AbbVie

Liquidity is robust and cash generation ample, but leverage is meaningful. As of June 30, 2025, cash and equivalents were ~6.5 billion dollars.

Debt comprised ~5.6 billion dollars short-term borrowings, ~2.0 billion dollars current portion of long-term debt, and ~63.0 billion dollars long-term debt, for total debt near 70.5 billion dollars and net debt ~64.0 billion dollars. Interest expense for 1H25 was ~1.44 billion dollars and comfortably covered by operating earnings and cash flow.

TTM FCF is estimated at ~18.2 billion dollars, with maintenance capex low relative to CFO. Dividend cash outlay TTM is roughly 11.3 billion dollars, indicating acceptable coverage. The balance sheet is investment-grade in practice but constrained by acquisition funding and intangibles; we prefer gradual deleveraging.

Sources: AbbVie Q2 2025 10-Q; AbbVie 2024 10-K.