Financials AbbVie Inc. Xetra

Equities

4AB

US00287Y1091

Pharmaceuticals

Market Closed - Xetra Other stock markets 11:35:46 2024-07-15 am EDT			5-day change	1st Jan Change
154.2 ^EUR	-1.46%		+0.44%	+10.08%

Jul. 12	AbbVie Submits FDA, EMA Applications for Upadacitinib to Treat Giant Cell Arteritis	MT
Jul. 12	AbbVie Seeks U.S., Europe OK of Rinvoq in Giant Cell Arteritis	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	130,935	189,171	239,371	285,707	273,605	300,692	-	-
Enterprise Value (EV) ¹	157,739	266,778	306,225	339,749	320,176	354,142	345,289	335,030
P/E ratio	16.8 x	39.4 x	21 x	24.4 x	57 x	29.5 x	23.6 x	20.1 x
Yield	4.96%	4.52%	3.92%	3.53%	3.87%	3.71%	3.87%	4.02%
Capitalization / Revenue	3.94 x	4.13 x	4.27 x	4.92 x	5.04 x	5.45 x	5.17 x	4.82 x
EV / Revenue	4.74 x	5.83 x	5.46 x	5.85 x	5.89 x	6.42 x	5.93 x	5.38 x
EV / EBITDA	8.89 x	11.8 x	10.6 x	11 x	12.5 x	13.6 x	12.2 x	10.7 x
EV / FCF	12.4 x	15.9 x	13.9 x	14 x	14.5 x	19.4 x	14 x	12.6 x
FCF Yield	8.1%	6.29%	7.18%	7.14%	6.89%	5.15%	7.14%	7.93%
Price to Book	-16.1 x	13.7 x	15.5 x	16.6 x	26.5 x	34.2 x	29.9 x	24.9 x
Nbr of stocks (in thousands)	1,478,821	1,765,474	1,767,880	1,767,880	1,765,537	1,765,868	-	-
Reference price ²	88.54	107.2	135.4	161.6	155.0	168.0	168.0	168.0
Announcement Date	2/7/20	2/3/21	2/2/22	2/9/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,266	45,784	56,122	58,054	54,318	55,187	58,180	62,324
EBITDA ¹	17,747	22,642	29,018	30,961	25,545	26,032	28,371	31,241
EBIT ¹	15,730	21,976	28,215	30,183	24,793	25,208	27,557	30,355
Operating Margin	47.29%	48%	50.27%	51.99%	45.64%	45.68%	47.36%	48.71%
Earnings before Tax (EBT) ¹	8,426	3,398	12,989	13,477	6,250	12,004	13,864	15,857
Net income ¹	7,882	4,616	11,542	11,836	4,863	8,385	11,234	13,624
Net margin	23.69%	10.08%	20.57%	20.39%	8.95%	15.19%	19.31%	21.86%
EPS ²	5.280	2.720	6.450	6.630	2.720	5.687	7.123	8.362
Free Cash Flow ¹	12,772	16,790	21,990	24,248	22,062	18,244	24,661	26,578
FCF margin	38.39%	36.67%	39.18%	41.77%	40.62%	33.06%	42.39%	42.64%
FCF Conversion (EBITDA)	71.97%	74.15%	75.78%	78.32%	86.37%	70.08%	86.92%	85.07%
FCF Conversion (Net income)	162.04%	363.73%	190.52%	204.87%	453.67%	217.58%	219.51%	195.07%
Dividend per Share ²	4.390	4.840	5.310	5.710	5.990	6.232	6.503	6.759
Announcement Date	2/7/20	2/3/21	2/2/22	2/9/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	14,886	13,538	14,583	14,812	15,121	12,225	13,865	13,927	14,301	12,310	14,015	14,184	14,716	13,208	14,374
EBITDA ¹	7,506	7,156	7,643	8,090	8,072	5,682	6,710	6,706	6,447	-	6,867	6,874	7,045	-	-
EBIT ¹	7,333	6,958	7,440	7,909	7,876	5,503	6,520	6,510	6,260	5,195	6,565	6,711	6,792	6,631	7,053
Operating Margin	49.26%	51.4%	51.02%	53.4%	52.09%	45.01%	47.02%	46.74%	43.77%	42.2%	46.84%	47.31%	46.16%	50.2%	49.07%
Earnings before Tax (EBT) ¹	-	-	-	-	-	475	2,610	1,953	1,212	1,755	3,504	3,346	3,397	-	-
Net income ¹	4,044	4,490	924	3,949	2,473	239	2,024	1,778	822	1,369	2,393	2,359	2,324	2,477	2,834
Net margin	27.17%	33.17%	6.34%	26.66%	16.35%	1.96%	14.6%	12.77%	5.75%	11.12%	17.07%	16.63%	15.79%	18.75%	19.72%
EPS ²	2.260	2.510	0.5100	2.210	1.380	0.1300	1.140	1.000	0.4600	0.7700	1.627	1.505	1.566	1.390	1.590
Dividend per Share ²	1.410	1.410	1.410	1.410	1.480	1.480	1.480	1.480	1.550	-	1.549	1.549	1.549	1.605	1.605
Announcement Date	2/2/22	4/29/22	7/29/22	10/28/22	2/9/23	4/27/23	7/27/23	10/27/23	2/2/24	4/26/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,804	77,607	66,854	54,042	46,571	53,450	44,597	34,338
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.51 x	3.428 x	2.304 x	1.745 x	1.823 x	2.053 x	1.572 x	1.099 x
Free Cash Flow ¹	12,772	16,790	21,990	24,248	22,062	18,244	24,661	26,578
ROE (net income / shareholders' equity)	-160%	188%	159%	151%	143%	170%	187%	198%
ROA (Net income/ Total Assets)	10.6%	3.85%	15.3%	17.2%	14.5%	9.06%	10.5%	13%
Assets ¹	74,234	119,840	75,543	68,651	33,641	92,531	106,981	105,044
Book Value Per Share ²	-5.510	7.830	8.710	9.740	5.840	4.920	5.610	6.750
Cash Flow per Share ²	8.980	10.50	12.80	14.00	12.90	13.60	15.30	13.70
Capex ¹	552	798	787	695	777	818	838	869
Capex / Sales	1.66%	1.74%	1.4%	1.2%	1.43%	1.48%	1.44%	1.39%
Announcement Date	2/7/20	2/3/21	2/2/22	2/9/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AbbVie Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

168 USD

Average target price

183.3 USD

Spread / Average Target

+9.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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