Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

AbbVie Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net revenues	54,318)	58,054)	56,197)	45,804)	33,266)
Cost of products sold	(20,415)	(17,414)	(17,446)	(15,387)	(7,439)
Gross margin	33,903)	40,640)	38,751)	30,417)	25,827)
Selling, general and administrative	(12,872)	(15,260)	(12,349)	(11,299)	(6,942)
Research and development	(7,675)	(6,510)	(7,084)	(6,557)	(6,407)
Acquired IPR&D and milestones	(778)	(697)	(962)	(1,198)	(385)
Other operating income (expense), net	179)	(56)	(432)	—)	890)
Operating earnings	12,757)	18,117)	17,924)	11,363)	12,983)
Interest expense	(2,224)	(2,230)	(2,423)	(2,454)	(1,784)
Interest income	540)	186)	39)	174)	275)
Interest expense, net	(1,684)	(2,044)	(2,384)	(2,280)	(1,509)
Net foreign exchange loss	(146)	(148)	(51)	(71)	(42)
Other expense, net	(4,677)	(2,448)	(2,500)	(5,614)	(3,006)
Earnings before income tax expense	6,250)	13,477)	12,989)	3,398)	8,426)
Income tax (expense) benefit	(1,377)	(1,632)	(1,440)	1,224)	(544)
Net earnings	4,873)	11,845)	11,549)	4,622)	7,882)
Net earnings attributable to noncontrolling interest	(10)	(9)	(7)	(6)	—)
Net earnings attributable to AbbVie Inc.	4,863)	11,836)	11,542)	4,616)	7,882)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	AbbVie Inc. net revenues increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	AbbVie Inc. operating earnings increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Earnings before income tax expense	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	AbbVie Inc. earnings before income tax expense increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net earnings attributable to AbbVie Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	AbbVie Inc. net earnings attributable to AbbVie Inc. increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

AbbVie Inc. (NYSE:ABBV)

Income Statement