Health Care · NYSE: ABBV
AbbVie: how the business works
AbbVie makes and sells prescription medicines, led by the immunology drugs Skyrizi and Rinvoq, with revenue of $61.2 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
Follow AbbVie
Email me when AbbVie's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
AbbVie Inc. · North Chicago, Illinois · Founded 2012
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $61.2B
- Operating earnings, FY2025
- $15.1B
- Net income, FY2025
- $4.2B
- Employees, end of 2025
- About 57,000
- Spun off from Abbott Laboratories
- Jan 1, 2013
The short version
AbbVie in 5 points
1 · What it sells
AbbVie sells prescription medicines, and two immunology drugs, Skyrizi and Rinvoq, brought in $25.9 billion of its $61.2 billion FY2025 revenue.
2 · Who pays it
AbbVie reports no revenue by final payer and three US wholesalers handled substantially all its US drug sales; by location, the US paid 76.2% of FY2025 revenue and other countries 23.8%.
3 · What it keeps from $100
Of every $100 of FY2025 revenue, AbbVie kept $6.9 as net income after $8.2 of bought research and $9.2 of other expenses, mostly a non-cash contingent-consideration charge, while operating earnings were $24.6.
4 · Where the operating profit comes from
AbbVie reports one business segment and no profit by therapeutic area; immunology brought in $30.4 billion, or 49.7% of FY2025 revenue, and operating earnings were $15.1 billion.
5 · The one thing to watch
Skyrizi and Rinvoq were 48.7% of AbbVie's Q3 FY2026 revenue, and their basic US patents are expected to expire in 2033.
Sources: From AbbVie's FY2025 10-K, Q3 FY2026 10-Q and earnings releases · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of AbbVie's money go?
AbbVie · FY2025
Receipt for every $100
| Cost of products sold | $29.8 |
|---|---|
| Selling, general and admin | $22.9 |
| Research and development | $14.9 |
| Other expenses (mostly contingent consideration) | $9.2 |
| Research bought from others (acquired IPR&D) | $8.2 |
| Interest | $4.3 |
| Income tax | $3.9 |
| Kept as net income | $6.9 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 of revenue in FY2025: each line = line ÷ $61.2 billion × 100. Other expenses are other expense ($5.8 billion, which includes a $6.5 billion contingent-consideration charge offset by other items) plus a small currency loss, minus $241 million of other operating income. Tax includes $7 million for noncontrolling interests.
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does AbbVie do?
Wholesalers, pharmacies and governments pay AbbVie for prescription medicines; most of the money goes on making, selling and researching drugs, and what is left is profit.
- In FY2025 customers in the US were 76.2% of revenue. Three US wholesalers handled substantially all of AbbVie's US drug sales.
- Skyrizi and Rinvoq brought in $25.9 billion, or 42.3% of FY2025 revenue. Humira, AbbVie's largest drug in FY2022 at $21.2 billion, fell to $4.5 billion.
03Who pays it
Who pays AbbVie?
Customers in the US
76%
of revenue
76.2% of FY2025 revenue ($46.6 billion). Three wholesalers handled substantially all US drug sales. Shares here are by location, because AbbVie does not report revenue by final payer.
Customers outside the US
24%
of revenue
23.8% of FY2025 revenue ($14.6 billion), sold mainly to wholesalers and through distributors.
- Customers in the US76%
- Customers outside the US24%
How spread out the customers are
McKesson, Cardinal Health and Cencora handled substantially all of AbbVie's US drug sales in 2025, and none of them took more than 43% of its 2025 US gross revenues. The three were 84% of net receivables at Dec 31, 2025. They are distributors, not final payers, and AbbVie gives no revenue split by insurer, Medicare, Medicaid or cash.
04Why it makes money
Why does AbbVie make money?
Patented drugs cost far less to make than they sell for, but each patent ends, so AbbVie must replace its biggest sellers in time.
AbbVie kept $70.2 of gross profit per $100 of FY2025 revenue. Humira, once its main drug, fell from $20.7 billion in FY2021 to $4.5 billion in FY2025 after biosimilars, which are close copies, arrived. Skyrizi and Rinvoq rose from $4.6 billion to $25.9 billion over the same years.
Skyrizi and Rinvoq share of revenue (Cityfort calculation from the FY2025 and FY2023 10-Ks)
8.2%42.3%
FY2021 to FY2025
- AbbVie develops or buys a drug
- Patents keep direct copies away for years
- Wholesalers buy it and doctors prescribe it
- Cost of products sold was $29.8 per $100 of FY2025 revenue
- Cash pays for research, deals, interest and dividends
- Copies arrive and newer drugs must take over
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up AbbVie?
Immunology
50%Skyrizi, Rinvoq and Humira. AbbVie reports one business segment, so it gives no profit figure for any therapeutic area.
Revenue $30.4B
Neuroscience
18%Botox Therapeutic, Vraylar, migraine and Parkinson's drugs.
