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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to                                   
Commission File Number: 001-35565
abbvieimage1a54.jpg
AbbVie Inc.
(Exact name of registrant as specified in its charter)
Delaware
32-0375147
(State or other jurisdiction of incorporation or organization)
(I.R.S. employer identification number)
1 North Waukegan Road
North Chicago, Illinois 60064-6400
Telephone: (847) 932-7900
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☒Accelerated Filer☐
Non-Accelerated Filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareABBVNew York Stock Exchange
Chicago Stock Exchange
0.750% Senior Notes due 2027ABBV27New York Stock Exchange
2.125% Senior Notes due 2028ABBV28New York Stock Exchange
2.625% Senior Notes due 2028ABBV28BNew York Stock Exchange
2.125% Senior Notes due 2029ABBV29New York Stock Exchange
1.250% Senior Notes due 2031ABBV31New York Stock Exchange
As of July 29, 2024, AbbVie Inc. had 1,766,343,745 shares of common stock at $0.01 par value outstanding.


AbbVie Inc. and Subsidiaries
Table of Contents




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)

Three months ended
June 30,		Six months ended
June 30,
(in millions, except per share data)2024202320242023
Net revenues$14,462 $13,865 $26,772 $26,090 
Cost of products sold4,202 4,240 8,296 8,226 
Selling, general and administrative3,377 3,268 6,692 6,307 
Research and development1,948 1,733 3,887 4,025 
Acquired IPR&D and milestones937 280 1,101 430 
Other operating income— (169)— (179)
Total operating costs and expenses10,464 9,352 19,976 18,809 
Operating earnings3,998 4,513 6,796 7,281 
Interest expense, net506 454 959 908 
Net foreign exchange loss1 37 5 72 
Other expense, net1,345 1,412 1,931 3,216 
Earnings before income tax expense2,146 2,610 3,901 3,085 
Income tax expense773 583 1,156 817 
Net earnings1,373 2,027 2,745 2,268 
Net earnings attributable to noncontrolling interest3 3 6 5 
Net earnings attributable to AbbVie Inc.$1,370 $2,024 $2,739 $2,263 
Per share data
Basic earnings per share attributable to AbbVie Inc.$0.77 $1.14 $1.54 $1.27 
Diluted earnings per share attributable to AbbVie Inc.$0.77 $1.14 $1.53 $1.26 
Weighted-average basic shares outstanding1,768 1,767 1,769 1,768 
Weighted-average diluted shares outstanding1,771 1,771 1,772 1,773 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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1

AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
Three months ended
June 30,		Six months ended
June 30,
(in millions)2024202320242023
Net earnings$1,373 $2,027 $2,745 $2,268 
Foreign currency translation adjustments, net of tax expense (benefit) of $(4) for the three months and $(24) the six months ended June 30, 2024 and $(6) for the three months and $6 six months ended June 30, 2023
(157)(16)(553)178 
Net investment hedging activities, net of tax expense (benefit) of $23 for the three months and $80 for the six months ended June 30, 2024 and $2 for the three months and $(58) six months ended June 30, 2023
84 11 291 (213)
Pension and post-employment benefits, net of tax expense (benefit) of $3 for the three months and $4 for the six months ended June 30, 2024 and $(4) for the three months and $10 for the six months ended June 30, 2023
8 (2)18 36 
Cash flow hedging activities, net of tax expense (benefit) of $(2) for the three months and $5 for the six months ended June 30, 2024 and $(4) for the three months and $(8) for the six months ended June 30, 2023
6 (13)36 (54)
Other comprehensive loss(59)(20)(208)(53)
Comprehensive income1,314 2,007 2,537 2,215 
Comprehensive income attributable to noncontrolling interest3 3 6 5 
Comprehensive income attributable to AbbVie Inc.$1,311 $2,004 $2,531 $2,210 

The accompanying notes are an integral part of these condensed consolidated financial statements.



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2

AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions, except share data)June 30,
2024		December 31,
2023
(unaudited)
Assets
Current assets
Cash and equivalents$13,130 $12,814 
Short-term investments27 2 
Accounts receivable, net11,724 11,155 
Inventories4,218 4,099 
Prepaid expenses and other4,717 4,932 
Total current assets33,816 33,002 
Investments272 304 
Property and equipment, net5,023 4,989 
Intangible assets, net60,243 55,610 
Goodwill33,386 32,293 
Other assets9,197 8,513 
Total assets$141,937 $134,711 
Liabilities and Equity
Current liabilities
Current portion of long-term debt and finance lease obligations$12,586 $7,191 
Accounts payable and accrued liabilities29,329 30,650 
Total current liabilities41,915 37,841 
Long-term debt and finance lease obligations58,048 52,194 
Deferred income taxes2,726 1,952 
Other long-term liabilities32,427 32,327 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,830,226,561 shares issued as of June 30, 2024 and 1,823,046,087 as of December 31, 2023
18 18 
Common stock held in treasury, at cost, 64,283,710 shares as of June 30, 2024 and 57,105,354 as of December 31, 2023
(7,838)(6,533)
Additional paid-in capital20,879 20,180 
Accumulated deficit(3,768)(1,000)
Accumulated other comprehensive loss(2,513)(2,305)
Total stockholders' equity6,778 10,360 
Noncontrolling interest43 37 
Total equity6,821 10,397 
Total liabilities and equity$141,937 $134,711 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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3

AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)

(in millions)Common shares outstandingCommon stockTreasury stockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive lossNoncontrolling interestTotal
Balance at March 31, 20231,764 $18 $(6,524)$19,619 $2,393 $(2,232)$29 $13,303 
Net earnings attributable to AbbVie Inc.— — — — 2,024 — — 2,024 
Other comprehensive loss, net of tax— — — — — (20)— (20)
Dividends declared— — — — (2,628)— — (2,628)
Purchases of treasury stock— — (10)— — — — (10)
Stock-based compensation plans and other1 — 6 220 — — — 226 
Change in noncontrolling interest— — — — — — 3 3 
Balance at June 30, 20231,765 $18 $(6,528)$19,839 $1,789 $(2,252)$32 $12,898 
Balance at March 31, 20241,766 $18 $(7,829)$20,656 $(2,384)$(2,454)$40 $8,047 
Net earnings attributable to AbbVie Inc.— — — — 1,370 — — 1,370 
Other comprehensive loss, net of tax— — — — — (59)— (59)
Dividends declared— — — — (2,754)— — (2,754)
Purchases of treasury stock— — (9)— — — — (9)
Stock-based compensation plans and other— — — 223 — — — 223 
Change in noncontrolling interest— — — — — — 3 3 
Balance at June 30, 20241,766 $18 $(7,838)$20,879 $(3,768)$(2,513)$43 $6,821 
Balance at December 31, 20221,769 $18 $(4,594)$19,245 $4,784 $(2,199)$33 $17,287 
Net earnings attributable to AbbVie Inc.— — — — 2,263 — — 2,263 
Other comprehensive loss, net of tax— — — — — (53)— (53)
Dividends declared— — — — (5,258)— — (5,258)
Purchases of treasury stock(12)— (1,965)— — — — (1,965)
Stock-based compensation plans and other8 — 31 594 — — — 625 
Change in noncontrolling interest— — — — — — (1)(1)
Balance at June 30, 20231,765 $18 $(6,528)$19,839 $1,789 $(2,252)$32 $12,898 
Balance at December 31, 20231,766 $18 $(6,533)$20,180 $(1,000)$(2,305)$37 $10,397 
Net earnings attributable to AbbVie Inc.— — — — 2,739 — — 2,739 
Other comprehensive loss, net of tax— — — — — (208)— (208)
Dividends declared— — — — (5,507)— — (5,507)
Purchases of treasury stock(7)— (1,333)— — — — (1,333)
Stock-based compensation plans and other7 — 28 699 — — — 727 
Change in noncontrolling interest— — — — — — 6 6 
Balance at June 30, 20241,766 $18 $(7,838)$20,879 $(3,768)$(2,513)$43 $6,821 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Six months ended
June 30,
(in millions) (brackets denote cash outflows)20242023
Cash flows from operating activities
Net earnings$2,745 $2,268 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation367 369 
Amortization of intangible assets3,838 4,018 
Deferred income taxes(405)(635)
Change in fair value of contingent consideration liabilities2,136 3,424 
Payments of contingent consideration liabilities(876)(16)
Stock-based compensation566 492 
Acquired IPR&D and milestones1,101 430 
Non-cash litigation reserve adjustments, net of cash payments27 (118)
Impairment of intangible assets— 710 
Other, net(53)(173)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(524)(275)
Inventories(127)(458)
Prepaid expenses and other assets309 285 
Accounts payable and other liabilities(1,337)1,123 
Income tax assets and liabilities, net(1,456)(932)
Cash flows from operating activities6,311 10,512 
Cash flows from investing activities
Acquisition of businesses, net of cash acquired(9,199)— 
Other acquisitions and investments(1,033)(513)
Acquisitions of property and equipment(434)(353)
Purchases of investment securities(22)(35)
Sales and maturities of investment securities9 36 
Other, net(11)25 
Cash flows from investing activities(10,690)(840)
Cash flows from financing activities
Proceeds from issuance of other short-term borrowings5,008 — 
Repayments of other short-term borrowings(5,008)— 
Proceeds from issuance of long-term debt14,963 — 
Repayments of long-term debt and finance lease obligations(3,448)(2,353)
Debt issuance costs(99)— 
Dividends paid(5,522)(5,286)
Purchases of treasury stock(1,333)(1,965)
Proceeds from the exercise of stock options137 113 
Payments of contingent consideration liabilities— (641)
Other, net24 20 
Cash flows from financing activities4,722 (10,112)
Effect of exchange rate changes on cash and equivalents(27)(2)
Net change in cash and equivalents316 (442)
Cash and equivalents, beginning of period12,814 9,201 
Cash and equivalents, end of period$13,130 $8,759 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 Basis of Presentation
Basis of Historical Presentation
The unaudited interim condensed consolidated financial statements of AbbVie Inc. (AbbVie or the company) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2023.
It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the company’s financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results. Certain other reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
On February 12, 2024, AbbVie completed its previously announced acquisition of ImmunoGen, Inc. (ImmunoGen). Refer to Note 4 and Note 8 for additional information regarding this acquisition.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
ASU No. 2023-09
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740). The standard requires disaggregation of the effective rate reconciliation into standard categories, enhances disclosure of income taxes paid, and modifies other income tax-related disclosures. The standard will be effective for AbbVie starting in annual periods in 2025, with early adoption permitted. AbbVie is currently assessing the impact of adopting this guidance on its consolidated financial statements.
ASU No. 2023-07
In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The standard is effective for AbbVie starting in annual periods in 2024 and interim periods in 2025, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. AbbVie is currently assessing the impact of adopting this guidance on its consolidated financial statements.
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Note 2 Supplemental Financial Information
Interest Expense, Net
Three months ended
June 30,		Six months ended
June 30,
(in millions)2024202320242023
Interest expense$726 $552 $1,386 $1,105 
Interest income(220)(98)(427)(197)
Interest expense, net$506 $454 $959 $908 
Inventories
(in millions)June 30,
2024		December 31,
2023
Finished goods$1,189 $1,356 
Work-in-process1,930 1,643 
Raw materials1,099 1,100 
Inventories$4,218 $4,099 
Property and Equipment, Net
(in millions)June 30,
2024		December 31,
2023
Property and equipment, gross$11,903 $11,635 
Accumulated depreciation(6,880)(6,646)
Property and equipment, net$5,023 $4,989 
Depreciation expense was $184 million for the three months and $367 million for the six months ended June 30, 2024 and $190 million for the three months and $369 million for the six months ended June 30, 2023.
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Note 3 Earnings Per Share
AbbVie grants certain restricted stock units (RSUs) that are considered to be participating securities. Due to the presence of participating securities, AbbVie calculates earnings per share (EPS) using the more dilutive of the treasury stock or the two-class method. For all periods presented, the two-class method was more dilutive.
The following table summarizes the impact of the two-class method:
Three months ended
June 30,		Six months ended
June 30,
(in millions, except per share data)2024202320242023
Basic EPS
Net earnings attributable to AbbVie Inc.$1,370 $2,024 $2,739 $2,263 
Earnings allocated to participating securities10 11 20 22 
Earnings available to common shareholders$1,360 $2,013 $2,719 $2,241 
Weighted-average basic shares outstanding1,768 1,767 1,769 1,768 
Basic earnings per share attributable to AbbVie Inc.$0.77 $1.14 $1.54 $1.27 
Diluted EPS
Net earnings attributable to AbbVie Inc.$1,370 $2,024 $2,739 $2,263 
Earnings allocated to participating securities10 11 20 22 
Earnings available to common shareholders$1,360 $2,013 $2,719 $2,241 
Weighted-average shares of common stock outstanding1,768 1,767 1,769 1,768 
Effect of dilutive securities3 4 3 5 
Weighted-average diluted shares outstanding1,771 1,771 1,772 1,773 
Diluted earnings per share attributable to AbbVie Inc.$0.77 $1.14 $1.53 $1.26 
Certain shares issuable under stock-based compensation plans were excluded from the computation of EPS because the effect would have been antidilutive. The number of common shares excluded was insignificant for all periods presented.
Note 4 Licensing, Acquisitions and Other Arrangements
Acquisition of Cerevel Therapeutics Holdings, Inc.
Subsequent to June 30, 2024, on August 1, 2024, AbbVie completed its previously announced acquisition of Cerevel Therapeutics Holdings, Inc. (Cerevel Therapeutics). Under the terms of the agreement, AbbVie acquired all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash for a total value of approximately $8.7 billion.
Cerevel Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of differentiated therapies for neuroscience diseases. Cerevel Therapeutics neuroscience pipeline includes multiple clinical-stage and preclinical candidates with the potential to treat several diseases including schizophrenia, Parkinson's disease and mood disorders.
Due to the proximity of the closing date of the acquisition to the date of filing this Quarterly Report on Form 10-Q, the initial accounting for the acquisition is not complete. Significant, relevant information needed to complete the initial accounting, including the identification and measurement of the fair value of assets acquired and liabilities assumed, is pending. As a result, it is not practicable to disclose the preliminary allocation of the purchase price to assets acquired and liabilities assumed or provide other related disclosures. The accounting impact of this acquisition and the operating results of Cerevel Therapeutics will be included in the consolidated financial statements beginning in the third quarter of 2024.

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Acquisition of ImmunoGen, Inc.
On February 12, 2024, AbbVie completed its previously announced acquisition of ImmunoGen. ImmunoGen is a commercial-stage biotechnology company focused on the discovery, development and commercialization of antibody-drug conjugates (ADC) for cancer patients. ImmunoGen's oncology portfolio includes its flagship cancer therapy Elahere, a first-in-class ADC approved for platinum-resistant ovarian cancer, and a pipeline of promising next-generation ADC's targeting hematologic malignancies and solid tumors. The combination accelerates AbbVie’s entry into the solid tumor space and strengthens its oncology pipeline. Under the terms of the agreement, AbbVie acquired all outstanding shares of ImmunoGen for $31.26 per share in cash. The total fair value of the consideration transferred to owners of ImmunoGen common stock was $9.8 billion ($9.2 billion, net of cash acquired).
The acquisition of ImmunoGen has been accounted for as a business combination using the acquisition method of accounting. The acquisition method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The valuation of assets acquired and liabilities assumed has not yet been finalized as of June 30, 2024. As a result, AbbVie recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for the acquisition date fair value of intangible assets, goodwill and income taxes among other items. The completion of the valuation will occur no later than one year from the acquisition date.
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Assets acquired and liabilities assumed
Cash and equivalents$591 
Accounts receivable171 
Inventories211 
Prepaid expenses and other current assets40 
Property and equipment, net7 
Intangible assets, net
Developed product rights7,200 
License agreements125 
Acquired in-process research and development1,280 
Other noncurrent assets273 
Current portion of long-term debt(99)
Accounts payable and accrued liabilities(312)
Deferred income taxes(899)
Other long-term liabilities(47)
Total identifiable net assets8,541 
Goodwill1,249 
Total assets acquired and liabilities assumed$9,790 
The fair value step-up adjustment to inventories of $179 million is being amortized to cost of products sold when the inventory is sold to customers, which is expected to be within approximately one year from the acquisition date.
Intangible assets relate to $7.3 billion of definite-lived intangible assets and $1.3 billion of acquired in-process research and development (IPR&D) associated with products that have not yet received regulatory approval. The acquired definite-lived intangible assets consist of developed product rights and license agreements and are being amortized over a weighted-average estimated useful life of approximately 12 years using the estimated pattern of economic benefit. The estimated fair values of identifiable intangible assets were determined using the "income approach" which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. Some of the more significant assumptions inherent in the development of these asset valuations include the estimated net cash flows for each year for each asset or product, the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors.
Other noncurrent assets primarily consist of $250 million of deferred tax assets.
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9

The current portion of long-term debt assumed by AbbVie was repaid concurrent with the acquisition at the fair value of $99 million. See Note 8 for additional information.
Goodwill was calculated as the excess of the consideration transferred over the fair value of net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recognized from the acquisition of ImmunoGen represents expected synergies including, the ability to: (i) expand AbbVie’s product portfolio as well as the potential to increase revenue from future growth platforms, (ii) accelerate AbbVie’s clinical and commercial presence in the solid tumor space within oncology, (iii) leverage the respective strengths of each company, and (iv) enhance AbbVie’s existing ADC development efforts. The goodwill is not deductible for tax purposes.
Following the acquisition date, the operating results of ImmunoGen have been included in the condensed consolidated financial statements. For the period from the acquisition date through June 30, 2024, net revenues attributable to ImmunoGen were $239 million and operating losses attributable to ImmunoGen were $562 million, inclusive of $349 million of cash-settled, post-closing expense for ImmunoGen employee incentive awards, $124 million of inventory fair value step-up amortization and $65 million of intangible asset amortization. AbbVie also issued 0.3 million RSUs to holders of ImmunoGen equity awards based on a conversion factor described in the transaction agreement. Stock compensation expense related to RSUs issued at the acquisition date was not significant.
Acquisition-related expenses, which were comprised primarily of regulatory, financial advisory and legal fees, totaled $59 million for the six months ended June 30, 2024 and were included in selling, general and administrative (SG&A) expense in the condensed consolidated statements of earnings.
Pro Forma Financial Information
The following table presents the unaudited pro forma combined results of AbbVie and ImmunoGen for the three and six months ended June 30, 2024 and 2023 as if the acquisition of ImmunoGen had occurred on January 1, 2023:
Three months ended
June 30,		Six months ended
June 30,
(in millions)2024202320242023
Net revenues$14,462 $13,948 $26,827 $26,223 
Net earnings1,422 1,861 3,158 1,444 
The unaudited pro forma combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of AbbVie and ImmunoGen. In order to reflect the occurrence of the acquisition on January 1, 2023 as required, the unaudited pro forma financial information includes adjustments to reflect incremental amortization expense to be incurred based on the current preliminary fair values of the identifiable intangible assets acquired; the incremental cost of products sold related to the fair value adjustments associated with acquisition date inventory; the additional interest expense associated with the issuance of debt to finance the acquisition; and the reclassification of acquisition-related costs incurred during the three and six months ended June 30, 2024 to the six months ended June 30, 2023. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2023. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.
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10


