{"schemaVersion":1,"research":true,"symbol":"abbv","name":"AbbVie","topic":"moat","path":"/stock/abbv/moat","status":"published","version":3,"updatedAt":"2026-10-17T21:20:04.888Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"AbbVie has a narrow moat grounded in product-specific intellectual property and commercially successful therapies. Demonstrated market-share gains and portfolio growth support a current advantage, while Humira's realized erosion after loss of exclusivity shows its limits. Pricing power is mixed across products and constrained by government pricing and reimbursement negotiations. The passages do not establish exceptional durability, strong switching costs or a structural cost advantage.","advantages":[{"mechanism":"intangible_assets","claim":"Product-specific patent rights and successful differentiated therapies support a current competitive advantage. Rinvoq, Botox Therapeutic, Ubrelvy and Qulipta gained market share, while portfolio growth offset substantial Humira erosion. Patent enforcement demonstrates existing rights and challenges, not assured litigation success.","durability":"Narrow and dependent on individual products, enforceable rights and continued commercial innovation. Regulatory and biologics development requirements create entry hurdles, but the supplied passages lack patent-expiration schedules and comparative efficacy evidence needed to establish a long protection horizon.","risks":"Humira revenue fell sharply following biosimilar entry. Imbruvica experienced unfavorable pricing and lower demand. Government-set prices can constrain economics before patent expiry, and proposed generic products challenge migraine-treatment patents. Pipeline programs and announced acquisitions represent potential replenishment rather than established replacement advantages.","invalidation":"The thesis would weaken materially if sustained market-share losses across the growing therapies coincided with patent defeats or generic entry, and replacement-product growth ceased to offset exclusivity losses. Persistent portfolio revenue contraction alongside deteriorating realized pricing would contradict the demonstrated replenishment advantage.","competitors":["Aurobindo Pharma U.S.A., Inc.","Apotex Inc."],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9","e10","e11"],"counterEvidenceIds":["e12","e13","e14","e15","e16","e17","e18","e19"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Note 11, intellectual property litigation: Ubrelvy patent enforcement","excerpt":"Intellectual Property Litigation AbbVie is seeking to enforce patent rights related to ubrogepant (a drug sold under the trademark Ubrelvy)."},{"id":"e2","sourceId":"filing-2","location":"Note 11, intellectual property litigation: Qulipta patent enforcement","excerpt":"AbbVie is seeking to enforce patent rights related to atogepant (a drug sold under the trademark Qulipta)."},{"id":"e3","sourceId":"filing-2","location":"MD&A, Rinvoq revenue growth and market-share uptake","excerpt":"Net revenues for Rinvoq increased 24% for the three months and 22% for the six months ended June 30, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications."},{"id":"e4","sourceId":"filing-2","location":"MD&A, Botox Therapeutic revenue growth and market-share uptake","excerpt":"Net revenues for Botox Therapeutic increased 12% for the three months and 13% for the six months ended June 30, 2026 primarily driven by market growth as well as continued market share uptake."},{"id":"e5","sourceId":"filing-2","location":"MD&A, Ubrelvy revenue growth and market-share uptake","excerpt":"Net revenues for Ubrelvy increased 16% for the three months and 26% for the six months ended June 30, 2026 primarily driven by continued market share uptake as well as market growth."},{"id":"e6","sourceId":"filing-2","location":"MD&A, Qulipta revenue growth and market-share uptake","excerpt":"Net revenues for Qulipta increased 30% for the three months and 39% for the six months ended June 30, 2026 primarily driven by continued market share uptake as well as market growth."},{"id":"e7","sourceId":"filing-3","location":"Proxy summary, 2025 total revenue exceeding its previous peak","excerpt":"​ Strong operational execution ● Total net revenues of $61.2 billion, driven by strong performance from our Growth Platform, exceeded their previous peak in just the second full year following the U.S."