0001551152falseDecember 312021Q1100015511522021-01-012021-03-310001551152exch:XCHIus-gaap:CommonStockMember2021-01-012021-03-310001551152us-gaap:CommonStockMemberexch:XNYS2021-01-012021-03-310001551152exch:XNYSabbv:Sec1500SeniorNotesDue2023Member2021-01-012021-03-310001551152abbv:Sec1.375SeniorNotesDue2024Memberexch:XNYS2021-01-012021-03-310001551152abbv:Sec1250SeniorNotesDue2024Memberexch:XNYS2021-01-012021-03-310001551152exch:XNYSabbv:Sec0.750SeniorNotesDue2027Member2021-01-012021-03-310001551152exch:XNYSabbv:Sec2.125SeniorNotesdue2028Member2021-01-012021-03-310001551152abbv:Sec2625SeniorNotesDue2028Memberexch:XNYS2021-01-012021-03-310001551152exch:XNYSabbv:Sec2125SeniorNotesDue2029Member2021-01-012021-03-310001551152exch:XNYSabbv:Sec1.250SeniorNotesdue2031Member2021-01-012021-03-31xbrli:shares00015511522021-04-28iso4217:USD00015511522020-01-012020-03-31iso4217:USDxbrli:shares00015511522021-03-3100015511522020-12-310001551152us-gaap:CommonStockMember2019-12-310001551152us-gaap:TreasuryStockMember2019-12-310001551152us-gaap:AdditionalPaidInCapitalMember2019-12-310001551152us-gaap:RetainedEarningsMember2019-12-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001551152us-gaap:NoncontrollingInterestMember2019-12-3100015511522019-12-310001551152us-gaap:CommonStockMember2020-01-012020-03-310001551152us-gaap:TreasuryStockMember2020-01-012020-03-310001551152us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001551152us-gaap:RetainedEarningsMember2020-01-012020-03-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001551152us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:CommonStockMember2020-03-310001551152us-gaap:TreasuryStockMember2020-03-310001551152us-gaap:AdditionalPaidInCapitalMember2020-03-310001551152us-gaap:RetainedEarningsMember2020-03-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001551152us-gaap:NoncontrollingInterestMember2020-03-3100015511522020-03-310001551152us-gaap:CommonStockMember2020-12-310001551152us-gaap:TreasuryStockMember2020-12-310001551152us-gaap:AdditionalPaidInCapitalMember2020-12-310001551152us-gaap:RetainedEarningsMember2020-12-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001551152us-gaap:NoncontrollingInterestMember2020-12-310001551152us-gaap:CommonStockMember2021-01-012021-03-310001551152us-gaap:TreasuryStockMember2021-01-012021-03-310001551152us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001551152us-gaap:RetainedEarningsMember2021-01-012021-03-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001551152us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:CommonStockMember2021-03-310001551152us-gaap:TreasuryStockMember2021-03-310001551152us-gaap:AdditionalPaidInCapitalMember2021-03-310001551152us-gaap:RetainedEarningsMember2021-03-310001551152us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001551152us-gaap:NoncontrollingInterestMember2021-03-310001551152abbv:AllerganplcMember2021-01-012021-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2021-03-31xbrli:pure0001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2021-01-012021-03-310001551152abbv:JanssenBiotechIncMember2021-01-012021-03-310001551152country:USus-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2021-01-012021-03-310001551152country:USus-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2020-01-012020-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMemberus-gaap:NonUsMember2021-01-012021-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMemberus-gaap:NonUsMember2020-01-012020-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2020-01-012020-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:JanssenBiotechIncMember2020-12-310001551152abbv:GenentechInc.Member2021-01-012021-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:GenentechInc.Member2021-01-012021-03-310001551152us-gaap:CollaborativeArrangementMemberabbv:GenentechInc.Member2020-01-012020-03-310001551152country:USus-gaap:CollaborativeArrangementMemberabbv:GenentechInc.Member2021-01-012021-03-310001551152country:USus-gaap:CollaborativeArrangementMemberabbv:GenentechInc.Member2020-01-012020-03-310001551152us-gaap:DevelopedTechnologyRightsMember2021-03-310001551152us-gaap:DevelopedTechnologyRightsMember2020-12-310001551152us-gaap:LicensingAgreementsMember2021-03-310001551152us-gaap:LicensingAgreementsMember2020-12-310001551152abbv:AllerganIntegrationPlanMember2021-03-310001551152abbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:CostOfSalesMemberus-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:CostOfSalesMemberus-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-03-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-03-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-03-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMemberus-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-03-310001551152us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:OtherRestructuringMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:OtherRestructuringMemberus-gaap:SellingGeneralAndAdministrativeExpensesMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2021-01-012021-03-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2020-01-012020-03-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2020-12-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2020-12-310001551152us-gaap:EmployeeSeveranceMemberabbv:AllerganIntegrationPlanMember2021-03-310001551152us-gaap:OtherRestructuringMemberabbv:AllerganIntegrationPlanMember2021-03-310001551152abbv:OtherRestructuringPlansMember2021-01-012021-03-310001551152abbv:OtherRestructuringPlansMember2020-01-012020-03-310001551152abbv:OtherRestructuringPlansMember2020-12-310001551152abbv:OtherRestructuringPlansMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-09-300001551152us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-12-31iso4217:EUR0001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310001551152us-gaap:SeniorNotesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-03-310001551152us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-12-310001551152us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-03-310001551152us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-12-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:FairValueHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:FairValueHedgingMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:FairValueHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310001551152us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001551152us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310001551152us-gaap:CostOfSalesMember2021-03-310001551152us-gaap:InterestExpenseMember2021-03-310001551152us-gaap:SeniorNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001551152us-gaap:SeniorNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-03-310001551152us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-03-310001551152us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-01-012021-03-310001551152us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-01-012020-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2020-01-012020-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001551152us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2020-01-012020-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2020-01-012020-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001551152us-gaap:FairValueHedgingMemberus-gaap:InterestExpenseMember2020-01-012020-03-310001551152us-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-03-310001551152us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-03-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-03-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310001551152us-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001551152us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001551152us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001551152us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001551152srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2021-03-310001551152srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2021-03-310001551152us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2021-03-310001551152srt:MinimumMemberabbv:ProbabilityofPaymentforUnachievedMilestonesMember2021-03-310001551152srt:MaximumMemberabbv:ProbabilityofPaymentforUnachievedMilestonesMember2021-03-310001551152srt:WeightedAverageMemberabbv:ProbabilityofPaymentforUnachievedMilestonesMember2021-03-310001551152srt:MinimumMemberabbv:ProbabilityofPaymentforRoyaltiesbyIndicationMember2021-03-310001551152srt:MaximumMemberabbv:ProbabilityofPaymentforRoyaltiesbyIndicationMember2021-03-310001551152srt:WeightedAverageMemberabbv:ProbabilityofPaymentforRoyaltiesbyIndicationMember2021-03-310001551152srt:MinimumMemberabbv:ProjectedYearofPaymentsMember2021-03-310001551152srt:MaximumMemberabbv:ProjectedYearofPaymentsMember2021-03-310001551152srt:WeightedAverageMemberabbv:ProjectedYearofPaymentsMember2021-03-310001551152abbv:ProbabilityofPaymentforEarlyStageIndicationsMember2021-03-310001551152abbv:ProbabilityofPaymentforApprovedIndicationsMember2021-03-310001551152abbv:ProbabilityofPaymentforRoyaltiesExcludingApprovedIndicationsMembersrt:MinimumMember2021-03-310001551152srt:MaximumMemberabbv:ProbabilityofPaymentforRoyaltiesExcludingApprovedIndicationsMember2021-03-310001551152us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-03-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-03-310001551152us-gaap:FairValueInputsLevel1Member2021-03-310001551152us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001551152us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-12-310001551152us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2020-12-310001551152us-gaap:FairValueInputsLevel1Member2020-12-31abbv:wholesaler0001551152us-gaap:AccountsReceivableMember2021-01-012021-03-310001551152us-gaap:GeographicConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-03-310001551152us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-01-012021-03-310001551152us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2020-01-012020-03-310001551152us-gaap:SeniorNotesMemberabbv:SeniorNotes2.30PercentDue2021Memberus-gaap:SubsequentEventMember2021-04-012021-06-300001551152us-gaap:SeniorNotesMemberabbv:SeniorNotes2.30PercentDue2021Memberus-gaap:SubsequentEventMember2021-06-300001551152us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberabbv:SeniorEuroNotesDue2021At0.500PercentMember2021-04-012021-06-300001551152us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberabbv:SeniorEuroNotesDue2021At0.500PercentMember2021-06-300001551152us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310001551152us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310001551152us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-03-310001551152us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-03-310001551152us-gaap:CostOfSalesMember2021-01-012021-03-310001551152us-gaap:CostOfSalesMember2020-01-012020-03-310001551152us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-03-310001551152us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-03-310001551152us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-03-310001551152us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310001551152us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001551152us-gaap:EmployeeStockOptionMember2021-03-310001551152abbv:RestrictedStockUnitsAndPerformanceSharesMember2021-01-012021-03-310001551152abbv:RestrictedStockUnitsAndPerformanceSharesMember2021-03-3100015511522021-02-182021-02-1800015511522020-10-302020-10-3000015511522020-09-112020-09-1100015511522020-06-172020-06-1700015511522020-02-202020-02-200001551152abbv:December2018StockRepurchaseAuthorizationMember2021-01-012021-03-310001551152abbv:December2018StockRepurchaseAuthorizationMember2020-01-012020-03-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2020-12-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-12-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2021-01-012021-03-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2021-03-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-03-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2019-12-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-12-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2020-01-012020-03-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