AbbVie is acquiring Apogee Therapeutics for approximately $10.9 billion as it works to diversify beyond its core immunology portfolio. The pharmaceutical giant reported revenue of nearly $61.2 billion in FY 2025, up roughly 8.7% year-on-year, with Skyrizi and Rinvoq accounting for about 42% of sales. Eli Lilly achieved sharper growth, with revenue reaching nearly $65.2 billion in FY 2025, a 45% increase driven by GLP-1 drugs Mounjaro and Zepbound. These therapies represented roughly 56% of total revenue. Net income was approximately $20.6 billion. AbbVie's balance sheet shows a debt-to-equity ratio of negative 21x, whilst Eli Lilly's stands at roughly 1.6x. Free cash flow was nearly $17.8 billion for AbbVie and close to $9.0 billion for Eli Lilly.

AbbVie and Johnson & Johnson present distinct investment profiles in the healthcare sector. AbbVie focuses on biopharmaceuticals in immunology, oncology, and aesthetics, reporting fiscal 2025 revenue of $61.2 billion, up 8.7% year-over-year. Net income reached $4.3 billion with a 7% margin. The company generated $17.8 billion in free cash flow despite a negative debt-to-equity ratio of -21x. Johnson & Johnson operates through Innovative Medicine and MedTech segments. Revenue hit $94.2 billion in fiscal 2025, rising 6%. Net income nearly doubled to $26.8 billion from $14.1 billion the previous year, yielding a 29% margin. Its Darzalex portfolio accounted for 15% of total revenue. AbbVie relies heavily on three wholesale distributors for US sales, creating concentration risk. Johnson & Johnson maintains broader distribution globally.

AbbVie's oncology revenues declined 2.4% year over year to $1.65 billion in Q2 2026, pressured by blood cancer drug Imbruvica, whose sales fell 29.4% to $532 million due to competitive pressure and IRA-driven pricing changes. However, growth from other products partially offset this decline. Venclexta sales rose nearly 10% to $771 million, driven by strong demand in chronic lymphocytic leukaemia. Newer products showed robust growth, with Elahere up 32% to $211 million and Epkinly increasing 48% to $103 million. Lung cancer therapy Emrelis exceeded expectations as physicians became more familiar with c-Met testing. The quarter also marked the launch of Decnupaz, AbbVie's first marketed antibody drug conjugate in haematology, following recent FDA approval for blastic plasmacytoid dendritic cell neoplasm.