Revenue $10.8B
Oncology
11%Blood cancer drugs Imbruvica and Venclexta, plus Elahere.
Revenue $6.7B
Aesthetics
8%Botox Cosmetic and Juvederm fillers.
Revenue $4.9B
Other key products
6%Mavyret, Creon and Linzess.
Revenue $3.7B
Eye care
3%Eye drugs. From 2026 AbbVie's releases count them in "all other", which was $1.0 billion in Q3 FY2026.
Revenue $2.1B
All other
4%Every other product.
Revenue $2.6B
How the mix changed
- Immunology
- Neuroscience
- Oncology
- Aesthetics
- Other key products
- Eye care
- All other
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has AbbVie done?
Revenue
$61.2BFY2025
Revenue dipped to $54.3 billion in FY2023 as Humira sales fell, rose to $61.2 billion in FY2025, and Q3 FY2026 revenue of $17.4 billion was 10.3% higher than a year earlier.
US$
See the numbers
Net profit
$4.2BFY2025
Net income fell from $11.8 billion in FY2022 to $4.2 billion in FY2025 as acquired research, impairments and contingent-consideration charges rose, while Q3 FY2026 alone brought $4.2 billion.
US$
See the numbers
Profit kept per $100 of revenue
$6.9FY2025
Net income per $100 of revenue fell from $20.5 in FY2021 to $6.9 in FY2025, while operating earnings per $100 were $24.6 in FY2025; EBITDA here is a Cityfort calculation from the FY2025 and FY2023 10-Ks.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$17.8BFY2025
Free cash flow here is cash from operations minus purchases of property and equipment; it fell from $24.2 billion in FY2022 to $17.8 billion in FY2025, when AbbVie paid $11.7 billion of dividends.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.
Download AbbVie's yearly and quarterly numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (14)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2024 earnings release (Form 8-K Exhibit 99.1)
- SEC XBRL company facts for CIK 0001551152
- Q1 2025 earnings release (Form 8-K Exhibit 99.1)
- Q2 2025 earnings release (Form 8-K Exhibit 99.1)
- Q3 2025 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Q1 2026 earnings release (Form 8-K Exhibit 99.1)
- Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026)
- Q2 2026 earnings release (Form 8-K Exhibit 99.1)
- Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026)
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
07Who runs it
Who runs AbbVie, and did they deliver?
Robert A. Michael
Chairman and CEO · since 2024
CEO since 2024 and chairman since Jul 1, 2025, after earlier roles including CFO. FY2025 total pay was $32,530,984, or 192 times the median employee's $169,019.
Scott T. Reents
Executive Vice President, Chief Financial Officer · since 2022
CFO since June 2022. Before that he ran tax and treasury.
Roxanne Austin
Lead Independent Director · since 2024
Leads the independent directors because one person is both chairman and CEO.
What they said, and what happened
2 delivered · 2 too early to tell
Said on Jun 22, 2026
Complete the purchase of Apogee Therapeutics for $135.11 a share in cash in the third quarter of 2026.
DeliveredWhat happened
AbbVie completed the deal on Sep 3, 2026.
Said on Oct 31, 2025
Raise the quarterly dividend from $1.64 to $1.73 from February 2026.
DeliveredWhat happened
The Q3 FY2026 10-Q shows $9.2 billion of dividends paid in the first nine months of 2026.
Said on Oct 30, 2026
Pay a quarterly dividend of $1.82 on Feb 16, 2027, to holders on record on Jan 15, 2027.
Too early to tellWhat happened
The payment date has not come yet.
Said on Feb 20, 2026
Invest $100 billion in US research and capital projects over the next decade, under a voluntary agreement with the US government.
Too early to tellWhat happened
The period runs for ten years. Capital spending was $888 million in the first nine months of 2026.
Sources (6)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A) for the May 8, 2026 annual meeting
- Form 8-K (Item 7.01) filed Jun 22, 2026: agreement to acquire Apogee Therapeutics, Exhibit 99.1
- Form 8-K (Item 7.01) filed Sep 3, 2026: Apogee acquisition completed, Exhibit 99.1
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
08What could go wrong
What could go wrong for AbbVie?
- Concentration
Two drugs carry the business
Skyrizi and Rinvoq were 42.3% of FY2025 revenue and 48.7% in Q3 FY2026. Their basic US patents are expected to expire in 2033.
Watch Skyrizi and Rinvoq revenue each quarter, and any patent challenges.
- Competition
Copies replace drugs after patents end
Humira faces direct biosimilar competition worldwide. It fell from $21.2 billion in FY2022 to $4.5 billion in FY2025, and to $683 million in Q3 FY2026.
Watch Humira revenue, and generic challenges to other drugs such as Ubrelvy and Qulipta.
