Company: ABBV
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001551152-25-000040
Chunk: 69

Company: AbbVie Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 offset by unfavorable changes in product mix.

Selling, General and AdministrativeThree months endedJune 30,Six months endedJune 30,(dollars in millions)20252024% change20252024% changeSelling, general and administrative $3,253$3,377(4)%$6,546$6,692(2)%as a % of net revenues21 %23 %23 %25 %

Selling, general and administrative (SG&A) expenses as a percentage of net revenues decreased for the three and six months ended June 30, 2025 compared to the prior year. SG&A expense as a percentage of net revenues for the three and six months ended June 30, 2025 was favorably impacted by leverage from revenue growth partially offset by increased restructuring charges. SG&A expense for the six months ended June 30, 2025 was also favorably impacted by acquisition and integration costs incurred during the six months ended June 30, 2024 in connection with the ImmunoGen acquisition.

Research and DevelopmentThree months endedJune 30,Six months endedJune 30,(dollars in millions)20252024% change20252024% changeResearch and development$2,131 $1,948 9 %$4,198$3,8878 %as a % of net revenues14 %13 %15 %15 %

Research and development (R&D) expenses as a percentage of net revenues increased for the three months and were flat for the six months ended June 30, 2025 compared to the prior year. R&D expense percentage for the three and six months ended June 30, 2025 was unfavorably impacted by increased funding to support all stages of the company’s pipeline assets. R&D expense percentage for the six months ended June 30, 2025 was also favorably impacted by acquisition and integration costs incurred during the six months ended June 30, 2024 in connection with the ImmunoGen acquisition.

2025 Form 10-Q | 33

Acquired IPR&D and Milestones

Three months endedJune 30,Six months endedJune 30,(dollars in millions)2025202420252024Upfront charges$705 $927 $951 $1,006 Development milestones118 10 120 95 Acquired IPR&D and milestones$823 $937 $1,071 $1,