10-K 0001551152-26-000008 (2026-02-20) vs 10-K 0001551152-25-000020 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 8,973 |
13.9% |
| MD&A | Item 7 | 8,039 |
26.2% |
| Legal Proceedings | Item 3, via Note 15 – Legal Proceedings and Contingencies | 1,256 |
30.1% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 3,047 |
13.1% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 256 words changed in this paragraph; it is 53% similar to last year's version.
AbbVie is subject to increasing public and legislative pressure with respect to pharmaceutical pricing. In the United States, practices of managed care groups, organizations, and institutional and governmental purchasers, as well as federal laws and regulations related to Medicare and Medicaid, contribute to pricing pressures. In particular, the IRA will have the effect of reducing prices and reimbursements for certain of our products, which could significantly impact AbbVie’s results of operations. Under the IRA, the U.S Department of Health and Human Services HHS can effectively set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D. Generally, these government prices can apply as soon as nine years (for small-molecule drugs) or 13 years (for biological products) from their FDA approval and will be capped at a statutory ceiling price that is likely to represent a significant discount from average prices to wholesalers and direct purchasers. In August 2023, HHS, through the CMS, selected Imbruvica as one of the first 10 medicines subject to government-set prices beginning in 2026. In August 2024, the CMS published Medicare Part D prices that will be applicable to these medicines, including Imbruvica, beginning January 1, 2026. In January 2025, HHS, through the CMS, selected Vraylar and Linzess as two of the 15 medicines subject to government-set prices in Medicare Part D beginning in 2027. It is possible that more of our products, including products that generate substantial revenues, could be selected in future years, which could, among other things, accelerate revenue erosion prior to expiration of intellectual property protections. In addition, beginning in January 2025, under the IRA, the 70% coverage gap discount program was replaced by a 10% manufacturer discount for all Medicare Part D beneficiaries that have met their deductible and incurred out of pocket drug costs below a $2,000 threshold and a 20% discount for beneficiaries that have incurred out of pocket drug costs above the $2,000 threshold under the new Part D benefit redesign. Manufacturers that fail to comply with the IRA may be subject to various penalties, including civil monetary penalties, which could be significant. The IRA has and will continue to meaningfully impact AbbVie’s business strategies and those of others in the pharmaceutical industry. The full impact of the IRA on AbbVie’s business and the pharmaceutical industry, including the implications to us of our or a competitor's product being selected for price setting, remains uncertain.
Source: Item 1A, 10-K 0001551152-26-000008 vs Item 1A, 10-K 0001551152-25-000020
Accounting Policies 127 words changed in this paragraph; it is 62% similar to last year's version.
The company tests its goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is performed. AbbVie tests indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the company concludes it is more likely than not that the fair value is less than its carrying amount, a quantitative impairment test is performed. For its quantitative impairment tests, the company uses an estimated future cash flow approach that requires significant judgment with respect to future volume, revenue and expense growth rates, changes in working capital use, the selection of an appropriate discount rate, asset groupings and other assumptions and estimates. The estimates and assumptions used are consistent with the company's business plans and a market participant's views. The use of alternative estimates and assumptions could increase or decrease projected cash flows and the estimated fair value of the related intangible assets. Future changes to these estimates and assumptions could have a material impact on the company's results of operations. Actual results may differ from the company's estimates.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001551152-26-000008 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001551152-25-000020
MD&A 107 words changed in this paragraph; it is 76% similar to last year's version.