- Pricing
US drug pricing rules
Medicare price setting covers Imbruvica from Jan 1, 2026, Vraylar and Linzess from Jan 1, 2027 and Botox from Jan 1, 2028. The US was 76.2% of FY2025 revenue.
Watch The three-year exemption from tariffs and future price mandates that the US government agreed to in AbbVie's 2026 voluntary agreement.
- Debt
Debt and negative equity
Total debt was $80.9 billion at Sep 30, 2026, and stockholders' equity was a deficit of $4.6 billion. Dividends paid of $11.7 billion exceeded FY2025 net income of $4.2 billion.
Watch Net debt and the Moody's and S&P ratings in each 10-Q.
- Execution
Bought research can fail
AbbVie took a $4.5 billion write-down in 2024 after two Phase 2 trials of emraclidine, from the Cerevel deal, missed their main goal. Research bought from others cost $5.0 billion in FY2025.
Watch Acquired IPR&D charges, which AbbVie reports in an 8-K early each quarter, such as $216 million on Oct 5, 2026.
- Other
Charges that rise with Skyrizi forecasts
AbbVie owes future payments mainly tied to Skyrizi sales, valued at $27.3 billion at Sep 30, 2026. Higher sales estimates raise this value, and the increase is a non-cash charge: $6.5 billion in FY2025.
Watch The contingent-consideration line in other expense, $4.7 billion in the first nine months of 2026.
- Legal
Lawsuits
About 335 lawsuits allege that Allergan improperly promoted opioid products. Others allege injuries from Allergan's Biocell textured breast implants, withdrawn in 2019. AbbVie had $1.6 billion accrued for litigation at Dec 31, 2025 and cannot estimate further loss.
Watch The legal note in each 10-Q and 10-K.
- Concentration
Three wholesalers
McKesson, Cardinal Health and Cencora handled substantially all US drug sales in 2025 and were 84% of net receivables at Dec 31, 2025.
Watch The wholesaler disclosure in each 10-K.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Skyrizi and Rinvoq rose from $4.6 billion in FY2021 to $25.9 billion in FY2025.
- Q3 FY2026 revenue of $17.4 billion was 10.3% higher than a year earlier.
- Gross profit was $70.2 per $100 of revenue in FY2025.
- Moody's upgraded AbbVie to A2 in February 2026, and S&P changed its outlook to positive in June 2026.
- On Oct 30, 2026 AbbVie declared a quarterly dividend of $1.82, up from $1.73.
What critics point to
- Total debt was $80.9 billion at Sep 30, 2026, and stockholders' equity was a deficit of $4.6 billion.
- Dividends paid of $11.7 billion exceeded FY2025 net income of $4.2 billion.
- Skyrizi and Rinvoq were 48.7% of Q3 FY2026 revenue, and their basic US patents are expected to expire in 2033.
- Humira fell from $21.2 billion in FY2022 to $4.5 billion in FY2025.
- A $4.5 billion write-down followed failed emraclidine trials in 2024, and bought research cost $5.0 billion in FY2025.
10What to watch next
What should you watch next at AbbVie?
Next event
Q4 FY2026 results
Date not announced yet.
Skyrizi and Rinvoq
Skyrizi brought in $5.8 billion and Rinvoq $2.7 billion in Q3 FY2026, together 48.7% of revenue. Their basic US patents are expected to expire in 2033.
Bought research and Skyrizi-linked charges
AbbVie reports acquired research charges in an 8-K early each quarter: $216 million on Oct 5, 2026. Contingent consideration was valued at $27.3 billion at Sep 30, 2026.
Medicare prices
Medicare price setting adds Vraylar and Linzess from Jan 1, 2027 and Botox from Jan 1, 2028. Vraylar brought in $1.1 billion in Q3 FY2026.
11Key dates
What are the key dates for AbbVie?
| Event | Date | Source |
|---|---|---|
| Medicare set prices begin for Vraylar and LinzessUnder the Inflation Reduction Act's Medicare price setting. Imbruvica's set price began Jan 1, 2026. | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) | |
| Quarterly dividend of $1.82 payableTo holders on record on Jan 15, 2027; declared Oct 30, 2026. | Q3 2026 earnings release (Form 8-K Exhibit 99.1) | |
| Medicare set prices begin for BotoxBotox was selected in January 2026, for Medicare Parts B and D. | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) | |
| Basic US patents on Skyrizi and Rinvoq expected to expire2033, as stated in the FY2025 10-K; the filing gives the year only. | Not yet stated | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) |
| Earliest expected US generic Rinvoq tabletsNot before April 2037 under September 2025 settlements, assuming pediatric exclusivity, as stated in the FY2025 10-K. | Not yet stated | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) |
12Key facts
Key facts about AbbVie
- What does AbbVie do?
- AbbVie discovers, buys, makes and sells prescription medicines from North Chicago, Illinois. AbbVie's revenue was $61.2 billion in FY2025 (calendar 2025) and $17.4 billion in Q3 FY2026.
