AbbVie vs Apple: Revenue, Profit and Business Model
AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. Apple reported $416.2B of revenue in FY2025 and $112B of net income.
Latest financial snapshot
Financial summary
AbbVie
AbbVie reported $61.160 billion of FY2025 net revenue and $4.226 billion of net income. Skyrizi and Rinvoq generated $25.866 billion combined, while Humira declined to $4.540 billion after U.S. biosimilar entry. The 2020 Allergan acquisition added neuroscience and aesthetics revenue, and the 2024 ImmunoGen and Cerevel acquisitions added oncology and neuroscience assets.
Apple
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end.
Revenue and profit by year
AbbVie
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $61.2B | $4.2B | 6.9% | +8.6% | Source |
| FY2024 | $56.3B | $4.3B | 7.6% | +3.7% | Source |
| FY2023 | $54.3B | $4.9B | 9.0% | -6.4% | Source |
| FY2022 | $58.1B | $11.8B | 20.4% | +3.3% | Source |
| FY2021 | $56.2B | $11.5B | 20.5% | +22.7% | Source |
| FY2020 | $45.8B | $4.6B | 10.1% | +37.7% | Source |
| FY2019 | $33.3B | $7.9B | 23.7% | +1.6% | Source |
| FY2018 | $32.8B | $5.7B | 17.4% | +16.1% | Source |
| FY2017 | $28.2B | $5.3B | 18.8% | +10.1% | Source |
| FY2016 | $25.6B | $6B | 23.2% | — | Source |
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
Where the revenue comes from
AbbVie
- Immunology Portfolio49.7%
FY2025 revenue was $30.406 billion, led by Skyrizi, Rinvoq, and Humira.
- Neuroscience Portfolio17.6%
FY2025 revenue was $10.767 billion, including Vraylar, Botox Therapeutic, Ubrelvy, and Qulipta.
- Oncology Portfolio10.9%
FY2025 revenue was $6.655 billion, including Imbruvica, Venclexta, and Elahere.
- Aesthetics Portfolio7.9%
FY2025 revenue was $4.860 billion, including Botox Cosmetic and Juvederm.
- Other Products and Revenue13.9%
The remaining FY2025 revenue came from eye care, other specialty products, and other revenue.
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
Business model and strategy
AbbVie
How it makes money
AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Its FY2025 portfolios were led by immunology at $30.406 billion, neuroscience at $10.767 billion, oncology at $6.655 billion, and aesthetics at $4.860 billion. The company funds internal research and supplements its pipeline through licensing and acquisitions.
Growth strategy
AbbVie is expanding approved uses and commercial reach for Skyrizi and Rinvoq while investing in oncology and neuroscience. ImmunoGen added Elahere and antibody-drug conjugate programs, Cerevel added clinical-stage neuroscience programs, and Allergan added Botox, Vraylar, migraine products, eye care, and aesthetics.
Competitive advantage
AbbVie's scale rests on its immunology portfolio, specialist commercial infrastructure, approved products across several therapeutic areas, and acquired oncology, neuroscience, and aesthetics assets. Those strengths are offset by patent-expiration, clinical-development, safety, reimbursement, and pricing risks described in its Form 10-K.
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
Questions about AbbVie vs Apple
Which company has higher revenue — AbbVie Inc. or Apple Inc.?
AbbVie Inc. reported $61.2B (FY2025), while Apple Inc. reported $416.2B (FY2025). By last reported revenue, Apple Inc. is the larger business, with AbbVie Inc. reporting a smaller revenue base.
What is the market cap of AbbVie Inc. vs Apple Inc.?
AbbVie Inc.'s market capitalisation stands at $465.8B, while Apple Inc.'s is $4.98T. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AbbVie Inc..
Which is more financially efficient — AbbVie Inc. or Apple Inc.?
AbbVie Inc. generates $1.07M / employee in revenue per employee, while Apple Inc. generates $2.51M / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do AbbVie Inc. and Apple Inc. make money?
AbbVie Inc. and Apple Inc. generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it.
Which company is valued higher relative to revenue — AbbVie Inc. or Apple Inc.?
On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and Apple Inc. at 12.0x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AbbVie Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AbbVie Inc. bigger than Apple Inc.?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to AbbVie Inc. ($61.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AbbVie vs Apple overview