Other Licensing & Acquisitions Activity
Cash outflows related to other acquisitions and investments totaled $1.0 billion for the six months ended June 30, 2024 and $513 million for the six months ended June 30, 2023.
The following table summarizes acquired IPR&D and milestones expense:
Three months ended
June 30,		Six months ended
June 30,
(in millions)
2024202320242023
Upfront charges$927 $220 $1,006 $352 
Development milestones10 60 95 78 
Acquired IPR&D and milestones$937 $280 $1,101 $430 
Celsius Therapeutics, Inc.
In June 2024, AbbVie acquired Celsius Therapeutics, Inc. (Celsius Therapeutics) including its lead pipeline asset CEL383. Celsius Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of precision medicine in inflammatory bowel disease. The transaction was accounted as an asset acquisition as CEL383 represented substantially all of the fair value of the gross assets acquired. The upfront payment of $250 million was recorded in acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the second quarter of 2024.
AbbVie entered into several other individually insignificant collaborations, licensing agreements or other asset acquisitions in which the related upfront payments were recorded in acquired IPR&D and milestones expense.
Note 5 Collaborations
The company has ongoing transactions with other entities through collaboration agreements. The following represent the significant collaboration agreements impacting the periods ended June 30, 2024 and 2023.
Collaboration with Janssen Biotech, Inc.
In December 2011, Pharmacyclics, a wholly-owned subsidiary of AbbVie, entered into a worldwide collaboration and license agreement with Janssen Biotech, Inc. and its affiliates (Janssen), one of the Janssen Pharmaceutical companies of Johnson & Johnson, for the joint development and commercialization of Imbruvica, a novel, orally active, selective covalent inhibitor of Bruton’s tyrosine kinase and certain compounds structurally related to Imbruvica, for oncology and other indications, excluding all immune and inflammatory mediated diseases or conditions and all psychiatric or psychological diseases or conditions, in the United States and outside the United States.
The collaboration provides Janssen with an exclusive license to commercialize Imbruvica outside of the United States and co-exclusively with AbbVie in the United States. Both parties are responsible for the development, manufacturing and marketing of any products generated as a result of the collaboration. The collaboration has no set duration or specific expiration date and provides for potential future development, regulatory and approval milestone payments of up to $200 million to AbbVie. The collaboration also includes a cost sharing arrangement for associated collaboration activities. Except in certain cases, Janssen is responsible for approximately 60% of collaboration development costs and AbbVie is responsible for the remaining 40% of collaboration development costs.
In the United States, both parties have co-exclusive rights to commercialize the products; however, AbbVie is the principal in the end-customer product sales. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. Sales of Imbruvica are included in AbbVie's net revenues. Janssen's share of profits is included in AbbVie's cost of products sold. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
Outside the United States, Janssen is responsible for and has exclusive rights to commercialize Imbruvica. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. AbbVie's share of profits is included in AbbVie's net revenues. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
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The following table shows the profit and cost sharing relationship between Janssen and AbbVie:
Three months ended
June 30,		Six months ended
June 30,
(in millions)2024202320242023
United States - Janssen's share of profits (included in cost of products sold)$284 $312 $567 $609 
International - AbbVie's share of profits (included in net revenues)238 241 466 481 
Global - AbbVie's share of other costs (included in respective line items)40 57 82 112 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $256 million at June 30, 2024 and $236 million at December 31, 2023. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $270 million at June 30, 2024 and $307 million at December 31, 2023.
Collaboration with Genentech, Inc.
AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which includes Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta in the United States. AbbVie pays royalties on Venclexta net revenues outside the United States.
AbbVie manufactures and distributes Venclexta globally and is the principal in the end-customer product sales. Sales of Venclexta are included in AbbVie’s net revenues. Genentech’s share of United States profits is included in AbbVie’s cost of products sold. AbbVie records sales and marketing costs associated with the United States collaboration as part of SG&A expenses and global development costs as part of research and development (R&D) expenses, net of Genentech’s share. Royalties paid for Venclexta revenues outside the United States are also included in AbbVie’s cost of products sold.
The following table shows the profit and cost sharing relationship between Genentech and AbbVie:
Three months ended
June 30,		Six months ended
June 30,
(in millions)2024202320242023
Genentech's share of profits, including royalties (included in cost of products sold)$243 $214 $470 $416 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)6 8 15 19 
AbbVie's share of development costs (included in R&D)23 30 42 58 
    
Note 6 Goodwill and Intangible Assets
Goodwill
The following table summarizes the changes in the carrying amount of goodwill:
(in millions)
Balance as of December 31, 2023$32,293 
Additions(a)
1,249 
Foreign currency translation adjustments(156)
Balance as of June 30, 2024$33,386 
(a) Goodwill additions related to the acquisition of ImmunoGen (see Note 4).
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of June 30, 2024, there were no accumulated goodwill impairment losses.
2024 Form 10-Q | abbvieimage2a21.gif
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Intangible Assets, Net
The following table summarizes intangible assets:
June 30, 2024December 31, 2023
(in millions)Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount
Definite-lived intangible assets
Developed product rights$81,497 $(25,051)$56,446 $75,142 $(22,455)$52,687 
License agreements8,315 (6,098)2,217 8,191 (5,571)2,620 
Total definite-lived intangible assets89,812 (31,149)58,663 83,333 (28,026)55,307 
Indefinite-lived intangible assets1,580 — 1,580 303 — 303 
Total intangible assets, net$91,392 $(31,149)$60,243 $83,636 $(28,026)$55,610 
Definite-Lived Intangible Assets