Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
AbbVie Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio showed a declining trend from early 2021, decreasing from 40.17 in March 2021 to a low of 19.16 in December 2022, indicating a period where earnings may have grown faster relative to price or market sentiment was more favorable. Subsequently, from early 2023 onwards, the P/E ratio increased markedly, peaking at 79.59 in December 2024, suggesting increasing market valuation relative to earnings or potentially lower earnings performance during that period. The sharp rise in P/E through 2023 and 2024 points to increased investor expectations or volatility in earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio generally moved in a moderately stable range from 2021 through 2023, fluctuating between approximately 12.41 and 16.55, reflecting relatively consistent operating profit margins against valuation. From 2023 onwards, a significant upward move is visible, with the ratio rising to as high as 37.26 by early 2025, reflecting either a surge in stock price relative to operating profit or a decrease in operating profitability. This trend suggests growing market optimism or operating challenges impacting the ratio.
- Price to Sales (P/S) Ratio
- The P/S ratio showed some fluctuations but exhibited a generally upward trajectory starting in 2021, moving from around 3.8 to 4.61 by the end of 2022. This was followed by sustained growth through 2023 and into 2024, peaking at 6.38 in December 2024 before a slight decline to 5.68 in early 2025. This indicates increased valuation relative to sales over the period, which may reflect market optimism about sales growth prospects or pricing power despite underlying sales performance.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displayed an upward trend throughout the entire period, starting from around 11.31 in the second quarter of 2020 and rising steadily. From 2022 onwards, the ratio accelerated significantly, increasing from about 16.76 to a very high level of 229.63 by early 2025. This exceptional rise indicates a substantial increase in market valuation relative to the company's book value, potentially driven by strong market confidence, intangible assets value not fully captured on the balance sheet, or compression in book value. The rapid escalation in P/BV suggests increasing investor valuation multiples and possibly expectations of future growth or consistent profitability.
Price to Earnings (P/E)
AbbVie Inc., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,766,403,027 | 1,765,354,859 | 1,767,140,323 | 1,766,343,745 | 1,765,867,781 | 1,766,473,359 | 1,765,537,421 | 1,765,046,680 | 1,764,289,680 | 1,769,399,971 | 1,768,480,508 | 1,768,096,495 | 1,767,110,083 | 1,768,753,829 | 1,767,880,465 | 1,767,175,532 | 1,766,222,336 | 1,765,881,690 | 1,765,473,923 | 1,764,833,246 | 1,476,742,215 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to AbbVie Inc. (in millions) | 1,286) | (22) | 1,561) | 1,370) | 1,369) | 822) | 1,778) | 2,024) | 239) | 2,473) | 3,949) | 924) | 4,490) | 4,044) | 3,179) | 766) | 3,553) | 36) | 2,308) | (738) | 3,010) | |||||||
| Earnings per share (EPS)2 | 2.37 | 2.42 | 2.90 | 3.02 | 3.39 | 2.75 | 3.69 | 4.92 | 4.30 | 6.69 | 7.58 | 7.15 | 7.06 | 6.53 | 4.26 | 3.77 | 2.92 | 2.61 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 184.60 | 192.87 | 200.47 | 187.51 | 163.79 | 175.75 | 141.20 | 150.33 | 148.03 | 151.31 | 145.28 | 138.92 | 152.83 | 144.03 | 116.53 | 115.45 | 115.75 | 105.01 | 94.50 | 94.29 | 83.96 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 77.73 | 79.59 | 69.16 | 62.04 | 48.26 | 63.84 | 38.27 | 30.55 | 34.43 | 22.62 | 19.16 | 19.44 | 21.64 | 22.07 | 27.34 | 30.62 | 39.63 | 40.17 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amgen Inc. | 25.49 | 38.24 | 40.68 | 53.65 | 44.38 | 23.14 | 18.09 | 16.31 | 16.18 | 19.56 | 21.00 | 20.03 | 22.23 | 21.05 | 21.91 | 22.56 | 19.20 | 18.82 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 18.29 | — | — | — | — | 12.27 | 13.01 | 15.93 | 19.43 | 23.97 | 23.71 | 24.14 | 25.64 | 20.92 | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 36.51 | 38.12 | 48.49 | 45.39 | 42.59 | 39.09 | 24.76 | 29.99 | 25.00 | 25.65 | 26.65 | 32.73 | 32.15 | 29.94 | 38.81 | 37.87 | 39.26 | 44.49 | — | — | — | |||||||
