AbbVie Inc. (ABBV)

AbbVie Inc. is a global, diversified, research-based biopharmaceutical company that develops, manufactures, commercializes and sells advanced therapies for some of the world's most complex and serious diseases. It has leadership positions in immunology, neuroscience, oncology and aesthetics. AbbVie was incorporated in Delaware in April 2012 and became an independent, publicly traded company on January 1, 2013, when Abbott Laboratories distributed 100% of its AbbVie shares to Abbott's shareholders.

AbbVie operates as a single global business segment, and its CEO, as chief operating decision maker, allocates resources and assesses performance on a global basis. A global research and development and supply chain organization handles discovery, development, manufacturing and supply. Commercial efforts are organized by geographic region or therapeutic area. In immunology, the products are Skyrizi (an IL-23 inhibitor), Rinvoq (an oral JAK inhibitor) and Humira (adalimumab), which treat conditions across rheumatology, dermatology and gastroenterology. Neuroscience products include Vraylar, Botox Therapeutic, Ubrelvy, Qulipta, Vyalev and Duodopa, covering psychiatric conditions, migraine, spasticity and Parkinson's disease. Oncology products include Imbruvica, Venclexta, Elahere, Epkinly and Emrelis. Aesthetics products include Botox Cosmetic, the Juvederm Collection, Alloderm, CoolSculpting, Natrelle, SkinMedica, Latisse and DiamondGlow. Eye care products include Ozurdex, Lumigan/Ganfort, Alphagan/Combigan, Refresh/Optive, Xen, Durysta and Restasis. Other key products are Mavyret for hepatitis C, Creon for exocrine pancreatic insufficiency and Linzess/Constella for irritable bowel syndrome with constipation and chronic idiopathic constipation.

AbbVie sells worldwide through dedicated and regional commercial resources and distributorships. Its marketing targets physicians, external experts and other health care providers, while managed care providers, hospitals and government agencies such as Medicaid, the VA and the Department of Defense are also important customers. It also markets directly to consumers and provides patient support programs. Products are sold to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies and independent retailers. Certain products, including aesthetic products and devices, are sold directly to physicians and other licensed providers. In the United States, three wholesalers (McKesson, Cardinal Health and Cencora) accounted for substantially all pharmaceutical sales in 2025, and no single one exceeded 43% of U.S. gross revenues. No single customer would materially harm the business if lost, and order backlog is not material.

The markets for AbbVie's products are highly competitive. It competes with other research-based pharmaceutical and biotechnology companies, with competition based on innovation and price. Immunology products face IL-23 inhibitors, IL-17 inhibitors, JAK inhibitors and biosimilars, and oncology products face BTK inhibitors, ADCs and cell therapies. Humira faces direct biosimilar competition globally, and Botox faces competing products. Generic and biosimilar substitution pressures products without patent protection. AbbVie seeks patent protection in all significant markets and relies on patent term restoration and regulatory exclusivities. Some products are co-marketed or co-promoted with other companies, and GSK markets Botox Therapeutic in Japan.