AbbVie vs PepsiCo: Revenue, Profit and Business Model
AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B 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.
PepsiCo
PepsiCo grew net revenue from $62.8 billion in 2016 to $93.9 billion in 2025, but growth slowed to 0.4% in 2024 and 2.3% in 2025 (1.7% organic) as North American snack volumes declined. Fiscal 2025 net income was $8.24 billion, down 14%, reflecting a roughly $2 billion impairment mainly on Rockstar. In 2026 the picture improved on the top line: Q1 net revenue rose 8.5% and Q2 rose 6.4% to $24.18 billion, helped by acquisitions, currency and international volume. Q2 2026 net income was $2.98 billion versus $1.26 billion a year earlier. For full-year 2026 PepsiCo guided to 2-4% organic revenue growth and 4-6% core constant-currency EPS growth.
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 |
PepsiCo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $93.9B | $8.2B | 8.8% | +2.3% | Source |
| FY2024 | $91.9B | $9.6B | 10.4% | +0.4% | Source |
| FY2023 | $91.5B | $9.1B | 9.9% | +5.9% | Source |
| FY2022 | $86.4B | $8.9B | 10.3% | +8.7% | Source |
| FY2021 | $79.5B | $7.6B | 9.6% | +12.9% | Source |
| FY2020 | $70.4B | $7.1B | 10.1% | +4.8% | Source |
| FY2019 | $67.2B | $7.3B | 10.9% | +3.9% | Source |
| FY2018 | $64.7B | $12.5B | 19.4% | +1.8% | Source |
| FY2017 | $63.5B | $4.9B | 7.6% | +1.2% | Source |
| FY2016 | $62.8B | $6.3B | 10.1% | — | 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.
PepsiCo
- PepsiCo Foods North America (Frito-Lay and Quaker)~30%
Savory snacks, oats, bars and dips sold to US and Canadian retailers and foodservice; about $27.7 billion combined in 2024.
- PepsiCo Beverages North America~30%
Finished drinks, fountain syrup and concentrate, including Pepsi, Mountain Dew, Gatorade and partner brands; about $27.8 billion in 2024.
- International (Latin America, Europe, AMESA, Asia Pacific)~40%
Locally made snacks such as Sabritas, Walkers and Kurkure plus beverage concentrate sold to franchise bottlers and company-run beverage operations.
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.
PepsiCo
How it makes money
PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. It reports through regional segments: PepsiCo Foods North America (Frito-Lay and Quaker, combined in 2025), PepsiCo Beverages North America (PBNA), Latin America, Europe, Africa/Middle East/South Asia (AMESA) and Asia Pacific.
Growth strategy
PepsiCo's current growth strategy has four parts: affordability (price cuts of up to 15% on Lay's, Tostitos, Doritos and Cheetos in February 2026), portfolio shift toward better-for-you and functional brands through acquisitions such as Siete (2025), poppi ($1.95 billion, closed May 2025) and Sabra, cost reduction (three US plant closures, SKU rationalization and a review of North American supply chain and go-to-mark…
Competitive advantage
PepsiCo's advantage is scale in savory snacks combined with a large beverage business and a direct-store-delivery network. Frito-Lay brands such as Lay's, Doritos and Cheetos lead the US salty snack aisle, and DSD lets PepsiCo control merchandising and restocking in grocery, mass and convenience stores.
Questions about AbbVie vs PepsiCo
Which company has higher revenue — AbbVie Inc. or PepsiCo, Inc.?
AbbVie Inc. reported $61.2B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with AbbVie Inc. reporting a smaller revenue base.
What is the market cap of AbbVie Inc. vs PepsiCo, Inc.?
AbbVie Inc.'s market capitalisation stands at $465.8B, while PepsiCo, Inc.'s is $175.0B. AbbVie Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to PepsiCo, Inc..
Which is more financially efficient — AbbVie Inc. or PepsiCo, Inc.?
AbbVie Inc. generates $1.07M / employee in revenue per employee, while PepsiCo, Inc. generates $307k / 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 PepsiCo, Inc. make money?
AbbVie Inc. and PepsiCo, Inc. generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers.
Which company is valued higher relative to revenue — AbbVie Inc. or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and PepsiCo, Inc. at 1.9x P/S. AbbVie Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PepsiCo, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AbbVie Inc. bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (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 PepsiCo overview