-03-310001551152abbv:AccumulatedNetGainLossFromNetInvestmentHedgesMember2020-03-310001551152us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-03-310001551152us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-03-310001551152us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:TreasuryLockMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:TreasuryLockMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2021-01-012021-03-310001551152us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-03-31abbv:lawsuit0001551152abbv:NiaspanMember2021-01-012021-03-31abbv:class_actionabbv:direct_purchaserabbv:end_payor_purchaserabbv:company0001551152abbv:AndroGelAntitrustLitigationMember2014-09-012014-09-300001551152abbv:AndroGelAntitrustLitigationMemberabbv:DisgorgementRemedyMember2018-06-012018-06-300001551152abbv:AndroGelAntitrustLitigationMember2020-09-012020-09-300001551152abbv:AndroGelAntitrustLitigationKingDrugCoOfFlorenceIncEtAlVAbbVieIncEtAlMember2019-08-012019-08-310001551152abbv:HumiraAntitrustLitigationInReHumiraAdalimumabAntitrustLitigationMember2019-03-012019-05-310001551152abbv:BystolicAntitrustLitigationMember2021-01-012021-03-31abbv:claim0001551152abbv:PrescriptionDrugAbuseLitigationMember2021-03-310001551152abbv:PrescriptionDrugAbuseLitigationInStateCourtsMember2021-03-31abbv:investment_fund0001551152abbv:ElliottAssociatesL.P.Member2016-06-012016-06-300001551152abbv:ElliottAssociatesL.P.Member2021-01-012021-03-310001551152abbv:ElliottAssociatesL.P.Member2020-06-300001551152abbv:GenericDrugPricingSecuritiesLitigationInU.S.DistrictCourtMember2021-01-012021-03-310001551152country:USabbv:ImmunologyMemberabbv:HUMIRAMember2021-01-012021-03-310001551152country:USabbv:ImmunologyMemberabbv:HUMIRAMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:HUMIRAMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:HUMIRAMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:HUMIRAMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:HUMIRAMember2020-01-012020-03-310001551152country:USabbv:ImmunologyMemberabbv:SKYRIZIMember2021-01-012021-03-310001551152country:USabbv:ImmunologyMemberabbv:SKYRIZIMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:SKYRIZIMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:SKYRIZIMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:SKYRIZIMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:SKYRIZIMember2020-01-012020-03-310001551152country:USabbv:ImmunologyMemberabbv:RINVOQMember2021-01-012021-03-310001551152country:USabbv:ImmunologyMemberabbv:RINVOQMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:RINVOQMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:RINVOQMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:ImmunologyMemberabbv:RINVOQMember2021-01-012021-03-310001551152abbv:ImmunologyMemberabbv:RINVOQMember2020-01-012020-03-310001551152country:USabbv:ImbruvicaMemberabbv:HematologicOncologyMember2021-01-012021-03-310001551152country:USabbv:ImbruvicaMemberabbv:HematologicOncologyMember2020-01-012020-03-310001551152abbv:ImbruvicaMemberabbv:HematologicOncologyMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:ImbruvicaMemberabbv:HematologicOncologyMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:ImbruvicaMemberabbv:HematologicOncologyMember2021-01-012021-03-310001551152abbv:ImbruvicaMemberabbv:HematologicOncologyMember2020-01-012020-03-310001551152country:USabbv:VENCLEXTAMemberabbv:HematologicOncologyMember2021-01-012021-03-310001551152country:USabbv:VENCLEXTAMemberabbv:HematologicOncologyMember2020-01-012020-03-310001551152abbv:VENCLEXTAMemberabbv:HematologicOncologyMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:VENCLEXTAMemberabbv:HematologicOncologyMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:VENCLEXTAMemberabbv:HematologicOncologyMember2021-01-012021-03-310001551152abbv:VENCLEXTAMemberabbv:HematologicOncologyMember2020-01-012020-03-310001551152country:USabbv:AestheticsMemberabbv:BotoxCosmeticMember2021-01-012021-03-310001551152country:USabbv:AestheticsMemberabbv:BotoxCosmeticMember2020-01-012020-03-310001551152abbv:AestheticsMemberabbv:BotoxCosmeticMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:AestheticsMemberabbv:BotoxCosmeticMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:AestheticsMemberabbv:BotoxCosmeticMember2021-01-012021-03-310001551152abbv:AestheticsMemberabbv:BotoxCosmeticMember2020-01-012020-03-310001551152country:USabbv:AestheticsMemberabbv:JuvedermCollectionMember2021-01-012021-03-310001551152country:USabbv:AestheticsMemberabbv:JuvedermCollectionMember2020-01-012020-03-310001551152abbv:AestheticsMemberabbv:JuvedermCollectionMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:AestheticsMemberabbv:JuvedermCollectionMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:AestheticsMemberabbv:JuvedermCollectionMember2021-01-012021-03-310001551152abbv:AestheticsMemberabbv:JuvedermCollectionMember2020-01-012020-03-310001551152country:USabbv:OtherAestheticsMemberabbv:AestheticsMember2021-01-012021-03-310001551152country:USabbv:OtherAestheticsMemberabbv:AestheticsMember2020-01-012020-03-310001551152abbv:OtherAestheticsMemberabbv:AestheticsMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherAestheticsMemberabbv:AestheticsMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherAestheticsMemberabbv:AestheticsMember2021-01-012021-03-310001551152abbv:OtherAestheticsMemberabbv:AestheticsMember2020-01-012020-03-310001551152country:USabbv:NeuroscienceMemberabbv:BotoxTherapeuticMember2021-01-012021-03-310001551152country:USabbv:NeuroscienceMemberabbv:BotoxTherapeuticMember2020-01-012020-03-310001551152abbv:NeuroscienceMemberabbv:BotoxTherapeuticMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:NeuroscienceMemberabbv:BotoxTherapeuticMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:NeuroscienceMemberabbv:BotoxTherapeuticMember2021-01-012021-03-310001551152abbv:NeuroscienceMemberabbv:BotoxTherapeuticMember2020-01-012020-03-310001551152country:USabbv:VraylarMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152country:USabbv:VraylarMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152country:USabbv:DuodopaMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152country