},{"id":"e8","sourceId":"filing-3","location":"Proxy summary, Humira loss of exclusivity and Growth Platform results","excerpt":"Humira loss of exclusivity (LOE). o Key asset performance drove Growth Platform net revenues of $56.6 billion, an increase of 19.6% compared to 2024."},{"id":"e9","sourceId":"filing-1","location":"Business, biosimilars: development costs and chronic treatment","excerpt":"The cost of developing and producing biologic therapies is typically dramatically higher than for small molecule medications, and many biologic medications are used for ongoing treatment of chronic diseases, such as rheumatoid arthritis or inflammatory bowel disease, or for the treatment of previously untreatable cancer."},{"id":"e10","sourceId":"filing-1","location":"Business, biosimilars: manufacturing investment requirements","excerpt":"Significant investments in biologics infrastructure and manufacturing are necessary to produce biologic products."},{"id":"e11","sourceId":"filing-1","location":"Business, regulation: approval time, difficulty and costs","excerpt":"Among other effects, health care regulations substantially increase the time, difficulty and costs incurred in obtaining and maintaining approval to market newly developed and existing products."},{"id":"e12","sourceId":"filing-2","location":"MD&A, realized Humira erosion following loss of exclusivity","excerpt":"Net revenues for Humira decreased 36% for the three months and 38% for the six months ended June 30, 2026 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity."},{"id":"e13","sourceId":"filing-2","location":"MD&A, Imbruvica unfavorable pricing and decreased demand","excerpt":"AbbVie's global Imbruvica revenues decreased 29% for the three months and 27% for the six months ended June 30, 2026 primarily driven by unfavorable pricing and decreased demand in the United States as well as decreased collaboration revenues."},{"id":"e14","sourceId":"filing-1","location":"Risk factors, Medicare government-price selection and effective dates","excerpt":"In August 2023, HHS, through CMS, 2025 Form 10-K | 16 selected Imbruvica as one of 10 medicines subject to government-set prices in Medicare Part D beginning January 1, 2026, and in January 2025, selected Vraylar and Linzess as two of 15 medicines subject to government-set prices in Medicare Part D beginning January 1, 2027."},{"id":"e15","sourceId":"filing-1","location":"Risk factors, Botox government-price selection effective in 2028","excerpt":"In January 2026, Botox was selected as one of 15 medicines subject to government-set prices in Medicare Parts B and D beginning January 1, 2028."},{"id":"e16","sourceId":"filing-2","location":"Note 11, named defendants in ubrogepant patent litigation","excerpt":"Litigation was filed in the United States District Court for the District of New Jersey in March 2024 against Aurobindo Pharma U.S.A., Inc., Aurobindo Pharma Limited, and Apitoria Pharma Private Limited; Zydus Pharmaceuticals (USA) Inc."},{"id":"e17","sourceId":"filing-2","location":"Note 11, proposed generic ubrogepant products and infringement allegations","excerpt":"AbbVie alleges defendants’ proposed generic ubrogepant products infringe certain patents and seeks declaratory and injunctive relief."},{"id":"e18","sourceId":"filing-2","location":"Note 11, named defendants in atogepant patent litigation","excerpt":"Litigation was filed in the United States District Court for the District of New Jersey in December 2025 and January 2026 against Apotex Inc.; Macleods Pharmaceuticals Ltd."},{"id":"e19","sourceId":"filing-1","location":"Legal proceedings, proposed generic atogepant products and infringement allegations","excerpt":"AbbVie alleges defendants’ proposed generic atogepant products infringe certain patents and seeks declaratory and injunctive relief."},{"id":"e20","sourceId":"filing-2","location":"MD&A, Vraylar growth and favorable pricing","excerpt":"Net revenues for Vraylar increased 19% for the three and six months ended June 30, 2026 primarily driven by continued market share uptake and market growth as well as favorable pricing."},{"id":"e21","sourceId":"filing-2","location":"MD&A, Botox Cosmetic favorable pricing from prior-year loyalty program changes","excerpt":"Net revenues for the six months ended June 30, 2026 were also impacted by favorable pricing due to customer loyalty program changes in the United States in the prior year."},{"id":"e22","sourceId":"filing-2","location":"MD&A, Juvederm Collection unfavorable pricing and decreased demand","excerpt":"Net revenues for Juvederm Collection decreased 7% for the three months and 5% for the six months ended June 30, 2026 primarily driven by decreased consumer demand and unfavorable pricing."