ABBV · CIK 1551152
What AbbVie Inc. told the SEC could break it.
AbbVie's disclosures cluster on concentration at two ends of its business. On the product side, two drugs — Skyrizi and Rinvoq — each topped 10% of total net revenue and together made up roughly 42% of it in 2025. On the distribution side, just three wholesalers (McKesson, Cardinal Health and Cencora) accounted for substantially all of its U.S. pharmaceutical sales, with one alone up to 43% of U.S. gross revenue. Beneath that sit narrower dependencies — certain products and services, including third-party API manufacturing and fill/finish, come from a limited number of suppliers or a single source — plus the pricing, reimbursement and currency risk on the roughly 24% of revenue earned outside the U.S.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Skyrizi + Rinvoq = ~42% of total net revenue (each >10%)high
AbbVie derives a significant portion of revenue from two products: Skyrizi and Rinvoq each individually exceeded 10% of total net revenues and together made up approximately 42% of total net revenues in 2025.
“Skyrizi and Rinvoq each represented greater than 10% of AbbVie's total net revenues and, in aggregate, these products accounted for approximately 42% of total net revenues in 2025.”
SEC filing →As of 2026 - three U.S. wholesalers account for substantially all U.S. product saleshigh
Three wholesalers (McKesson, Cardinal Health, Cencora) accounted for substantially all of AbbVie's U.S. pharmaceutical product sales in 2025, with no individual wholesaler exceeding 43% of U.S. gross revenues — heavy channel concentration.
“al Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States. No individual wholesaler accounted for greater than 43% of AbbVie's 2025 gross revenues in the United States.”
SEC filing →As of 2026
Sole-source dependency
- certain products/services from a single supply sourcemedium
AbbVie procures certain products and services from a limited number of suppliers and, in some cases, a single supply source, including third-party API and product manufacturing, fill/finish and packaging.
“AbbVie procures certain products and services from a limited number of suppliers and, in some cases, a single supply source.”
SEC filing →As of 2026
Geographic concentration
- international net revenue ~24% subject to pricing/reimbursement and FX risklow
Net revenues outside the U.S. were approximately 24% of total in 2025, exposing AbbVie to currency fluctuations, foreign reimbursement/pricing restrictions, and varied regulatory requirements.
“Net revenues outside of the United States made up approximately 24% of AbbVie's total net revenues in 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“al Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States. No individual wholesaler accounted for greater than 43% of AbbVie's 2025 gross revenues in the United States.”
Cited →“al Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States. No individual wholesaler accounted for greater than 43% of AbbVie's 2025 gross revenues in the United States.”
Cited →“al Health, Inc. and Cencora, Inc.) accounted for substantially all of AbbVie's pharmaceutical product sales in the United States. No individual wholesaler accounted for greater than 43% of AbbVie's 2025 gross revenues in the United States.”
Cited →
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