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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 September 30, 2020
 
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
 
abbvieimage1a54.jpg
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 Filer
Smaller 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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
ABBV
 
New York Stock Exchange
 
 
 
 
Chicago Stock Exchange
1.375% Senior Notes due 2024
 
ABBV24
 
New York Stock Exchange
0.750% Senior Notes due 2027
 
ABBV27
 
New York Stock Exchange
2.125% Senior Notes due 2028
 
ABBV28
 
New York Stock Exchange
1.250% Senior Notes due 2031
 
ABBV31
 
New York Stock Exchange
As of October 27, 2020, AbbVie Inc. had 1,765,473,923 shares of common stock at $0.01 par value outstanding.




AbbVie Inc. and Subsidiaries
Table of Contents

 
 
Page
 
 
 
Item 1.
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 6.


2020 Form 10-Q | abbvieimage2a21.gif
1




PART I. FINANCIAL INFORMATION

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

 
 
Three months ended
September 30,
 
Nine months ended
September 30,
(in millions, except per share data)
 
2020
 
2019
 
2020
 
2019
Net revenues
 
$
12,902

 
$
8,479

 
$
31,946

 
$
24,562

 
 
 
 
 
 
 
 
 
Cost of products sold
 
5,050

 
1,920

 
10,703

 
5,433

Selling, general and administrative
 
2,846

 
1,657

 
8,068

 
4,991

Research and development
 
1,706

 
2,285

 
4,667

 
4,865

Acquired in-process research and development
 
45

 

 
898

 
246

Total operating costs and expenses
 
9,647

 
5,862

 
24,336

 
15,535

Operating earnings
 
3,255

 
2,617

 
7,610

 
9,027

 
 
 
 
 
 
 
 
 
Interest expense, net
 
620

 
420

 
1,662

 
1,054

Net foreign exchange loss
 
20

 
19

 
54

 
31

Other expense, net
 
115

 
177

 
989

 
2,590

Earnings before income tax expense
 
2,500

 
2,001

 
4,905

 
5,352

Income tax expense
 
187

 
117

 
321

 
271

Net earnings
 
2,313

 
1,884

 
4,584

 
5,081

Net earnings attributable to noncontrolling interest
 
5

 

 
4

 

Net earnings attributable to AbbVie Inc.
 
$
2,308

 
$
1,884

 
$
4,580

 
$
5,081

 
 
 
 
 
 
 
 
 
Per share data
 
 
 
 
 
 
 
 
Basic earnings per share attributable to AbbVie Inc.
 
$
1.30

 
$
1.27

 
$
2.78

 
$
3.41

Diluted earnings per share attributable to AbbVie Inc.
 
$
1.29

 
$
1.26

 
$
2.77

 
$
3.41

 
 
 
 
 
 
 
 
 
Weighted-average basic shares outstanding
 
1,769

 
1,481

 
1,633

 
1,480

Weighted-average diluted shares outstanding
 
1,774

 
1,483

 
1,637

 
1,483


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

2020 Form 10-Q | abbvieimage2a21.gif
2




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

 
Three months ended
September 30,
 
Nine months ended
September 30,
(in millions)
2020
 
2019
 
2020
 
2019
Net earnings
$
2,313

 
$
1,884

 
$
4,584

 
$
5,081

 
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax expense (benefit) of $15 for the three months and $11 for the nine months ended September 30, 2020 and $(16) for the three months and $(10) for the nine months ended September 30, 2019
512

 
(256
)
 
726

 
(288
)
Net investment hedging activities, net of tax expense (benefit) of $(85) for the three months and $(125) for the nine months ended September 30, 2020 and $45 for the three months and $53 for the nine months ended September 30, 2019
(314
)
 
156

 
(455
)
 
184

Pension and post-employment benefits, net of tax expense (benefit) of $10 for the three months and $37 for the nine months ended September 30, 2020 and $7 for the three months and $19 for the nine months ended September 30, 2019
35

 
33

 
134

 
78

Marketable security activities, net of tax expense (benefit) of $— for the three months and $— for the nine months ended September 30, 2020 and $— for the three months and $— for the nine months ended September 30, 2019

 
(1
)
 

 
10

Cash flow hedging activities, net of tax expense (benefit) of $(9) for the three months and $(13) for the nine months ended September 30, 2020 and $18 for the three months and $9 for the nine months ended September 30, 2019
(57
)
 