},{"id":"e23","sourceId":"filing-2","location":"MD&A, gross margin improvement and amortization contribution","excerpt":"2026 Form 10-Q | 29 Gross Margin Three months ended June 30, Six months ended June 30, (dollars in millions) 2026 2025 % change 2026 2025 % change Gross margin $ 12,699 $ 11,077 15 % $ 23,483 $ 20,418 15 % as a % of net revenues 75 % 72 % 73 % 71 % Gross margin as a percentage of net revenues increased for the three and six months ended June 30, 2026 compared to the prior year primarily due to higher net revenues compared to lower fixed costs primarily driven by decreased amortization of intangible assets."},{"id":"e24","sourceId":"filing-2","location":"Condensed consolidated statements of earnings, first-half comparative results","excerpt":"and Subsidiaries Condensed Consolidated Statements of Earnings (unaudited) Three months ended June 30, Six months ended June 30, (in millions, except per share data) 2026 2025 2026 2025 Net revenues $ 16,990 $ 15,423 $ 31,992 $ 28,766 Cost of products sold 4,291 4,346 8,509 8,348 Selling, general and administrative 3,632 3,253 7,210 6,546 Research and development 2,344 2,131 4,816 4,198 Acquired IPR&D and milestones 291 823 1,035 1,071 Other operating income — (24) — (24) Total operating costs and expenses 10,558 10,529 21,570 20,139 Operating earnings 6,432 4,894 10,422 8,627 Interest expense, net 679 678 1,324 1,305 Other expense, net 1,475 2,662 3,781 4,107 Earnings before income tax expense 4,278 1,554 5,317 3,215 Income tax expense 662 613 1,004 985 Net earnings 3,616 941 4,313 2,230 Net earnings attributable to noncontrolling interest 3 3 5 6 Net earnings attributable to AbbVie Inc."},{"id":"e25","sourceId":"filing-2","location":"MD&A, national payer reimbursement negotiations","excerpt":"Outside the United States, AbbVie sells products primarily to wholesalers or through distributors, and depending on the market works through largely centralized national payer systems to agree on reimbursement terms."},{"id":"e26","sourceId":"filing-1","location":"MD&A, IRA pricing penalties and manufacturer cost obligations","excerpt":"The Inflation Reduction Act of 2022 has and will continue to have a significant impact on how drugs are covered and paid for under the Medicare program, including through the creation of financial penalties for drugs whose price increases outpace inflation, the redesign of Medicare Part D benefits to shift a greater portion of the costs to manufacturers, and through government price-setting for certain Medicare Part B and Part D drugs."},{"id":"e27","sourceId":"filing-2","location":"MD&A, first-half 2026 revenue, earnings and operating cash flow","excerpt":"Financial Results The company’s financial performance for the six months ended June 30, 2026 included delivering worldwide net revenues of $32.0 billion, operating earnings of $10.4 billion, diluted earnings per share of $2.42 and cash flows from operations of $7.3 billion."},{"id":"e28","sourceId":"filing-2","location":"Liquidity and capital resources, cash dividends paid","excerpt":"Financing cash flows also included cash dividend payments of $6.2 billion for the six months ended June 30, 2026 and $5.8 billion for the six months ended June 30, 2025."},{"id":"e29","sourceId":"filing-2","location":"Liquidity and capital resources, actual share repurchases","excerpt":"AbbVie repurchased 5 million shares for $1.1 billion during the six months ended June 30, 2026 and 3 million shares for $606 million during the six months ended June 30, 2025."},{"id":"e30","sourceId":"filing-2","location":"Note on acquisitions, actual acquisition and investment cash outflows","excerpt":"Other Licensing & Acquisitions Activity Cash outflows related to other acquisitions and investments, net of cash acquired totaled $1.1 billion for the six months ended June 30, 2026 and $1.3 billion for the six months ended June 30, 2025."},{"id":"e31","sourceId":"filing-2","location":"Acquisition agreement, approximately $10.9 billion Apogee transaction terms","excerpt":"Under the terms of the agreement, AbbVie will acquire all outstanding shares of Apogee for $135.11 per share in cash for a total value of approximately $10.9 billion."},{"id":"e32","sourceId":"filing-2","location":"Acquisition agreement, expected closing and outstanding conditions","excerpt":"The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions including Apogee shareholder approval."