Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 325

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 325
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, 2024 and $236 million at December 31, 2023. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $282 million at December 31, 2024 and $307 million at December 31, 2023.Collaboration with Genentech, Inc.AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which includes Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta 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 SG&A expenses and global development costs as part of 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:years ended December 31 (in millions)202420232022Genentech's share of profits, including royalties (included in cost of products sold)$990 $869 $778 AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)29 41 37 AbbVie's share of development costs (included in R&D)84 109 121 

Note 7 Goodwill and Intangible Assets 

GoodwillThe following table summarizes the changes in the carrying amount of goodwill:(in millions)Balance as of December 31, 2022$32,156 Foreign currency translation adjustments and other137 Balance as of December 31, 202332,293 Additions(a)2,951 Foreign