ABBV Positive Sentiment Score: 85/100
AbbVie Reports Full-Year and Fourth-Quarter 2025 Financial Results
Wednesday, February 4, 2026 4 min read
Key Takeaway: AbbVie reported strong financial results for the fourth quarter and full year of 2025, achieving record net sales despite the loss of exclusivity for Humira. The company anticipates continued robust growth in 2026, supported by strategic investments and a diverse pipeline of treatments. CEO Robert A. Michael emphasized the company's commitment to innovation and long-term success.
Full Press Release Details
NORTH CHICAGO, Ill.,Feb. 4, 2026/PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the fourth quarter and full year ended December 31, 2025.
"2025 was another outstanding year for AbbVie. We delivered record net sales in just the second full year following the U.S. Humira loss of exclusivity, underscoring the strength of our diversified growth platform. We also advanced promising new treatments for patients while enhancing the breadth and depth of our pipeline with strategic investments," said Robert A. Michael, chairman and chief executive officer, AbbVie. "Based on our strong fundamentals, we expect another year of robust growth in 2026. This momentum combined with our investments in innovation position AbbVie for long-term success."
Fourth
Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
Recent Events
Full-Year 2026 Outlook
AbbVie is issuing its adjusted diluted EPS guidance for the full-year 2026 of $14.37 to $14.57. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred during 2026, as both cannot be reliably forecasted.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at
www.abbvie.com. Follow @abbvie onLinkedIn,Facebook,Instagram,XandYouTube.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our fourth-quarter performance. The call will be webcast through AbbVie's Investor Relations website atinvestors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.
Non-GAAP Financial Results
Financial results for 2025 and 2024 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts, and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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| AbbVie Inc.Key Product RevenuesQuarter Ended December 31, 2025(Unaudited) |
| |
| | | | | | | | % Change vs. 4Q24 |
| | Net Revenues (in millions) | | Reported | | Operationala |
| | U.S. | | Int'l. | | Total | | U.S. | | Int'l. | | Total | | Int'l. | | Total |
| NET REVENUES | $ 12,794 | | $ 3,824 | | $ 16,618 | | 9.0 % | | 13.5 % | | 10.0 % | | 11.0 % | | 9.5 % |
| | | | | | | | | | | | | | | | |
| Immunology | 6,961 | | 1,665 | | 8,626 | | 17.9 | | 19.7 | | 18.3 | | 16.8 | | 17.7 |
| Skyrizi | 4,355 | | 651 | | 5,006 | | 31.5 | | 39.8 | | 32.5 | | 35.1 | | 31.9 |
| Rinvoq | 1,709 | | 665 | | 2,374 | | 26.9 | | 36.4 | | 29.5 | | 33.2 | | 28.6 |
| Humira | 897 | | 349 | | 1,246 | | (27.9) | | (20.3) | | (25.9) | | (21.0) | | (26.1) |
| | | | | | | | | | | | | | | | |
| Neuroscience | 2,572 | | 389 | | 2,961 | | 16.3 | | 30.3 | | 17.9 | | 25.6 | | 17.3 |
| Vraylar | 1,020 | | 2 | | 1,022 | | 10.5 | | 21.7 | | 10.5 | | 24.5 | | 10.5 |
| Botox Therapeutic | 828 | | 162 | | 990 | | 13.5 | | 13.1 | | 13.4 | | 10.7 | | 13.0 |
| Ubrelvy | 332 | | 7 | | 339 | | 12.3 | | (3.7) | | 12.0 | | (3.0) | | 12.0 |
| Qulipta | 245 | | 43 | | 288 | | 30.9 | | >100.0 | | 42.6 | | >100.0 | | 41.8 |
| Vyalev | 86 | | 97 | | 183 | | >100.0 | | >100.0 | | >100.0 | | >100.0 | | >100.0 |
| Duodopa | 17 | | 75 | | 92 | | (31.6) | | (10.4) | | (15.1) | | (14.9) | | (18.6) |
