Company: ABBV
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001551152-25-000040
Chunk: 13

Company: AbbVie Inc.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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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 $1,101 

Acquired IPR&D and milestones expense for the three and six months ended June 30, 2025 included charges related to the upfront payments of $350 million to Gubra A/S for an exclusive global license to develop and commercialize GUB014295 (ABBV-295) and $335 million to ADARx Pharmaceuticals, Inc. for exclusive options to global license rights to develop and commercialize ADARx’s small interfering RNA (siRNA) therapeutics. Acquired IPR&D and milestones expense for the three and six months ended June 30, 2024 included a charge related to the upfront payment of $250 million to acquire Celsius Therapeutics. See Note 4 to the condensed consolidated financial statements for additional information.

Other Non-Operating Expenses (Income)

Three months endedJune 30,Six months endedJune 30,(in millions)2025202420252024Interest expense$740 $726 $1,440 $1,386 Interest income(62)(220)(135)(427)Interest expense, net$678 $506 $1,305 $959 Net foreign exchange loss$23 $1 $27 $5 Other expense, net2,639 1,345 4,080 1,931 

Interest expense increased for the three and six months ended June 30, 2025 compared to