EX-99.1 2 tm2213254d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

AbbVie Inc.

Reconciliation of Reported GAAP and Non-GAAP Results to Revised Non-GAAP Results

(Unaudited) (In Millions, except per share data)

	Quarter Ended March 31, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	3,867		$	3,553		$	1.99
Specified items, as originally reported		2,141			1,715			0.96
As adjusted (non-GAAP), as originally reported		6,008			5,268			2.95
Previously specified items^a		(110	)		(109	)		(0.06	)
As adjusted (non-GAAP), revised	$	5,898		$	5,159		$	2.89

	Quarter Ended June 30, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	1,163		$	766		$	0.42
Specified items, as originally reported		5,195			4,790			2.69
As adjusted (non-GAAP), as originally reported		6,358			5,556			3.11
Previously specified items^a		(132	)		(132	)		(0.08	)
As adjusted (non-GAAP), revised	$	6,226		$	5,424		$	3.03

	Quarter Ended September 30, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	3,688		$	3,179		$	1.78
Specified items, as originally reported		3,128			2,774			1.55
As adjusted (non-GAAP), as originally reported		6,816			5,953			3.33
Previously specified items^a		(902	)		(896	)		(0.50	)
As adjusted (non-GAAP), revised	$	5,914		$	5,057		$	2.83

	Quarter Ended December 31, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	4,271		$	4,044		$	2.26
Specified items, as originally reported		2,493			1,875			1.05
As adjusted (non-GAAP), as originally reported		6,764			5,919			3.31
Previously specified items^a		(405	)		(405	)		(0.23	)
As adjusted (non-GAAP), revised	$	6,359		$	5,514		$	3.08

	Six Months Ended June 30, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	5,030		$	4,319		$	2.41
Specified items, as originally reported		7,336			6,505			3.65
As adjusted (non-GAAP), as originally reported		12,366			10,824			6.06
Previously specified items^a		(242	)		(241	)		(0.14	)
As adjusted (non-GAAP), revised	$	12,124		$	10,583		$	5.92

	Nine Months Ended September 30, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	8,718		$	7,498		$	4.19
Specified items, as originally reported		10,464			9,279			5.20
As adjusted (non-GAAP), as originally reported		19,182			16,777			9.39
Previously specified items^a		(1,144	)		(1,137	)		(0.64	)
As adjusted (non-GAAP), revised	$	18,038		$	15,640		$	8.75

	Twelve Months Ended December 31, 2021
	Earnings						Diluted
	Pre-tax			After-tax^b			EPS
As reported (GAAP)	$	12,989		$	11,542		$	6.45
Specified items, as originally reported		12,957			11,154			6.25
As adjusted (non-GAAP), as originally reported		25,946			22,696			12.70
Previously specified items^a		(1,549	)		(1,542	)		(0.87	)
As adjusted (non-GAAP), revised	$	24,397		$	21,154		$	11.83

^a Includes upfront and development milestone charges related to collaborations, licensing agreements, and other asset acquisitions, as well as inbound milestones.

^b Represents net earnings attributable to AbbVie Inc.

AbbVie Inc.

Reconciliation of Reported GAAP and Non-GAAP Results to Revised Non-GAAP Results

(Unaudited) (In Millions, except per share data)

	Quarter Ended March 31, 2021
	Net revenues			Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net		Other expense (income), net
As reported (GAAP)^a	$	13,010		$	4,213		$	2,842		$	1,667		$	185		$	-	$	(395	)
Specified items, as originally reported^a		(75	)		(2,128	)		(99	)		(162	)		(185	)		-		358
As adjusted (non-GAAP), as originally reported		12,935			2,085			2,743			1,505			-			-		(37	)
Previously specified items^b		75			-			-			-			185			-		-
As adjusted (non-GAAP), revised	$	13,010		$	2,085		$	2,743		$	1,505		$	185		$	-	$	(37	)

