% | 70.0% | 70.2% | — |
| Operating margin | 31.9% | 31.2% | 23.5% | 16.2% | 24.6% | 26.2% |
| Net margin | 20.5% | 20.4% | 9.0% | 7.6% | 6.9% | 9.8% |
| Revenue growth | +22.7% | +3.3% | -6.4% | +3.7% | +8.6% | — |
| Cash + short-term investments | $9.83B | $9.23B | $12.8B | $5.55B | $5.26B | — |
| Total debt | $76.0B | $63.1B | $59.2B | $66.8B | $67.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 79.9x · P/E ex non-operating (est.) ≈48.9x · P/S 7.8x · P/FCF 27.7x · FCF yield 3.61% · Earnings yield 1.25% · Dividend yield (paid, TTM) 2.38% · Buyback yield (TTM) 0.30%
P/E at fiscal year-ends: Dec 2025 95.9x, Dec 2024 73.6x, Dec 2023 56.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold ABBV (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Torray Funds |  | 2.80% | $20.8M | Reduced -11.7% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.73% | $8.9M | Reduced -13.2% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 0.10% | $11.2M | Reduced -1.4% | Q2 2026 |
| Jensen Investment Management |  | 0.07% | $2.8M | Reduced -0.7% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.03% | $3.1M | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $2.6M | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $609K | Reduced -9.8% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Donoghoe Nicholas | EVP, CHIEF BUS/STRAT OFFICER | 32,710 | $8.2M | 30.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 30 analysts; mean target USD 284.79 (low 200, high 328).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Barclays | Target raised | Overweight | $300 → $325 |
| 2026-10-13 | RBC Capital | Reiterated | Outperform | $280 |
| 2026-10-09 | UBS | Target raised | Neutral | $260 → $275 |
| 2026-10-09 | Guggenheim | Reiterated | Buy | $288 |
| 2026-10-08 | JP Morgan | Target raised | Overweight | $285 → $300 |
| 2026-10-08 | Cantor Fitzgerald | Target raised | Overweight | $285 → $290 |
| 2026-10-07 | Morgan Stanley | Target raised | Overweight | $296 → $310 |
| 2026-10-06 | Scotiabank | Target raised | Sector Outperform | $280 → $320 |
| 2026-09-10 | HSBC | Target raised | Buy | $300 → $315 |
| 2026-08-20 | Piper Sandler | Target raised | Overweight | $298 → $303 |
| 2026-08-17 | Wells Fargo | Target raised | Overweight | $295 → $300 |
| 2026-08-13 | Wolfe Research | Upgrade | Peer Perform → Outperform | $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.7% | +212.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.8% | +25.5% |
| Volatility (annualized) | 25.8% | 24.9% |
| Max drawdown | -15.7% (Mar 2026→Apr 2026) | -21.9% (Apr 2022→Sep 2022) |

## Peers (Drug Manufacturers - General)
JNJ (Johnson & Johnson) USD 267.61 +3.81% · MRK (Merck & Company, Inc.) USD 147.24 -1.76% · NVS (Novartis AG) USD 156.27 +1.52% · AZN (AstraZeneca PLC) USD 172.57 +2.45% · AMGN (Amgen Inc.) USD 447.28 +2.04% · LLY (Eli Lilly and Company) USD 1,306.69 +2.83%

## More
Full page: https://nexqual.com/ABBV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ABBV in their own reports (relationship from ABBV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Alzamend Neuro, Inc. (ALZN) | 10-K 2026-07-22 | "Our potential competitors include, without limitation, large healthcare companies, such as AbbVie, Axesome Therapeutics, Inc., Biogen" |
| customer | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "The corrective actions resulted in a temporary supply shortage of Leuprorelin, a product which we supply to AbbVie, Inc. ("AbbVie") pursuant to a supply agreement." |
