Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 256

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 3
Chunk 256
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 AbbVie’s total stockholder return (TSR) (a market condition) relative to a defined peer group of pharmaceutical, biotech and life sciences companies. Dividend equivalents on performance-vested RSUs and performance shares accrue during the performance period and are payable at vesting only to the extent that shares are earned.The weighted-average grant-date fair value of RSUs and performance shares generally is determined based on the number of shares/units granted and the quoted price of AbbVie’s common stock on the date of grant. The weighted-average grant-date fair values of performance shares with a TSR market condition are determined using the Monte Carlo simulation model. The following table summarizes AbbVie RSU and performance share activity for 2024:(share units in thousands)Share unitsWeighted-average grant date fair valueOutstanding at December 31, 202310,739 $136.42 Granted5,558 168.62 Granted in acquisitions605 168.24 Vested(6,052)128.28 Forfeited(463)152.79 Outstanding at December 31, 202410,387 $159.52 The fair market value of RSUs and performance shares (as applicable) vested was $1.1 billion in 2024, $1.0 billion in 2023 and $1.0 billion in 2022.In connection with the ImmunoGen and Cerevel Therapeutics acquisitions, AbbVie issued 0.6 million RSUs to holders of ImmunoGen and Cerevel Therapeutics equity awards based on a conversion factor described in each of the transaction agreements. See Note 5 for additional information regarding the ImmunoGen and Cerevel Therapeutics acquisitions.As of December 31, 2024, $655 million of unrecognized compensation cost related to RSUs and performance shares is expected to be recognized as expense over approximately the next two years.Cash DividendsCash dividends declared per common share totaled $6.29 in 2024, $5.99 in 2023 and $5.71 in 2022. The following table summarizes quarterly cash dividends declared during 2024, 2023 and 2022:202420232022Date DeclaredPayment DateDividend Per ShareDate DeclaredPayment DateDividend Per ShareDate DeclaredPayment DateDividend Per Share10/30/2402/14/25$1.6410/26/2302/