AbbVie (ABBV): $61 billion of sales, Skyrizi and Rinvoq after Humira, and a P/E of 81 or 26

AbbVie develops and sells prescription drugs. Its revenue reached $61.2 billion in 2025, 8.6% more than in 2024, and half of it came from immunology. The stock closed at $285.42 on October 16, 2026, the highest close since it began trading in 2013, for a market value of $504 billion. It is 25.8% higher than a year earlier. Third-quarter results had not been released by October 18.

This profile follows the company through its SEC filings: where the money comes from, the drug that lost its exclusivity and the two that have overtaken it, why its accounting profit looks so small, and who has been buying and selling.

From Abbott spin-off to 2026

AbbVie never had an IPO. It was incorporated in Delaware in April 2012 to hold Abbott Laboratories’ research-based pharmaceuticals business, and on January 1, 2013 Abbott distributed 100% of AbbVie’s stock to its own shareholders, one AbbVie share for each Abbott share. Regular-way trading on the New York Stock Exchange began on January 2, 2013.

Where the revenue comes from

Two immunology drugs carry the company. Skyrizi sold $17.56 billion in 2025, up 49.9%, and Rinvoq $8.30 billion, up 39.1%; the 10-K says together they were about 42% of revenue. Humira, AbbVie’s best-selling drug in 2023, went the other way: $14.40 billion that year, $4.54 billion in 2025. The 10-K attributes the decline to biosimilar competition after Humira lost exclusivity in the United States on January 31, 2023. The United States was 76.2% of 2025 revenue.

The company expects the U.S. composition-of-matter patents on Skyrizi and Rinvoq to expire in 2033. After a September 2025 settlement with the generic manufacturers, it does not expect a U.S. generic of Rinvoq tablets before April 2037, subject to standard acceleration provisions and assuming pediatric exclusivity is granted.

Why the accounting profit looks small

Revenue in 2025 was the highest in the company’s history, yet GAAP net earnings were lower than in 2023. The 10-K lists what weighed on them in 2025: $7.4 billion of amortization of intangible assets, most of them rights to products already on the market; $6.5 billion for the change in the fair value of contingent consideration — milestone and royalty payments it owes on acquired products, which the 10-K says reflected higher expected Skyrizi sales, among other factors; and $847 million of impairments. There was also $5.0 billion of acquired research and development. Based on the intangible assets on its books at the end of 2025, the company expects amortization to fall from $6.7 billion in 2026 to $4.5 billion in 2030.

AbbVie also reports an adjusted figure that leaves out amortization, the contingent-consideration changes and a few other items. On that basis, 2025 earnings per share were $10.00, against $2.36 under GAAP; both include $2.76 a share of acquired R&D. The adjusted number is the company’s own measure, not a GAAP one, and the choice between the two changes how expensive the stock looks.

In the first half of 2026, revenue rose 11.2% to $32.0 billion and GAAP net earnings nearly doubled, to $4.31 billion from $2.22 billion; adjusted EPS rose 16.0%, to $6.30. On October 5, 2026 the company set its 2026 adjusted EPS guidance at $13.76 to $13.96, after $216 million of acquired R&D expected in the third quarter. That is a forecast, and it started the year at $14.37 to $14.57.

Negative equity, debt and the Apogee deal

AbbVie’s balance sheet showed a total deficit of $5.9 billion on June 30, 2026: shareholders’ equity is negative, so price-to-book and return on equity do not apply. Debt was $70.8 billion, against $6.6 billion of cash, and the company sold $8.0 billion of new notes in March 2026 and $10.0 billion in August. On September 3 it completed the purchase of Apogee Therapeutics, a clinical-stage company developing drugs for atopic dermatitis and asthma, for $135.11 a share in cash, a total equity value of about $10.9 billion.

In January 2026 AbbVie signed a voluntary agreement with the U.S. government: low prices in Medicaid, more direct-to-patient sales and a pledge of $100 billion of U.S. research, development and capital investment over the next decade, in exchange for a three-year exemption from tariffs and future price mandates.

Dividends and $1,000 since 2013

The quarterly dividend rose 5.5% to $1.73 a share from February 2026, $6.92 a year, a yield of 2.42% at the October 16 close. The company says it has raised the quarterly dividend by more than 330% since 2013 and is a member of the S&P Dividend Aristocrats index. Bought at the first close on January 2, 2013 ($35.12), $1,000 of stock would be worth about $8,130 from the share price alone, and about $14,090 with dividends reinvested.

Who owns it, and who sold

Vanguard (10.02%) and BlackRock (8.09%) are the largest shareholders listed in the 2026 proxy statement. Only six of the 38 investment managers this site tracks held the stock at the end of June, one more than a quarter earlier. The largest, Ken Griffin of Citadel, raised his position about six and a half times, to 3.17 million shares; Cliff Asness and Israel Englander also added, and Steve Cohen bought back in.

In the twelve months to October 18, 2026, no insider bought shares in the market. Three executives sold $18.9 million between them: general counsel Perry Siatis $9.5 million under a 10b5-1 plan, chief business and strategy officer Nicholas Donoghoe $8.2 million on the day he exercised 32,710 options, and controller David Purdue $1.2 million. Chief executive Robert Michael sold none; the shares withheld from him and others were for taxes on vesting stock awards.

The figures above come from AbbVie’s filings and the 13F, Form 4 and Form 144 filings listed below. They describe what happened; they are not a forecast and not investment advice.