AbbVie vs Canon: Revenue, Profit and Business Model
AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. Canon reported ~$31B of revenue in FY2025 and ~$2.2B 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.
Canon
Canon's sales fell from ~$27.3 billion (¥4,080.0 billion) in 2017, the first full year with Toshiba Medical, to ~$21.2 billion (¥3,160.2 billion) in 2020 as cameras and office printing shrank and the pandemic hit. They have grown every year since, reaching a record ~$31 billion (¥4,624.7 billion) in 2025 (+2.5%). Operating profit was ~$3.05 billion (¥455.4 billion) in 2025, a 9.8% margin, up from ~$1.87 billion (¥279.8 billion) in 2024, when a ~$1.11 billion (¥165.1 billion) goodwill impairment on the medical business cut net income to ~$1.07 billion (¥160.0 billion). Net income attributable to Canon Inc. more than doubled to ~$2.23 billion (¥332.1 billion) and EPS rose to ¥367.48. Canon paid a ¥160 dividend (42.9% payout), generated ~$1.6 billion (¥238.5 billion) of free cash flow and ended 2025 with ~$6.34 billion (¥946.2 billion) of interest-bearing debt, up from ~$4.45 billion (¥663.5 billion). By region, the Americas supplied 32% of 2025 sales, Europe 26%, Japan 21% and Asia and Oceania 21%. In July 2026, after record second-quarter sales, Canon guided to ~$32.2 billion (¥4,800.0 billion) of 2026 sales and ~$3.12 billion (¥465.0 billion) of operating profit.
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 |
Canon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$31B | ~$2.2B | 7.2% | +2.5% | Source |
| FY2024 | ~$30.2B | ~$1.1B | 3.5% | +7.9% | Source |
| FY2023 | ~$28B | ~$1.8B | 6.3% | +3.7% | Source |
| FY2022 | ~$27B | ~$1.6B | 6.1% | +14.7% | Source |
| FY2021 | ~$23.5B | ~$1.4B | 6.1% | +11.2% | Source |
| FY2020 | ~$21.2B | ~$558.2M | 2.6% | -12.1% | Source |
| FY2019 | ~$24.1B | ~$837.3M | 3.5% | -9.1% | Source |
| FY2018 | ~$26.5B | ~$1.7B | 6.4% | -3.1% | Source |
| FY2017 | ~$27.3B | ~$1.6B | 5.9% | +19.9% | Source |
| FY2016 | ~$22.8B | ~$1B | 4.4% | — | 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.
Canon
- Printing54%
Office multifunction devices, prosumer laser and inkjet printers and production presses, with recurring toner, ink and service revenue. ~$16.7 billion (¥2,494.4 billion) in 2025.
- Imaging23%
Cameras and lenses (~$4.19 billion (¥625.5 billion)) and network cameras and video software (~$2.88 billion (¥429.4 billion)). ~$7.07 billion (¥1,054.9 billion) in 2025.
- Medical13%
CT, MRI, ultrasound and X-ray equipment and service. ~$3.89 billion (¥580.6 billion) in 2025.
- Industrial8%
Semiconductor and flat-panel lithography, nanoimprint, OLED deposition and sputtering equipment. ~$2.42 billion (¥361.1 billion) in 2025.
- Others & Corporate5%
Other businesses and corporate items, ~$1.59 billion (¥237.1 billion) in 2025, before eliminations of intersegment sales.
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.
Canon
How it makes money
Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Growth strategy
Phase VII sets 2030 sales targets for each unit: Printing ~$18.8 billion (¥2.8 trillion) (about 2% a year), Imaging ~$8.98 billion (¥1.34 trillion) (5%), Medical ~$5.03 billion (¥750 billion) (5%) and Industrial ~$4.02 billion (¥600 billion) (10%). Growth products named in the plan are nanoimprint lithography, photon-counting CT and industrial printing equipment.
Competitive advantage
Canon's edge is vertical integration in optics and imaging. It designs its own lenses, CMOS image sensors, print engines and image-processing chips, and builds much of its own production equipment. That depth shows in its patent output (seventh in U.S. patent grants in 2025 and in the top 10 for 42 straight years, according to IFI Claims) and in a camera business that has held the No.
Questions about AbbVie vs Canon
Which company has higher revenue — AbbVie Inc. or Canon Inc.?
AbbVie Inc. reported $61.2B (FY2025), while Canon Inc. reported ~$31B (FY2025). By last reported revenue, AbbVie Inc. is the larger business, with Canon Inc. reporting a smaller revenue base.
What is the market cap of AbbVie Inc. vs Canon Inc.?
AbbVie Inc.'s market capitalisation stands at $465.8B, while Canon Inc.'s is $25.6B. AbbVie Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Canon Inc..
Which is more financially efficient — AbbVie Inc. or Canon Inc.?
AbbVie Inc. generates $1.07M / employee in revenue per employee, while Canon Inc. generates $187k / employee. AbbVie 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 Canon Inc. make money?
AbbVie Inc. and Canon Inc. generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Canon Inc.: Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Which company is valued higher relative to revenue — AbbVie Inc. or Canon Inc.?
On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and Canon Inc. at 0.8x P/S. AbbVie Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Canon Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AbbVie Inc. bigger than Canon Inc.?
By last reported revenue, AbbVie Inc. ($61.2B (FY2025)) is the larger company compared to Canon Inc. (~$31B (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 Canon overview