AbbVie (ABBV) 10-K Summary — Year Ended Dec 31, 2023
AbbVie reported a decline in revenue and net income for the latest fiscal year. Operating cash flow decreased due to lower net revenues and higher tax payments, partially offset by working capital timing.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
AbbVie reported a decline in revenue and net income for the latest fiscal year. Operating cash flow decreased due to lower net revenues and higher tax payments, partially offset by working capital timing.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$54.3B
Revenue reported for the fiscal year.
Operating income
$12.8B
Income from operations reported for the year.
Net income
$4.9B
Net income reported for the year.
Operating cash flow
$22.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $56.2B | n/a |
| Dec 31, 2022 | $58.1B | +3.3% |
| Dec 31, 2023 | $54.3B | -6.4% |
Business overview
AbbVie is a biopharmaceutical company focused on research, development, and commercialization of therapies. Its business overview includes risk factors and cybersecurity disclosures. The company's financial discussion covers results of operations and liquidity.
Financial performance
Revenue for the period decreased compared to the prior year. Operating income and net income both declined. Operating cash flow also decreased, primarily driven by lower net revenues and higher income tax payments.
Material risks
The filing identifies risk factors and unresolved staff comments. The company faces potential risks from cybersecurity threats and market competition. Lower revenues and higher tax payments contributed to reduced cash flow from operations.
Liquidity and capital
Cash flows from investing activities included payments for acquisitions, capital expenditures, and investment securities. Financing activities included repayment of senior notes and a term loan.
What to watch
Monitor the trend in operating cash flow, as it declined due to lower revenues and higher tax payments.