},{"id":"e33","sourceId":"filing-2","location":"Condensed statements of earnings, weighted-average shares outstanding","excerpt":"$ 2.03 $ 0.52 $ 2.42 $ 1.24 Weighted-average basic shares outstanding 1,769 1,768 1,769 1,768 Weighted-average diluted shares outstanding 1,771 1,771 1,773 1,772 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e34","sourceId":"filing-3","location":"Executive compensation, existing incentive design, ownership requirements and safeguards","excerpt":"​ 2026 Proxy Statement | 35 Table of Contents ​ ​ EXECUTIVE COMPENSATION ​ ​ COMPENSATION PROGRAM GOVERNANCE SUMMARY In addition to strong alignment of pay with the performance of the company and our NEOs, we maintain and are committed to good governance practices, including the following: ​ ​ ● ● ● ​ ​ Good Governance Practices ​ Balanced Incentive Plan Design ✓ Annual incentive plan includes financial, operational, and strategic metrics to assess performance ✓ Annual incentive payout matrix used to define and cap the range for the committee’s determinations (at or below the plan maximum of 200% of target) ✓ Long-term incentive design emphasizing multiple, relative performance metrics and multi-year performance periods ✓ No duplication of performance metrics in short- and long-term incentives ​ Pay Equity and Sustainability ✓ Commitment to pay equity and regular review of pay to ensure pay is fair and equitable ✓ Incorporation of ESG into the strategic/leadership goals within the annual incentive plan ​ Strong Governance Practices ✓ Mandatory clawback of excess compensation in the event of a restatement, plus broad discretion to clawback compensation in the event of a material breach of the AbbVie Code of Business Conduct ✓ Anti-hedging and anti-pledging policies ✓ Annual comprehensive compensation program risk review ✓ Independent compensation consultant that performs no other work for the company ​ Pay for Performance and Stockholder Alignment ✓ Short- and long-term incentive programs closely align with performance ✓ Majority of NEO compensation tied to long-term performance ✓ Proactive stockholder engagement process ​ Robust Stock Ownership Requirements ✓ 6x salary for the CEO and 3x salary for NEOs ✓ 5x annual fees for non-employee directors ✓ NEOs must hold and not sell equity until the minimum stock ownership requirement is satisfied ​ Responsible Pay Practices ✓ No single trigger vesting of equity or other benefits in the event of a change in control ✓ No repricing of stock options without express stockholder approval ✓ No tax gross-ups in executive compensation program ✓ No employment contracts ✓ No guaranteed short-term incentives or equity awards ✓ No dividends paid on unearned performance awards ​ ​ 36 | 2026 Proxy Statement Table of Contents ​ ​ ​ EXECUTIVE COMPENSATION ​ Components of our Executive Compensation Program The compensation committee of the Board oversees our executive compensation program, which includes several compensation elements that have each been tailored to incentivize and reward specific aspects of company performance the Board believes are central to delivering long-term stockholder value."},{"id":"e35","sourceId":"filing-3","location":"Outstanding equity awards, relative ROIC performance conditions","excerpt":"The award has the potential to vest at 0% to 200% of target in one-third increments during a three-year performance period based on AbbVie’s return on invested capital (ROIC) relative to a group made up of companies that are constituents in either the S&P Pharmaceutical, Biotech, and Life Science Index or the NYSE Arca Pharmaceutical Index."},{"id":"e36","sourceId":"filing-3","location":"Executive compensation, actual February 2026 performance-based vesting","excerpt":"In 2025, AbbVie’s relative ROIC performance resulted in the vesting on February 27, 2026 of one-third of the award at 200% of target."},{"id":"e37","sourceId":"filing-3","location":"Board leadership, combined chair and CEO with lead independent director","excerpt":"​ As discussed elsewhere in this proxy statement, AbbVie’s Board has determined that the current leadership structure, in which the offices of chairman of the board and CEO are held by one individual with a Board appointed lead independent director, ensures the appropriate level of oversight, independence, and responsibility is applied to all Board decisions, and is in the best interests of AbbVie and its stockholders."