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 →“In September 2019, we entered into an exclusive license agreement with AbbVie.”
Cited →“There were no milestones achieved under the AbbVie License Agreement and Galapagos License Agreement as of December 31, 2025.”
Cited →
Its suppliers
Ironwood Pharmaceuticals, Inc.
“we currently derive a significant portion of our revenue from our LINZESS collaboration with AbbVie for the U.S. and believe that the revenues from this collaboration will continue to constitute a significant portion of our total revenue for the foreseeable future.”
Cited →“AbbVie retains global commercialization rights to elagolix.”
Cited →“The Company and AbbVie will share equally in the net profits and net losses associated with the commercialization of ABBV-RGX-314 in the United States. Outside the United States, AbbVie will be responsible, at its sole cost, for the commercialization of ABBV-RGX-314.”
Cited →“Since August 2017, substantially all of our royalty revenue has been derived from AbbVie's net sales of MAVYRET/MAVIRET. Our ongoing royalty revenues from this regimen consist of annually tiered, double-digit, per-product royalties on 50% of the calendar year net sales of the glecaprevir/pibrentasvir combination in MA”
Cited →“In the United States, we would share profits and losses with AbbVie from the commercialization of reproxalap according to a split of 60% for AbbVie and 40% for us. Outside of the United States, we would be eligible to receive tiered royalties on net sales of reproxalap.”
Cited →“Our revenue to date has been primarily related to the AbbVie Agreement and GSK Agreement for the license and co-development of product candidates with those parties.”
Cited →
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