| Other Neuroscience | 44 | | 3 | | 47 | | (13.9) | | (20.1) | | (14.4) | | (19.0) | | (14.3) |
| | | | | | | | | | | | | | | | |
| Oncology | 997 | | 667 | | 1,664 | | (9.6) | | 13.6 | | (1.5) | | 10.8 | | (2.5) |
| Imbruvicab | 469 | | 202 | | 671 | | (25.0) | | (9.0) | | (20.8) | | (9.0) | | (20.8) |
| Venclexta | 332 | | 378 | | 710 | | 6.2 | | 10.8 | | 8.6 | | 6.6 | | 6.4 |
| Elahere | 154 | | 28 | | 182 | | 5.0 | | >100.0 | | 22.6 | | >100.0 | | 21.3 |
| Epkinlyc | 22 | | 59 | | 81 | | 23.8 | | >100.0 | | >100.0 | | >100.0 | | >100.0 |
| Other Oncology | 20 | | — | | 20 | | n/m | | n/m | | n/m | | n/m | | n/m |
| | | | | | | | | | | | | | | | |
| Aesthetics | 811 | | 475 | | 1,286 | | (3.3) | | 3.3 | | (0.9) | | 2.5 | | (1.2) |
| Botox Cosmetic | 420 | | 297 | | 717 | | (2.1) | | 14.7 | | 4.2 | | 13.5 | | 3.8 |
| Juvederm Collection | 107 | | 142 | | 249 | | (11.0) | | (10.5) | | (10.7) | | (10.7) | | (10.8) |
| Other Aesthetics | 284 | | 36 | | 320 | | (1.8) | | (14.5) | | (3.4) | | (15.0) | | (3.5) |
| | | | | | | | | | | | | | | | |
| Eye Care | 286 | | 294 | | 580 | | (19.7) | | 1.6 | | (10.1) | | (0.4) | | (11.0) |
| Ozurdex | 32 | | 96 | | 128 | | (10.4) | | 14.1 | | 6.9 | | 10.4 | | 4.3 |
| Lumigan/Ganfort | 47 | | 57 | | 104 | | (19.0) | | (6.6) | | (12.6) | | (9.1) | | (13.9) |
| Alphagan/Combigan | 18 | | 36 | | 54 | | (54.8) | | (4.5) | | (30.5) | | (5.4) | | (30.9) |
| Other Eye Care | 189 | | 105 | | 294 | | (14.9) | | (1.5) | | (10.5) | | (2.3) | | (10.8) |
| | | | | | | | | | | | | | | | |
| Other Key Products | 711 | | 173 | | 884 | | (5.1) | | 5.3 | | (3.2) | | 1.3 | | (3.9) |
| Mavyret | 163 | | 161 | | 324 | | 17.9 | | 4.9 | | 11.0 | | 0.8 | | 8.9 |
| Creon | 385 | | — | | 385 | | (0.8) | | n/m | | (0.8) | | n/m | | (0.8) |
| Linzess/Constella | 163 | | 12 | | 175 | | (26.8) | | 12.1 | | (25.1) | | 9.0 | | (25.2) |
| | |
| a | "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
| b | Reflects profit sharing for Imbruvica international revenues. |
| c | Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories. |
| n/m = not meaningful |
| AbbVie Inc.Key Product RevenuesTwelve Months Ended December 31, 2025(Unaudited) |
| |
| | | | | | | | % Change vs. 12M24 |
| | Net Revenues (in millions) | | Reported | Operationala |
| | U.S. | | Int'l. | | Total | | U.S. | | Int'l. | | Total | | Int'l. | | Total |
| NET REVENUES | $ 46,603 | | $ 14,557 | | $ 61,160 | | 8.3 % | | 9.4 % | | 8.6 % | | 9.2 % | | 8.5 % |
| | | | | | | | | | | | | | | | |
| Immunology | 24,204 | | 6,202 | | 30,406 | | 12.7 | | 19.4 | | 14.0 | | 18.8 | | 13.9 |
| Skyrizi | 15,202 | | 2,360 | | 17,562 | | 50.7 | | 44.6 | | 49.9 | | 43.0 | | 49.7 |
| Rinvoq | 5,940 | | 2,364 | | 8,304 | | 39.5 | | 38.0 | | 39.1 | | 37.1 | | 38.8 |
| Humira | 3,062 | | 1,478 | | 4,540 | | (57.1) | | (20.2) | | (49.5) | | (19.5) | | (49.4) |
| | | | | | | | | | | | | | | | |
| Neuroscience | 9,340 | | 1,427 | | 10,767 | | 18.1 | | 30.7 | | 19.6 | | 29.3 | | 19.4 |
| Vraylar | 3,612 | | 9 | | 3,621 | | 10.8 | | 33.3 | | 10.8 | | 36.8 | | 10.8 |
| Botox Therapeutic | 3,151 | | 618 | | 3,769 | | 16.0 | | 9.3 | | 14.8 | | 9.9 | | 14.9 |
| Ubrelvy | 1,239 | | 32 | | 1,271 | | 26.3 | | 28.6 | | 26.4 | | 30.7 | | 26.5 |
| Qulipta | 906 | | 130 | | 1,036 | | 44.1 | | >100.0 | | 57.3 | | >100.0 | | 56.8 |
| Vyalev | 167 | | 315 | | 482 | | >100.0 | | >100.0 | | >100.0 | | >100.0 | | >100.0 |
| Duodopa | 73 | | 308 | | 381 | | (23.7) | | (12.3) | | (14.8) | | (14.1) | | (16.2) |
| Other Neuroscience | 192 | | 15 | | 207 | | (13.9) | | (0.4) | | (13.0) | | 2.8 | | (12.8) |
| | | | | | | | | | | | | | | | |
| Oncology | 4,080 | | 2,575 | | 6,655 | | (3.3) | | 10.3 | | 1.5 | | 9.9 | | 1.4 |
| Imbruvicab | 2,048 | | 821 | | 2,869 | | (16.4) | | (8.6) | | (14.3) | | (8.6) | | (14.3) |
| Venclexta | 1,306 | | 1,486 | | 2,792 | | 5.9 | | 10.2 | | 8.1 | | 9.8 | | 7.9 |
| Elahere | 607 | | 83 | | 690 | | 27.2 | | >100.0 | | 44.0 | | >100.0 | | 43.4 |
| Epkinlyc | 86 | | 185 | | 271 | | 42.3 | | >100.0 | | 85.5 | | >100.0 | | 85.0 |
| Other Oncology | 33 | | — | | 33 | | n/m | | n/m | | n/m | | n/m | | n/m |
| | | | | | | | | | | | | | | | |
| Aesthetics | 2,990 | | 1,870 | | 4,860 | | (8.5) | | (2.0) | | (6.1) | | (1.5) | | (5.9) |
| Botox Cosmetic | 1,504 | | 1,098 | | 2,602 | | (10.5) | | 5.7 | | (4.3) | | 6.2 | | (4.1) |
| Juvederm Collection | 385 | | 608 | | 993 | | (18.0) | | (14.1) | | (15.6) | | (13.6) | | (15.3) |
| Other Aesthetics | 1,101 | | 164 | | 1,265 | | (1.5) | | 1.8 | | (1.1) | | 2.7 | | (1.0) |
| | | | | | | | | | | | | | | | |
| Eye Care | 954 | | 1,155 | | 2,109 | | (10.2) | | (2.0) | | (5.9) | | (1.2) | | (5.5) |
| Ozurdex | 124 | | 369 | | 493 | | (10.1) | | 3.7 | | (0.2) | | 3.0 | | (0.7) |
| Lumigan/Ganfort | 189 | | 221 | | 410 | | 1.2 | | (8.7) | | (4.4) | | (8.3) | | (4.2) |
| Alphagan/Combigan | 53 | | 144 | | 197 | | (43.3) | | (6.3) | | (20.4) | | (4.6) | | (19.4) |
| Other Eye Care | 588 | | 421 | | 1,009 | | (8.7) | | (1.4) | | (5.8) | | 0.5 | | (5.0) |
| | | | | | | | | | | | | | | | |
| Other Key Products | 3,011 | | 725 | | 3,736 | | 4.0 | | (3.8) | | 2.4 | | (4.8) | | 2.2 |
| Mavyret | 635 | | 682 | | 1,317 | | 6.7 | | (4.7) | | 0.4 | | (5.7) | | (0.2) |
| Creon | 1,512 | | — | | 1,512 | | 9.3 | | n/m | | 9.3 | | n/m | | 9.3 |
| Linzess/Constella | 864 | | 43 | | 907 | | (5.7) | | 13.6 | | (4.9) | | 13.3 | | (4.9) |
| | |
| a | "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. |
| b | Reflects profit sharing for Imbruvica international revenues. |
| c | Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories. |
| n/m = not meaningful |
| AbbVie Inc.Consolidated Statements of Earnings(Unaudited) |
| |
| (in millions, except per share data) | Fourth QuarterEnded December 31 | | Twelve MonthsEnded December 31 |
| | 2025 | | 2024 | | 2025 | | 2024 |
| Net revenues | $ 16,618 | | $ 15,102 | | $ 61,160 | | $ 56,334 |
| Cost of products sold | 4,552 | | 4,396 | | 18,204 | | 16,904 |
| Selling, general and administrative | 3,895 | | 3,855 | | 14,010 | | 14,752 |
| Research and development | 2,579 | | 6,774 | | 9,096 | | 12,791 |
| Acquired IPR&D and milestones | 1,265 | | 1,574 | | 5,016 | | 2,757 |
| Other operating income | (217) | | (7) | | (241) | | (7) |
| Total operating costs and expenses | 12,074 | | 16,592 | | 46,085 | | 47,197 |
| | | | | | | | |
| Operating earnings (loss) | 4,544 | | (1,490) | | 15,075 | | 9,137 |
| | | | | | | | |
| Interest expense, net | 655 | | 610 | | 2,627 | | 2,160 |
| Net foreign exchange loss | 11 | | 19 | | 58 | | 21 |
| Other expense, net | 1,210 | | 150 | | 5,793 | | 3,240 |
| Earnings (loss) before income tax expense | 2,668 | | (2,269) | | 6,597 | | 3,716 |
| Income tax expense (benefit) | 853 | | (2,246) | | 2,364 | | (570) |
| Net earnings (loss) | 1,815 | | (23) | | 4,233 | | 4,286 |
| Net earnings (loss) attributable to noncontrolling interest | (1) | | (1) | | 7 | | 8 |
| Net earnings (loss) attributable to AbbVie Inc. | $ 1,816 | | $ (22) | | $ 4,226 | | $ 4,278 |
| | | | | | | | |
| Diluted earnings (loss) per share attributable to AbbVie Inc. | $ 1.02 | | $ (0.02) | | $ 2.36 | | $ 2.39 |
| | | | | | | | |
| Adjusted diluted earnings per sharea | $ 2.71 | | $ 2.16 | | $ 10.00 | | $ 10.12 |
| | | | | | | | |
| Weighted-average diluted shares outstanding | 1,774 | | 1,769 | | 1,773 | | 1,773 |
| | | | | | | | |
| Adjusted weighted-average diluted shares outstandinga | 1,774 | | 1,773 | | 1,773 | | 1,773 |
| | |
| a | Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details. Weighted-average diluted shares outstanding includes the effect of dilutive securities. Due to the GAAP net loss in the fourth quarter ended December 31, 2024, certain shares issuable under stock-based compensation plans that were dilutive on a non-GAAP basis were excluded from the computation of GAAP diluted EPS because the effects would have been antidilutive. |
| AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited) |
| |
| 1. Specified items impacted results as follows: |
| |
| | Quarter Ended December 31, 2025 |
| (in millions, except per share data) | Earnings | | Diluted |
| | Pre-tax | | After-taxa | | EPS |
| As reported (GAAP) | $ 2,668 | | $ 1,816 | | $ 1.02 |
| Adjusted for specified items: | | | | | |
| Intangible asset amortization | 1,784 | | 1,500 | | 0.85 |
| Change in fair value of contingent consideration | 1,406 | | 1,368 | | 0.77 |
| Other | 51 | | 146 | | 0.07 |
| As adjusted (non-GAAP) | $ 5,909 | | $ 4,830 | | $ 2.71 |
| |
| aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
| |
| Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2025 included acquired IPR&Dand milestones expense of $1.3 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.71 to both dilutedEPS and adjusted diluted EPS. |
| 2. The impact of the specified items by line item was as follows: |
| |
| | Quarter Ended December 31, 2025 |
| (in millions) | Cost ofproductssold | | SG&A | | R&D | | Otheroperatingincome | | Otherexpense,net |
| As reported (GAAP) | $ 4,552 | | $ 3,895 | | $ 2,579 | | $ (217) | | $ 1,210 |
| Adjusted for specified items: | | | | | | | | | |
| Intangible asset amortization | (1,784) | | — | | — | | — | | — |
| Change in fair value of contingent consideration | — | | — | | — | | — | | (1,406) |
| Other | (42) | | (190) | | (16) | | 217 | | (20) |
| As adjusted (non-GAAP) | $ 2,726 | | $ 3,705 | | $ 2,563 | | $ — | | $ (216) |
| 3. The adjusted tax rate for the fourth quarter of 2025 was 18.3 percent, as detailed below: |
| |
| | Quarter Ended December 31, 2025 |
| (dollars in millions) | Pre-taxearnings | | Income taxes | | Tax rate |
| As reported (GAAP) | $ 2,668 | | $ 853 | | 32.0 % |
| Specified items | 3,241 | | 227 | | 7.0 % |
| As adjusted (non-GAAP) | $ 5,909 | | $ 1,080 | | 18.3 % |
| AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited) |
| |
| 1. Specified items impacted results as follows: |
| |
| | Quarter Ended December 31, 2024 |
| (in millions, except per share data) | Earnings (Loss) | | Diluted |
| | Pre-tax | | After-taxa | | EPS |
| As reported (GAAP) | $ (2,269) | | $ (22) | | $ (0.02) |
| Adjusted for specified items: | | | | | |
| Intangible asset amortization | 1,896 | | 1,607 | | 0.90 |
| Intangible asset impairment | 4,476 | | 3,512 | | 1.98 |
| Change in fair value of contingent consideration | 279 | | 271 | | 0.15 |
| Litigation matters | 173 | | 136 | | 0.08 |
| Income tax items | — | | (1,869) | | (1.05) |
| Other | 258 | | 209 | | 0.12 |
| As adjusted (non-GAAP) | $ 4,813 | | $ 3,844 | | $ 2.16 |
| |
| aRepresents net earnings (loss) attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
| |
| Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible assetacquired as part of the Cerevel Therapeutics acquisition. Income tax items primarily reflect an income tax benefit related to thesettlement of income tax examinations, partially offset by changes in income tax reserves. |
| |
| Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended December 31, 2024 included acquired IPR&Dand milestones expense of $1.6 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $0.88 to both dilutedEPS and adjusted diluted EPS. |
| 2. The impact of the specified items by line item was as follows: |
| |
| | Quarter Ended December 31, 2024 |
| (in millions) | Cost ofproductssold | | SG&A | | R&D | | Otheroperatingincome | | Otherexpense,net |
| As reported (GAAP) | $ 4,396 | | $ 3,855 | | $ 6,774 | | $ (7) | | $ 150 |
| Adjusted for specified items: | | | | | | | | | |
| Intangible asset amortization | (1,896) | | — | | — | | — | | — |
| Intangible asset impairment | — | | — | | (4,476) | | — | | — |
| Change in fair value of contingent consideration | — | | — | | — | | — | | (279) |
| Litigation matters | — | | (173) | | — | | — | | — |
| Other | (47) | | (121) | | (25) | | 7 | | (72) |
| As adjusted(non-GAAP) | $ 2,453 | | $ 3,561 | | $ 2,273 | | $ — | | $ (201) |
| 3. The adjusted tax rate for the fourth quarter of 2024 was 20.2 percent, as detailed below: |
| |
| | Quarter Ended December 31, 2024 |
| (dollars in millions) | Pre-taxearnings (loss) | | Income taxes | | Tax rate |
| As reported (GAAP) | $ (2,269) | | $ (2,246) | | 99.0 % |
| Specified items | 7,082 | | 3,216 | | 45.4 % |
| As adjusted(non-GAAP) | $ 4,813 | | $ 970 | | 20.2 % |
| AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited) |
| |
| 1. Specified items impacted results as follows: |
| |
| | Twelve Months Ended December 31, 2025 |
| (in millions, except per share data) | Earnings | | Diluted |
| | Pre-tax | | After-taxa | | EPS |
| As reported (GAAP) | $ 6,597 | | $ 4,226 | | $ 2.36 |
| Adjusted for specified items: | | | | | |
| Intangible asset amortization | 7,377 | | 6,221 | | 3.50 |
| Intangible asset impairment | 847 | | 701 | | 0.39 |
| Acquisition and integration costs | 276 | | 262 | | 0.15 |
| Change in fair value of contingent consideration | 6,495 | | 6,309 | | 3.56 |
| Other | 100 | | 65 | | 0.04 |
| As adjusted (non-GAAP) | $ 21,692 | | $ 17,784 | | $ 10.00 |
| |
| aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
| |
| Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets.Acquisition and integration costs primarily reflect costs related to the Capstan Therapeutics acquisition. |
| |
| Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2025 included acquiredIPR&D and milestones expense of $5.0 billion on a pre-tax and $4.9 billion on an after-tax basis, representing an unfavorableimpact of $2.76 to both diluted EPS and adjusted diluted EPS. |
| 2. The impact of the specified items by line item was as follows: |
| |
| | Twelve Months Ended December 31, 2025 |
| (in millions) | Cost ofproductssold | | SG&A | | R&D | | Otheroperatingincome | | Otherexpense,net |
| As reported (GAAP) | $ 18,204 | | $ 14,010 | | $ 9,096 | | $ (241) | | $ 5,793 |
| Adjusted for specified items: | | | | | | | | | |
| Intangible asset amortization | (7,377) | | — | | — | | — | | — |
| Intangible asset impairment | (847) | | — | | — | | — | | — |
| Acquisition and integration costs | (15) | | (172) | | (89) | | — | | — |
| Change in fair value of contingent consideration | — | | — | | — | | — | | (6,495) |
| Other | (163) | | (202) | | (22) | | 241 | | 46 |
| As adjusted (non-GAAP) | $ 9,802 | | $ 13,636 | | $ 8,985 | | $ — | | $ (656) |
| 3. The adjusted tax rate for the full-year 2025 was 18.0 percent, as detailed below: |
| |
| | Twelve Months Ended December 31, 2025 |
| (dollars in millions) | Pre-taxearnings | | Income taxes | | Tax rate |
| As reported (GAAP) | $ 6,597 | | $ 2,364 | | 35.8 % |
| Specified items | 15,095 | | 1,537 | | 10.2 % |
| As adjusted (non-GAAP) | $ 21,692 | | $ 3,901 | | 18.0 % |
| AbbVie Inc.Reconciliation of GAAP Reported to Non-GAAP Adjusted Information(Unaudited) |
| |
| 1. Specified items impacted results as follows: |
| |
| | Twelve Months Ended December 31, 2024 |
| (in millions, except per share data) | Earnings | | Diluted |
| | Pre-tax | | After-taxa | | EPS |
| As reported (GAAP) | $ 3,716 | | $ 4,278 | | $ 2.39 |
| Adjusted for specified items: | | | | | |
| Intangible asset amortization | 7,622 | | 6,461 | | 3.63 |
| Intangible asset impairment | 4,476 | | 3,512 | | 1.98 |
| Acquisition and integration costs | 1,061 | | 978 | | 0.55 |
| Change in fair value of contingent consideration | 3,771 | | 3,673 | | 2.07 |
| Litigation matters | 910 | | 721 | | 0.41 |
| Income tax items | — | | (1,819) | | (1.02) |
| Other | 256 | | 197 | | 0.11 |
| As adjusted (non-GAAP) | $ 21,812 | | $ 18,001 | | $ 10.12 |
| |
| aRepresents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. |
| |
| Intangible asset impairment reflects a partial after-tax impairment charge of $3.5 billion related to the emraclidine intangible assetacquired as part of the Cerevel Therapeutics acquisition. Acquisition and integration costs primarily reflect costs related to theImmunoGen and Cerevel Therapeutics acquisitions. Income tax items primarily reflect an income tax benefit related to thesettlement of income tax examinations, partially offset by changes in income tax reserves. Litigation matters primarily includecharges related to actual and potential settlements of litigation. |
| |
| Reported GAAP earnings and adjusted non-GAAP earnings for the twelve months ended December 31, 2024 included acquiredIPR&D and milestones expense of $2.8 billion on a pre-tax and $2.7 billion on an after-tax basis, representing an unfavorableimpact of $1.52 to both diluted EPS and adjusted diluted EPS. |
| 2. The impact of the specified items by line item was as follows: |
| |
| | Twelve Months Ended December 31, 2024 |
| (in millions) | Cost ofproductssold | | SG&A | | R&D | | Otheroperatingincome | | Interestexpense,net | | Otherexpense,net |
| As reported (GAAP) | $ 16,904 | | $ 14,752 | | $ 12,791 | | $ (7) | | $ 2,160 | | $ 3,240 |
| Adjusted for specified items: | | | | | | | | | | | |
| Intangible asset amortization | (7,622) | | — | | — | | — | | — | | — |
| Intangible asset impairment | — | | — | | (4,476) | | — | | — | | — |
| Acquisition and integration costs | (225) | | (554) | | (258) | | — | | (24) | | — |
| Change in fair value of contingent consideration | — | | — | | — | | — | | — | | (3,771) |
| Litigation matters | — | | (910) | | — | | — | | — | | — |
| Other | (110) | | (54) | | (1) | | 7 | | — | | (98) |
| As adjusted (non-GAAP) | $ 8,947 | | $ 13,234 | | $ 8,056 | | $ — | | $ 2,136 | | $ (629) |
| 3. The adjusted tax rate for the full-year 2024 was 17.4 percent, as detailed below: |
| |
| | Twelve Months Ended December 31, 2024 |
| (dollars in millions) | Pre-taxearnings | | Income taxes | | Tax rate |
| As reported (GAAP) | $ 3,716 | | $ (570) | | (15.3) % |
| Specified items | 18,096 | | 4,373 | | 24.2 % |
| As adjusted (non-GAAP) | $ 21,812 | | $ 3,803 | | 17.4 % |