The company's scale (2021 revenue of about $55 billion) and profitability (EBITDA margins of about 50%) are greater than that of peers. Conversely, its high product concentration (top product representing about 38% of revenue), geographic concentration (about 75% of revenue in the U.S.), and level of investment in research and development (R&D, about 12% of 2021 revenue) is weaker than peers (averaging 19%). The company has a particularly strong commercial presence, backing its dominant position in immunology, and the highest revenue-generating product in the industry, Humira ($20 billion in annual sales). We expect AbbVie to reduce adjusted debt leverage to about 2.8x by the end of 2021 from about 3.5x following the close, helped by substantial debt repayment in 2020