- What is AbbVie's business model and how does it make money?
- AbbVie makes money by selling patented medicines, mostly through wholesalers, for far more than they cost to make. In FY2025 AbbVie kept $70.2 of gross profit per $100 of revenue and spent $14.9 per $100 on research and development, plus $8.2 on research bought from other companies.
- Is AbbVie profitable?
- Yes, on a full-year basis. AbbVie reported operating earnings of $15.1 billion and net income of $4.2 billion in FY2025, and net income of $4.2 billion in Q3 FY2026 alone. Q4 FY2024 was a $22 million net loss after a $4.5 billion impairment charge.
- What is AbbVie's revenue by segment?
- AbbVie reports one business segment. By therapeutic area, AbbVie's FY2025 revenue was $30.4 billion in immunology, $10.8 billion in neuroscience, $6.7 billion in oncology, $4.9 billion in aesthetics, $2.1 billion in eye care, $3.7 billion from other key products and $2.6 billion of all other.
- Who are AbbVie's customers?
- AbbVie's largest direct customers are three US wholesalers, McKesson, Cardinal Health and Cencora, which handled substantially all of its US drug sales in 2025. Customers in the US were 76.2% of AbbVie's FY2025 revenue. AbbVie does not give a revenue split by final payer.
- Who owns AbbVie?
- AbbVie is widely held, with one class of stock and one vote per share. BlackRock reported 8.09% in a January 2024 filing and Vanguard Capital Management 7.51% in an April 2026 filing. AbbVie's directors and executive officers together held less than 1% on Mar 6, 2026.
- How much does AbbVie earn from immunology drugs?
- AbbVie's immunology revenue was $30.4 billion in FY2025, 49.7% of the total: Skyrizi $17.6 billion, Rinvoq $8.3 billion and Humira $4.5 billion. AbbVie's immunology revenue was $9.2 billion in Q3 FY2026.
- How much does AbbVie earn from neuroscience drugs?
- AbbVie's neuroscience revenue was $10.8 billion in FY2025, up from $7.7 billion in FY2023. It includes Botox Therapeutic ($3.8 billion), Vraylar ($3.6 billion) and the migraine drugs Ubrelvy and Qulipta ($2.3 billion together).
- How much does AbbVie earn from cancer drugs?
- AbbVie's oncology revenue was $6.7 billion in FY2025, up from $5.9 billion in FY2023. It includes Imbruvica ($2.9 billion), Venclexta ($2.8 billion) and Elahere ($690 million).
- How much does AbbVie earn from aesthetics?
- AbbVie's aesthetics revenue was $4.9 billion in FY2025, down from $5.3 billion in FY2023. It includes Botox Cosmetic ($2.6 billion) and Juvederm fillers ($993 million).
Sources (6)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2024 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1)
- 2026 proxy statement (DEF 14A) for the May 8, 2026 annual meeting
- Schedule 13G, Vanguard Capital Management, event Mar 31, 2026
Terms on this page
- Capital expenditures (capex)
- Dividend payout ratio
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Gross margin
- Market cap
- Net debt
- Net margin
- Operating margin
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does AbbVie sell?
Immunology ($30.4B in FY2025)
Drugs for diseases where the immune system attacks the body. Skyrizi ($17.6 billion) is an injection for psoriasis, psoriatic arthritis, Crohn's disease and ulcerative colitis. Rinvoq ($8.3 billion) is a daily pill for rheumatoid arthritis, eczema and more. Humira ($4.5 billion) is the older injection they replace.
Neuroscience ($10.8B in FY2025)
Botox Therapeutic for chronic migraine and bladder problems ($3.8 billion), Vraylar for schizophrenia and bipolar disorder ($3.6 billion), the migraine drugs Ubrelvy and Qulipta ($2.3 billion together) and Vyalev, a Parkinson's disease infusion ($482 million).
Oncology ($6.7B in FY2025)
Cancer drugs: Imbruvica ($2.9 billion) and Venclexta ($2.8 billion) for blood cancers, and Elahere ($690 million) for a type of ovarian cancer.
Aesthetics ($4.9B in FY2025)
Botox Cosmetic for frown lines and wrinkles ($2.6 billion) and the Juvederm range of dermal fillers ($993 million). These are also sold directly to doctors and other licensed providers.
Other key products ($3.7B) and eye care ($2.1B) in FY2025
Creon for people whose pancreas makes too few digestive enzymes ($1.5 billion, US rights only), Mavyret for hepatitis C ($1.3 billion) and Linzess for constipation. From 2026, AbbVie's earnings releases put eye care inside "all other".
