SuperworthAbbVie ABBV
- Market cap
- $504.8B
- PE
- 80.7×
- 10y median 27.9×
- Forward PE
- 19.0×
- 10y median 12.2×
- Price to sales
- 7.8×
- EV/EBIT
- 27.2×
- Revenue, 12 months
- $64.4B
- +10% on a year ago
- Net margin
- 9.8%
- Free cash flow yield
- 3.6%
A Superworth story
Humira's hole is filled, and the price already knows it
Sales grow 10% again on two newer drugs, and the stock costs more per dollar of sales and cash than at any time in ten years
The richest price per dollar of sales in ten years
AbbVie trades at about seven and a half times its last four quarters of sales, the highest in ten years. The ten-year median is 4.6. The shares closed at a three-year high on October 8, up 38% from their April low.
Humira is fading and sales are growing anyway
Sales over four quarters bottomed in December 2023, after Humira, its old top seller, began facing cheaper US copies (biosimilars) that year. They have since climbed to 64.39 billion dollars, up 10.4% on a year earlier. In the June quarter alone, Skyrizi and Rinvoq, two newer immune system drugs, sold about 8 billion dollars together.
Reported profit is a third of the figure analysts use
Reported earnings over four quarters are a third of the 10.87 a share analysts use. The adjusted figure leaves out write-downs of drugs AbbVie bought and changes in what it still owes on past deals. The PE on this chart uses reported earnings and is about 77. On adjusted earnings it is about 25.
Cash flow has not kept up with the price
The stock costs about 26 times its free cash flow, the most in ten years, against a ten-year median of 12.5. The cash itself has not grown. Free cash flow over four quarters is 18.21 billion dollars, lower than at the end of 2023. The price rose while the cash did not.
Expected earnings jump, and part of the jump is arithmetic
Consensus expects adjusted earnings over the next twelve months to be 40% above the last four quarters, which puts the stock at about 18 times. Part of that jump is arithmetic, because the last four quarters include a one-off charge from September 2025 for drugs bought in development. Leave it out and the rise is about 23%. Forward PE before late September 2026 is rebuilt with hindsight.
October 30 tests whether two drugs can carry the price
Skyrizi alone made about a third of June-quarter sales. The fear is that reliance, plus the Apogee deal cutting 2027 adjusted earnings by 0.46 a share. The hope: reported sales and consensus put 2026 at about 67.6 billion dollars. On October 30 the September quarter shows whether Skyrizi and Rinvoq keep growing fast enough to carry the earnings jump the price already assumes.
What has happened lately
- SEC, AbbVie updates third-quarter and 2026 guidance for in-process R&D chargesA 216 million dollar charge cut 0.11 a share. Third-quarter adjusted EPS guidance is now 3.73 to 3.77, and full-year 13.76 to 13.96.
- SEC, AbbVie completes acquisition of Apogee TherapeuticsAbbVie paid about 10.9 billion dollars for an eczema and asthma pipeline. It expects the deal to cut adjusted EPS by 0.14 in 2026 and 0.46 in 2027, and to add to earnings from 2032.
- SEC, AbbVie reports second-quarter 2026 financial resultsSales rose 10.2% to 16.99 billion dollars. Skyrizi grew 24.4% to 5.51 billion and Rinvoq 24.5% to 2.53 billion, while Humira fell 35.9%. Adjusted EPS was 3.65 against GAAP EPS of 2.03.
- SEC, AbbVie reports third-quarter 2025 financial resultsAdjusted EPS of 1.86 included a 1.50 a share charge for drugs bought in development. That quarter drops out of the four-quarter total when the third quarter of 2026 reports.
Headlines link to the original source.