The effective income tax rate was (15%) 36% in 2024, 2025, (15)% in 2024 and 22% in 2023 and 12% in 2022. 2023. The effective income tax rate fluctuates year to year due to the allocation of the company’s taxable earnings among jurisdictions, as well as certain discrete factors and events in each year, including changes in tax law and business development activities. The effective income tax rates in 2024, 2025, 2024 and 2023 and 2022 differed from the statutory tax rate principally due to the impact of foreign operations with lower income tax rates in locations outside the United States, the U.S. global minimum tax, changes in fair value of contingent consideration, tax audits and settlements, tax credits and incentives in the United States, Puerto Rico and other foreign tax jurisdictions, and business development activities. The effective income tax rate in 2025 was higher than 2024 was lower than prior periods primarily due to the resolutions of various a one-time tax positions pertaining to multiple prior tax years, including benefit associated with the closing of a three-year U.S. IRS examinations covering three tax years, examination in 2024, partially offset by increases decreases in unrecognized tax benefits pertaining to prior years. The lower effective income tax rate benefits, a decrease in 2024 also reflects an increase due to the impact of acquisition costs related to certain business development activities and a decrease related to the impact of changes in fair value of contingent consideration. The effective income tax rate in 2023 was higher than prior periods due to increased changes in fair value of contingent consideration, intangible asset impairments and the impacts of the transition from the Puerto Rico excise tax to an income tax.
Source: Item 7, 10-K 0001551152-26-000008 vs Item 7, 10-K 0001551152-25-000020
Legal Proceedings 91 words changed in this paragraph; it is 55% similar to last year's version.
In March 2023, AbbVie Inc. filed a petition in the United States Tax Court, AbbVie Inc. and Subsidiaries v. Commissioner of Internal Revenue. The petition disputes disputed the Commissioner of Internal Revenue Service determination concerning a $572 million income tax benefit recorded in 2014 related to a payment made to a third party for the termination of a proposed business combination. In June 2025, the United States Tax Court granted AbbVie’s motion for summary judgment and denied the Commissioner of Internal Revenue’s cross-motion for summary judgment. The United States Tax Court ordered and decided that there is no deficiency in income tax due from AbbVie for the tax year 2014. In September 2025, the Commissioner of Internal Revenue appealed this decision. In February 2026, the Commissioner of Internal Revenue withdrew its appeal. As a result, the United States Tax Court’s decision stands and the matter is resolved.
Source: Item 3, via Note 15 – Legal Proceedings and Contingencies, 10-K 0001551152-26-000008 vs Item 3, via Note 15 – Legal Proceedings and Contingencies, 10-K 0001551152-25-000020
Every change, by type
Sentences and paragraphs of ABBV's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In addition to the pricing mechanisms established under the IRA, governments and other payers may pursue or implement additional approaches intended to reduce pharmaceutical costs, including arrangements or frameworks that reference international prices, most-favored-nation (MFN) concepts, or other comparative pricing methodologies. Such approaches may be implemented through legislation, regulation, administrative action, negotiated arrangements, or other means, and their scope, structure, and application may continue to evolve. In January 2026, AbbVie entered into a voluntary agreement with the United States government to provide certain pricing concessions and U.S.-based research and development and capital investments in exchange for exemptions from tariffs and future pricing mandates during the three-year agreement period. In addition, our pricing concessions and expansion of direct-to-patient offerings may subject AbbVie to new pricing or reimbursement policies that could affect our commercial performance.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Where pricing arrangements incorporate MFN, reference pricing, or similar concepts, AbbVie’s realized pricing, revenues, or commercial flexibility could be affected by factors outside of AbbVie’s control, including changes in applicable policies, methodologies, guidance, or related pricing regimes, as well as interactions with other governmental or private-sector pricing and reimbursement programs. Such arrangements could also influence pricing expectations or negotiations in other markets or with other payers.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Pharmacy benefit managers and other supply chain intermediaries exert significant influence over pricing and patient access to our products, which could adversely affect our revenues and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Consolidation and vertical integration among PBMs, managed care organizations and other supply chain intermediaries has increased their purchasing power and ability to influence formulary placement and reimbursement levels. A limited number of these entities negotiate pricing, rebates and patient access terms on behalf of health plans and government programs that cover a significant portion of insured patients in the United States.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
These entities employ formulary management and utilization tools, including formulary exclusions, step therapy requirements, prior authorization protocols and tiered placement decisions, that could limit or delay patient access to our products, potentially increase patient cost-sharing and/or shift utilization to competing therapies. Unfavorable formulary decisions and increased utilization management restrictions could reduce prescription volumes and adversely affect our revenues. Further changes in formulary placement or access restrictions implemented by these intermediaries could occur with limited advance notice and may be difficult to predict or mitigate.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