What it does
- Does: Researches, makes and sells its own medicines
- Does: Buys drugs in development from other companies, such as Apogee Therapeutics in 2026
- Does: Sells aesthetic products directly to doctors as well as through distributors
What it does not do
- Does not: Does not report profit by drug or therapeutic area: it has one business segment
- Does not: Does not sell Creon outside the US: it has US rights only
- Does not: Does not book Imbruvica sales outside the US as its own product sales: it reports a collaboration share there ($821 million in FY2025)
14How the money flows
14How the money flows · FY2025
How does money flow through AbbVie?
Money in
- Net revenues$61.2B
The company
AbbVie
$61.2B came in
Money out
- Cost of products sold$18.2B
- Selling, general and admin$14.0B
- Research and development$9.1B
- Research bought from others (acquired IPR&D and milestones)$5.0B
- Interest and other expenses, net (mostly a contingent-consideration charge)$8.2B
- Income tax and noncontrolling interests$2.4B
- Net income$4.2B
- Customers paid AbbVie $61.2 billion in FY2025, 76.2% of it in the US.
- Making the products cost $18.2 billion, selling and admin took $14.0 billion, and research took $9.1 billion.
- Buying research from other companies, such as Capstan for $1.9 billion, took another $5.0 billion.
- Interest and other expenses took $8.2 billion, including a $6.5 billion non-cash charge tied to estimated future Skyrizi sales.
- Tax took $2.4 billion, and $4.2 billion was left as net income.
15What it needs to run
15What it needs to run
What does AbbVie need to run?
Research, its own and bought
Research and development cost $9.1 billion in FY2025, 14.9% of revenue, plus $5.0 billion for research bought from others. Trials can fail: two failed schizophrenia trials led to a $4.5 billion write-down in 2024.
Patents
Basic US patents on Skyrizi and Rinvoq are expected to expire in 2033. After September 2025 settlements, AbbVie expects no generic Rinvoq tablets in the US before April 2037.
People
About 57,000 employees in over 70 countries at Dec 31, 2025.
Borrowing
AbbVie sold $8.0 billion of notes in March 2026 and $10.0 billion in August 2026. It had $8.0 billion of bank credit lines, undrawn at Dec 31, 2025.
16Where it sells
16Where it sells · FY2025
Where does AbbVie sell?
- United States76%
- Outside the US24%
17Competitors and what protects it
17Competitors and what protects it
Who does AbbVie compete with?
Sanofi and Regeneron (Dupixent)
Bambusa's prospectus lists Dupixent beside Rinvoq among approved atopic dermatitis (eczema) drugs. It states Dupixent's 2025 global sales were $17.8 billion, against $8.3 billion for Rinvoq across all its uses.
Eli Lilly (Ebglyss)
NYSE: LLY
Bambusa's prospectus lists Lilly's Ebglyss among the same approved eczema drugs.
Pfizer (Cibinqo)
NYSE: PFE
Bambusa's prospectus lists Pfizer's Cibinqo among the same approved eczema drugs.
Galderma (Nemluvio) and LEO Pharma (Adbry)
Bambusa's prospectus also lists these two among approved eczema drugs.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Patents on the main drugs4 of 5
Basic US patents on Skyrizi and Rinvoq are expected to expire in 2033. After 2025 settlements, AbbVie expects no generic Rinvoq tablets in the US before April 2037.
- Gross profit per $1004 of 5
AbbVie kept $70.2 of gross profit per $100 of revenue in FY2025, against $69.0 in FY2021.
- Research spending4 of 5
AbbVie spent $9.1 billion on research and development in FY2025, 14.9% of revenue, plus $5.0 billion on research bought from others.
- Range of products3 of 5
Skyrizi and Rinvoq were 42.3% of FY2025 revenue and 48.7% in Q3 FY2026. Neuroscience brought in $10.8 billion, oncology $6.7 billion and aesthetics $4.9 billion in FY2025.
- Pricing power2 of 5
Medicare price setting covers Imbruvica from 2026, Vraylar and Linzess from 2027 and Botox from 2028. Humira fell 49% in FY2025, which AbbVie ties mainly to biosimilar competition.
Weak spot
Two drugs carry the business
Skyrizi and Rinvoq were 48.7% of Q3 FY2026 revenue. Humira shows what happens after copies arrive: it fell from $21.2 billion in FY2022 to $4.5 billion in FY2025.
18Where growth could come from
18Where growth could come from
Where could AbbVie's growth come from?
AbbVie said in its Q3 FY2026 earnings release (Oct 30, 2026) that it expects FY2026 adjusted diluted EPS, its own non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more measure, of $13.95 to $13.99. On Feb 4, 2026 it had said $14.37 to $14.57. It gives no GAAP EPS range; GAAP diluted EPS was $2.37 in Q3 FY2026.
Skyrizi
Working$5.8B in Q3 FY2026, up from $4.7B
Revenue rose from $11.7 billion in FY2024 to $17.6 billion in FY2025. An under-the-skin starting dose for Crohn's disease was approved in Q3 FY2026.
Status: Working, on track against what the company said.
Rinvoq
Working$2.7B in Q3 FY2026, up from $2.2B
Revenue rose from $6.0 billion in FY2024 to $8.3 billion in FY2025. AbbVie expects no generic Rinvoq tablets in the US before April 2037.
Status: Working, on track against what the company said.
Neuroscience
Working$3.4B in Q3 FY2026, up from $2.8B
Vraylar and Botox Therapeutic each brought in about $1.1 billion in Q3 FY2026. The FDA approved Juvmo (tavapadon) for Parkinson's disease in the quarter.
Status: Working, on track against what the company said.
Oncology
Mixed$1.7B in Q3 FY2026, flat with a year earlier
Venclexta brought in $803 million and Imbruvica $522 million. AbbVie submitted etentamig, a multiple myeloma drug, for FDA approval in Q3 FY2026.
Status: Mixed, partly on track.
Aesthetics
Mixed$1.18B in Q3 FY2026, down from $1.19B
Yearly revenue fell from $5.3 billion in FY2023 to $4.9 billion in FY2025.
Status: Mixed, partly on track.
Apogee Therapeutics
New$10.6B consideration, closed Sep 3, 2026
Apogee's lead drug, zumilokibart, is a late-stage eczema antibody, and it has an asthma program. AbbVie sold $10.0 billion of notes in August 2026 tied to the deal.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (7)
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K (Item 7.01) filed Jun 22, 2026: agreement to acquire Apogee Therapeutics, Exhibit 99.1
- Form 8-K (Item 7.01) filed Sep 3, 2026: Apogee acquisition completed, Exhibit 99.1
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K (Item 8.01) filed Aug 18, 2026: $10.0 billion senior notes offering completed
19The company's own measures (non-GAAP)
19The company's own measures · FY2023 to FY2025 and Q3 FY2026
What do AbbVie's own measures show?
Official (GAAP): Diluted EPS, FY2025
$2.36
Company's own measure: Adjusted diluted EPS, FY2025
$10.00
AbbVie leaves out amortization of bought intangibles ($3.50 a share), contingent-consideration charges ($3.56), impairments ($0.39) and acquisition and integration costs ($0.15). It keeps research bought from others in.
Official (GAAP): Diluted EPS, FY2024
$2.39
Company's own measure: Adjusted diluted EPS, FY2024
$10.12
Same type of exclusions, per share.
Official (GAAP): Diluted EPS, FY2023
$2.72
Company's own measure: Adjusted diluted EPS, FY2023
$11.11
Same type of exclusions, per share.
Official (GAAP): Diluted EPS, Q3 FY2026
$2.37
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$3.82
Leaves out amortization ($0.79 a share), contingent-consideration charges ($0.46) and acquisition and integration costs ($0.22); keeps $0.11 of research bought from others. On Oct 30, 2026 AbbVie said it expects $13.95 to $13.99 for FY2026.
Official (GAAP): Gross margin, Q3 FY2026
75.4%
Company's own measure: Adjusted gross margin, Q3 FY2026
85.1%
Mainly leaves out amortization of bought intangibles, which AbbVie books in cost of products sold.
Official (GAAP): Operating margin, Q3 FY2026
36.0%
Company's own measure: Adjusted operating margin, Q3 FY2026
48.7%
Leaves out the same types of items as adjusted EPS.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does AbbVie have?
- Total debt$80.9B
- Cash and investments$10.8B
- Net debt (debt minus cash)$70.1B
- Net worth (shareholders' money)−$4.6B
- Debt is short-term borrowings plus current and long-term debt, including finance leases as the balance sheet shows them. Net debt counts cash and equivalents only and is a Cityfort calculation from the Q3 FY2026 10-Q.
- Debt rose from $67.5 billion at Dec 31, 2025 to $80.9 billion at Sep 30, 2026, after $8.0 billion of notes in March and $10.0 billion in August that helped pay for Apogee. Total debt was $76.7 billion at the end of FY2021 and $59.4 billion at the end of FY2023.
- Stockholders' equity was a deficit of $4.6 billion at Sep 30, 2026. Dividends declared of $11.8 billion and buybacks exceeded FY2025 net income of $4.2 billion, so the page shows no debt-to-equity ratio.
- Goodwill and intangible assets were $94.5 billion, 64.0% of total assets of $147.7 billion (Cityfort calculation from the Q3 FY2026 10-Q).
- Not counted as debt: contingent consideration, future payments mainly tied to Skyrizi sales, recorded at $27.3 billion at Sep 30, 2026.
- AbbVie's 10-Q states credit ratings of A2 with a stable outlook from Moody's, upgraded in February 2026, and A- with a positive outlook from S&P, changed in June 2026.
