AbbVie vs Eli Lilly: Revenue, Profit and Business Model
AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. Eli Lilly reported $65.2B of revenue in FY2025 and $20.6B 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.
Eli Lilly
Revenue rose from $28.5 billion in 2022 to $45.0 billion in 2024 and $65.2 billion in 2025, while net income nearly doubled to $20.6 billion. Growth accelerated again in 2026: second-quarter revenue rose 48% to $23.0 billion, with Mounjaro at $9.94 billion (up 91%) and Zepbound at $4.93 billion. Lilly raised 2026 revenue guidance to $85-87 billion and non-GAAP EPS guidance to $35.50-36.50. Capital expenditures reached $7.8 billion in 2025 as Lilly expanded production capacity.
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 |
Eli Lilly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $65.2B | $20.6B | 31.7% | +44.7% | Source |
| FY2024 | $45B | $10.6B | 23.5% | +32.0% | Source |
| FY2023 | $34.1B | $5.2B | 15.4% | +19.6% | Source |
| FY2022 | $28.5B | $6.2B | 21.9% | +0.8% | Source |
| FY2021 | $28.3B | $5.6B | 19.7% | — | 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.
Eli Lilly
- Branded Prescription MedicinesPrimary
Sales of patent-protected medicines through wholesalers, pharmacies, health systems, and international channels.
- Collaborations and Licensing
Supporting
Milestones, royalties, and collaboration economics connected to research, development, and commercialization partnerships.
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.
Eli Lilly
How it makes money
Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Revenue comes mainly from product sales to wholesalers, pharmacies and health systems, with net prices set through negotiations with insurers, pharmacy benefit managers and governments; collaboration and royalty income adds a smaller share.
Growth strategy
Lilly's growth strategy has three parts: expand incretin supply and indications, add oral and next-generation obesity medicines, and diversify through oncology, immunology, neuroscience and genetic medicine. Foundayo (orforglipron) was approved by the FDA on April 1, 2026 and launched through LillyDirect, telehealth and U.S. retail pharmacies. Retatrutide, a GIP/GLP-1/glucagon triple agonist, is in Phase 3.
Competitive advantage
Lilly's advantage combines a century of diabetes and peptide-hormone expertise with manufacturing scale few rivals can match. Tirzepatide's dual GIP/GLP-1 mechanism produced greater weight loss than semaglutide in the head-to-head SURMOUNT-5 trial, and Foundayo gives Lilly a small-molecule GLP-1 pill that can be taken without food or water restrictions and is easier to mass-produce than peptides.
Questions about AbbVie vs Eli Lilly
Which company has higher revenue — AbbVie Inc. or Eli Lilly and Company?
AbbVie Inc. reported $61.2B (FY2025), while Eli Lilly and Company reported $65.2B (FY2025). By last reported revenue, Eli Lilly and Company is the larger business, with AbbVie Inc. reporting a smaller revenue base.
What is the market cap of AbbVie Inc. vs Eli Lilly and Company?
AbbVie Inc.'s market capitalisation stands at $465.8B, while Eli Lilly and Company's is $1.06T. Eli Lilly and Company 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 Eli Lilly and Company?
AbbVie Inc. generates $1.07M / employee in revenue per employee, while Eli Lilly and Company generates $1.30M / employee. Eli Lilly and Company 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 Eli Lilly and Company make money?
AbbVie Inc. and Eli Lilly and Company generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines.
Which company is valued higher relative to revenue — AbbVie Inc. or Eli Lilly and Company?
On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and Eli Lilly and Company at 16.3x P/S. Eli Lilly and Company 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 Eli Lilly and Company?
By last reported revenue, Eli Lilly and Company ($65.2B (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 Eli Lilly overview