Company: ABBV
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001551152-25-000049
Chunk: 73

Company: AbbVie Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 a percentage of net revenues decreased for the three and nine months ended September 30, 2025 compared to the prior year primarily due to intangible asset impairment charges of $847 million and unfavorable changes in product mix, partially offset by increased leverage from net revenues growth and lower acquisition and integration costs. Gross margin as a percentage of net revenues for the nine months ended September 30, 2025 was also partially offset by lower amortization of intangibles.

Selling, General and AdministrativeThree months endedSeptember 30,Nine months endedSeptember 30,(dollars in millions)20252024% change20252024% changeSelling, general and administrative $3,569$4,205(15)%$10,115$10,897(7)%as a % of net revenues23 %29 %23 %26 %

Selling, general and administrative (SG&A) expenses as a percentage of net revenues decreased for the three and nine months ended September 30, 2025 compared to the prior year primarily due to leverage from net revenues growth and lower litigation reserve charges. SG&A expenses as a percentage of net revenues for the nine months ended September 30, 2025 were also favorably impacted by lower acquisition and integration costs.

Research and DevelopmentThree months endedSeptember 30,Nine months endedSeptember 30,(dollars in millions)20252024% change20252024% changeResearch and development$2,319 $2,130 9 %$6,517$6,0178 %as a % of net revenues15 %15 %15 %15 %

Research and development (R&D) expenses as a percentage of net revenues were flat for the three and nine months ended September 30, 2025 compared to the prior year. R&D expenses increased to support all stages of the company’s pipeline assets.

2025 Form 10-Q | 33

Acquired IPR&D and Milestones

Three months endedSeptember 30,Nine months endedSeptember 30,(dollars in millions)2025202420252024Upfront charges$2,615 $82 $3,566 $1,088 Development milestones65 — 185 95 Acquired IPR&D and milestones$2,680 $82 $3,751 $1,183 

Acquired IPR&D and milestones expense for the three and nine months ended September 30,