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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 March 31, 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 ChicagoIllinois 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 FilerSmaller 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
1.375% Senior Notes due 2024ABBV24New York Stock Exchange
1.250% Senior Notes due 2024ABBV24BNew York 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 April 25, 2024, AbbVie Inc. had 1,765,867,781 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
March 31,
(in millions, except per share data)20242023
Net revenues$12,310 $12,225 
Cost of products sold4,094 3,986 
Selling, general and administrative3,315 3,039 
Research and development1,939 2,292 
Acquired IPR&D and milestones164 150 
Other operating income (10)
Total operating costs and expenses9,512 9,457 
Operating earnings2,798 2,768 
Interest expense, net453 454 
Net foreign exchange loss4 35 
Other expense, net586 1,804 
Earnings before income tax expense1,755 475 
Income tax expense383 234 
Net earnings1,372 241 
Net earnings attributable to noncontrolling interest3 2 
Net earnings attributable to AbbVie Inc.$1,369 $239 
Per share data
Basic earnings per share attributable to AbbVie Inc.$0.77 $0.13 
Diluted earnings per share attributable to AbbVie Inc.$0.77 $0.13 
Weighted-average basic shares outstanding1,769 1,770 
Weighted-average diluted shares outstanding1,773 1,776 

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 Comprehensive Income (unaudited)
Three months ended
March 31,
(in millions)20242023
Net earnings$1,372 $241 
Foreign currency translation adjustments, net of tax expense (benefit) of $(20) for the three months ended March 31, 2024 and $12 for the three months ended March 31, 2023
(396)194 
Net investment hedging activities, net of tax expense (benefit) of $57 for the three months ended March 31, 2024 and $(60) for the three months ended March 31, 2023
207 (224)
Pension and post-employment benefits, net of tax expense (benefit) of $1 for the three months ended March 31, 2024 and $14 for the three months ended March 31, 2023
10 38 
Cash flow hedging activities, net of tax expense (benefit) of $7 for the three months ended March 31, 2024 and $(4) for the three months ended March 31, 2023
30 (41)
Other comprehensive loss(149)(33)
Comprehensive income1,223 208 
Comprehensive income attributable to noncontrolling interest3 2 
Comprehensive income attributable to AbbVie Inc.$1,220 $206 

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




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AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions, except share data)March 31,
2024
December 31,
2023
(unaudited)
Assets
Current assets
Cash and equivalents$18,067 $12,814 
Short-term investments2 2 
Accounts receivable, net11,949 11,155 
Inventories4,245 4,099 
Prepaid expenses and other4,608 4,932 
Total current assets38,871 33,002 
Investments305 304 
Property and equipment, net4,980 4,989 
Intangible assets, net62,225 55,610 
Goodwill33,426 32,293 
Other assets9,067 8,513 
Total assets$148,874 $134,711 
Liabilities and Equity
Current liabilities
Short-term borrowings$3 $ 
Current portion of long-term debt and finance lease obligations10,193 7,191 
Accounts payable and accrued liabilities31,326 30,650 
Total current liabilities41,522 37,841 
Long-term debt and finance lease obligations63,805 52,194 
Deferred income taxes2,722 1,952 
Other long-term liabilities32,778 32,327 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,829,957,662 shares issued as of March 31, 2024 and 1,823,046,087 as of December 31, 2023
18 18 
Common stock held in treasury, at cost, 64,234,512 shares as of March 31, 2024 and 57,105,354 as of December 31, 2023
(7,829)(6,533)
Additional paid-in capital20,656 20,180 
Accumulated deficit(2,384)(1,000)
Accumulated other comprehensive loss(2,454)(2,305)
Total stockholders' equity8,007 10,360 
Noncontrolling interest40 37 
Total equity8,047 10,397 
Total liabilities and equity$148,874 $134,711 
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 Equity (unaudited)

(in millions)Common shares outstandingCommon stockTreasury stockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive lossNoncontrolling interestTotal
Balance at December 31, 20221,769 $18 $(4,594)$19,245 $4,784 $(2,199)$33 $17,287 
Net earnings attributable to AbbVie Inc.—    239   239 
Other comprehensive loss, net of tax—     (33) (33)
Dividends declared—    (2,630)  (2,630)
Purchases of treasury stock(12) (1,955)    (1,955)
Stock-based compensation plans and other7  25 374    399 
Change in noncontrolling interest—      (4)(4)
Balance at March 31, 20231,764 $18 $(6,524)$19,619 $2,393 $(2,232)$29 $13,303 
Balance at December 31, 20231,766 $18 $(6,533)$20,180 $(1,000)$(2,305)$37 $10,397 
Net earnings attributable to AbbVie Inc.—    1,369   1,369 
Other comprehensive loss, net of tax—     (149) (149)
Dividends declared—    (2,753)  (2,753)
Purchases of treasury stock(7) (1,324)    (1,324)
Stock-based compensation plans and other7  28 476    504 
Change in noncontrolling interest—      3 3 
Balance at March 31, 20241,766 $18 $(7,829)$20,656 $(2,384)$(2,454)$40 $8,047 

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)
Three months ended
March 31,
(in millions) (brackets denote cash outflows)20242023
Cash flows from operating activities
Net earnings$1,372 $241 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation183 179 
Amortization of intangible assets1,891 1,948 
Deferred income taxes(389)(267)
Change in fair value of contingent consideration liabilities660 1,872 
Payments of contingent consideration liabilities(391)(14)
Stock-based compensation348 313 
Acquired IPR&D and milestones164 150 
Impairment of intangible assets 710 
Other, net(45)(128)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(702)(195)
Inventories(75)(185)
Prepaid expenses and other assets284 (167)
Accounts payable and other liabilities362 (451)
Income tax assets and liabilities, net378 187 
Cash flows from operating activities4,040 4,193 
Cash flows from investing activities
Acquisition of businesses, net of cash acquired(9,199) 
Other acquisitions and investments(190)(353)
Acquisitions of property and equipment(193)(175)
Purchases of investment securities(6)(19)
Sales and maturities of investment securities6 22 
Other, net(6)26 
Cash flows from investing activities(9,588)(499)
Cash flows from financing activities
Proceeds from issuance of other short-term borrowings5,008  
Repayments of other short-term borrowings(5,005) 
Proceeds from issuance of long-term debt14,963 — 
Repayments of long-term debt and finance lease obligations(103)(1,351)
Debt issuance costs(99) 
Dividends paid(2,772)(2,661)
Purchases of treasury stock(1,324)(1,955)
Proceeds from the exercise of stock options127 65 
Payments of contingent consideration liabilities (311)
Other, net24 21 
Cash flows from financing activities10,819 (6,192)
Effect of exchange rate changes on cash and equivalents(18)8 
Net change in cash and equivalents5,253 (2,490)
Cash and equivalents, beginning of period12,814 9,201 
Cash and equivalents, end of period$18,067 $6,711 
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
March 31,
(in millions)20242023
Interest expense$660 $553 
Interest income(207)(99)
Interest expense, net$453 $454 
Inventories
(in millions)March 31,
2024
December 31,
2023
Finished goods$1,258 $1,356 
Work-in-process1,890 1,643 
Raw materials1,097 1,100 
Inventories$4,245 $4,099 
Property and Equipment, Net
(in millions)March 31,
2024
December 31,
2023
Property and equipment, gross$11,725 $11,635 
Accumulated depreciation(6,745)(6,646)
Property and equipment, net$4,980 $4,989 
Depreciation expense was $183 million for the three months ended March 31, 2024 and $179 million for the three months ended March 31, 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
March 31,
(in millions, except per share data)20242023
Basic EPS
Net earnings attributable to AbbVie Inc.$1,369 $239 
Earnings allocated to participating securities10 11 
Earnings available to common shareholders$1,359 $228 
Weighted-average basic shares outstanding1,769 1,770 
Basic earnings per share attributable to AbbVie Inc.$0.77 $0.13 
Diluted EPS
Net earnings attributable to AbbVie Inc.$1,369 $239 
Earnings allocated to participating securities10 11 
Earnings available to common shareholders$1,359 $228 
Weighted-average shares of common stock outstanding1,769 1,770 
Effect of dilutive securities4 6 
Weighted-average diluted shares outstanding1,773 1,776 
Diluted earnings per share attributable to AbbVie Inc.$0.77 $0.13 
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.
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Note 4 Licensing, Acquisitions and Other Arrangements
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 March 31, 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.
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Other noncurrent assets primarily consist of $250 million of deferred tax assets.
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 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 March 31, 2024, net revenues attributable to ImmunoGen were $91 million and operating losses attributable to ImmunoGen were $404 million, inclusive of $349 million of cash-settled, post-closing expense for ImmunoGen employee incentive awards, $47 million of inventory fair value step-up amortization and $21 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 the issued RSUs during the three months ended March 31, 2024 was not significant.
Acquisition-related expenses, which were comprised primarily of regulatory, financial advisory and legal fees, totaled $59 million for the three months ended March 31, 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 months ended March 31, 2024 and 2023 as if the acquisition of ImmunoGen had occurred on January 1, 2023:
Three months ended
March 31,
(in millions)20242023
Net revenues$12,365 $12,275 
Net earnings (loss)1,739 (413)
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 months ended March 31, 2024 to the three months ended March 31, 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.
Proposed Acquisition of Cerevel Therapeutics Holdings, Inc.
On December 6, 2023, AbbVie announced that it entered into a definitive agreement under which AbbVie will acquire Cerevel Therapeutics Holdings, Inc. (Cerevel Therapeutics). Under the terms of the agreement, AbbVie will acquire all outstanding shares of Cerevel Therapeutics for $45.00 per share in cash for a total value of approximately $8.7 billion. The transaction is expected to close in 2024 subject to regulatory approvals and other customary closing conditions.
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.
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Other Licensing & Acquisitions Activity
Cash outflows related to other acquisitions and investments totaled $190 million for the three months ended March 31, 2024 and $353 million for the three months ended March 31, 2023.
The following table summarizes acquired IPR&D and milestones expense:
Three months ended
March 31,
(in millions)
20242023
Upfront charges$79 $132 
Development milestones85 18 
Acquired IPR&D and milestones$164 $150 
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 March 31, 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
March 31,
(in millions)20242023
United States - Janssen's share of profits (included in cost of products sold)$283 $297 
International - AbbVie's share of profits (included in net revenues)228 240 
Global - AbbVie's share of other costs (included in respective line items)42 55 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $250 million at March 31, 2024 and $236 million at December 31, 2023. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $275 million at March 31, 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
March 31,
(in millions)20242023
Genentech's share of profits, including royalties (included in cost of products sold)$227 $202 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)9 11 
AbbVie's share of development costs (included in R&D)19 28 
    
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(116)
Balance as of March 31, 2024$33,426 
(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 March 31, 2024, there were no accumulated goodwill impairment losses.
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Intangible Assets, Net
The following table summarizes intangible assets:
March 31, 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$82,219 $(24,059)$58,160 $75,142 $(22,455)$52,687 
License agreements8,316 (5,831)2,485 8,191 (5,571)2,620 
Total definite-lived intangible assets90,535 (29,890)60,645 83,333 (28,026)55,307 
Indefinite-lived intangible assets1,580 — 1,580 303 — 303 
Total intangible assets, net$92,115 $(29,890)$62,225 $83,636 $(28,026)$55,610 
Definite-Lived Intangible Assets
The increase in definite-lived intangible assets during 2024 was primarily due to the acquisition of ImmunoGen. The intangible assets will be amortized using the estimated pattern of economic benefit. Refer to Note 4 for additional information regarding the acquisition.
Amortization expense was $1.9 billion for the three months ended March 31, 2024 and 2023. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represent acquired IPR&D associated with products that have not yet received regulatory approval. The company performs its annual impairment assessment of indefinite-lived intangible assets in the third quarter, or earlier if impairment indicators exist. The increase in indefinite-lived intangible assets during 2024 was primarily due to the acquisition of ImmunoGen. Refer to Note 4 for additional information regarding the acquisition.
During the first quarter of 2023, the company made a decision to revise the research and development plan for AGN-151607, a novel investigational neurotoxin for the prevention of postoperative atrial fibrillation in cardiac surgery patients. This decision contributed to a delay in the estimated timing of regulatory approval as well as a significant decrease in estimated future cash flows of the product and represented a triggering event which required the company to evaluate the underlying indefinite-lived intangible asset for impairment. The company utilized a discounted cash flow analysis to estimate the fair value which was below the carrying value of the intangible asset. Based on the revised cash flows, the company recorded a pre-tax impairment charge of $630 million to research and development expense in the condensed consolidated statements of earnings for the first quarter of 2023.
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Note 7 Restructuring Plans
AbbVie continuously evaluates its operations to identify opportunities to optimize its manufacturing and R&D operations, commercial infrastructure and administrative costs and to respond to changes in its business environment. As a result, AbbVie management periodically approves individual restructuring plans to achieve these objectives. As of March 31, 2024 and 2023, no such plans were individually significant. Restructuring charges were $15 million for the three months ended March 31, 2024 and $27 million for the three months ended March 31, 2023. These charges are recorded in cost of products sold, R&D expense and SG&A expense in the condensed consolidated statements of earnings based on the classification of the affected employees or the related operations.
The following table summarizes the cash activity in the restructuring reserve for the three months ended March 31, 2024:
(in millions)
Accrued balance as of December 31, 2023$196 
Restructuring charges14 
Payments and other adjustments(32)
Accrued balance as of March 31, 2024$178 
Allergan Integration Plan
Following the closing of the Allergan acquisition, AbbVie implemented an integration plan designed to reduce costs, integrate and optimize the combined organization and incurred total cumulative charges of $2.5 billion through December 31, 2023. These costs consisted of severance and employee benefit costs (cash severance, non-cash severance including accelerated equity award compensation expense, retention and other termination benefits) and other integration expenses. The Allergan integration plan was substantially complete as of December 31, 2023 and the remaining accrual as of March 31, 2024 is not significant.
The following table summarizes the prior year charges associated with the Allergan acquisition integration plan:
Three months ended
March 31,
(in millions)2023
Cost of products sold$14 
Research and development 
Selling, general and administrative44 
Total charges$58 
Note 8 Financial Instruments and Fair Value Measures
Risk Management Policy
See Note 11 to the company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a summary of AbbVie’s risk management policy and use of derivative instruments.
Financial Instruments
Various AbbVie foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates for anticipated intercompany transactions denominated in a currency other than the functional currency of the local entity. These contracts, with notional amounts totaling $1.1 billion at March 31, 2024 and $1.8 billion at December 31, 2023, are designated as cash flow hedges and are recorded at fair value. The durations of these forward exchange contracts were generally less than 18 months. Accumulated gains and losses as of March 31, 2024 are reclassified from accumulated other comprehensive income (loss) (AOCI) and included in cost of products sold at the time the products are sold, generally not exceeding six months from the date of settlement.
In 2019, the company entered into treasury rate lock agreements with notional amounts totaling $10.0 billion to hedge exposure to variability in future cash flows resulting from changes in interest rates related to the issuance of long-term debt in connection with the acquisition of Allergan. The treasury rate lock agreements were designated as cash flow hedges and recorded at fair value. The agreements were net settled upon issuance of the senior notes in 2019 and the resulting net gain was recognized in AOCI. This gain is reclassified to interest expense, net over the term of the related debt.
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The company also enters into foreign currency forward exchange contracts to manage its exposure to foreign currency denominated trade payables and receivables and intercompany loans. These contracts are not designated as hedges and are recorded at fair value. Resulting gains or losses are reflected in net foreign exchange gain or loss in the condensed consolidated statements of earnings and are generally offset by losses or gains on the foreign currency exposure being managed. These contracts had notional amounts totaling $6.2 billion at March 31, 2024 and $7.9 billion at December 31, 2023.
The company also uses foreign currency forward exchange contracts or foreign currency denominated debt to hedge its net investments in certain foreign subsidiaries and affiliates. The company had an aggregate principal amount of senior Euro notes designated as net investment hedges of €5.4 billion at March 31, 2024 and December 31, 2023. In addition, the company had foreign currency forward exchange contracts designated as net investment hedges with notional amounts totaling €4.9 billion, SEK1.4 billion, CAD750 million and CHF50 million at March 31, 2024 and December 31, 2023. The company uses the spot method of assessing hedge effectiveness for derivative instruments designated as net investment hedges. Realized and unrealized gains and losses from these hedges are included in AOCI and the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in interest expense, net over the life of the hedging instrument.
The company is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $5.0 billion at March 31, 2024 and December 31, 2023. The effect of the hedge contracts is to change a fixed-rate interest obligation to a floating rate for that portion of the debt. AbbVie records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.
No amounts are excluded from the assessment of effectiveness for cash flow hedges or fair value hedges.
The following table summarizes the amounts and location of AbbVie’s derivative instruments on the condensed consolidated balance sheets:
Fair value –
Derivatives in asset position
Fair value –
Derivatives in liability position
(in millions)Balance sheet captionMarch 31, 2024December 31, 2023Balance sheet captionMarch 31, 2024December 31, 2023
Foreign currency forward exchange contracts
Designated as cash flow hedgesPrepaid expenses and other$30 $12 Accounts payable and accrued liabilities$4 $32 
Designated as net investment hedgesPrepaid expenses and other53 13 Accounts payable and accrued liabilities38 66 
Designated as net investment hedgesOther assets6  Other long-term liabilities3 69 
Not designated as hedgesPrepaid expenses and other10 41 Accounts payable and accrued liabilities25 36 
Interest rate swap contracts
Designated as fair value hedgesPrepaid expenses and other  Accounts payable and accrued liabilities1  
Designated as fair value hedgesOther assets  Other long-term liabilities357 293 
Total derivatives$99 $66 $428 $496 
While certain derivatives are subject to netting arrangements with the company’s counterparties, the company does not offset derivative assets and liabilities within the condensed consolidated balance sheets.
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The following table presents the pre-tax amounts of gains (losses) from derivative instruments recognized in other comprehensive loss:
Three months ended
March 31,
(in millions)20242023
Foreign currency forward exchange contracts
Designated as cash flow hedges$55 $(9)
Designated as net investment hedges134 (94)
Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $50 million into cost of products sold for foreign currency cash flow hedges and pre-tax gains of $23 million into interest expense, net for treasury rate lock agreement cash flow hedges during the next 12 months.
Related to AbbVie’s non-derivative, foreign currency denominated debt designated as net investment hedges, the company recognized in other comprehensive loss pre-tax gains of $157 million for the three months ended March 31, 2024 and pre-tax losses of $162 million for the three months ended March 31, 2023.
The following table summarizes the pre-tax amounts and location of derivative instrument net gains (losses) recognized in the condensed consolidated statements of earnings, including the net gains (losses) reclassified out of AOCI into net earnings. See Note 10 for the amount of net gains (losses) reclassified out of AOCI.
Three months ended
March 31,
(in millions)Statement of earnings caption20242023
Foreign currency forward exchange contracts
Designated as cash flow hedgesCost of products sold$12 $30 
Designated as net investment hedgesInterest expense, net27 28 
Not designated as hedgesNet foreign exchange loss(18)30 
Treasury rate lock agreements designated as cash flow hedgesInterest expense, net6 6 
Interest rate swap contracts
Designated as fair value hedgesInterest expense, net(65)35 
Debt designated as hedged item in fair value hedgesInterest expense, net65 (35)
Fair Value Measures
The fair value hierarchy consists of the following three levels:
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;
Level 2 – Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and
Level 3 – Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company’s management about the assumptions market participants would use in pricing the asset or liability.
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The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the condensed consolidated balance sheet as of March 31, 2024:
Basis of fair value measurement
(in millions)TotalQuoted prices in active markets for identical assets
(Level 1)
Significant other observable
inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Assets
Cash and equivalents$18,067 $7,221 $10,846 $ 
Money market funds and time deposits10  10  
Debt securities26  26  
Equity securities110 84 26  
Foreign currency contracts99  99  
Total assets$18,312 $7,305 $11,007 $ 
Liabilities
Interest rate swap contracts$358 $ $358 $ 
Foreign currency contracts70  70  
Contingent consideration20,159   20,159 
Total liabilities$20,587 $ $428 $20,159 
The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the condensed consolidated balance sheet as of December 31, 2023:
Basis of fair value measurement
(in millions)TotalQuoted prices in active markets for identical assets
(Level 1)
Significant other observable
inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Assets
Cash and equivalents$12,814 $6,223 $6,591 $ 
Money market funds and time deposits10  10  
Debt securities26  26  
Equity securities111 86 25  
Foreign currency contracts66  66  
Total assets$13,027 $6,309 $6,718 $ 
Liabilities
Interest rate swap contracts$293 $ $293 $ 
Foreign currency contracts203  203  
Contingent consideration19,890   19,890 
Total liabilities$20,386 $ $496 $19,890 
Money market funds and time deposits are valued using relevant observable market inputs including quoted prices for similar assets and interest rate curves. Equity securities primarily consist of investments for which the fair values were determined by using the published market prices per unit multiplied by the number of units held, without consideration of transaction costs. The derivatives entered into by the company were valued using observable market inputs including published interest rate curves and both forward and spot prices for foreign currencies.
The fair value measurements of the contingent consideration liabilities were determined based on significant unobservable inputs, including the discount rate, estimated probabilities and timing of achieving specified development, regulatory and commercial milestones and the estimated amount of future sales of the acquired products. The potential contingent consideration payments are estimated by applying a probability-weighted expected payment model for contingent milestone payments and a Monte Carlo simulation model for contingent royalty payments, which are then discounted to present value. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the milestones, the time required to achieve the milestones and estimated future sales. Significant judgment is
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employed in determining the appropriateness of certain of these inputs. Changes to the inputs described above could have a material impact on the company's financial position and results of operations in any given period.
The fair value of the company's contingent consideration liabilities was calculated using the following significant unobservable inputs:
March 31, 2024December 31, 2023
Range
Weighted average(a)
Range
Weighted average(a)
Discount rate
4.6% - 5.8%
4.8%
4.3%- 5.9%
4.5%
Probability of payment for royalties by indication(b)
89% - 100%
99%
89% - 100%
99%
Projected year of payments
2024 - 2034
2030
2024 - 2034
2027
(a) Unobservable inputs were weighted by the relative fair value of the contingent consideration liabilities.
(b) Excluding approved indications, the estimated probability of payment was 89% at March 31, 2024 and December 31, 2023.
There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy. The following table presents the changes in fair value of total contingent consideration liabilities which are measured using Level 3 inputs:
Three months ended
March 31,
(in millions)20242023
Beginning balance$19,890 $16,384 
Change in fair value recognized in net earnings660 1,872 
Payments(391)(325)
Ending balance$20,159 $17,931 
The change in fair value recognized in net earnings is recorded in other expense, net in the condensed consolidated statements of earnings. Contingent consideration payments of amounts up to the initial acquisition date fair value are classified as cash outflows from financing activities and payments of amounts in excess of the initial acquisition date fair value are classified as cash outflows from operating activities in the condensed consolidated statements of cash flows.
Certain financial instruments are carried at historical cost or some basis other than fair value. The book values, approximate fair values and bases used to measure the approximate fair values of certain financial instruments as of March 31, 2024 are shown in the table below:
Basis of fair value measurement
(in millions)Book valueApproximate fair valueQuoted prices in active markets for identical assets
(Level 1)
Significant other 
observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Liabilities
Short-term borrowings$3 $3 $ $3 $ 
Current portion of long-term debt and finance lease obligations, excluding fair value hedges10,194 10,021 9,687 334  
Long-term debt and finance lease obligations, excluding fair value hedges64,140 60,887 60,469 418  
Total liabilities$74,337 $70,911 $70,156 $755 $ 
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The book values, approximate fair values and bases used to measure the approximate fair values of certain financial instruments as of December 31, 2023 are shown in the table below:
Basis of fair value measurement
(in millions)Book valueApproximate fair valueQuoted prices in active markets for identical assets
(Level 1)
Significant other 
observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Liabilities
Current portion of long-term debt and finance lease obligations, excluding fair value hedges$7,191 $7,069 $6,862 $207 $ 
Long-term debt and finance lease obligations, excluding fair value hedges52,460 49,541 48,983 558  
Total liabilities$59,651 $56,610 $55,845 $765 $ 
AbbVie also holds investments in equity securities that do not have readily determinable fair values. The company records these investments at cost and remeasures them to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $161 million as of March 31, 2024 and $159 million as of December 31, 2023. No significant cumulative upward or downward adjustments have been recorded for these investments as of March 31, 2024.
Concentrations of Risk
Of total net accounts receivable, three U.S. wholesalers accounted for 79% as of March 31, 2024 and 81% as of December 31, 2023, and substantially all of AbbVie’s pharmaceutical product net revenues in the United States were to these three wholesalers.
Debt and Credit Facilities
Financing Related to ImmunoGen and Cerevel Therapeutics Acquisitions
In connection with the acquisition of ImmunoGen and proposed acquisition of Cerevel Therapeutics, in February, 2024, the company issued $15.0 billion aggregate principal amount of unsecured senior notes. The notes are unsecured, unsubordinated obligations of AbbVie and will rank equally in right of payment with all of AbbVie’s existing and future unsecured, unsubordinated indebtedness, liabilities and other obligations. AbbVie may redeem the fixed-rate senior notes prior to maturity at a redemption price equal to the greater of the principal amount or the sum of present values of the remaining scheduled payments of principal and interest on the fixed-rate senior notes to be redeemed plus a make-whole premium. AbbVie may also redeem the fixed-rate senior notes at par between one and six months prior to maturity. In connection with the offering, debt issuance costs incurred totaled $99 million and debt discounts totaled $37 million, which are being amortized over the respective terms of the notes to interest expense, net in the condensed consolidated statements of earnings.
AbbVie used the net proceeds received from the issuance of the notes to finance the acquisition of ImmunoGen, repay its term-loan, repay commercial paper borrowings, pay fees and expenses in respect of the foregoing, finance general corporate purposes and expects, together with cash on hand, to fund AbbVie’s proposed acquisition of Cerevel Therapeutics. See Note 4 for additional information.

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The following table summarizes issued debt in connection with the acquisition of ImmunoGen and proposed acquisition of Cerevel Therapeutics:
(in millions)
March 31, 2024
Senior Notes
4.80% Senior Notes due 2027$2,250 
4.80% Senior Notes due 20292,500 
4.95% Senior Notes due 20312,000 
5.05% Senior Notes due 20343,000 
5.35% Senior Notes due 2044750 
5.40% Senior Notes due 20543,000 
5.50% Senior Notes due 20641,500 
Total acquired debt outstanding
$15,000 
In December 2023, AbbVie entered into a $9.0 billion 364-day bridge credit agreement and $5.0 billion 364-day term loan credit agreement. In February, 2024, AbbVie borrowed and repaid $5.0 billion under the term loan credit agreement. Interest charged on this borrowing was based on Secured Overnight Financing Rate Reference Rate (SOFR) +0.975% with an effective interest rate of 6.29%. Subsequent to the $15.0 billion issuance of senior notes, AbbVie terminated both the bridge and term loan credit agreements in the first quarter of 2024. In February 2024, concurrent with the acquisition, the company assumed and repaid an ImmunoGen senior secured term loan at a fair value of $99 million.
Long-Term Debt Repayments
In January 2023, the company repaid a $1.0 billion floating rate three-year term loan that was scheduled to mature in May 2023. In March 2023, the company repaid a $350 million aggregate principal amount of 2.80% senior notes at maturity.
Short-Term Borrowings
During the three months ended March 31, 2024, the company issued and redeemed $1.7 billion of commercial paper. There were no commercial paper borrowings outstanding as of March 31, 2024 and December 31, 2023. The weighted average interest rate on commercial paper borrowings was 5.54% for the three months ended March 31, 2024.
In March 2023, AbbVie entered into an amended and restated five-year revolving credit facility. The amendment increased the unsecured revolving credit facility commitments from $4.0 billion to $5.0 billion and extended the maturity date of the facility from August 2023 to March 2028. This amended facility enables the company to borrow funds on an unsecured basis at variable interest rates and contains various covenants. At March 31, 2024, the company was in compliance with all covenants, and commitment fees under the credit facility were insignificant. No amounts were outstanding under the company's credit facilities as of March 31, 2024 and December 31, 2023.

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Note 9 Post-Employment Benefits
The following table summarizes net periodic benefit cost relating to the company’s defined benefit and other post-employment plans:
Defined
benefit plans
Other post-
employment plans
Three months ended
March 31,
Three months ended
March 31,
(in millions)2024202320242023
Service cost$72 $68 $11 $8 
Interest cost113 107 10 9 
Expected return on plan assets(197)(180)  
Amortization of prior service credit  (9)(9)
Amortization of actuarial loss13 4 4 3 
Net periodic benefit cost $1 $(1)$16 $11 
The components of net periodic benefit cost other than service cost are included in other expense, net in the condensed consolidated statements of earnings.
Note 10 Equity
Stock-Based Compensation
Stock-based compensation expense is principally related to awards issued pursuant to the AbbVie 2013 Incentive Stock Program and the AbbVie Amended and Restated 2013 Incentive Stock Program and is summarized as follows:
Three months ended
March 31,
(in millions)20242023
Cost of products sold$22 $20 
Research and development133 117 
Selling, general and administrative193 176 
Pre-tax compensation expense348 313 
Tax benefit60 55