PBM business practices, rebate structures and pricing arrangements are also subject to change as a result of enforcement actions, regulatory settlements, legislation or other government actions. Government-mandated changes to PBM rebate methodologies, formulary design or pricing transparency practices could affect our contractual arrangements with PBMs, alter manufacturer-PBM economic relationships or shift costs to manufacturers. Additionally, these entities may negotiate higher or additional rebates, discounts, administrative fees or other price concessions that could adversely affect our revenues and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Trade restrictions, tariffs, and other changes in global trade policy could increase costs, disrupt supply chains, and adversely affect AbbVie’s business and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
AbbVie operates in a global environment and relies on complex international supply chains for the development, manufacture, and distribution of its products, including the sourcing of active pharmaceutical ingredients and key materials. Changes in global trade policy, including the potential imposition of import or export tariffs, trade restrictions, or other measures affecting pharmaceutical products or related inputs, could increase manufacturing and procurement costs, reduce margins or disrupt supply continuity. If AbbVie is unable to substantially mitigate or offset increased costs or disruptions resulting from such measures through pricing adjustments, operational changes, or alternative sourcing arrangements, it may have an adverse effect on AbbVie’s business and results of operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedRisk Factors
cover the financial, legal, business or reputational losses that may result from an interruption or breach of AbbVie systems or those of our third-party vendors.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
affords. AbbVie's reputation and business could suffer harm as a result of counterfeit or diverted drugs sold under its brand name which may also result in reduced revenues that could negatively affect our results of operation.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
In January 2025, HHS, through the CMS, 2026, Botox was selected Vraylar and Linzess as two one of the 15 medicines subject to government-set prices in Medicare Part Parts B and D beginning in 2027. January 1, 2028.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
The potential for continuing changes to the health care system in the United States and the increased purchasing power of entities that negotiate on behalf of Medicare, Medicaid and private sector beneficiaries beneficiaries, including pharmacy benefit managers (PBMs) and managed care organizations may result in additional pricing pressures. pressures and formulary restrictions that limit patient access to our products.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
For example, AbbVie may voluntarily provide or be required to provide updated information on a product's label or narrow its approved indication, either of which could reduce the product's market acceptance.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Various factors, including market factors factors, consolidation among PBMs and the ability of private payers to control patient access to products, including through formulary management and utilization controls, may provide payers the leverage to negotiate higher or additional rebates or discounts that could have a material adverse effect on AbbVie's operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
AbbVie cannot predict with certainty if whether additional government initiatives to contain health care costs or other factors could lead to new or modified regulatory or contractual requirements that include higher or incremental rebates rebates, discounts or discounts. other price concessions.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Under the IRA, the U.S Department of Health and Human Services HHS can effectively set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
AbbVie continues to evaluate the impact that the IRA pricing and cost-containment related policy developments may have on the company.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Other rebate and discount programs arise from contractual agreements with private payers. payers, including PBMs and managed care organizations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
All of these competitors may introduce new products or develop technological advances that compete with AbbVie’s products in therapeutic areas such as immunology, oncology, aesthetics, neuroscience neuroscience, oncology and eye care. aesthetics.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Specifically, Skyrizi, Humira Skyrizi and Rinvoq each represented greater than 10% of AbbVie's total net revenues and, in aggregate, these products accounted for approximately 47% 42% of total net revenues in 2024. 2025.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Products that appear promising in development may fail to reach the market for numerous reasons, including including, but not limited to, failure to demonstrate effectiveness, safety concerns, superior safety or efficacy of competing therapies, failure to achieve positive clinical or pre-clinical outcomes beyond the current standards of care, inability to obtain necessary regulatory approvals or delays in the approval of new products and new indications, limited scope of approved uses, excessive costs to manufacture or the failure to obtain or maintain intellectual property rights, or infringement of the intellectual property rights of others.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Subsequent to December 31, 2025, AbbVie announced a voluntary agreement with the U.S. government to further advance access and affordability of AbbVie’s products in the U.S. while protecting and investing in U.S. pharmaceutical innovation. AbbVie will provide low prices in Medicaid and expand affordable, direct-to-patient offerings. Additionally, AbbVie pledged $100 billion in U.S.-based research and development and capital investments, including manufacturing, over the next decade. Under this voluntary agreement, the U.S. government has agreed to provide AbbVie a three-year exemption from tariffs and future price mandates.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