| Eli Lilly & Co. | 67.76 | 77.63 | 96.05 | 109.42 | 120.94 | 135.24 | 110.43 | 76.21 | 65.16 | 50.08 | 55.53 | 51.05 | 45.29 | 40.66 | 40.07 | 40.34 | 28.77 | 31.95 | — | — | — | |||||||
| Gilead Sciences Inc. | 20.62 | 296.57 | 925.87 | 89.29 | 166.76 | 16.17 | 17.10 | 17.88 | 17.75 | 22.68 | 29.30 | 18.66 | 17.25 | 12.36 | 11.44 | 16.83 | 277.25 | 641.48 | — | — | — | |||||||
| Johnson & Johnson | 17.14 | 26.92 | 27.19 | 10.11 | 9.46 | 10.73 | 10.12 | 33.35 | 33.43 | 22.97 | 23.52 | 24.98 | 23.95 | 20.93 | 23.98 | 25.51 | 28.35 | 28.92 | — | — | — | |||||||
| Merck & Co. Inc. | 11.98 | 13.49 | 20.98 | 20.73 | 140.05 | 893.99 | 56.85 | 86.53 | 22.92 | 19.21 | 16.41 | 13.36 | 15.70 | 14.78 | 28.65 | 34.23 | 28.00 | 26.72 | — | — | — | |||||||
| Pfizer Inc. | 17.22 | 18.42 | 37.00 | — | — | 73.42 | 16.60 | 9.42 | 7.44 | 7.58 | 8.81 | 9.56 | 11.11 | 11.76 | 14.03 | 20.05 | 20.15 | 19.62 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 13.65 | 17.76 | 19.79 | 27.88 | 26.78 | 25.99 | 22.35 | 19.48 | 19.77 | 19.68 | 14.98 | 11.67 | 9.15 | 8.37 | 9.96 | 10.38 | 13.27 | 15.09 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 24.55 | 32.03 | 34.78 | 37.81 | 36.21 | 35.65 | 29.57 | 37.01 | 34.99 | 30.55 | 27.64 | 31.09 | 28.15 | 27.35 | 29.43 | 24.63 | 23.23 | 27.89 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | — | — | — | — | 26.34 | 30.42 | 28.09 | 27.49 | 27.34 | 23.02 | 24.62 | 23.12 | 26.50 | 26.55 | 22.09 | 26.26 | 20.45 | 20.18 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net earnings (loss) attributable to AbbVie Inc.Q1 2025
+ Net earnings (loss) attributable to AbbVie Inc.Q4 2024
+ Net earnings (loss) attributable to AbbVie Inc.Q3 2024
+ Net earnings (loss) attributable to AbbVie Inc.Q2 2024)
÷ No. shares of common stock outstanding
= (1,286,000,000 + -22,000,000 + 1,561,000,000 + 1,370,000,000)
÷ 1,766,403,027 = 2.37
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 184.60 ÷ 2.37 = 77.73
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 2020 through March 2025, beginning at $83.96 and peaking at $200.47 in September 2024. There were periods of volatility, notable declines occurred in mid-2022 and late 2024, but recovery followed each downturn. The most significant growth phases were observed between late 2020 and early 2022, and again from late 2023 to late 2024.
- Earnings Per Share (EPS) Trend
- EPS data starting from March 2021 shows an initial rise, increasing from $2.61 to a peak of $7.58 in December 2021. Subsequently, EPS experienced a sharp decline, reaching a low of $2.37 by March 2025. This indicates a substantial decrease in profitability per share after the peak period in late 2021, with a steady downward trend through the subsequent quarters.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio displayed a decreasing trend from March 2021 (40.17) to December 2022 (19.16), suggesting the share price grew at a slower rate relative to earnings during this period or earnings increased faster than the share price. From early 2023 onwards, the P/E ratio increased sharply, reaching 79.59 in March 2025. This rise in P/E despite falling EPS suggests increasing investor expectations or share price not adjusting proportionally to declining earnings.
- Overall Financial Insights
- The data indicates that the company experienced significant growth in profitability through 2021, reflected in rising EPS and share price. However, earnings diminished markedly from 2022 onwards, demonstrated by the declining EPS values. Despite this, the share price remained relatively strong, supporting a higher P/E ratio in later periods, possibly indicating market optimism or other factors influencing stock valuation beyond immediate earnings performance. The divergence between declining EPS and rising P/E ratio from 2023 to 2025 warrants closer examination of market sentiment and external influences affecting the stock price.