	Quarter Ended June 30, 2021
	Net revenues		Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net			Other expense (income), net
As reported (GAAP)^a	$	13,959	$	4,523		$	3,164		$	1,767		$	132		$	(68	)	$	2,658
Specified items, as originally reported^a		-		(2,044	)		(211	)		(184	)		(132	)		68			(2,692	)
As adjusted (non-GAAP), as originally reported		13,959		2,479			2,953			1,583			-			-			(34	)
Previously specified items^b		-		-			-			-			132			-			-
As adjusted (non-GAAP), revised	$	13,959	$	2,479		$	2,953		$	1,583		$	132		$	-		$	(34	)

	Quarter Ended September 30, 2021
	Net revenues		Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net			Other expense (income), net
As reported (GAAP)^a	$	14,342	$	4,390		$	3,083		$	1,661		$	402		$	500		$	21
Specified items, as originally reported^a		-		(1,977	)		(122	)		(29	)		(402	)		(500	)		(98	)
As adjusted (non-GAAP), as originally reported		14,342		2,413			2,961			1,632			-			-			(77	)
Previously specified items^b		-		-			-			-			402			500			-
As adjusted (non-GAAP), revised	$	14,342	$	2,413		$	2,961		$	1,632		$	402		$	500		$	(77	)

	Quarter Ended December 31, 2021
	Net revenues		Cost of products sold			SG&A		R&D			Acquired IPR&D and milestones			Other operating expense (income), net		Other expense (income), net
As reported (GAAP)^a	$	14,886	$	4,320		$	3,260	$	1,827		$	405		$	-	$	216
Specified items, as originally reported^a		-		(1,872	)		47		(29	)		(405	)		-		(234	)
As adjusted (non-GAAP), as originally reported		14,886		2,448			3,307		1,798			-			-		(18	)
Previously specified items^b		-		-			-		-			405			-		-
As adjusted (non-GAAP), revised	$	14,886	$	2,448		$	3,307	$	1,798		$	405		$	-	$	(18	)

	Six Months Ended June 30, 2021
	Net revenues			Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net			Other expense (income), net
As reported (GAAP)^a	$	26,969		$	8,736		$	6,006		$	3,434		$	317		$	(68	)	$	2,263
Specified items, as originally reported^a		(75	)		(4,172	)		(310	)		(346	)		(317	)		68			(2,334	)
As adjusted (non-GAAP), as originally reported		26,894			4,564			5,696			3,088			-			-			(71	)
Previously specified items^b		75			-			-			-			317			-			-
As adjusted (non-GAAP), revised	$	26,969		$	4,564		$	5,696		$	3,088		$	317		$	-		$	(71	)

	Nine Months Ended September 30, 2021
	Net revenues			Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net			Other expense (income), net
As reported (GAAP)^a	$	41,311		$	13,126		$	9,089		$	5,095		$	719		$	432		$	2,284
Specified items, as originally reported^a		(75	)		(6,149	)		(432	)		(375	)		(719	)		(432	)		(2,432	)
As adjusted (non-GAAP), as originally reported		41,236			6,977			8,657			4,720			-			-			(148	)
Previously specified items^b		75			-			-			-			719			500			-
As adjusted (non-GAAP), revised	$	41,311		$	6,977		$	8,657		$	4,720		$	719		$	500		$	(148	)

	Twelve Months Ended December 31, 2021
	Net revenues			Cost of products sold			SG&A			R&D			Acquired IPR&D and milestones			Other operating expense (income), net			Other expense (income), net
As reported (GAAP)^a	$	56,197		$	17,446		$	12,349		$	6,922		$	1,124		$	432		$	2,500
Specified items, as originally reported^a		(75	)		(8,021	)		(385	)		(404	)		(1,124	)		(432	)		(2,666	)
As adjusted (non-GAAP), as originally reported		56,122			9,425			11,964			6,518			-			-			(166	)
Previously specified items^b		75			-			-			-			1,124			500			-
As adjusted (non-GAAP), revised	$	56,197		$	9,425		$	11,964		$	6,518		$	1,124		$	500		$	(166	)

^a Development milestone charges related to collaborations, licensing agreements, and other asset acquisitions have been reclassified to the acquired IPR&D and milestones line beginning in the first quarter of 2022. Prior period results have been revised for comparability.

^b Includes upfront and development milestone charges related to collaborations, licensing agreements, and other asset acquisitions, as well as inbound milestones.