Company: ABBV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001551152-25-000029
Chunk: 33

Company: AbbVie Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 $2,542 $— AbbVie also holds investments in equity securities that do not have readily determinable fair values. The company records these investments at cost and remeasures them to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $157 million as of March 31, 2025 and $169 million as of December 31, 2024. No significant cumulative upward or downward adjustments have been recorded for these investments as of March 31, 2025.Concentrations of RiskOf total net accounts receivable, three U.S. wholesalers accounted for 81% as of March 31, 2025 and December 31, 2024, and substantially all of AbbVie’s pharmaceutical product net revenues in the United States were to these three wholesalers.Debt and Credit FacilitiesIssuance and Repayment of Long-Term DebtIn February 2025, the company issued $4.0 billion aggregate principal amount of unsecured senior notes. The following table summarizes the issued debt:(in millions)Senior Notes4.65% Senior Notes due 2028$1,250 4.875% Senior Notes due 20301,000 5.20% Senior Notes due 20351,000 5.60% Senior Notes due 2055750 Total debt issued$4,000 The notes are unsecured, unsubordinated obligations of AbbVie and will rank equally in right of payment with all of AbbVie’s existing and future unsecured, unsubordinated indebtedness, liabilities and other obligations. AbbVie may redeem the fixed-rate senior notes prior to maturity at a redemption price equal to the greater of the principal amount or the sum of present values of the remaining scheduled payments of principal and interest plus a make-whole premium. AbbVie may also redeem the fixed-rate senior notes at par between one and six months prior to maturity.In March 2025, the company repaid $3.0 billion aggregate principal of 3.80% senior notes at maturity.Short-Term BorrowingsShort-term borrowings included commercial paper borrowings of $1.6 billion as of March 31, 2025 and there were no amounts outstanding as of December 31, 2024. The weighted-average interest rate on commercial paper borrowings was 4.59% for the three months ended March 31, 2025 and 5.54% for the three months ended March