},{"id":"e38","sourceId":"filing-3","location":"Board leadership, director and committee independence","excerpt":"Michael is independent. All members of our audit, compensation, nominations and governance, and public policy and sustainability committees are independent."},{"id":"e39","sourceId":"filing-3","location":"Annual meeting agenda, proposed elimination of supermajority voting","excerpt":"● To vote on a management proposal to eliminate supermajority voting."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied issuer passages. Dates are filing dates: February 20, March 23 and August 3, 2026; operating results cover their stated periods.","Market-share and pricing explanations are issuer-reported operating evidence, without independent efficacy comparisons, market-share levels or quantified price-versus-volume bridges.","Named competitors are selected proposed-generic patent challengers, not demonstrated marketed competitors. Immunology and Botox competition is described mainly through unnamed companies or therapy classes; competitor coverage is incomplete.","Patent-expiration schedules, litigation outcomes and product-level economics are absent. Industry-wide approval and manufacturing hurdles do not establish an AbbVie-specific cost advantage.","Patient persistence, repeat-purchase rates and switching behavior are not supplied. Retention and customer dependency are assessed indirectly from demand and market-share results.","The proxy provides actual incentive arrangements and vesting evidence, but not sufficient individual beneficial-ownership data to verify ownership compliance. The supermajority amendment remains a proposal in the supplied record.","The Apogee transaction was pending in the August filing. No later closing or investment-return evidence is supplied, and a large pipeline does not establish future commercial success."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Existing product-specific patent rights, multiple therapies gaining market share and portfolio recovery support a demonstrated intangible-asset advantage. General regulatory hurdles reinforce entry barriers but do not establish unique superiority.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e11"]},{"criterion":"durability","grade":2,"rationale":"Successful portfolio replenishment supports continuing advantage, but Humira's realized post-exclusivity decline and scheduled government pricing demonstrate finite protection. Missing patent schedules prevent a strong long-horizon conclusion.","evidenceIds":["e7","e8","e12","e14","e15"]},{"criterion":"customer_dependency","grade":2,"rationale":"Chronic-treatment use and market-share gains indirectly support ongoing therapeutic demand. They do not establish patient-level switching friction, and Humira and Imbruvica declines show demand can move or weaken.","evidenceIds":["e9","e3","e4","e12","e13"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Revenue exceeded its prior peak after Humira lost exclusivity, demonstrating meaningful portfolio resilience. Continued severe Humira erosion and Imbruvica weakness keep the assessment mixed.","evidenceIds":["e7","e8","e12","e13","e27"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Vraylar and Botox Cosmetic had favorable pricing effects, while Imbruvica and Juvederm experienced unfavorable pricing. Botox Cosmetic's benefit reflects prior-year loyalty program changes rather than proof of recurring price increases.","evidenceIds":["e20","e21","e13","e22"]},{"criterion":"retention","grade":2,"rationale":"Market-share uptake across several therapies provides indirect evidence of sustained customer demand, offset by realized Humira erosion and lower Imbruvica and Juvederm demand. No retention rates or evidence isolating customer response to price changes is supplied.","evidenceIds":["e3","e4","e5","e6","e12","e13","e22"]},{"criterion":"margin_resilience","grade":3,"rationale":"First-half revenue and operating earnings increased despite product-level competitive and pricing declines, and reported gross margin improved. Lower intangible amortization contributed, so these results demonstrate aggregate resilience without proving pricing caused it or establishing a moat from margins alone.","evidenceIds":["e24","e23","e12","e13"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Government-set prices, inflation-related penalties, manufacturer discount obligations and negotiated national reimbursement terms materially