Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 326

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 326
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 currency translation adjustments and other(288)Balance as of December 31, 2024$34,956 (a)Goodwill additions related to the acquisitions of ImmunoGen and Cerevel Therapeutics (see Note 5).The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of December 31, 2024 and 2023, there were no accumulated goodwill impairment losses.

69     |  2024 Form 10-K

Intangible Assets, NetThe following table summarizes intangible assets:20242023as of December 31 (in millions)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amountDefinite-lived intangible assetsDeveloped product rights$81,428 $(28,253)$53,175 $75,142 $(22,455)$52,687 License agreements8,315 (6,624)1,691 8,191 (5,571)2,620 Total definite-lived intangible assets89,743 (34,877)54,866 83,333 (28,026)55,307 Indefinite-lived intangible assets5,202 — 5,202 303 — 303 Total intangible assets, net$94,945 $(34,877)$60,068 $83,636 $(28,026)$55,610 Definite-Lived Intangible AssetsThe increase in definite-lived intangible assets during 2024 was primarily due to the acquisition of ImmunoGen. The intangible assets will be amortized using the estimated pattern of economic benefit. See Note 5 for additional information regarding the acquisitions.In the fourth quarter of 2023, the company made a decision to reduce current sales and marketing investment related to both CoolSculpting, a body contouring technology for aesthetic nonsurgical fat reduction, and Liletta, an on-market women’s health product. Each of these strategic decisions contributed to significant decreases in the estimated future cash flows for the respective products and represented triggering events that required an evaluation of the underlying definite-lived intangible assets for impairment. The company used a discounted cash flow analysis for both products. For CoolSculpting, the fair value of $290 million was lower than the carrying value of $1.3 billion resulting in a