Company: ABBV
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001551152-25-000040
Chunk: 34

Company: AbbVie Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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a 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 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 endedJune 30,Six months endedJune 30,(in millions)2025202420252024Genentech's share of profits, including royalties (included in cost of products sold)$262 $243 $504 $470 AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)3 6 13 15 AbbVie's share of development costs (included in R&D)15 23 32 42     

2025 Form 10-Q | 10

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 adjustments512 Balance as of June 30, 2025$35,638 (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 June 30, 2025, there were no accumulated goodwill impairment losses.Intangible Assets, NetThe following table summarizes intangible assets:June 30, 2025December 31, 2024(in millions)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountDefinite-lived intangible assetsDeveloped product rights$82,150 $(31,754)$50,396 $81,428 $(28