AbbVie
32 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.
Customers
McKesson Corporation
earns fromnamed as a riskIn 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.Risk factors (Item 1A)
Also named by AMGN, CAH, COR, GILD, HALO, HROW, HSIC, LLY and 1 more
Cardinal Health, Inc.
earns fromnamed as a riskIn 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.Risk factors (Item 1A)
Also named by AMGN, BAX, COR, CVS, GILD, HROW, LLY, MCK and 1 more
Cencora, Inc.
earns fromnamed as a riskIn 2025, three wholesale distributors (McKesson Corporation, Cardinal Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States.Risk factors (Item 1A)
Pharmacy benefit managers (PBMs)
earns fromnamed as a riskVarious factors, including market factors, consolidation among PBMs and the ability of private payers to control patient access to products, including through formulary management and utilization controls, may provide payers the leverage to negotiate higher or additional rebates or discounts that could have a material adverse effect on AbbVie's operations.Risk factors (Item 1A)
Suppliers
Single-source suppliers of raw materials
depends onnamed as a riskThe failure of AbbVie's suppliers, and particularly its single-source suppliers, to fulfill their contractual obligations in a timely manner or as a result of regulatory noncompliance or physical disruption at a manufacturing site may impair AbbVie's ability to deliver its products to customers on a timely and competitive basis, which could adversely affect AbbVie's business and results of operations.Risk factors (Item 1A)
Partners and platforms
Competitors
Humira biosimilars
competes withnamed as a riskHumira faces direct biosimilar competition globally and AbbVie will continue to face competitive pressure from these biologics and from orally administered products.Business (Item 1)
Rinvoq (upadacitinib) generics
competes withnamed as a riskGiven the settlement and license agreements, which are subject to standard acceleration provisions, assuming pediatric exclusivity is granted, no generic entry for Rinvoq tablets is expected prior to April 2037 in the United States.Business (Item 1)
Places
United States
concentrated in · approximately 24%named as a riskNet revenues outside of the United States made up approximately 24% of AbbVie's total net revenues in 2025.Risk factors (Item 1A)
Also named by ADP, AJG, AMGN, APA, AXGN, AXP, BALL, BAM and 139 more
European Union
subject tonamed as a riskIn particular, many European countries have ongoing government-mandated price reductions for many pharmaceutical products, and AbbVie anticipates continuing pricing pressures in Europe.Risk factors (Item 1A)
Also named by ADM, AVY, BA, DXCM, ENB, FPI, GEHC, GS and 4 more
Commodities and inputs
Euro
exposed to its price · $14,505named as a riskAbbVie's primary net foreign currency exposures are the Euro, Canadian dollar, Japanese yen and British pound.Market risk (Item 7A)
Also named by ABNB, ABT, ADBE, ADI, AME, AMG, AMGN, AMP and 186 more
Canadian dollar
exposed to its price · 1,042named as a riskAbbVie's primary net foreign currency exposures are the Euro, Canadian dollar, Japanese yen and British pound.Market risk (Item 7A)
Also named by ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE, CDW and 67 more
British pound
exposed to its price · 560named as a riskAbbVie's primary net foreign currency exposures are the Euro, Canadian dollar, Japanese yen and British pound.Market risk (Item 7A)
Also named by ADBE, AJG, AME, AMP, APA, BF/B, BRO, CACI and 39 more
Japanese yen
exposed to its price · 799named as a riskAbbVie's primary net foreign currency exposures are the Euro, Canadian dollar, Japanese yen and British pound.Market risk (Item 7A)
Also named by ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY, COO and 24 more
Cell lines (biological materials)
depends onnamed as a riskFor example, access to and supply of necessary biological materials, such as cell lines, may be limited and current governmental regulations restrict access to and regulate the transport and use of such materials.Risk factors (Item 1A)
Regulators
Laws and programs
Medicaid
subject tonamed as a riskSpecifically, U.S. federal laws require pharmaceutical manufacturers to pay certain statutorily-prescribed rebates to state Medicaid programs on prescription drugs reimbursed under state Medicaid plans and the efforts by states to seek additional rebates may affect AbbVie's business.Business (Item 1)
Also named by ABT, ARE, ARWR, BAX, BMY, BSX, CHE, CNC and 39 more
Inflation Reduction Act of 2022 (IRA)
subject tonamed as a riskIn particular, the IRA will have the effect of reducing prices and reimbursements for certain of our products, which could significantly impact AbbVie’s results of operations.Risk factors (Item 1A)
Also named by APD, ARE, BKH, DD, DHR, ELV, ENPH, ENS and 30 more
340B Drug Pricing Program
subject tonamed as a riskAdverse outcomes in 340B-related litigation or significant changes to our 340B approach could adversely affect our revenues and results of operations.Risk factors (Item 1A)
Also named by BAX, BIIB, BMY, CAH, COR, CVS, EXEL, GILD and 13 more
Medicare Part D
subject tonamed as a riskIn August 2023, the U.S. Department of Health and Human Services (HHS), through CMS, selected Imbruvica as one of 10 medicines subject to government-set prices in Medicare Part D beginning January 1, 2026, and in January 2025, selected Vraylar and Linzess as two of 15 medicines subject to government-set prices in Medicare Part D beginning January 1, 2027.Business (Item 1)
Also named by AMGN, BMY, CI, CNC, CVS, ELV, INCY, JNJ and 5 more
EU Medical Device Regulation (MDR)
subject tonamed as a riskMedical device products that are marketed in the European Union must comply with the requirements of the Medical Device Regulation (MDR), which came into effect in May 2021.Business (Item 1)
Also named by BAX, BDX, BSX, CAH, COO, DXCM, EW, GEHC and 4 more
Medicare Part B
subject tonamed as a riskIn January 2026, Botox was selected as one of 15 medicines subject to government-set prices in Medicare Parts B and D beginning January 1, 2028.Business (Item 1)
Biologics Price Competition and Innovation Act
subject tonamed as a riskThe law provides a pathway for approval of biosimilars following the expiration of 12 years of regulatory exclusivity for the innovator biologic and a potential additional 180 day-extension term for conducting pediatric studies.Business (Item 1)
Leahy-Smith America Invents Act
subject tonamed as a riskIn addition, petitioners have filed, and may continue to file, challenges to the validity of AbbVie's patents under the 2011 Leahy-Smith America Invents Act, which created inter partes review and post grant review procedures for challenging patent validity in administrative proceedings at the United States Patent and Trademark Office.Risk factors (Item 1A)
Also named by RMBS
U.S. government most-favored-nation pricing agreement
subject tonamed as a riskIn January 2026, AbbVie entered into a voluntary agreement with the United States government to provide certain pricing concessions and U.S.-based research and development and capital investments in exchange for exemptions from tariffs and future pricing mandates during the three-year agreement period.Risk factors (Item 1A)
Japan National Health Insurance Drug Price List
subject tonamed as a riskIn Japan, the National Health Insurance system maintains a Drug Price List specifying which pharmaceutical products are eligible for reimbursement and the Ministry of Health, Labour and Welfare sets the prices of the products on this list.Business (Item 1)
Tariffs on pharmaceutical products
subject tonamed as a riskChanges in global trade policy, including the potential imposition of import or export tariffs, trade restrictions, or other measures affecting pharmaceutical products or related inputs, could increase manufacturing and procurement costs, reduce margins or disrupt supply continuity.Risk factors (Item 1A)
Affordable Care Act
subject toUnder the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act (together, the Affordable Care Act), AbbVie pays a fee related to its pharmaceuticals sales to government programs.Business (Item 1)
Also named by ABT, ADP, AFL, BBSI, BRO, BWIN, COR, DOC and 8 more
Superfund (CERCLA)
subject toAbbott was identified as one of many potentially responsible parties in investigations and/or remediations at several locations in the United States, including Puerto Rico, under the Comprehensive Environmental Response, Compensation and Liability Act, commonly known as Superfund.Business (Item 1)
Also named by ABT, AMD, CRS, ED, FLS, IR, KVUE, MO and 4 more
Hatch-Waxman Act
subject toThe Drug Price Competition and Patent Term Restoration Act of 1984 (commonly known as the Hatch-Waxman Act) permits a patent holder to seek a patent extension, commonly called a “patent term restoration,” for patents on products (or processes for making the product) regulated by the FFDCA.Business (Item 1)
Veterans Health Care Act of 1992
subject toSimilarly, the Veterans Health Care Act of 1992, as a prerequisite to participation in Medicaid and other federal health care programs, requires that manufacturers extend additional discounts on pharmaceutical products to various federal agencies, including the United States Department of Veterans Affairs, Department of Defense and Public Health Service entities and institutions.Business (Item 1)