31

 
(68
)
 
(32
)
Other comprehensive income (loss)
176

 
(37
)
 
337

 
(48
)
Comprehensive income
2,489

 
1,847

 
4,921

 
5,033

Comprehensive income attributable to noncontrolling interest
5

 

 
4

 

Comprehensive income attributable to AbbVie Inc.
$
2,484

 
$
1,847

 
$
4,917

 
$
5,033


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





2020 Form 10-Q | abbvieimage2a21.gif
3




AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in millions, except share data)
September 30,
2020
 
December 31,
2019
 
(unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and equivalents
$
7,890

 
$
39,924

Short-term investments
60

 

Accounts receivable, net
8,416

 
5,428

Inventories
3,474

 
1,813

Prepaid expenses and other
3,169

 
2,354

Total current assets
23,009

 
49,519

 
 
 
 
Investments
246

 
93

Property and equipment, net
4,986

 
2,962

Intangible assets, net
74,643

 
18,649

Goodwill
42,801

 
15,604

Other assets
3,936

 
2,288

Total assets
$
149,621

 
$
89,115

 
 
 
 
Liabilities and Equity
 
 
 
Current liabilities
 
 
 
Short-term borrowings
$
54

 
$

Current portion of long-term debt and finance lease obligations
4,723

 
3,753

Accounts payable and accrued liabilities
19,404

 
11,832

Total current liabilities
24,181

 
15,585

 
 
 
 
Long-term debt and finance lease obligations
82,282

 
62,975

Deferred income taxes
4,485

 
1,130

Other long-term liabilities
23,384

 
17,597

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders’ equity (deficit)
 
 
 
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,789,544,701 shares issued as of September 30, 2020 and 1,781,582,608 as of December 31, 2019
18

 
18

Common stock held in treasury, at cost, 24,250,071 shares as of September 30, 2020 and 302,671,146 as of December 31, 2019
(1,972
)
 
(24,504
)
Additional paid-in capital
17,148

 
15,193

Retained earnings
3,335

 
4,717

Accumulated other comprehensive loss
(3,259
)
 
(3,596
)
Total stockholders' equity (deficit)
15,270

 
(8,172
)
Noncontrolling interest
19

 

Total equity (deficit)
15,289

 
(8,172
)
 
 
 
 
Total liabilities and equity
$
149,621

 
$
89,115

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

2020 Form 10-Q | abbvieimage2a21.gif
4




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

(in millions)
Common shares outstanding
 
Common stock
 
Treasury stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive loss
 
Noncontrolling interest
 
Total
Balance at June 30, 2019
1,478

 
$
18

 
$
(24,505
)
 
$
15,028

 
$
3,384

 
$
(2,491
)
 
$

 
$
(8,566
)
Net earnings attributable to AbbVie Inc.

 

 

 

 
1,884

 

 

 
1,884

Other comprehensive loss, net of tax

 

 

 

 

 
(37
)
 

 
(37
)
Dividends declared

 

 

 

 
(1,595
)
 

 

 
(1,595
)
Purchases of treasury stock

 

 
(3
)
 

 

 

 

 
(3
)
Stock-based compensation plans and other
1

 

 
7

 
84

 

 

 

 
91

Balance at September 30, 2019
1,479

 
$
18

 
$
(24,501
)
 
$
15,112

 
$
3,673

 
$
(2,528
)
 
$

 
$
(8,226
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2020
1,764

 
$
18

 
$
(1,958
)
 
$
16,953

 
$
3,130

 
$
(3,435
)
 
$
24

 
$
14,732

Net earnings attributable to AbbVie Inc.

 

 

 

 
2,308

 

 

 
2,308

Other comprehensive income, net of tax

 

 

 

 

 
176

 

 
176

Dividends declared

 

 

 

 
(2,103
)
 

 

 
(2,103
)
Purchases of treasury stock

 

 
(20
)
 

 

 

 

 
(20
)
Stock-based compensation plans and other
1

 

 
6

 
195

 

 

 

 
201

Change in noncontrolling interest

 

 

 

 

 

 
(5
)
 
(5
)
Balance at September 30, 2020
1,765

 
$
18


$
(1,972
)
 
$
17,148

 
$
3,335

 
$
(3,259
)
 
$
19

 
$
15,289

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
1,479

 
$
18

 
$
(24,108
)
 
$
14,756

 
$
3,368