Price to Operating Profit (P/OP)
AbbVie Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,766,403,027 | 1,765,354,859 | 1,767,140,323 | 1,766,343,745 | 1,765,867,781 | 1,766,473,359 | 1,765,537,421 | 1,765,046,680 | 1,764,289,680 | 1,769,399,971 | 1,768,480,508 | 1,768,096,495 | 1,767,110,083 | 1,768,753,829 | 1,767,880,465 | 1,767,175,532 | 1,766,222,336 | 1,765,881,690 | 1,765,473,923 | 1,764,833,246 | 1,476,742,215 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating earnings (in millions) | 3,733) | (1,490) | 3,831) | 3,998) | 2,798) | 3,195) | 2,281) | 4,513) | 2,768) | 5,502) | 4,603) | 3,295) | 4,717) | 5,074) | 4,306) | 4,441) | 4,103) | 3,753) | 3,255) | 752) | 3,603) | |||||||
| Operating profit per share2 | 5.70 | 5.18 | 7.82 | 6.95 | 7.24 | 7.22 | 8.53 | 9.85 | 9.16 | 10.24 | 10.00 | 9.84 | 10.49 | 10.13 | 9.39 | 8.80 | 6.72 | 6.43 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 184.60 | 192.87 | 200.47 | 187.51 | 163.79 | 175.75 | 141.20 | 150.33 | 148.03 | 151.31 | 145.28 | 138.92 | 152.83 | 144.03 | 116.53 | 115.45 | 115.75 | 105.01 | 94.50 | 94.29 | 83.96 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 32.37 | 37.26 | 25.63 | 26.99 | 22.62 | 24.34 | 16.55 | 15.26 | 16.15 | 14.78 | 14.52 | 14.12 | 14.57 | 14.21 | 12.41 | 13.12 | 17.23 | 16.32 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amgen Inc. | 20.31 | 21.55 | 27.68 | 27.12 | 23.97 | 19.69 | 15.45 | 13.71 | 14.25 | 13.40 | 14.89 | 14.08 | 15.88 | 16.24 | 16.73 | 17.48 | 15.26 | 14.96 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 13.65 | — | — | — | — | 13.53 | 14.14 | 16.24 | 17.09 | 18.29 | 17.79 | 18.62 | 20.32 | 19.84 | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 28.49 | 30.56 | 39.52 | 38.14 | 37.52 | 35.64 | 23.61 | 27.01 | 21.31 | 20.97 | 20.71 | 25.91 | 26.48 | 25.14 | 32.12 | 30.83 | 32.62 | 36.91 | — | — | — | |||||||
| Eli Lilly & Co. | 53.43 | 63.73 | 79.30 | 88.66 | 99.34 | 109.75 | 93.27 | 69.42 | 59.60 | 43.88 | 46.48 | 39.20 | 36.49 | 35.70 | 37.21 | 42.01 | 31.17 | 32.66 | — | — | — | |||||||
| Gilead Sciences Inc. | 14.96 | 85.65 | 143.05 | 36.80 | 51.26 | 12.05 | 12.16 | 11.57 | 11.21 | 14.21 | 16.27 | 11.02 | 10.78 | 7.76 | 7.27 | 8.88 | 18.31 | 19.38 | — | — | — | |||||||
| Johnson & Johnson | 17.74 | 18.20 | 18.65 | 17.54 | 16.96 | 17.78 | 15.69 | 18.91 | 18.26 | 17.62 | 19.64 | 20.45 | 21.06 | 18.68 | 18.99 | 20.14 | 21.12 | 21.84 | — | — | — | |||||||
| Merck & Co. Inc. | 10.37 | 11.60 | 18.67 | 18.41 | 75.94 | 138.56 | 33.75 | 44.67 | 18.53 | 15.55 | 13.85 | 11.72 | 14.29 | 15.39 | 30.71 | 38.03 | 30.14 | 23.89 | — | — | — | |||||||
| Pfizer Inc. | 11.27 | 11.92 | 27.24 | — | — | 121.63 | 17.49 | 9.17 | 6.74 | 6.80 | 7.82 | 9.11 | 11.49 | 13.30 | 16.37 | 19.83 | 22.85 | 23.12 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 16.03 | 19.63 | 23.18 | 30.86 | 26.82 | 25.39 | 21.13 | 19.32 | 18.68 | 18.01 | 12.91 | 9.68 | 7.98 | 7.55 | 9.32 | 9.65 | 13.32 | 14.82 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 21.64 | 27.65 | 29.74 | 32.66 | 31.40 | 31.16 | 25.59 | 31.55 | 29.54 | 25.30 | 21.43 | 23.99 | 21.84 | 21.07 | 23.87 | 19.77 | 18.53 | 22.81 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | — | — | — | — | 25.25 | 28.74 | 25.14 | 23.33 | 22.03 | 17.75 | 19.41 | 18.11 | 22.13 | 22.35 | 18.14 | 23.06 | 18.68 | 19.16 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating earningsQ1 2025
+ Operating earningsQ4 2024
+ Operating earningsQ3 2024
+ Operating earningsQ2 2024)
÷ No. shares of common stock outstanding
