ABBV
AbbVie
Dividend / Cash flow
★ Quality 65/100Price today
$256.46
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What this business is made of
The business
Humira stopped being a gold mine; already digging two richer veins.
AbbVie develops and sells prescription drugs, mostly in immunology (Skyrizi, Rinvoq), oncology, and aesthetics (Botox). It charges for each prescribed treatment, protected by patents. In 2025 it billed 61 billion with 17.8 billion in free cash flow.
Its drugs are shielded by patents and years of clinical trials that no one replicates quickly; switching immunology treatments is slow and risky for the patient. But patents expire, so the moat has to be re-dug every decade.
Revenue history
From $56.2B to $61.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $61.2B · FY2025
Of every $100 in sales, $93 goes to costs and operations; $7 is left as net profit (7% margin).
Catalysts and risks
Skyrizi and Rinvoq already add up to more than 20 billion combined and are aiming to surpass Humira's historic peak by 2027.
Recovery of the aesthetics business (Botox, Juvederm) as discretionary spending normalizes.
Dividend with 52 consecutive years of increases — dividend king track record.
Debt of 58.9 billion against 5.2 in cash, a legacy of the Allergan purchase.
Biosimilars keep eroding Humira, which still brings in revenue.
Skyrizi and Rinvoq will face their own patent expirations next decade, plus Medicare pricing pressure (state price negotiation in the US).
Charlie's note
“Twenty times cash flow for a company that replaced its biggest patent without bleeding out is an honest deal. Debt of nearly ten times cash is uncomfortable, but 52 years of raising the dividend buys a lot of patience.”
Analysis · July 2026
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