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Charts
Financials
| Income statement | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $13.9B−6% | $14.3B−5% | $12.3B+1% | $14.5B+4% | $14.5B+4% | $15.1B+6% | $13.3B+8% | $15.4B+7% | $15.8B+9% | $16.6B+10% | $15B+12% | $17B+10% | |
| Cost of revenue | $6.5B+29% | $5.7B+37% | $4.1B+3% | $4.2B−1% | $4.2B−35% | $4.4B−23% | $4B−2% | $4.3B+3% | $5.3B+26% | $4.6B+4% | $4.2B+5% | $4.3B−1% |
| Gross profit | $7.4B−24% | $8.6B−22% | $8.2B−0% | $10.3B+7% | $10.2B+38% | $10.7B+25% | $9.3B+14% | $11.1B+8% | $10.5B+2% | $12.1B+13% | $10.8B+15% | $12.7B+15% |
| R&D | $1.7B+7% | $1.9B+8% | $1.9B−15% | $1.9B+12% | $2.1B+24% | $6.8B+252% | $2.1B+7% | $2.1B+9% | $2.3B+9% | $2.6B−62% | $2.5B+20% | $2.3B+10% |
| SG&A | $3.4B+2% | $3.2B−7% | $3.3B+9% | $3.4B+3% | $4.2B+25% | $3.9B+21% | $3.3B−1% | $3.3B−4% | $3.6B−15% | $3.9B+1% | $3.6B+9% | $3.6B+12% |
| $2.3B−50% | $3.2B−42% | $2.8B+1% | $4B−11% | $3.8B+68% | −$1.5B | $3.7B+33% | $4.9B+22% | $1.9B−50% | $4.5B | $4B+7% | $6.4B+31% | |
| Interest expense | $555M−1% | $564M−0% | $660M+19% | $726M+32% | $720M+30% | $702M+25% | $700M+6% | $740M+2% | $739M+3% | $714M+2% | $717M+2% | $746M+1% |
| Pre-tax income | $2B−56% | $1.2B−59% | $1.8B+270% | $2.1B−18% | $2.1B+7% | −$2.3B | $1.7B−5% | $1.6B−28% | $714M−66% | $2.7B | $1B−37% | $4.3B+175% |
| $172M−62% | $388M−21% | $383M+64% | $773M+33% | $520M+202% | −$2.2B | $372M−3% | $613M−21% | $526M+1% | $853M | $342M−8% | $662M+8% | |
| Net income | $1.8B−55% | $822M−67% | $1.4B+473% | $1.4B−32% | $1.6B−12% | −$22M | $1.3B−6% | $938M−32% | $186M−88% | $1.8B | $695M−46% | $3.6B+285% |
| $1.00−55% | $0.46−67% | $0.77+492% | $0.77−33% | $0.88−12% | −$0.02 | $0.72−7% | $0.52−33% | $0.10−89% | $1.02 | $0.39−46% | $2.03+290% | |
| 1.8B−0% | 1.8B−0% | 1.8B−0% | 1.8B+0% | 1.8B+0% | 1.8B−0% | 1.8B−0% | 1.8B+0% | 1.8B+0% | 1.8B+0% | 1.8B+0% | 1.8B+0% |
Gross profit: 58 periods, Q1 FY12 to Q2 FY26: not printed by the filing, worked out from its own lines.
Net income: 18 periods, Q1 FY12 to Q2 FY16: not printed by the filing, worked out from its own lines.
EPS, diluted: 7 periods, Q4 FY12 to Q4 FY25: quarter's net income to common over its shares, to the cent.
Diluted shares: 11 periods, Q4 FY12 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY14 to Q4 FY24: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY26 | $17.4B | $17.3B to $17.4B | $3.74 | $3.69 to $3.80 | 14 |
| Q4 FY26 | $18.3B | $18.1B to $18.5B | $3.93 | $3.81 to $4.20 | 12 |
| Q1 FY27 | $16.3B | $16.1B to $16.5B | $3.33 | $3.28 to $3.38 | 5 |
| Q2 FY27 | $18.2B | $18B to $18.4B | $4.10 | $4.04 to $4.16 | 5 |
| Q3 FY27 | $18.7B | $18.5B to $18.9B | $4.31 | $4.25 to $4.38 | 5 |
| Q4 FY27 | $19.6B | $19.4B to $19.9B | $4.40 | $4.34 to $4.47 | 5 |
| Q1 FY28 | $18.1B | $17.9B to $18.3B | $3.63 | $3.58 to $3.69 | 6 |
| Q2 FY28 | $19.8B | $19.6B to $20.1B | $4.59 | $4.52 to $4.66 | 6 |
Peers
Companies in Drug Manufacturers - General nearest AbbVie's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| ABBVAbbVie | $504.8B | 80.7× | 27.9× | 19.0× | 7.8× | +10% | 9.8% |
| JNJJohnson & Johnson | $635.8B | 40.0× | 24.3× | 23.4× | 6.4× | +8% | n/m |
| MRKMerck | $358.4B | 116× | 24.9× | 17.5× | 5.4× | +5% | 4.8% |
| AMGNAmgen | $237.5B | 27.3× | 21.1× | 18.6× | 6.2× | +9% | 23.0% |
| LLYEli Lilly and | $1.2T | 42.7× | 41.4× | 33.9× | 15.0× | +50% | 33.5% |
| GILDGilead Sciences | $193.5B | n/m | 18.8× | 17.2× | 6.4× | +6% | −10.6% |
| PFEPfizer | $171.2B | 39.5× | 15.8× | 10.9× | 2.7× | −0% | 6.8% |
| BMYBristol-Myers Squibb | $125.6B | 13.5× | 19.9× | 10.4× | 2.6× | +3% | 18.9% |
| Peer median | $237.5B | 39.7× | 21.1× | 17.5× | 6.2× | +6% | 12.8% |
Investors who own it
Investors we follow who held AbbVie at the end of Jun 30, 2026, from their 13F filings.
- Tom RussoGardner Russo & Quinn0.0% of portfolio
- Bill NygrenHarris Associates (Oakmark)0.0% of portfoliotrimmed
More on AbbVie
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Dividend yield
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Where it ranks
- #4of 34Healthcare stocks with the lowest PEG ratio
- #7of 33Healthcare stocks with the highest dividend yields
- #7of 25Large drugmakers with the fastest earnings growth
Its groups
About
- Chief executive
- Rob Michael, since 2024Longtime Abbott and AbbVie finance executive, CEO since 2024. Source
- Industry
- Drug Manufacturers - General
- Sector
- Healthcare
Valuation data, not investment advice. Prices as of .