= (3,733,000,000 + -1,490,000,000 + 3,831,000,000 + 3,998,000,000)
÷ 1,766,403,027 = 5.70
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 184.60 ÷ 5.70 = 32.37
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from March 2020 to December 2021, increasing from $83.96 to a peak of $175.75 in December 2023. After peaking, the price showed some volatility but remained relatively high, fluctuating between approximately $183 and $200 from March 2024 to December 2024, before slightly declining to $184.60 by March 2025.
- Operating Profit Per Share (OPPS)
- Operating profit per share data becomes available starting in March 2021. From that point, OPPS showed improvement from $6.43 in March 2021, reaching a high of $10.49 in June 2022. After this peak, OPPS experienced a gradual decline to $5.7 by March 2025, indicating a weakening in operating profitability on a per-share basis in the most recent periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio, reflecting the market valuation relative to operating profit, started from 16.32 in March 2021 and mostly remained in the mid-teens range through mid-2023. Beginning in late 2023, there was a marked increase in the P/OP ratio, peaking at 37.26 in March 2025. This rise suggests growing market optimism or higher valuation multiples despite the declining operating profit per share in that timeframe.
- Overall Insights
- The divergence between the decreasing operating profit per share and the increasing share price and P/OP ratio from late 2023 onward may indicate that investors expect improved future performance or other value drivers not captured in current operating profits. The earlier trend of increasing OPPS accompanied by rising share prices aligns with improved operational performance driving market valuation. However, the recent decoupling highlights increased market valuation relative to earnings, possibly reflecting changing investor sentiment or market conditions.
Price to Sales (P/S)
AbbVie Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,766,403,027 | 1,765,354,859 | 1,767,140,323 | 1,766,343,745 | 1,765,867,781 | 1,766,473,359 | 1,765,537,421 | 1,765,046,680 | 1,764,289,680 | 1,769,399,971 | 1,768,480,508 | 1,768,096,495 | 1,767,110,083 | 1,768,753,829 | 1,767,880,465 | 1,767,175,532 | 1,766,222,336 | 1,765,881,690 | 1,765,473,923 | 1,764,833,246 | 1,476,742,215 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net revenues (in millions) | 13,343) | 15,102) | 14,460) | 14,462) | 12,310) | 14,301) | 13,927) | 13,865) | 12,225) | 15,121) | 14,812) | 14,583) | 13,538) | 14,886) | 14,342) | 13,959) | 13,010) | 13,858) | 12,902) | 10,425) | 8,619) | |||||||
| Sales per share2 | 32.48 | 31.91 | 31.43 | 31.14 | 30.81 | 30.75 | 31.23 | 31.74 | 32.16 | 32.81 | 32.69 | 32.44 | 32.10 | 31.77 | 31.21 | 30.40 | 28.42 | 25.94 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 184.60 | 192.87 | 200.47 | 187.51 | 163.79 | 175.75 | 141.20 | 150.33 | 148.03 | 151.31 | 145.28 | 138.92 | 152.83 | 144.03 | 116.53 | 115.45 | 115.75 | 105.01 | 94.50 | 94.29 | 83.96 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 5.68 | 6.04 | 6.38 | 6.02 | 5.32 | 5.72 | 4.52 | 4.74 | 4.60 | 4.61 | 4.44 | 4.28 | 4.76 | 4.53 | 3.73 | 3.80 | 4.07 | 4.05 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amgen Inc. | 4.61 | 4.88 | 5.53 | 5.68 | 5.93 | 5.78 | 5.34 | 5.14 | 5.14 | 5.17 | 5.85 | 5.35 | 5.21 | 5.10 | 5.04 | 5.37 | 5.68 | 5.64 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 2.08 | 2.36 | 2.38 | 2.20 | 1.99 | 2.19 | 2.40 | 2.81 | 3.10 | 3.29 | 3.39 | 3.39 | 3.41 | 3.16 | 2.85 | 3.44 | 3.28 | 3.16 | — | — | — | |||||||
| Danaher Corp. | 5.77 | 6.23 | 7.95 | 8.10 | 7.90 | 7.76 | 5.63 | 6.77 | 5.76 | 5.79 | 5.66 | 6.59 | 6.68 | 6.37 | 7.91 | 7.72 | 7.27 | 7.01 | — | — | — | |||||||
| Eli Lilly & Co. | 15.36 | 18.25 | 19.67 | 20.64 | 20.66 | 20.77 | 17.18 | 16.78 | 13.38 | 10.96 | 11.46 | 9.99 | 9.47 | 8.01 | 8.62 | 9.16 | 6.88 | 8.06 | — | — | — | |||||||
| Gilead Sciences Inc. | 4.31 | 4.98 | 4.18 | 3.41 | 2.97 | 3.40 | 3.69 | 3.61 | 3.70 | 3.86 | 3.64 | 2.84 | 2.86 | 2.85 | 3.11 | 3.30 | 3.31 | 3.24 | — | — | — | |||||||
| Johnson & Johnson | 4.19 | 4.26 | 4.55 | 4.44 | 4.25 | 4.43 | 4.01 | 4.84 | 4.60 | 4.34 | 4.69 | 4.80 | 5.00 | 4.66 | 4.69 | 5.08 | 5.09 | 5.15 | — | — | — | |||||||
| Merck & Co. Inc. | 3.27 | 3.60 | 4.03 | 4.56 | 5.26 | 5.43 | 4.42 | 4.62 | 5.16 | 4.71 | 4.25 | 3.87 | 4.12 | 3.96 | 4.32 | 4.05 | 4.23 | 3.93 | — | — | — | |||||||
| Pfizer Inc. | 2.17 | 2.32 | 2.60 | 3.00 | 2.86 | 2.61 | 2.51 | 2.58 | 2.32 | 2.37 | 2.63 | 2.77 | 3.00 | 3.18 | 4.04 | 4.78 | 4.84 | 4.50 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 4.36 | 5.52 | 6.65 | 8.93 | 7.89 | 7.84 | 6.81 | 6.61 | 6.69 | 7.01 | 5.87 | 4.66 | 4.40 | 4.20 | 5.14 | 5.20 | 5.78 | 6.24 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 3.73 | 4.73 | 5.04 | 5.55 | 5.14 | 4.99 | 4.05 | 4.87 | 4.81 | 4.73 | 4.40 | 5.40 | 5.20 | 5.39 | 6.45 | 5.54 | 5.13 | 5.52 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 10.41 | 10.78 | 12.12 | 12.35 | 10.39 | 11.16 | 10.10 | 9.73 | 9.68 | 8.56 | 9.26 | 8.85 | 8.17 | 8.21 | 6.74 | 7.82 | 8.81 | 8.82 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024
+ Net revenuesQ2 2024)
÷ No. shares of common stock outstanding
= (13,343,000,000 + 15,102,000,000 + 14,460,000,000 + 14,462,000,000)
÷ 1,766,403,027 = 32.48
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 184.60 ÷ 32.48 = 5.68
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trajectory from March 2020 through March 2025. Starting at $83.96, it rose significantly to $144.03 by December 2021, showing a strong growth phase. After a slight decline in the first half of 2022, the share price recovered and reached a peak of $200.47 in December 2024. The latest data point in March 2025 shows a modest decline to $184.60, yet the overall trend remains positive across the observed period.
- Sales Per Share Movement
- Sales per share figures first appeared in March 2021 at $25.94 and showed consistent increases up to December 2022, where the figure peaked at $32.69. However, starting from March 2023, sales per share experienced a gradual decline, dropping to $30.75 by December 2023. Subsequently, a mild recovery occurred through 2024 and early 2025, stabilizing near $32.48. Overall, sales per share exhibited moderate fluctuations with a peak followed by a slight downtrend and stabilization.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio reveals notable variability despite incremental changes in sales per share. Initially, the P/S hovered around 4.0 between March 2021 and December 2021, then surged to above 4.5 by March 2022 and maintained values mostly above 4.4. A significant upward shift is evident starting early 2024, with the ratio climbing sharply from 5.72 in March 2024 to a peak of 6.38 in December 2024, before slightly retreating to 5.68 in March 2025. This suggests that the share price appreciation outpaced the growth in sales per share during this period, reflecting possibly heightened market valuation or improved investor sentiment.
- Overall Insights
- The data indicates a strong market confidence reflected in the rising share price, despite relatively stable or slightly fluctuating sales per share. The increasing P/S ratio in the later years points to greater price premiums placed on current sales, potentially driven by factors such as anticipated growth, market positioning, or strategic developments not reflected purely by sales data. The recent moderation in share price and P/S ratio towards March 2025 may suggest a market adjustment or more cautious outlook entering the period.
Price to Book Value (P/BV)
AbbVie Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,766,403,027 | 1,765,354,859 | 1,767,140,323 | 1,766,343,745 | 1,765,867,781 | 1,766,473,359 | 1,765,537,421 | 1,765,046,680 | 1,764,289,680 | 1,769,399,971 | 1,768,480,508 | 1,768,096,495 | 1,767,110,083 | 1,768,753,829 | 1,767,880,465 | 1,767,175,532 | 1,766,222,336 | 1,765,881,690 | 1,765,473,923 | 1,764,833,246 | 1,476,742,215 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in millions) | 1,420) | 3,325) | 6,032) | 6,778) | 8,007) | 10,360) | 12,094) | 12,866) | 13,274) | 17,254) | 15,994) | 14,653) | 16,283) | 15,408) | 13,550) | 12,569) | 13,710) | 13,076) | 15,270) | 14,708) | (7,415) | |||||||
| Book value per share (BVPS)2 | 0.80 | 1.88 | 3.41 | 3.84 | 4.53 | 5.86 | 6.85 | 7.29 | 7.52 | 9.75 | 9.04 | 8.29 | 9.21 | 8.71 | 7.66 | 7.11 | 7.76 | 7.40 | 8.65 | 8.33 | -5.02 | |||||||
| Share price1, 3 | 184.60 | 192.87 | 200.47 | 187.51 | 163.79 | 175.75 | 141.20 | 150.33 | 148.03 | 151.31 | 145.28 | 138.92 | 152.83 | 144.03 | 116.53 | 115.45 | 115.75 | 105.01 | 94.50 | 94.29 | 83.96 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 229.63 | 102.40 | 58.73 | 48.87 | 36.12 | 29.97 | 20.61 | 20.62 | 19.68 | 15.52 | 16.06 | 16.76 | 16.59 | 16.53 | 15.20 | 16.23 | 14.91 | 14.18 | 10.93 | 11.31 | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Amgen Inc. | 24.36 | 26.61 | 22.86 | 28.34 | 33.25 | 24.94 | 17.87 | 19.19 | 23.95 | 35.01 | 39.30 | 54.46 | 138.87 | 18.51 | 14.95 | 15.72 | 14.57 | 14.53 | 11.57 | 13.67 | 14.33 | |||||||
| Bristol-Myers Squibb Co. | 5.70 | 6.98 | 6.60 | 6.01 | 5.49 | 3.35 | 3.72 | 3.97 | 4.46 | 4.88 | 4.85 | 4.90 | 5.07 | 4.07 | 3.48 | 4.15 | 3.73 | 3.55 | 2.87 | 2.82 | 2.77 | |||||||
| Danaher Corp. | 2.70 | 3.00 | 3.68 | 3.82 | 3.51 | 3.47 | 2.78 | 3.65 | 3.33 | 3.64 | 3.77 | 4.36 | 4.36 | 4.16 | 5.11 | 4.82 | 4.46 | 3.93 | 4.38 | 3.90 | 3.68 | |||||||
| Eli Lilly & Co. | 47.74 | 57.93 | 56.45 | 59.24 | 57.94 | 65.80 | 49.10 | 44.75 | 33.11 | 29.36 | 33.27 | 34.00 | 29.75 | 25.28 | 30.85 | 38.00 | 25.41 | 35.07 | 26.02 | 35.12 | 47.73 | |||||||
| Gilead Sciences Inc. | 6.42 | 7.36 | 6.36 | 5.15 | 4.61 | 4.01 | 4.50 | 4.63 | 4.72 | 4.90 | 4.63 | 3.82 | 3.91 | 3.65 | 3.94 | 4.41 | 4.40 | 4.33 | 4.30 | 4.79 | 4.40 | |||||||
| Johnson & Johnson | 4.79 | 5.30 | 5.69 | 5.37 | 5.20 | 5.48 | 4.92 | 5.79 | 6.00 | 5.37 | 6.04 | 6.01 | 6.36 | 5.90 | 6.10 | 6.51 | 6.51 | 6.72 | 5.93 | 6.19 | 6.46 | |||||||
| Merck & Co. Inc. | 4.32 | 4.99 | 5.73 | 6.53 | 8.00 | 8.68 | 6.35 | 6.96 | 6.38 | 6.07 | 5.63 | 5.12 | 5.44 | 5.05 | 5.76 | 5.73 | 7.30 | 7.46 | 6.97 | 7.47 | 7.43 | |||||||
