AbbVie vs Xiaomi: Revenue, Profit and Business Model
AbbVie reported $61.2B of revenue in FY2025 and $4.2B of net income. Xiaomi reported ~$63.6B of revenue in FY2025 and ~$5.8B 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.
Xiaomi
FY2025 was Xiaomi's strongest year: revenue rose 25.0% to ~$63.6B (RMB457.3B), profit attributable to owners was ~$5.78B (RMB41.6B), and adjusted net profit rose 43.8% to ~$5.45B (RMB39.2B). The Smart EV, AI and other new initiatives segment more than tripled to ~$14.7B (RMB106.1B) on 411,082 vehicle deliveries and posted its first full-year operating profit. 2026 has been weaker. Q1 revenue was ~$13.8B (RMB99.1B) (down 10.9%) with adjusted net profit of ~$848M (RMB6.1B) (down 43.1%). Q2 revenue was ~$15.1B (RMB108.9B) (down 6.1%) with adjusted net profit of ~$862M (RMB6.2B) (down 42.6%) and a 19.8% gross margin. In Q2 the EV segment had ~$3.46B (RMB24.9B) of revenue and an operating loss of about $361M (RMB2.6B).
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 |
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.
Xiaomi
- Smartphones
40.8% (FY2025)
~$25.9B (RMB186.4B) from Xiaomi, Redmi and POCO phones.
- IoT, Lifestyle Products and Internet Services
36.0% (FY2025)
Remainder of the Smartphone x AIoT segment, including appliances, TVs, wearables, advertising and games.
- Smart EV, AI and Other New Initiatives
23.2% (FY2025)
~$14.7B (RMB106.1B), mostly from SU7 and YU7 vehicle 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.
Xiaomi
How it makes money
Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games. Smartphones were the largest single product line in FY2025 at ~$25.9B (RMB186.4B) of revenue. IoT products extend the ecosystem into homes, and many of them are made by ecosystem partner companies Xiaomi has invested in.
Growth strategy
Xiaomi's stated strategy is the Human x Car x Home ecosystem: sell more premium smartphones, add large appliances and other IoT categories, scale the car lineup, and invest in its own AI models and chips, such as the MiMo models and the XRING O1 processor.
Competitive advantage
Xiaomi's advantages are scale in smartphones (top three globally by shipments), a very wide range of connected products under one brand and one operating system, a large device base it can monetize through services, and a fast-growing car business that buyers can connect to the same ecosystem.
Questions about AbbVie vs Xiaomi
Which company has higher revenue — AbbVie Inc. or Xiaomi Corp.?
AbbVie Inc. reported $61.2B (FY2025), while Xiaomi Corp. reported ~$63.6B (FY2025). By last reported revenue, Xiaomi Corp. is the larger business, with AbbVie Inc. reporting a smaller revenue base.
What is the market cap of AbbVie Inc. vs Xiaomi Corp.?
AbbVie Inc.'s market capitalisation stands at $465.8B, while Xiaomi Corp.'s is $83.0B. AbbVie Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Xiaomi Corp..
Which is more financially efficient — AbbVie Inc. or Xiaomi Corp.?
AbbVie Inc. generates $1.07M / employee in revenue per employee, while Xiaomi Corp. generates $1.12M / employee. Xiaomi Corp. 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 Xiaomi Corp. make money?
AbbVie Inc. and Xiaomi Corp. generate revenue in fundamentally different ways. AbbVie Inc.: AbbVie earns revenue from global sales of prescription medicines and Allergan Aesthetics products. Xiaomi Corp.: Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games.
Which company is valued higher relative to revenue — AbbVie Inc. or Xiaomi Corp.?
On a price-to-sales (P/S) basis, AbbVie Inc. trades at 7.6x P/S and Xiaomi Corp. at 1.3x P/S. AbbVie Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Xiaomi Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AbbVie Inc. bigger than Xiaomi Corp.?
By last reported revenue, Xiaomi Corp. (~$63.6B (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 Xiaomi overview