Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 300

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 300
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 PageConsolidated Financial Statements Consolidated Statements of Earnings51Consolidated Statements of Comprehensive Income52Consolidated Balance Sheets53Consolidated Statements of Equity54Consolidated Statements of Cash Flows55

Notes to Consolidated Financial Statements

Note 1Background56Note 2Summary of Significant Accounting Policies56Note 3Supplemental Financial Information62Note 4Earnings Per Share63Note 5Licensing, Acquisitions and Other Arrangements63Note 6Collaborations68Note 7Goodwill and Intangible Assets69Note 8Restructuring Plans71Note 9Leases73Note 10Debt, Credit Facilities and Commitments and Contingencies75Note 11Financial Instruments and Fair Value Measures77Note 12Post-Employment Benefits84Note 13Equity88Note 14Income Taxes93Note 15Legal Proceedings and Contingencies95Note 16Segment and Geographic Area Information97Note 17Fourth Quarter Financial Results (unaudited)100

Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)101

2024 Form 10-K   |  50

AbbVie Inc. and Subsidiaries

Consolidated Statements of Earnings

years ended December 31 (in millions, except per share data)202420232022Net revenues$56,334 $54,318 $58,054 Cost of products sold16,904 20,415 17,414 Selling, general and administrative14,752 12,872 15,260 Research and development12,791 7,675 6,510 Acquired IPR&D and milestones2,757 778 697 Other operating expense (income), net(7)(179)56 Total operating costs and expenses47,197 41,561 39,937 Operating earnings9,137 12,757 18,117 Interest expense, net2,160 1,684 2,044 Net foreign exchange loss21 146 148 Other expense, net3,240 4,677 2,448 Earnings before income tax expense3,716 6,250 13,477 Income tax expense (benefit)(570)1,377 1,632 Net earnings4,286 4,873 11,845 Net