| competitor | Prestige Consumer Healthcare Inc. (PBH) | 10-K 2026-05-14 | "Our branded competitors include, among others, AbbVie Inc., Alcon, Bausch + Lomb, Bayer AG, Combe, Compass Diversified, Haleon plc, Kenvue, Mondelez International, Reckitt Benckiser Group plc, Opella,…" |
| competitor | ASCENTAGE PHARMA GROUP INTERNATIONAL (AAPG) | 20-F 2026-04-29 | "candidates that can be competitive, including AbbVie, which is currently marketing venetoclax." |
| competitor | RedHill Biopharma Ltd. (RDHL) | 20-F 2026-04-27 | "If approved, RHB-102 (Bekinda®) will also compete with several other prescription drugs indicated for the treatment of IBS-D, including Xifaxan® (rifaximin), marketed in the U.S. by Salix Pharmaceutic…" |
| partner | Inventiva S.A. (IVA) | 20-F 2026-04-08 | "In addition, we previously entered into a collaboration with AbbVie for the development of cedirogant, which ended in October 2022 when AbbVie decided to stop the development of cedirogant following t…" |
| partner | NovaBridge Biosciences (NBP) | 20-F 2026-04-07 | "On August 15, 2022, we and AbbVie Global Enterprises Ltd. (as an assignee of AbbVie) entered into an amendment to the original licensing and collaboration agreement." |
| competitor | HCW Biologics Inc. (HCWB) | 10-K 2026-03-31 | "The oncology T‑cell engager landscape is highly competitive, with established and emerging programs from biotech and pharmaceutical companies, including AbbVie, BMS, Sanofi, Lilly, Amgen's bispecifics…" |
| competitor | Alvotech (ALVO) | 20-F 2026-03-31 | "For example, in the market for AVT02, our biosimilar to Humira (adalimumab), we compete against AbbVie (the originator), Amgen, Boehringer Ingelheim GmbH, Biocon, Celltrion, Fresenius Kabi, Pfizer, Sa…" |
| competitor | Aptevo Therapeutics Inc. (APVO) | 10-K 2026-03-26 | "We believe that our most significant competitors in the oncology market include: AbbVie Inc., Affimed, ALX Oncology Holdings Inc., Amgen Inc., Arcellx, AstraZeneca, AvenCell Therapeutics, Inc., BioNTe…" |
| partner | Lakefront Biotherapeutics NV (LKFT) | 20-F 2026-03-26 | "In this role, he oversaw complex mergers, acquisitions, licensing, and collaborations, including AbbVie's landmark $63 billion acquisition of Allergan PLC and numerous high-profile partnerships with c…" |
| competitor | LB PHARMACEUTICALS INC (LBRX) | 10-K 2026-03-26 | "In bipolar depression, we believe LB-102, if approved, would compete with several currently approved therapeutics, including: Vraylar (marketed by AbbVie Inc.);" |
| competitor | Rani Therapeutics Holdings, Inc. (RANI) | 10-K 2026-03-26 | "Broadly speaking, we will face competition from current and future (generic or biosimilar) manufacturers of the branded injectable versions of our pipeline drugs, manufacturers such as AbbVie Inc., El…" |
| partner | CollPlant Biotechnologies Ltd (CLGN) | 20-F 2026-03-26 | "into the AbbVie Development Agreement with Allergan, an AbbVie company, pursuant to which dermal and soft tissue filler products are being" |
| competitor | SpyGlass Pharma, Inc. (SGP) | 10-K 2026-03-26 | "For example, we compete with alternative glaucoma surgical device and ophthalmic laser companies such as Alcon, Allergan (AbbVie), Bausch & Lomb, Glaukos, and Johnson & Johnson, as well as pharmaceuti…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.78 | $3.85 | -1.7% | $17.35B | 21 |
| Next quarter (ends 2026-12-31) | $3.89 | $4.00 | -2.9% | $18.30B | 19 |
| Current fiscal year (ends 2026-12-31) | $13.96 | $14.15 | -1.4% | $67.63B | 27 |
| Next fiscal year (ends 2027-12-31) | $16.20 | $16.33 | -0.8% | $73.59B | 25 |