:USabbv:DuodopaMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152abbv:DuodopaMemberabbv:NeuroscienceMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:DuodopaMemberabbv:NeuroscienceMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:DuodopaMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152abbv:DuodopaMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152country:USabbv:UbrelvyMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152country:USabbv:UbrelvyMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152country:USabbv:OtherNeuroscienceMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152country:USabbv:OtherNeuroscienceMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152abbv:OtherNeuroscienceMemberabbv:NeuroscienceMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherNeuroscienceMemberabbv:NeuroscienceMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherNeuroscienceMemberabbv:NeuroscienceMember2021-01-012021-03-310001551152abbv:OtherNeuroscienceMemberabbv:NeuroscienceMember2020-01-012020-03-310001551152country:USabbv:EyeCareMemberabbv:LumiganGanfortMember2021-01-012021-03-310001551152country:USabbv:EyeCareMemberabbv:LumiganGanfortMember2020-01-012020-03-310001551152abbv:EyeCareMemberus-gaap:NonUsMemberabbv:LumiganGanfortMember2021-01-012021-03-310001551152abbv:EyeCareMemberus-gaap:NonUsMemberabbv:LumiganGanfortMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:LumiganGanfortMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:LumiganGanfortMember2020-01-012020-03-310001551152country:USabbv:EyeCareMemberabbv:AlphaganCombiganMember2021-01-012021-03-310001551152country:USabbv:EyeCareMemberabbv:AlphaganCombiganMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:AlphaganCombiganMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:AlphaganCombiganMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:AlphaganCombiganMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:AlphaganCombiganMember2020-01-012020-03-310001551152country:USabbv:EyeCareMemberabbv:RestasisMember2021-01-012021-03-310001551152country:USabbv:EyeCareMemberabbv:RestasisMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:RestasisMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:RestasisMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:RestasisMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:RestasisMember2020-01-012020-03-310001551152country:USabbv:EyeCareMemberabbv:OtherEyeCareMember2021-01-012021-03-310001551152country:USabbv:EyeCareMemberabbv:OtherEyeCareMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:OtherEyeCareMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:OtherEyeCareMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:EyeCareMemberabbv:OtherEyeCareMember2021-01-012021-03-310001551152abbv:EyeCareMemberabbv:OtherEyeCareMember2020-01-012020-03-310001551152country:USabbv:WomensHealthMemberabbv:LoLoestrinMember2021-01-012021-03-310001551152country:USabbv:WomensHealthMemberabbv:LoLoestrinMember2020-01-012020-03-310001551152abbv:WomensHealthMemberus-gaap:NonUsMemberabbv:LoLoestrinMember2021-01-012021-03-310001551152abbv:WomensHealthMemberus-gaap:NonUsMemberabbv:LoLoestrinMember2020-01-012020-03-310001551152abbv:WomensHealthMemberabbv:LoLoestrinMember2021-01-012021-03-310001551152abbv:WomensHealthMemberabbv:LoLoestrinMember2020-01-012020-03-310001551152country:USabbv:OrilissaOriahnnMemberabbv:WomensHealthMember2021-01-012021-03-310001551152country:USabbv:OrilissaOriahnnMemberabbv:WomensHealthMember2020-01-012020-03-310001551152abbv:OrilissaOriahnnMemberabbv:WomensHealthMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OrilissaOriahnnMemberabbv:WomensHealthMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:WomensHealthMemberabbv:OrilissaOriahnnMember2021-01-012021-03-310001551152abbv:WomensHealthMemberabbv:OrilissaOriahnnMember2020-01-012020-03-310001551152country:USabbv:OtherWomensHealthMemberabbv:WomensHealthMember2021-01-012021-03-310001551152country:USabbv:OtherWomensHealthMemberabbv:WomensHealthMember2020-01-012020-03-310001551152abbv:OtherWomensHealthMemberabbv:WomensHealthMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherWomensHealthMemberabbv:WomensHealthMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherWomensHealthMemberabbv:WomensHealthMember2021-01-012021-03-310001551152abbv:OtherWomensHealthMemberabbv:WomensHealthMember2020-01-012020-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:MAVYRETMember2021-01-012021-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:MAVYRETMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:MAVYRETMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:MAVYRETMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:MAVYRETMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:MAVYRETMember2020-01-012020-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:CreonMember2021-01-012021-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:CreonMember2020-01-012020-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:LupronMember2021-01-012021-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:LupronMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:LupronMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:LupronMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:LupronMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:LupronMember2020-01-012020-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:LinzessConstellaMember2021-01-012021-03-310001551152country:USabbv:OtherKeyProductsMemberabbv:LinzessConstellaMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:LinzessConstellaMemberus-gaap:NonUsMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:LinzessConstellaMemberus-gaap:NonUsMember2020-01-012020-03-310001551152abbv:OtherKeyProductsMemberabbv:LinzessConstellaMember2021-01-012021-03-310001551152abbv:OtherKeyProductsMemberabbv:LinzessConstellaMember2020-01-012020-03-310001551152country:USabbv:SynthroidMemberabbv:OtherKeyProductsMember2021-01-012021-03-310001551152country:USabbv:SynthroidMemberabbv:OtherKeyProductsMember2020-01-012020-03-310001551152abbv:OtherProductsMember2021-01-012021-03-310001551152abbv:OtherProductsMember2020-01-012020-03-31abbv:segment