On July 4, 2025, the United States government signed into law the One Big Beautiful Bill Act of 2025 (2025 Act). Included within the 2025 Act are provisions that permanently extend certain expiring provisions of the 2017 Tax Cuts and Jobs Act, modify the international tax framework to reduce the tax rate on certain foreign earned income, restore the tax treatment of expensing for domestic research and development costs and bonus depreciation, and allow for full expensing of qualified production property. In addition, the legislation contains multiple effective dates and transition elections, with certain provisions effective in 2025 and others implemented through 2027. The 2025 Act also includes certain new health care provisions related to the orphan drug exclusion of the Inflation Reduction Act of 2022, and Medicaid, which have various effective dates. The new legislation had a favorable impact on cash tax payments in the current year.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
In 2025, AbbVie announced the start of construction of a new active pharmaceutical ingredient facility in Illinois and an expansion of biologics manufacturing and research and development capacity in Massachusetts. In January 2026, AbbVie announced that it entered into an agreement to acquire a device manufacturing facility in Arizona. These projects are part of AbbVie's plan to increase capital investment in the U.S. to broadly support innovation and expand critical manufacturing capabilities and capacity.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
In September 2025, AbbVie announced the settlement of litigation with all generic manufacturers that filed abbreviated new drug applications with the U.S. Food and Drug Administration (FDA) for generic versions of upadacitinib tablets, which AbbVie markets as Rinvoq. Given the settlement and license agreements, which are subject to standard acceleration provisions, assuming pediatric exclusivity is granted, no generic entry for any Rinvoq tablets is expected prior to April 2037 in the United States.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In April 2025, AbbVie announced that the European Commission (EC) granted marketing authorization to Rinvoq for the treatment of giant cell arteritis (GCA) in adult patients.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In October 2025, AbbVie announced that the U.S. FDA approved a supplemental New Drug Application (sNDA) that updates the indication statement for Rinvoq for the treatment of adults with moderately to severely active ulcerative colitis and moderately to severely active Crohn's disease. The updated indication allows the use of Rinvoq prior to the use of tumor necrosis factor (TNF) blocking agents in patients for whom use of these treatments is clinically inadvisable and who have received at least one approved systemic therapy.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In June 2025, AbbVie announced positive topline results from its Phase 3 TEMPLE head-to-head study evaluating the tolerability, safety and efficacy of Qulipta compared to the highest tolerated dose of topiramate in adult patients with a history of four or more migraine days per month.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In December 2025, AbbVie announced results from the Phase 3 ECLIPSE study, evaluating the safety, efficacy and tolerability of Aquipta versus placebo for the acute treatment of migraine in adults. The study met its primary and key secondary endpoints, with Aquipta demonstrating superiority for achieving pain freedom at two hours after treatment of the first migraine attack.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In September 2025, AbbVie announced the submission of a New Drug Application (NDA) to the U.S. FDA for tavapadon, a novel selective dopamine D1/D5 receptor partial agonist, for the treatment of Parkinson's disease.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In June 2025, AbbVie announced that the global Phase 3 VERONA trial evaluating Venclexta in combination with azacitidine in the treatment of newly diagnosed higher-risk myelodysplastic syndrome did not meet the primary endpoint of overall survival. No new safety signals were observed.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In July 2025, AbbVie announced the submission of a sNDA to the U.S. FDA for the fixed-duration, all oral combination regimen of Venclexta and acalabrutinib in previously untreated patients with chronic lymphocytic leukemia (CLL). The submission is supported by positive results from the Phase 3 AMPLIFY trial which demonstrated that the combination regimen improved progression-free survival compared to standard chemoimmunotherapy in previously untreated patients with CLL.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
•In May 2025, Genmab A/S (Genmab) announced positive topline results from the Phase 3 trial evaluating Epkinly plus rituximab and lenalidomide versus rituximab and lenalidomide alone in adult patients with relapsed or refractory (R/R) follicular lymphoma.
