Company: ABBV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001551152-25-000029
Chunk: 25

Company: AbbVie Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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enclexta 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 selling, general and administrative (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 endedMarch 31,(in millions)20252024Genentech's share of profits, including royalties (included in cost of products sold)$242 $227 AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)10 9 AbbVie's share of development costs (included in R&D)17 19     

Note 6 Goodwill and Intangible AssetsGoodwill

The following table summarizes the changes in the carrying amount of goodwill:(in millions)Balance as of December 31, 2024$34,956 Additions(a)170 Foreign currency translation adjustments159 Balance as of March 31, 2025$35,285 (a) Goodwill additions related to the acquisition of Nimble (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, 2025, there were no accumulated goodwill impairment losses.Intangible Assets, NetThe following table summarizes intangible assets:March 31, 2025December 31, 2024(in millions)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountDefinite-lived intangible assetsDeveloped product rights$81,638 $(29,981)$51,657 $81,428 $(28,253)$53,175 License agreements8,352 (6,811)1,541 8,315 (6,624)1,691 Total definite-lived intangible assets89,990 (36,792)53,198 89,743 (34,877)54,