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to                                   
Commission File Number: 001-35565
AbbVie Inc.
(Exact name of registrant as specified in its charter)
Delaware
32-0375147
(State or other jurisdiction of incorporation or organization)
(I.R.S. employer identification number)
1 North Waukegan Road
North ChicagoIllinois 60064-6400
Telephone: (847) 932-7900
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated FilerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareABBVNew York Stock Exchange
Chicago Stock Exchange
1.500% Senior Notes due 2023ABBV23BNew York Stock Exchange
1.375% Senior Notes due 2024ABBV24New York Stock Exchange
1.250% Senior Notes due 2024ABBV24BNew York Stock Exchange
0.750% Senior Notes due 2027ABBV27New York Stock Exchange
2.125% Senior Notes due 2028ABBV28New York Stock Exchange
2.625% Senior Notes due 2028ABBV28BNew York Stock Exchange
2.125% Senior Notes due 2029ABBV29New York Stock Exchange
1.250% Senior Notes due 2031ABBV31New York Stock Exchange
As of April 28, 2021, AbbVie Inc. had 1,766,222,336 shares of common stock at $0.01 par value outstanding.



AbbVie Inc. and Subsidiaries
Table of Contents

Page




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)

Three months ended
March 31,
(in millions, except per share data)20212020
Net revenues$13,010 $8,619 
Cost of products sold4,213 1,942 
Selling, general and administrative2,842 1,695 
Research and development1,782 1,379 
Acquired in-process research and development70  
Total operating costs and expenses8,907 5,016 
Operating earnings4,103 3,603 
Interest expense, net622 428 
Net foreign exchange loss9 5 
Other expense (income), net(395)72 
Earnings before income tax expense3,867 3,098 
Income tax expense312 88 
Net earnings3,555 3,010 
Net earnings attributable to noncontrolling interest2  
Net earnings attributable to AbbVie Inc.$3,553 $3,010 
Per share data
Basic earnings per share attributable to AbbVie Inc.$2.00 $2.02 
Diluted earnings per share attributable to AbbVie Inc.$1.99 $2.02 
Weighted-average basic shares outstanding1,769 1,481 
Weighted-average diluted shares outstanding1,775 1,484 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2021 Form 10-Q |
1


AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)

Three months ended
March 31,
(in millions)20212020
Net earnings$3,555 $3,010 
Foreign currency translation adjustments, net of tax expense (benefit) of $(25) for the three months ended March 31, 2021 and $(8) for the three months ended March 31, 2020
(677)(227)
Net investment hedging activities, net of tax expense (benefit) of $103 for the three months ended March 31, 2021 and $20 for the three months ended March 31, 2020
374 72 
Pension and post-employment benefits, net of tax expense (benefit) of $19 for the three months ended March 31, 2021 and $15 for three months ended March 31, 2020
79 56 
Cash flow hedging activities, net of tax expense (benefit) of $3 for the three months ended March 31, 2021 and $(2) for the three months ended March 31, 2020
46 (2)
Other comprehensive loss(178)(101)
Comprehensive income3,377 2,909 
Comprehensive income attributable to noncontrolling interest2  
Comprehensive income attributable to AbbVie Inc.$3,375 $2,909 

The accompanying notes are an integral part of these condensed consolidated financial statements.




2021 Form 10-Q |
2


AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in millions, except share data)March 31,
2021
December 31, 2020
(unaudited)
Assets
Current assets
Cash and equivalents$9,755 $8,449 
Short-term investments22 30 
Accounts receivable, net9,588 8,822 
Inventories3,272 3,310 
Prepaid expenses and other3,932 3,562 
Total current assets26,569 24,173 
Investments305 293 
Property and equipment, net5,193 5,248 
Intangible assets, net81,293 82,876 
Goodwill32,349 33,124 
Other assets4,792 4,851 
Total assets$150,501 $150,565 
Liabilities and Equity
Current liabilities
Short-term borrowings$9 $34 
Current portion of long-term debt and finance lease obligations11,338 8,468 
Accounts payable and accrued liabilities20,604 20,159 
Total current liabilities31,951 28,661 
Long-term debt and finance lease obligations74,183 77,554 
Deferred income taxes3,768 3,646 
Other long-term liabilities26,866 27,607 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,799,637,990 shares issued as of March 31, 2021 and 1,792,140,764 as of December 31, 2020
18 18 
Common stock held in treasury, at cost, 33,974,683 shares as of March 31, 2021 and 27,007,945 as of December 31, 2020
(3,017)(2,264)
Additional paid-in capital17,712 17,384 
Retained earnings2,292 1,055 
Accumulated other comprehensive loss(3,295)(3,117)
Total stockholders' equity13,710 13,076 
Noncontrolling interest23 21 
Total equity13,733 13,097 
Total liabilities and equity$150,501 $150,565 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2021 Form 10-Q |
3


AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)

(in millions)Common shares outstandingCommon stockTreasury stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNoncontrolling interestTotal
Balance at December 31, 20191,479 $18 $(24,504)$15,193 $4,717 $(3,596)$ $(8,172)
Net earnings attributable to AbbVie Inc.—    3,010   3,010 
Other comprehensive loss, net of tax—     (101) (101)
Dividends declared—    (1,754)  (1,754)
Purchases of treasury stock(7) (643)    (643)
Stock-based compensation plans and other5  37 208    245 
Balance at March 31, 20201,477 $18 $(25,110)$15,401 $5,973 $(3,697)$ $(7,415)
Balance at December 31, 20201,765 $18 $(2,264)$17,384 $1,055 $(3,117)$21 $13,097 
Net earnings attributable to AbbVie Inc.—    3,553   3,553 
Other comprehensive loss, net of tax—     (178) (178)
Dividends declared—    (2,316)  (2,316)
Purchases of treasury stock(7) (787)    (787)
Stock-based compensation plans and other8  34 328    362 
Change in noncontrolling interest—      2 2 
Balance at March 31, 20211,766 $18 $(3,017)$17,712 $2,292 $(3,295)$23 $13,733 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2021 Form 10-Q |
4


AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Three months ended
March 31,
(in millions) (brackets denote cash outflows)20212020
Cash flows from operating activities
Net earnings$3,555 $3,010 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation206 115 
Amortization of intangible assets2,009 444 
Deferred income taxes(28)(181)
Change in fair value of contingent consideration liabilities(343)72 
Stock-based compensation269 219 
Upfront costs and milestones related to collaborations185 40 
Other, net(20)1 
Changes in operating assets and liabilities:
Accounts receivable(866)(1,025)
Inventories(187)(107)
Prepaid expenses and other assets(330)11 
Accounts payable and other liabilities236 1,025 
Income tax assets and liabilities, net191 191 
Cash flows from operating activities4,877 3,815 
Cash flows from investing activities
Acquisitions and investments(198)(12)
Acquisitions of property and equipment(188)(125)
Purchases of investment securities(16)(13)
Sales and maturities of investment securities11 26 
Other, net49 (5)
Cash flows from investing activities(342)(129)
Cash flows from financing activities
Dividends paid(2,322)(1,763)
Purchases of treasury stock(787)(643)
Proceeds from the exercise of stock options71 12 
Payments of contingent consideration liabilities(132)(53)
Other, net(4)25 
Cash flows from financing activities(3,174)(2,422)
Effect of exchange rate changes on cash and equivalents(55)(46)
Net change in cash and equivalents1,306 1,218 
Cash and equivalents, beginning of period8,449 39,924 
Cash and equivalents, end of period$9,755 $41,142 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2021 Form 10-Q |
5


AbbVie Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 Basis of Presentation
Basis of Historical Presentation
The unaudited interim condensed consolidated financial statements of AbbVie Inc. (AbbVie or the company) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2020.
It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the company’s financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results. Certain reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU No. 2019-12
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740). The standard includes simplifications related to accounting for income taxes including removing certain exceptions related to the approach for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. AbbVie adopted the standard in the first quarter of 2021. The adoption did not have a material impact on its consolidated financial statements.
Note 2 Supplemental Financial Information
Interest Expense, Net
Three months ended
March 31,
(in millions)20212020
Interest expense$632 $563 
Interest income(10)(135)
Interest expense, net$622 $428 
Inventories
(in millions)March 31,
2021
December 31, 2020
Finished goods$1,232 $1,318 
Work-in-process1,214 1,201 
Raw materials826 791 
Inventories$3,272 $3,310 
2021 Form 10-Q |
6


Property and Equipment, Net
(in millions)March 31,
2021
December 31, 2020
Property and equipment, gross$10,887 $10,859 
Accumulated depreciation(5,694)(5,611)
Property and equipment, net$5,193 $5,248 
Depreciation expense was $206 million for the three months ended March 31, 2021 and $115 million for the three months ended March 31, 2020.
Note 3 Earnings Per Share
AbbVie grants certain restricted stock units (RSUs) that are considered to be participating securities. Due to the presence of participating securities, AbbVie calculates earnings per share (EPS) using the more dilutive of the treasury stock or the two-class method. For all periods presented, the two-class method was more dilutive.
The following table summarizes the impact of the two-class method:
Three months ended
March 31,
(in millions, except per share data)20212020
Basic EPS
Net earnings attributable to AbbVie Inc.$3,553 $3,010 
Earnings allocated to participating securities24 14 
Earnings available to common shareholders$3,529 $2,996 
Weighted-average basic shares outstanding1,769 1,481 
Basic earnings per share attributable to AbbVie Inc.$2.00 $2.02 
Diluted EPS
Net earnings attributable to AbbVie Inc.$3,553 $3,010 
Earnings allocated to participating securities24 14 
Earnings available to common shareholders$3,529 $2,996 
Weighted-average shares of common stock outstanding1,769 1,481 
Effect of dilutive securities6 3 
Weighted-average diluted shares outstanding1,775 1,484 
Diluted earnings per share attributable to AbbVie Inc.$1.99 $2.02 
Certain shares issuable under stock-based compensation plans were excluded from the computation of EPS because the effect would have been antidilutive. The number of common shares excluded was insignificant for all periods presented.
Note 4 Licensing, Acquisitions and Other Arrangements
Acquisition of Allergan
On May 8, 2020, AbbVie completed its acquisition of Allergan plc (Allergan). The combination created a diverse entity with leadership positions across immunology, hematologic oncology, aesthetics, neuroscience, eye care and women's health. AbbVie's existing product portfolio and pipeline were enhanced with numerous Allergan assets and Allergan's product portfolio benefits from AbbVie's commercial strength, expertise and international infrastructure.

2021 Form 10-Q |
7


The acquisition of Allergan was accounted for as a business combination using the acquisition method of accounting. The acquisition method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The valuation of assets acquired and liabilities assumed has not yet been finalized as of March 31, 2021. As a result, AbbVie recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Measurement period adjustments to the preliminary purchase price allocation during the three months ended March 31, 2021 included: (i) an increase to intangible assets of $710 million; (ii) an increase to deferred income tax liabilities of $148 million; (iii) other individually insignificant adjustments for a net increase to identifiable net assets of $2 million; and (iv) a corresponding decrease to goodwill of $564 million. The measurement period adjustments primarily resulted from the completion of the valuation of certain license agreement intangible assets based on facts and circumstances that existed as of the acquisition date and did not result from intervening events subsequent to such date. These adjustments did not have a significant impact on AbbVie's results of operations for the three months ended March 31, 2021 and would not have had a significant impact on prior period results if these adjustments had been made as of the acquisition date. Finalization of the valuation during the measurement period, which will be completed during the second quarter of 2021, could result in a change in the amounts recorded for the acquisition date fair value of income taxes among other items.
Other Licensing & Acquisitions Activity
Cash outflows related to other acquisitions and investments totaled $198 million for the three months ended March 31, 2021 and $12 million for the three months ended March 31, 2020. AbbVie recorded acquired in-process research and development (IPR&D) charges of $70 million for the three months ended March 31, 2021 and recorded no IPR&D charges for the three months ended March 31, 2020.
Note 5 Collaborations
The company has ongoing transactions with other entities through collaboration agreements. The following represent the significant collaboration agreements impacting the periods ended March 31, 2021 and 2020.
Collaboration with Janssen Biotech, Inc.
In December 2011, Pharmacyclics, a wholly-owned subsidiary of AbbVie, entered into a worldwide collaboration and license agreement with Janssen Biotech, Inc. and its affiliates (Janssen), one of the Janssen Pharmaceutical companies of Johnson & Johnson, for the joint development and commercialization of Imbruvica, a novel, orally active, selective covalent inhibitor of Bruton’s tyrosine kinase (BTK) and certain compounds structurally related to Imbruvica, for oncology and other indications, excluding all immune and inflammatory mediated diseases or conditions and all psychiatric or psychological diseases or conditions, in the United States and outside the United States.
The collaboration provides Janssen with an exclusive license to commercialize Imbruvica outside of the United States and co-exclusively with AbbVie in the United States. Both parties are responsible for the development, manufacturing and marketing of any products generated as a result of the collaboration. The collaboration has no set duration or specific expiration date and provides for potential future development, regulatory and approval milestone payments of up to $200 million to AbbVie. The collaboration also includes a cost sharing arrangement for associated collaboration activities. Except in certain cases, Janssen is responsible for approximately 60% of collaboration development costs and AbbVie is responsible for the remaining 40% of collaboration development costs.
In the United States, both parties have co-exclusive rights to commercialize the products; however, AbbVie is the principal in the end-customer product sales. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. Sales of Imbruvica are included in AbbVie's net revenues. Janssen's share of profits is included in AbbVie's cost of products sold. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
Outside the United States, Janssen is responsible for and has exclusive rights to commercialize Imbruvica. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. AbbVie's share of profits is included in AbbVie's net revenues. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
2021 Form 10-Q |
8


The following table shows the profit and cost sharing relationship between Janssen and AbbVie:
Three months ended
March 31,
(in millions)20212020
United States - Janssen's share of profits (included in cost of products sold)$465 $450 
International - AbbVie's share of profits (included in net revenues)269 266 
Global - AbbVie's share of other costs (included in respective line items)70 70 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $309 million at March 31, 2021 and $283 million at December 31, 2020. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $460 million at March 31, 2021 and $562 million at December 31, 2020.
Collaboration with Genentech, Inc.
AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which includes Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta in the United States. AbbVie pays royalties on Venclexta net revenues outside the United States.
AbbVie manufactures and distributes Venclexta globally and is the principal in the end-customer product sales. Sales of Venclexta are included in AbbVie’s net revenues. Genentech’s share of United States profits is included in AbbVie’s cost of products sold. AbbVie records sales and marketing costs associated with the United States collaboration as part of selling, general and administrative (SG&A) expenses and global development costs as part of research and development (R&D) expenses, net of Genentech’s share. Royalties paid for Venclexta revenues outside the United States are also included in AbbVie’s cost of products sold.
The following table shows the profit and cost sharing relationship between Genentech and AbbVie:
Three months ended
March 31,
(in millions)20212020
Genentech's share of profits, including royalties (included in cost of products sold)$159 $128 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)11 14 
AbbVie's share of development costs (included in R&D)42 25 
Note 6 Goodwill and Intangible Assets
Goodwill
The following table summarizes the changes in the carrying amount of goodwill:
(in millions)
Balance as of December 31, 2020$33,124 
Measurement period adjustments(a)
(564)
Foreign currency translation adjustments(211)
Balance as of March 31, 2021$32,349 
(a) Measurement period adjustments relate to the acquisition of Allergan (see Note 4).
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of March 31, 2021, there were no accumulated goodwill impairment losses.
2021 Form 10-Q |
9


Intangible Assets, Net
The following table summarizes intangible assets:
March 31, 2021December 31, 2020
(in millions)Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Definite-lived intangible assets
Developed product rights$87,602 $(13,395)$74,207 $87,707 $(11,620)$76,087 
License agreements8,488 (3,129)5,359 7,828 (2,916)4,912 
Total definite-lived intangible assets96,090 (16,524)79,566 95,535 (14,536)80,999 
Indefinite-lived research and development1,727 — 1,727 1,877 — 1,877 
Total intangible assets, net$97,817 $(16,524)$81,293 $97,412 $(14,536)$82,876 
Definite-Lived Intangible Assets
The increase in definite-lived intangible assets during the three months ended March 31, 2021 was primarily due to the measurement period adjustments from the completion of the valuation of certain license agreements acquired in the Allergan acquisition. Refer to Note 4 for additional information regarding these adjustments.
Amortization expense was $2.0 billion for the three months ended March 31, 2021 and $444 million for the three months ended March 31, 2020. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represents IPR&D associated with products that have not yet received regulatory approval. The company performs its annual impairment assessment of indefinite-lived intangible assets in the third quarter, or earlier if impairment indicators exist.
2021 Form 10-Q |
10


Note 7 Integration and Restructuring Plans
Allergan Integration Plan
Following the closing of the Allergan acquisition, AbbVie implemented an integration plan designed to reduce costs, integrate and optimize the combined organization. To achieve these integration objectives, AbbVie expects to incur total charges of approximately $2 billion through 2022. These costs will consist of severance and employee benefit costs (cash severance, non-cash severance including accelerated equity award compensation expense, retention and other termination benefits) and other integration expenses.
The following table summarizes the charges associated with the Allergan acquisition integration plan:
Severance and employee benefitsOther integration
Three months ended
March 31,
Three months ended
March 31,
(in millions)2021202020212020
Cost of products sold$6 $ $15 $ 
Research and development  51  
Selling, general and administrative17  50 38 
Total charges$23 $ $116 $38 
The following table summarizes the cash activity in the recorded liability associated with the integration plan for the three months ended March 31, 2021:
(in millions)Severance and employee benefitsOther integration
Accrued balance as of December 31, 2020
$367 $20 
Charges21 108 
Payments and other adjustments(46)(102)
Accrued balance as of March 31, 2021$342 $26 
Other Restructuring
AbbVie recorded restructuring charges of $38 million for the three months ended March 31, 2021 and $17 million for the three months ended March 31, 2020.
The following table summarizes the cash activity in the restructuring reserve for the three months ended March 31, 2021:
(in millions)
Accrued balance as of December 31, 2020$90 
Restructuring charges38 
Payments and other adjustments(36)
Accrued balance as of March 31, 2021$92 

2021 Form 10-Q |
11


Note 8 Financial Instruments and Fair Value Measures
Risk Management Policy
See Note 11 to the company’s Annual Report on Form 10-K for the year ended December 31, 2020 for a summary of AbbVie’s risk management policy and use of derivative instruments.
Financial Instruments
Various AbbVie foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates for anticipated intercompany transactions denominated in a currency other than the functional currency of the local entity. These contracts, with notional amounts totaling $1.0 billion at March 31, 2021 and $1.5 billion at December 31, 2020, are designated as cash flow hedges and are recorded at fair value. The durations of these forward exchange contracts were generally less than 18 months. Accumulated gains and losses as of March 31, 2021 are reclassified from accumulated other comprehensive income (loss) (AOCI) and included in cost of products sold at the time the products are sold, generally not exceeding six months from the date of settlement.
In the third quarter of 2019, the company entered into treasury rate lock agreements with notional amounts totaling $10.0 billion to hedge exposure to variability in future cash flows resulting from changes in interest rates related to the issuance of long-term debt in connection with the acquisition of Allergan. The treasury rate lock agreements were designated as cash flow hedges and recorded at fair value. The agreements were net settled upon issuance of the senior notes in November 2019 and the resulting net gain was recognized in other comprehensive loss. This gain is reclassified to interest expense, net over the term of the related debt.
In the fourth quarter of 2019, the company entered into interest rate swap contracts with notional amounts totaling $2.3 billion at March 31, 2021 and December 31, 2020. The effect of the hedge contracts is to change a floating-rate interest obligation to a fixed rate for that portion of the floating-rate debt. The contracts were designated as cash flow hedges and are recorded at fair value. Realized and unrealized gains or losses are included in AOCI and are reclassified to interest expense, net over the lives of the floating-rate debt.
The company also enters into foreign currency forward exchange contracts to manage its exposure to foreign currency denominated trade payables and receivables and intercompany loans. These contracts are not designated as hedges and are recorded at fair value. Resulting gains or losses are reflected in net foreign exchange gain or loss in the condensed consolidated statements of earnings and are generally offset by losses or gains on the foreign currency exposure being managed. These contracts had notional amounts totaling $7.5 billion at March 31, 2021 and $8.6 billion at December 31, 2020.
The company also uses foreign currency forward exchange contracts or foreign currency denominated debt to hedge its net investments in certain foreign subsidiaries and affiliates. The company had foreign currency forward exchange contracts with notional amounts totaling €2.0 billion at March 31, 2021 and €971 million at December 31, 2020. The company also had an aggregate principal amount of senior Euro notes designated as net investment hedges of €6.6 billion at March 31, 2021 and December 31, 2020. The company uses the spot method of assessing hedge effectiveness for derivative instruments designated as net investment hedges. Realized and unrealized gains and losses from these hedges are included in AOCI and the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in interest expense, net over the life of the hedging instrument.
AbbVie is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $4.8 billion at March 31, 2021 and December 31, 2020. The effect of the hedge contracts is to change a fixed-rate interest obligation to a floating rate for that portion of the debt. AbbVie records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.
No amounts are excluded from the assessment of effectiveness for cash flow hedges or fair value hedges.
2021 Form 10-Q |
12


The following table summarizes the amounts and location of AbbVie’s derivative instruments on the condensed consolidated balance sheets:
Fair value –
Derivatives in asset position
Fair value –
Derivatives in liability position
(in millions)Balance sheet captionMarch 31, 2021December 31, 2020Balance sheet captionMarch 31, 2021December 31, 2020
Foreign currency forward exchange contracts
Designated as cash flow hedgesPrepaid expenses and other$9 $2 Accounts payable and accrued liabilities$31 $82 
Designated as cash flow hedgesOther assets1  Other long-term liabilities 6 
Designated as net investment hedgesPrepaid expenses and other42  Accounts payable and accrued liabilities 11 
Not designated as hedgesPrepaid expenses and other46 49 Accounts payable and accrued liabilities71 33 
Interest rate swap contracts
Designated as cash flow hedgesPrepaid expenses and other  Accounts payable and accrued liabilities8 14 
Designated as cash flow hedgesOther assets  Other long-term liabilities16 20 
Designated as fair value hedgesPrepaid expenses and other7 7 Accounts payable and accrued liabilities  
Designated as fair value hedgesOther assets74 131 Other long-term liabilities  
Total derivatives$179 $189 $126 $166 
While certain derivatives are subject to netting arrangements with the company’s counterparties, the company does not offset derivative assets and liabilities within the condensed consolidated balance sheets.