Read it in 10-K 2026-02-20 at sec.gov ↗
RemovedMD&A
On August 1, 2024, AbbVie completed the acquisition of Cerevel Therapeutics Holdings, Inc. (Cerevel Therapeutics). The acquisition complements AbbVie’s neuroscience portfolio, adding a wide range of potentially best-in-class assets that may transform standards of care across psychiatric and neurological disorders where significant unmet needs remain for patients. See Note 5 to the Consolidated Financial Statements for additional information on the acquisition. Subsequent to the acquisition date, AbbVie's consolidated financial statements include the assets, liabilities, operating results and cash flows of Cerevel Therapeutics.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On February 12, 2024, AbbVie completed the acquisition of ImmunoGen, Inc. (ImmunoGen). The acquisition of ImmunoGen further builds on AbbVie's existing solid tumor pipeline of novel targeted therapies and next-generation immuno-oncology assets, which have the potential to create new treatment possibilities across multiple solid tumors and hematologic malignancies. AbbVie and ImmunoGen's combined capabilities represent an opportunity to deliver potentially transformative antibody-drug conjugate (ADC) therapies to patients. See Note 5 to the Consolidated Financial Statements for additional information on the acquisition. Subsequent to the acquisition date, AbbVie's consolidated financial statements include the assets, liabilities, operating results and cash flows of ImmunoGen.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In June 2024, AbbVie announced that the U.S. Food and Drug Administration (FDA) has approved Rinvoq for the treatment of pediatric patients two years of age and older with active polyarticular juvenile idiopathic arthritis (pJIA) as well as psoriatic arthritis (PsA), provided they have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In June 2024, AbbVie announced that the FDA approved Skyrizi for adults with moderately to severely active ulcerative colitis (UC).
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In July 2024, AbbVie announced that the European Commission (EC) approved Skyrizi for the treatment of adult patients with moderately to severely active UC who have had an inadequate response to, lost response to, or were intolerant to conventional therapy or a biologic therapy.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In January 2024, AbbVie announced Phase 2 results showing adults with moderate to severe hidradenitis suppurativa (HS) who had previously failed anti-TNF therapy who received lutikizumab achieved higher response rates than placebo in the primary endpoint of achieving HS Clinical Response at week 16.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In March 2024, AbbVie initiated a Phase 3 clinical trial to evaluate Epkinly in combination with rituximab and lenalidomide in patients with previously untreated follicular lymphoma (FL).
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In June 2024, AbbVie announced that the FDA approved Epkinly for the treatment of adults with relapsed or refractory (R/R) FL after two or more lines of prior therapy. This indication is approved under the FDA's Accelerated Approval program based on overall response rate (ORR) and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In August 2024, AbbVie announced that the EC granted conditional marketing authorization for Tepkinly as a monotherapy for the treatment of adult patients with R/R FL after two or more lines of prior therapy.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In April 2024, AbbVie announced its decision to discontinue the Phase 3 TRANSFORM-2 study evaluating navitoclax, a BCL-XL/BCL-2 inhibitor, plus ruxolitinib in patients with R/R myelofibrosis following evaluation of the totality of data from the Phase 3 TRANSFORM-1 trial and feedback from regulators.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In June 2024, AbbVie initiated the Phase 3 CERVINO clinical trial to evaluate ABBV-383 monotherapy compared with standard available therapies in adult patients with R/R multiple myeloma who have received at least two lines of prior therapy.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•In December 2024, AbbVie initiated a Phase 3 trial to evaluate ABBV-400 monotherapy compared to trifluridine, tipiracil and bevacizumab in adult participants with c-Met over-expressed refractory metastatic colorectal cancer (mCRC).
