What it does
AbbVie describes itself as a global, diversified research-based biopharmaceutical company. It operates one global business segment covering research and development, manufacturing, commercialization and sale of medicines and therapies. The filing groups its portfolio into immunology, neuroscience, oncology, aesthetics, eye care and other key products. Examples include Skyrizi, Rinvoq and Humira in immunology; Vraylar and Botox Therapeutic in neuroscience; and Botox Cosmetic and the Juvederm Collection in aesthetics. The company states that its products address complex and serious diseases, as well as aesthetic and eye-care needs.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
As the segment table below shows, AbbVie reports a single global business segment rather than separate operating segments. The company states that it generates product revenue through the worldwide sale of medicines and therapies, using commercial efforts organized by geographic region or therapeutic area. Products are generally sold directly to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies and independent retailers. Some aesthetic products and devices are sold directly to physicians and other licensed health care providers. The filing also states that certain products are co-marketed or co-promoted with other companies.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company directs marketing toward physicians, external experts and other health care providers, while managed-care providers, hospitals and government agencies are also important customers. It also markets directly to consumers, although many U.S. products require a prescription. AbbVie sells worldwide; outside the United States, it primarily sells to wholesalers or through distributors and works with national payer systems on reimbursement terms. In the United States, McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc. accounted for substantially all pharmaceutical product sales during 2025. The filing states that no individual wholesaler represented more than 43% of U.S. gross revenues.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that its markets are highly competitive and that it competes with research-based pharmaceutical and biotechnology companies. The filing identifies competing product categories rather than naming specific competitor companies. It lists IL-23 inhibitors, IL-17 inhibitors, JAK inhibitors, biosimilars and other products as competition for immunology products; and targeted therapies including BTK inhibitors, antibody-drug conjugates and cell therapies for oncology products. It also notes competition for Botox. According to the filing, price, technological innovation, new products, changes in medical practices, and generic or biosimilar substitution can create competitive pressure.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing lists the following risks among its risk factors:
- Expiration or loss of patent protection and licenses, loss of exclusivity, and increased generic and biosimilar competition.
- Third-party intellectual property that could prevent product sales or adversely affect profitability and financial condition.
- Formulary management and utilization tools that could limit or delay patient access, increase cost-sharing, or shift use to competing therapies.
- Laws and regulations affecting government benefit programs that could impose obligations, require business-practice changes, or restrict operations.
- Failure to attract, develop and retain highly qualified personnel.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
People and operations
AbbVie employed 57,000 people as of December 31, 2025, in over 70 countries. The company states that some employees outside the United States are represented by unions or works councils. Its global research and development and supply-chain organization is responsible for product discovery, development, manufacturing and supply, while commercial efforts are organized by geography or therapeutic area. The company uses dedicated commercial resources, regional resources and distributorships for worldwide marketing, sales and distribution. It states that its business does not have significant seasonality, though product revenues may be affected by customer buying patterns and wholesaler inventory fluctuations.
Source: AbbVie Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov