AbbVie’s earnings release showed revenue of $61.2 billion, an 8.6% increase driven by its immunology and aesthetics franchises. Net income was $4.2 billion and free cash flow reached $17.8 billion.
The December 2025 balance sheet listed a debt‑to‑equity ratio of –21.1, meaning total liabilities exceed shareholder equity, and a current ratio of roughly 0.7, indicating limited short‑term liquidity. AbbVie’s market cap is $467 billion, its price‑to‑earnings (P/E) ratio 74.65 and its dividend yield 2.59% ($6.83 per share).
Bristol Myers Squibb reported FY 2025 revenue of $48.2 billion, a 0.2% decline from the prior year. Net income rose to $7.1 billion, delivering a net margin of about 14.6%, the higher of the two peers. Free cash flow was $12.8 billion.
Its balance sheet showed a debt‑to‑equity ratio of roughly 2.6 and a current ratio of 1.3, suggesting a healthier liquidity position. The company’s market cap is $128 billion, its P/E ratio 13.84 and its dividend yield 3.99% ($2.51 per share).
Analysts point to AbbVie’s growth being anchored by its immunology drugs Skyrizi and Rinvoq, which have helped offset biosimilar competition to Humira. Nevertheless, two drugs still account for about 42% of net sales, leaving the firm exposed to pricing pressure from the Inflation Reduction Act.
Bristol Myers Squibb’s outlook is tempered by reliance on legacy products such as Eliquis and Opdivo, which face upcoming patent expirations. The company also contends with a revived $6.7 billion lawsuit over its Celgene acquisition, ongoing patent disputes, and the recent termination of a cell‑therapy manufacturing partnership, adding execution risk to its pipeline.