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Subsequent to December 31, 2024, in addition to the existing revolving credit facility, In January 2025, AbbVie entered into a new $3.0 billion five-year revolving credit facility that matures in January 2030. 2030 which is in addition to the existing $5.0 billion five-year revolving credit facility that matures in March 2028.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
In the United States, Botox Cosmetic net revenues increased 1% decreased 11% primarily driven by favorable pricing, unfavorable pricing due to customer loyalty program changes, lower market share and decreased consumer demand, partially offset by the unfavorable impact timing of customer inventory destocking and decreased consumer demand. in the prior year.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
The lower effective income IRS examination in 2024, partially offset by decreases in unrecognized tax rate benefits, a decrease in 2024 also reflects an increase due to the impact of acquisition costs related to certain business development activities and a decrease related to the impact of changes in fair value of contingent consideration.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Financing cash flows in 2023 also included the repayment of $1.0 billion floating rate three-year term loan, $1.0 $3.0 billion aggregate principal amount of the company's 2.85% 3.80% senior notes and $350 million $3.8 billion aggregate principal amount of the company's 2.80% 3.60% senior notes.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
(iii) continuing to invest in and expand its pipeline in support of opportunities in across our core areas of immunology, oncology, aesthetics, neuroscience neuroscience, oncology and eye care aesthetics as well as continued investment in key on-market products; new sources of growth such as obesity;
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Investing cash flows in 2023 2025 included payments made for other acquisitions and investments investments, net of $1.2 billion, cash acquired of $5.2 billion and capital expenditures of $777 million and net purchases of investments securities totaling $22 million. $1.2 billion.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
AbbVie believes that the non-GAAP measure of change in net revenues at constant currency rates, when used in conjunction with the GAAP measure of change in net revenues at actual currency rates, may provide a more complete understanding of the company's operations and can facilitate analysis of the company's results of operations, particularly in evaluating performance from one period to another.Percent change At actual currency rates At constant currency rates years ended (dollars in millions) 2025 2024 2023 2022 2025 2024 2023 2025 2024 2023 United States $46,603 $43,029 $41,883 $45,713 8.3% 2.7% (8.4)% 8.3% 2.7% (8.4)% International 14,557 13,305 12,435 12,341 9.4% 7.0% 0.8% 9.2% 11.1% 3.4% Net revenues $61,160 $56,334 $54,318 $58,054 8.6% 3.7% (6.4)% 8.5% 4.6% (5.9)%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Net revenues for Juvederm Collection decreased 12% 15% in 2024 2025 primarily driven by the unfavorable impact of decreased consumer demand and demand, partially offset by the timing of customer inventory destocking. destocking in the prior year.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Acquired IPR&D and milestones expense in 2024 included upfront charges of $1.4 billion related to the upfront payments acquisition of $1.4 billion to acquire Aliada Therapeutics Holdings, Inc. and $250 million related to the acquisition of Celsius Therapeutics, Inc.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
The one-time transition tax liability was $2.2 billion $1.1 billion, which is classified as a current liability as of December 31, 2024 and is payable in two future annual installments. 2025.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
See Note 10 to the Consolidated Financial Statements for additional information regarding the company's debt instruments and Note 11 for additional information on the interest rate swap agreements outstanding at December 31, 2024. short-term borrowings.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
AbbVie repurchased 3 million shares for $606 million in 2025 and 7 million shares for $1.3 billion in 2024 and 10 million shares for $1.6 billion in 2023. 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
Quiet changesMD&A
Gonzalez will retire retired from the board.
Read it in 10-K 2026-02-20 at sec.gov ↗