| Pfizer Inc. | 1.50 | 1.68 | 1.70 | 1.92 | 1.74 | 1.75 | 1.80 | 2.04 | 2.14 | 2.48 | 2.83 | 3.21 | 3.37 | 3.35 | 3.69 | 3.78 | 3.27 | 2.98 | 3.10 | 3.31 | 3.16 | |||||||
| Regeneron Pharmaceuticals Inc. | 2.09 | 2.67 | 3.14 | 4.27 | 3.83 | 3.96 | 3.58 | 3.49 | 3.52 | 3.77 | 3.75 | 3.21 | 3.65 | 3.60 | 4.04 | 4.26 | 4.44 | 4.81 | 6.21 | 7.34 | 5.33 | |||||||
| Thermo Fisher Scientific Inc. | 3.24 | 4.09 | 4.36 | 4.96 | 4.80 | 4.57 | 3.88 | 4.84 | 4.99 | 4.83 | 4.46 | 5.47 | 5.23 | 5.18 | 6.51 | 5.75 | 5.25 | 5.15 | 5.89 | 5.48 | 4.56 | |||||||
| Vertex Pharmaceuticals Inc. | 7.01 | 7.24 | 8.24 | 8.64 | 5.71 | 6.26 | 5.90 | 5.98 | 6.18 | 5.50 | 6.18 | 6.19 | 5.95 | 6.16 | 5.04 | 5.69 | 6.29 | 6.30 | 6.66 | 9.42 | 10.23 | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= 1,420,000,000 ÷ 1,766,403,027 = 0.80
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 184.60 ÷ 0.80 = 229.63
5 Click competitor name to see calculations.
- Share Price Trend
- The share price shows a general upward trajectory over the analyzed period. Starting at $83.96 in March 2020, it experienced steady growth with minor fluctuations, reaching $144.03 by December 2021. After a slight dip in mid-2022, the price rebounded strongly, peaking at $200.47 in September 2024 before declining somewhat to $184.60 by March 2025. This indicates overall positive investor sentiment and market valuation increase over the long term, despite some periods of volatility.
- Book Value per Share (BVPS) Trend
- BVPS demonstrates a markedly different pattern compared to the share price. Initially negative at -$5.02 in March 2020, it quickly shifted to positive values and generally ranged around $7 to $9 through 2020 to early 2022. However, from 2023 onward, the BVPS shows a steady decline, falling sharply from $7.52 in the first quarter of 2023 to just $0.80 by March 2025. This trend suggests erosion in the company's net asset value on a per-share basis over this period.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio exhibits a dramatic increase throughout the period analyzed. After missing data in the earliest quarter, it begins around 11.31 in June 2020 and maintains a relatively stable range between about 10.9 and 20.6 through 2021 and into early 2023. From mid-2023 onwards, the ratio escalates sharply, rising from 19.68 to an extreme 229.63 by March 2025. This reflects that the market price increasingly outpaces the book value, indicating either heightened market expectations or a significant decrease in tangible equity per share.
- Insights and Interpretation
- The contrasting trends between steadily rising share price and declining book value per share result in a rapidly expanding P/BV ratio. This divergence may imply that the company's market valuation is driven more by anticipated future earnings or intangible assets rather than its current net asset base. Such a high P/BV ratio near the end of the period could raise questions about market overvaluation or the sustainability of earnings growth. The sharp decline in BVPS suggests potential issues with asset valuation or increased liabilities. Overall, the data points toward strong market confidence coupled with underlying erosion in book equity.