Sources (10)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2022
- Form 8-K (Item 8.01) filed Mar 4, 2026: $8.0 billion senior notes offering completed
- Form 8-K (Item 8.01) filed Aug 18, 2026: $10.0 billion senior notes offering completed
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1)
21Who owns it
21Who owns it · ownership as of Mar 6, 2026
Who owns AbbVie?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (6)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A) for the May 8, 2026 annual meeting
- SEC EDGAR submissions index for AbbVie Inc. (CIK 0001551152)
- Schedule 13G, Vanguard Capital Management, event Mar 31, 2026
- Schedule 13G/A, The Vanguard Group, event Mar 13, 2026
22What it does with profit
22What it does with profit
What does AbbVie do with its profit?
Dividend per share
$6.65FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2023
Bought 10 million of its own shares for $1.6 billion in 2023.
$1.6B
Buyback · Dec 31, 2024
Bought 7 million shares for $1.3 billion in 2024.
$1.3B
Buyback · Dec 31, 2025
Bought 3 million shares for $606 million in 2025.
$606M
Buyback · Sep 30, 2026
Bought 5 million shares for $1.1 billion in the first nine months of 2026; about $1.8 billion of authorization remained at Sep 30, 2026.
$1.1B
Money raised · Feb 26, 2024
Issued $15.0 billion of senior notes in seven series, due 2027 to 2064, to help pay for ImmunoGen and Cerevel.
$15.0B
Money raised · Mar 4, 2026
Completed $8.0 billion of senior notes in seven series, due 2028 to 2066.
$8.0B
Money raised · Aug 18, 2026
Completed $10.0 billion of senior notes in nine series, due 2028 to 2066, tied to the Apogee deal.
$10.0B
Sources (5)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K (Item 8.01) filed Feb 26, 2024: $15.0 billion senior notes offering completed
- Form 8-K (Item 8.01) filed Mar 4, 2026: $8.0 billion senior notes offering completed
- Form 8-K (Item 8.01) filed Aug 18, 2026: $10.0 billion senior notes offering completed
23Governance signals
23Governance signals
What do AbbVie's governance filings show?
- Auditor
- Ernst & Young LLP, since 2013
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says relatives of executive Nicholas Donoghoe own equity in LaserAway, a chain of aesthetics clinics, which bought $17.7 million of AbbVie products in 2025. A director's son is an AbbVie employee who earned $145,293 in 2025; the governance committee approved his pay.
- Credit rating
- Moody's and S&P, as stated in AbbVie's 10-Q A2 (Moody's) and A- (S&P) (Stable (Moody's), positive (S&P)), Nov 3, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · May 12, 2026
Chairman and CEO are one person
Robert A. Michael holds both roles, and Roxanne Austin is lead independent director. A stockholder proposal for an independent chair failed on May 8, 2026, with 515,626,009 votes for and 787,253,970 against.
other · May 12, 2026
Supermajority voting rules stay
Removing AbbVie's supermajority voting rules needs 80% of all outstanding shares. A management proposal to remove them failed again on May 8, 2026, with 1,290,990,023 votes for and 14,896,119 against.
other · Nov 2, 2026
Board changes in October 2026
The board grew from 12 to 13 members when John M. Carethers joined on Oct 14, 2026. Director Jennifer L. Davis resigned effective Nov 2, 2026 to become CEO of Align Technology; the 8-K says this was not the result of any dispute.
other
Insider share rules
AbbVie's policies bar directors and officers from hedging its stock or using it as collateral for a loan.
Sources (6)
- 2026 proxy statement (DEF 14A) for the May 8, 2026 annual meeting
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K (Item 5.07) filed May 12, 2026: 2026 annual meeting vote results
- Form 8-K (Item 5.02) filed Oct 15, 2026: John M. Carethers appointed director
- Form 8-K (Item 5.02) filed Nov 2, 2026: Jennifer L. Davis resigns as director
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for AbbVie on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: AbbVie closed at $288.24, from Nasdaq's historical price table; AbbVie's shares are listed on the NYSE. The market value of about $509.5 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) uses the 1,767.6 million shares on the 10-Q cover (Oct 26, 2026). P/E is price ÷ earnings per share: 122.1 on FY2025 diluted EPS of $2.36, and 49.6 on $5.81 for the four quarters to Q3 FY2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). AbbVie's $1.73 quarterly dividend is $6.92 over four quarters, or 2.40% of that price.
- Share price
- $288.24
- Market value (market cap)
- $509.5B
- P/E
- 122.1×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
7.7×
$509.5B market value ÷ $66.0B revenue (four quarters to Sep 30, 2026) = 7.7×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Ks and 10-Qs. Source: Nasdaq historical quotes for ABBV (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 6 more
How price ratios workDividend yield
2.31%
$6.65 dividends per share (FY2025) ÷ $288.24 share price = 2.31%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: Nasdaq historical quotes for ABBV (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
What dividend yield meansFree cash flow yield
3.5%
$17.8B free cash flow (FY2025) ÷ $509.5B market value = 3.5%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: Nasdaq historical quotes for ABBV (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
What free cash flow means
Shares used for the market value: 1,767.62 million ($288.24 × 1,767.62 million shares ≈ $509.5B). Source: Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
Source: Nasdaq historical quotes for ABBV (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
Sources (9)
- Nasdaq historical quotes for ABBV (closing price Nov 5, 2026)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (Form 8-K Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1)
- Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026)
- Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026)
25How it got here
25How it got here
How did AbbVie get here?
