On this page of StockholderLetter.com we present the latest annual shareholder letter from AbbVie Inc. — ticker symbol ABBV. Reading current and past ABBV letters to shareholders can bring important insights into the investment thesis.

 •  3/23/2026 Letter Continued (Full PDF)
 •  3/21/2023 ABBV Stockholder Letter
 •  3/18/2024 ABBV Stockholder Letter
 •  3/24/2025 ABBV Stockholder Letter
 •  More "Drugs & Pharmaceuticals" Category Stockholder Letters
 •  ABBV Benford's Law Stock Score = 97

ABBV Shareholder/Stockholder Letter Transcript:

~57K
12
6
~90*
>75
$13.8B**
employees in more
than 70 countries
active clinical and
device programs
>210K
U.S. patients provided
medicine at no cost through
our patient assistance
program in 2025
blockbuster products
with sales over
$1B in 2025
conditions treated
new product or
indication approvals
in 2025
in adjusted R&D
investment in 2025

Dear Shareholders,
AbbVie is committed to transforming the standard of care for millions of patients around the world.
In 2025, we demonstrated that our diverse portfolio, dedication to innovation and strong culture allow
us to make a remarkable impact for our patients and deliver meaningful returns for our investors. Over the
past decade, AbbVie has generated a 485% total shareholder return and increased our market
capitalization by $309 billion. We have an impressive track record of success, and this past year has
further reinforced the strength of our business.
AbbVie had an outstanding year in 2025, delivering record total net revenues of $61.2 billion,
reflecting operational sales growth of 8.5%.1 We surpassed our previous peak revenue by more than
$3 billion in just the second full year following the U.S. Humira loss of exclusivity. These results were
driven by strong execution across our growth platform, which continues to perform exceptionally well. Our
immunology portfolio recorded $30.4 billion in net revenues with impressive performance from Skyrizi
and Rinvoq. Neuroscience generated net revenues of $10.8 billion and is our fastest growing therapeutic
area, putting us on track to be an industry leader in this space. Our oncology portfolio contributed
$6.7 billion of net revenues, while aesthetics delivered $4.9 billion of net revenues.
Advancing our pipeline is a top priority. We increased our adjusted R&D investment significantly in
2025, to $13.8 billion,2 fully funding approximately 90 clinical and device programs currently in
development.3 We received several important approvals including Rinvoq for giant cell arteritis, Emrelis
for non-squamous, non-small cell lung cancer and Epkinly for second-line follicular lymphoma. We
also bolstered our pipeline and entered new potential areas of growth with more than $5 billion in new
business development. This included a novel, next-generation psychedelic compound for major
depressive disorder, novel tri-specifics for multiple myeloma, an in-vivo CAR-T platform, a nextgeneration siRNA platform and a long-acting amylin analog for obesity.
This excellent progress is backed by our strong culture and shared purpose. We have continually
shown determination and an unwavering commitment in serving our patients, shareholders and
communities. In 2025, AbbVie was once again recognized by Great Place to Work U.S. and Fortune,
ranking #1 in the BioPharma industry. Through our employee impact programs, employees help advance
the AbbVie Foundation mission to drive transformative change in communities worldwide so that
everyone can live their healthiest life. Our employees make a real difference in people   s lives by
generously giving their time, talent and resources. This past year, employees volunteered over 58,000
hours and raised $25 million for charities around the world through donations matched by the AbbVie
Foundation. Since our inception in 2013, AbbVie and the AbbVie Foundation have provided more
than $775 million to over 500 philanthropic partners.
AbbVie is well-positioned to drive significant growth in 2026 and through the end of the decade,
enabling us to deliver top-tier performance and elevate the standard of care for patients for years to
come. Thank you for supporting our important mission.
Sincerely,
Robert A. Michael
Chairman of the Board and Chief Executive Officer
1
Operational growth is presented at constant currency rates that reflect comparative local currency net revenues at the prior
year   s foreign exchange rates. Operational sales growth reflects a non-GAAP measure and is adjusted for certain items, which
are reconciled in Appendix B.
2
Adjusted R&D investment reflects a non-GAAP measure and is adjusted for certain items, which are reconciled in Appendix B.
3
Compounds, devices or indications in development individually or under collaboration or license agreements.

A Message from AbbVie   s Lead Independent Director
Dear AbbVie Shareholder,
In my first full year as lead independent director, it has been a pleasure to work with
AbbVie employees, shareholders, and other stakeholders as the company transitioned
into a new chapter of leadership and growth.
On July 1, 2025, the board ushered in new board leadership by appointing Rob
Michael as chairman of the board of directors. Since his appointment as AbbVie   s chief
executive officer in July 2024, Rob has demonstrated exceptional leadership and strategic
vision, providing the board with confidence in his ability to lead both the company and
the board.
In addition to this leadership change, the board oversaw AbbVie   s growth in 2025.
Over the past several years, a key priority for the board was to oversee the company   s
business diversification strategy for returning to growth after Humira   s loss of exclusivity
in the U.S. in 2023     the pharmaceutical industry   s largest patent cliff in history. The board
is extraordinarily pleased that AbbVie rapidly returned to growth in 2025, as anticipated.
This remarkable achievement was due to thoughtful planning and exceptional execution in
our ex-Humira platform, including key products in our Immunology, Neuroscience, and
Oncology portfolios.
The board is also working with Rob and his leadership team to drive long-term growth
by advancing new and innovative science that has the potential to improve the lives of even
more patients, whether through acquisitions, partnerships, or home-grown science. In
addition, the board continues to engage in key topics such as the company   s response to
the geopolitical landscape and advances in technology like artificial intelligence.
Lastly, on behalf of the full board, I   d like to thank Rick Gonzalez, who retired as
executive chairman of the board in July 2025, for his remarkable leadership since AbbVie   s
inception in 2013. Rick not only led the company to exceptional growth but also worked
with the board to develop strong leaders who can continue AbbVie   s legacy of success.
Thank you for your support as a shareholder of AbbVie.
Sincerely,
Roxanne Austin
Lead Independent Director

3/23/2026 Letter Continued (Full PDF)

 

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