AbbVie vs Mastercard: Revenue, Profit and Business Model

AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. Mastercard reported $32.8B of revenue in FY2025 and $15B of net income.

Latest financial snapshot

AbbVie

Latest revenue: $61.2B (FY2025)
Net income: $4.2B
Net margin: 6.9%
Revenue growth: +10.1% a year, FY2016–FY2025

Mastercard

Latest revenue: $32.8B (FY2025)
Net income: $15B
Net margin: 45.6%
Revenue growth: +13.2% a year, FY2016–FY2025

Financial summary

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.

Mastercard

Mastercard's net revenue grew from $10.8 billion in 2016 to $32.8 billion in FY2025, with net income of $14.97 billion in FY2025, a net margin near 46%. Growth continued in 2026: second-quarter net revenue rose 14% to $9.28 billion and net income reached $4.39 billion, with a GAAP operating margin of 60.2%. Because incremental transactions cost little to process, most of that cash goes to share buybacks, dividends and acquisitions such as Recorded Future ($2.65 billion, 2024) and BVNK (up to $1.8 billion, 2026).

Revenue and profit by year

AbbVie

AbbVie revenue, net income, margin and growth by fiscal year
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

Full AbbVie financials

Mastercard

Mastercard revenue, net income, margin and growth by fiscal year
Year	Revenue	Net income	Margin	Growth	Source
FY2025	$32.8B	$15B	45.6%	+16.4%	Source
FY2024	$28.2B	$12.9B	45.7%	+12.2%	Source
FY2023	$25.1B	$11.2B	44.6%	+12.9%	Source
FY2022	$22.2B	$9.9B	44.7%	+17.8%	Source
FY2021	$18.9B	$8.7B	46.0%	+23.4%	Source
FY2020	$15.3B	$6.4B	41.9%	-9.4%	Source
FY2019	$16.9B	$8.1B	48.1%	+12.9%	Source
FY2018	$14.9B	$5.9B	39.2%	+19.6%	Source
FY2017	$12.5B	$3.9B	31.3%	+16.0%	Source
FY2016	$10.8B	$4.1B	37.7%	—	Source

Full Mastercard financials

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.

Mastercard

Payment network~59%
Assessments on gross dollar volume, transaction switching fees and cross-border fees, net of customer incentives. About $19.48 billion in FY2025.
Value-added services and solutions~41%
Fraud and security, cyber and threat intelligence, data analytics, consulting, loyalty, open banking and processing services. Grew 23% in FY2025 to about $13.3 billion.

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.

AbbVie business model in full

Mastercard

How it makes money

Mastercard earns money in two ways. Payment network revenue ($19.48 billion in FY2025, about 59% of net revenue) comes from assessments based on gross dollar volume, fees for switching transactions, and higher-yield cross-border fees, reduced by incentives paid to issuers and merchants.

Growth strategy

Mastercard's growth plan rests on three levers: moving more consumer spending from cash to cards and tokenized digital wallets, capturing new flows such as B2B payments, disbursements and cross-border remittances, and selling more services that are not tied to card volume. Services grew 23% in FY2025, faster than the network.

Competitive advantage

Mastercard's advantage is a two-sided network that took decades to build: about 3.7 billion Mastercard and Maestro cards issued by partners and acceptance at tens of millions of merchant locations worldwide. A new rival would need both sides at once. That scale also feeds its fraud models, tokenization service and data products, which makes the services business harder to copy.

Mastercard business model in full

Questions about AbbVie vs Mastercard

Which company has higher revenue — AbbVie Inc. or Mastercard Incorporated?

AbbVie Inc. reported $61.2B (FY2025), while Mastercard Incorporated reported $32.8B (FY2025). By last reported revenue, AbbVie Inc. is the larger business, with Mastercard Incorporated reporting a smaller revenue base.

What is the market cap of AbbVie Inc. vs Mastercard Incorporated?

AbbVie Inc.'s market capitalisation stands at $465.8B, while Mastercard Incorporated's is $495.4B. Mastercard Incorporated 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 Mastercard Incorporated?

AbbVie Inc. generates $1.07M / employee in revenue per employee, while Mastercard Incorporated generates $824k / 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 Mastercard Incorporated make money?

AbbVie Inc. and Mastercard Incorporated generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Mastercard Incorporated: Mastercard earns money in two ways.

Which company is valued higher relative to revenue — AbbVie Inc. or Mastercard Incorporated?

On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and Mastercard Incorporated at 15.1x P/S. Mastercard Incorporated 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 Mastercard Incorporated?

By last reported revenue, AbbVie Inc. ($61.2B (FY2025)) is the larger company compared to Mastercard Incorporated ($32.8B (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 Mastercard overview