INTERNAL CREDIT MEMORANDUM

Borrower:

AbbVie Inc. (ABBV)

Date:

2026-02-19

Sector:

Healthcare

Analyst:

Credit Risk AI

Rating:

Outlook:

Stable

Executive Summary

AbbVie Inc. maintains a robust credit profile with strong liquidity and manageable leverage ratios. Recent financial performance indicates stable cash flow generation capable of supporting current debt obligations.

Financial Analysis (3-Year Trend)

Metric	2023	2024	2025
Revenue ($B)	239.7	252.82	266.67
EBITDA ($B)	14.89	17.31	11.94
Total Debt ($B)	43.88	25.5	16.17
Leverage (Debt/EBITDA)	2.95x	1.47x	1.35x
Interest Coverage	6.8x	13.6x	14.8x

Risk Assessment

Primary Risks:

Cyclical downturn in Healthcare.
Regulatory changes affecting margins.
Execution risk on new product launches.

Mitigants:

Strong liquidity position with $40.0B in cash.
Demonstrated access to capital markets.
Leading market share in core segments.

Recommendation

Based on the quantitative credit scoring model (Score: 87/100) and qualitative review of ABBV's 10-K filings, we recommend MAINTAIN exposure at current levels.

SYSTEM AUDIT LOG
Transaction ID: 8ba20b60-903d-4037-a55b-6278f8bbbadc
Model: Credit-BERT-v2 (Fine-tuned on S&P Ratings)
Data Integrity: Verified (Hash: 8d6b81ccf63e55dd)
RAG Sources: 13 Documents Processed