constrain pricing discretion. The dated selections establish restrictions, although future effective dates do not prove already-realized losses.","evidenceIds":["e14","e15","e25","e26"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow was $7.3 billion, against $6.2 billion in dividends, $1.1 billion in repurchases and $1.1 billion in other acquisition and investment outflows. Share counts were broadly stable, but distributions and those investments together exceeded operating cash generation. The pending $10.9 billion acquisition adds commitment without demonstrated returns; supplied financing coverage is incomplete.","evidenceIds":["e27","e28","e29","e30","e31","e32","e33"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing multi-year performance incentives, ownership requirements, clawbacks and restrictions on unearned awards support alignment. Actual February 2026 vesting tied to relative ROIC demonstrates operation of a performance condition. Individual ownership compliance and the rigor of all adjusted metrics cannot be verified.","evidenceIds":["e34","e35","e36"]},{"criterion":"execution","grade":3,"rationale":"Portfolio revenue recovery after Humira loss of exclusivity, continued market-share gains and first-half 2026 growth demonstrate strong commercial execution. This is an inference from operating outcomes rather than acceptance of management's self-description; acquisition returns and future pipeline execution remain unproven.","evidenceIds":["e7","e8","e3","e5","e6","e24","e27"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, a lead independent director and compensation safeguards provide substantive oversight mechanisms. Combined CEO/chair leadership and the still-proposed elimination of supermajority voting temper the assessment. The passages establish structures rather than exceptional oversight effectiveness.","evidenceIds":["e34","e37","e38","e39"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"5585b514f9bfbf7b5710508ce937d6fe4ca888065dc96ffdbe7a230dfd77643f","updatedAt":"2026-10-17T21:20:04.888Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","publishedAt":"2026-02-20","sha256":"84aa933be6f4ae8a52212e453b28e16f4f18f8ab290f3a6967e0e90a2a000582","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000026/abbv-20260630.htm","publishedAt":"2026-08-03","sha256":"12e59b40aa48a47b3e1feaa801cfd4c13b08d52f14fa6838d37cf47964148646","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1551152/000110465926033387/abbv-20260508xdef14a.htm","publishedAt":"2026-03-23","sha256":"bb06f6434a4fd3c1cfdbbff272e1062cbe8500dfd7040108668536bacb134ad6","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:317505173177aa545a25c9a639ba5bd73ea0568d567fe40cf83c8f64147844ea","usage":{"input_tokens":52111,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4069,"reasoning_output_tokens":123}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":68.95563820132747,"operating_margin":31.894941011086004,"roic":18.415848239165143,"fcf_margin":39.13020267985836,"sbc_revenue":1.2313824581383348},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":70.00378957522307,"operating_margin":31.207151961966446,"roic":20.715559354431594,"fcf_margin":41.768009094980535,"sbc_revenue":1.1558204430357943},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":62.41577377664862,"operating_margin":23.485768990021725,"roic":15.501855071108517,"fcf_margin":40.616370264000885,"sbc_revenue":1.375234728819176},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":69.993254517698,"operating_margin":16.219334682429793,"roic":null,"fcf_margin":31.654063265523487,"sbc_revenue":1.617140625554727},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":70.23544800523219,"operating_margin":24.648463047743626,"roic":15.598644792142863,"fcf_margin":29.130150425114454,"sbc_revenue":1.5614780902550687},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000008/abbv-20251231.htm","publishedAt":"2026-02-20","sha256":"84aa933be6f4ae8a52212e453b28e16f4f18f8ab290f3a6967e0e90a2a000582","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1551152/000155115226000026/abbv-20260630.htm","publishedAt":"2026-08-03","sha256":"12e59b40aa48a47b3e1feaa801cfd4c13b08d52f14fa6838d37cf47964148646","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1551152/000110465926033387/abbv-20260508xdef14a.htm","publishedAt":"2026-03-23","sha256":"bb06f6434a4fd3c1cfdbbff272e1062cbe8500dfd7040108668536bacb134ad6","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}