2013
Business-model change
Spun off from Abbott
Abbott Laboratories handed all AbbVie shares to its own shareholders on Jan 1, 2013, making AbbVie a separate public company.
2022
Milestone
Humira reaches $21.2 billion
Humira brought in $21.2 billion in FY2022, up from $20.7 billion in FY2021, when it was 36.8% of AbbVie's $56.2 billion revenue.
2023
Crisis
Humira falls
Humira revenue fell from $21.2 billion to $14.4 billion, and total revenue fell 6.4% to $54.3 billion.
2024
Business-model change
ImmunoGen and Cerevel deals
AbbVie paid $17.5 billion, net of cash acquired, for the two drug developers, helped by $15.0 billion of notes.
2024
Crisis
A $4.5 billion trial write-down
Two Phase 2 schizophrenia trials of emraclidine, from Cerevel, missed their main goal. With the write-down, Q4 FY2024 ended in a $22 million net loss.
2025
Milestone
Skyrizi and Rinvoq pass Humira's peak
The two drugs brought in $25.9 billion in FY2025, more than Humira's $21.2 billion in FY2022. September 2025 settlements put generic Rinvoq tablets no earlier than April 2037 in the US.
2026
Milestone
Agreement with the US government
AbbVie committed to $100 billion of US research and capital investment over a decade. The government agreed to a three-year exemption from tariffs and future price mandates.
2026
Business-model change
Apogee bought
AbbVie completed the Apogee Therapeutics deal on Sep 3, 2026, for $10.6 billion of consideration, adding an eczema and asthma pipeline.
Sources (7)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K for fiscal year 2023
- Form 10-K for fiscal year 2022
- Q4 and full-year 2024 earnings release (Form 8-K Exhibit 99.1)
- Form 8-K (Item 7.01) filed Sep 3, 2026: Apogee acquisition completed, Exhibit 99.1
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K (Item 7.01) filed Jun 22, 2026: agreement to acquire Apogee Therapeutics, Exhibit 99.1
26Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
- S2Form 10-K for fiscal year 2023 · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
- S3Form 10-K for fiscal year 2022 · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2023
- S4Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
- S5Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 3, 2026
- S6Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
- S7Q3 2026 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S8Q2 2026 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S9Q1 2026 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S10Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
- S11Q3 2025 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2025
- S12Q2 2025 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
- S13Q1 2025 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 25, 2025
- S14Q4 and full-year 2024 earnings release (Form 8-K Exhibit 99.1) · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2025
- S152026 proxy statement (DEF 14A) for the May 8, 2026 annual meeting · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
- S16Schedule 13G/A, The Vanguard Group, event Mar 13, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S17Schedule 13G, Vanguard Capital Management, event Mar 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S18Form 8-K (Item 7.01) filed Jun 22, 2026: agreement to acquire Apogee Therapeutics, Exhibit 99.1 · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 22, 2026
- S19Form 8-K (Item 7.01) filed Sep 3, 2026: Apogee acquisition completed, Exhibit 99.1 · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2026
- S20Form 8-K (Item 8.01) filed Mar 4, 2026: $8.0 billion senior notes offering completed · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 4, 2026
- S21Form 8-K (Item 8.01) filed Aug 18, 2026: $10.0 billion senior notes offering completed · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 18, 2026
- S22Form 8-K (Item 5.02) filed Oct 15, 2026: John M. Carethers appointed director · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2026
- S23Form 8-K (Item 5.02) filed Nov 2, 2026: Jennifer L. Davis resigns as director · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
- S24Form 8-K (Item 2.02) filed Oct 5, 2026: Q3 2026 acquired IPR&D and milestones expense and guidance update, Exhibit 99.1 · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
- S25SEC XBRL company facts for CIK 0001551152 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
- S26SEC EDGAR submissions index for AbbVie Inc. (CIK 0001551152) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
- S27Nasdaq historical quotes for ABBV (closing price Nov 5, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S28Form 8-K (Item 5.07) filed May 12, 2026: 2026 annual meeting vote results · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2026
- S29Bambusa Therapeutics, Inc. final prospectus filed under Rule 424(b)(4), dated Oct 29, 2026 (competition section, pp. 146 and 197-198) · SEC EDGAR (filed by Bambusa Therapeutics, Inc., CIK 0002044950) · Tier 1: company or exchange filing · Oct 30, 2026
- S30Form 8-K (Item 8.01) filed Feb 26, 2024: $15.0 billion senior notes offering completed · AbbVie Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.