AbbVie Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AbbVie Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AbbVie Inc. (ABBV) filed a Annual Report (10-K) with the SEC on February 20, 2024. AbbVie Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Pharmaceutical Preparations. AbbVie Inc. is incorporated in Delaware. The company's principal executive offices are located at 1 North Waukegan Road, North Chicago, IL 60064.

Why It Matters

For investors and stakeholders tracking AbbVie Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AbbVie's financial health, operational performance, and strategic direction for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's current standing and future prospects in the pharmaceutical industry.

Risk Assessment

Risk Level: medium — AbbVie Inc. shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market competition, as detailed in its risk factors section.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess AbbVie's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)

Key Players & Entities

• AbbVie Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• February 20, 2024 (date) — Filing date
• 1 North Waukegan Road (address) — Business address
• North Chicago (location) — Business address city
• IL (location) — Business address state
• 60064 (postal_code) — Business address zip
• 2834 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

AbbVie Inc. operates within the pharmaceutical preparations industry, a sector focused on the research, development, manufacturing, and marketing of drugs and medicines.

Regulatory Implications

The pharmaceutical industry is subject to extensive regulation by bodies like the FDA, governing drug approval, manufacturing standards, and marketing practices.

What Investors Should Do

1. Analyze AbbVie's revenue streams and growth drivers for FY2023.
2. Assess the key risks and uncertainties outlined in the risk factors section.
3. Compare AbbVie's financial performance against industry benchmarks and prior year results.

Year-Over-Year Comparison

This is the initial filing for the 2023 fiscal year, providing the first comprehensive look at the company's performance and financial position for this period.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share ABBV New York Stock Exchange

Filing Documents

• abbv-20231231.htm (10-K) — 3615KB
• abbv-20231231xex41.htm (EX-4.1) — 138KB
• abbv-20231231xex21.htm (EX-21) — 311KB
• abbv-20231231xex23.htm (EX-23) — 5KB
• abbv-20231231xex311.htm (EX-31.1) — 9KB
• abbv-20231231xex312.htm (EX-31.2) — 9KB
• abbv-20231231xex321.htm (EX-32.1) — 5KB
• abbv-20231231xex322.htm (EX-32.2) — 5KB
• abbv-20231231xex97.htm (EX-97) — 9KB
• abbv-20231231_g1.jpg (GRAPHIC) — 15KB
• abbv-20231231_g2.gif (GRAPHIC) — 1KB
• abbv-20231231_g3.jpg (GRAPHIC) — 114KB
• abbv-20231231xex97001.jpg (GRAPHIC) — 254KB
• abbv-20231231xex97002.jpg (GRAPHIC) — 254KB
• abbv-20231231xex97003.jpg (GRAPHIC) — 111KB
• 0001551152-24-000011.txt (&nbsp;) — 19769KB
• abbv-20231231.xsd (EX-101.SCH) — 105KB
• abbv-20231231_cal.xml (EX-101.CAL) — 156KB
• abbv-20231231_def.xml (EX-101.DEF) — 565KB
• abbv-20231231_lab.xml (EX-101.LAB) — 1325KB
• abbv-20231231_pre.xml (EX-101.PRE) — 881KB
• abbv-20231231_htm.xml (XML) — 3640KB

BUSINESS

BUSINESS 1 Item 1A.

RISK FACTORS

RISK FACTORS 14 Item 1B. UNRESOLVED STAFF COMMENTS 25 I tem 1C C Y BERSECURITY 25 Item 2.

PROPERTIES

PROPERTIES 27 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 27 Item 4. MINE SAFETY DISCLOSURES 27 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 28 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 30 Item 6. [RESERVED] 32 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 50 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 99 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 99 Item 9B. OTHER INFORMATION 101 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 101 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 102 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 102 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 103 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 103 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 103 PART IV Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 104 Item 16. FORM 10-K SUMMARY 108

SIGNATURES

SIGNATURES 109 PART I

BUSINESS

ITEM 1. BUSINESS Overview AbbVie or "the company" refer to AbbVie Inc., or AbbVie Inc. and its consolidated subsidiaries, as the context requires. AbbVie is a global, diversified research-based biopharmaceutical company positioned for success with a comprehensive product portfolio that has leadership positions across immunology, oncology, aesthetics, neuroscience and eye care. AbbVie uses its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world's most complex and serious diseases. AbbVie was incorporated in Delaware on April 10, 2012. On January 1, 2013, AbbVie became an independent, publicly-traded company as a result of the distribution by Abbott Laboratories (Abbott) of 100% of the outstanding common stock of AbbVie to Abbott's shareholders. Segments AbbVie operates as a single global business segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies. This operating structure enables the Chief Executive Officer, as chief operating decision maker (CODM), to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals. Consistent with this structure, a global research and development and supply chain organization is responsible for the discovery, development, manufacturing and supply of products. Commercial efforts that coordinate the marketing, sales and distribution of these products are organized by geographic region or therapeutic area. All of these activities are supported by a global corporate administrative staff. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance, allocating resources and planning and forecasting future periods. See Note 16, "Segment and Geographic Area Information" to the Consolidated Financial Sta

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View this 10-K filing on SEC EDGAR