Company: ABBV
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001551152-25-000020
Chunk: 229

Company: AbbVie Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 3
Chunk 229
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 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 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