AbbVie Inc. 10-Q

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) 2026 2025 Net revenues $ 15,002 $ 13,343 Cost of products sold 4,218 4,002 Selling, general and administrative 3,578 3,293 Research and development 2,472 2,067 Acquired IPR&D and milestones 744 248 Total operating costs and expenses 11,012 9,610 Operating earnings 3,990 3,733 Interest expense, net 645 627 Other expense, net 2,306 1,445 Earnings before income tax expense 1,039 1,661 Income tax expense 342 372 Net earnings 697 1,289 Net earnings attributable to noncontrolling interest 2 3 Net earnings attributable to AbbVie Inc. $ 695 $ 1,286 Per share data Basic earnings per share attributable to AbbVie Inc. $ 0.39 $ 0.72 Diluted earnings per share attributable to AbbVie Inc. $ 0.39 $ 0.72 Weighted-average basic shares outstanding 1,770 1,768 Weighted-average diluted shares outstanding 1,774 1,772 The accompanying notes are an integral part of these condensed consolidated financial statements. 2026 Form 10-Q | 1 AbbVie Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (unaudited) Three months ended March 31, (in millions) 2026 2025 Net earnings $ 697 $ 1,289 Foreign currency translation adjustments, net of tax expense (benefit) of $( 5 ) for the three months ended March 31, 2026 and $ 17 for the three months ended March 31, 2025 ( 204 ) 487 Net investment hedging activities, net of tax expense (benefit) of $ 43 for the three months ended March 31, 2026 and $( 77 ) for the three months ended March 31, 2025 156 ( 283 ) Pension and post-employment benefits, net of tax expense (benefit) of $ — for the three months ended March 31, 2026 and $ — for the three months ended March 31, 2025 ( 1 ) ( 2 ) Cash flow hedging activities, net of tax expense (benefit) of $ — for the three months ended March 31, 2026 and $( 4 ) for the three months ended March 31, 2025 40 ( 19 ) Other comprehensive income (loss) ( 9 ) 183 Comprehensive income 688 1,472 Comprehensive income attributable to noncontrolling interest 2 3 Comprehensive income attributable to AbbVie Inc. $ 686 $ 1,469 The accompanying notes are an integral part of these condensed consolidated financial statements. 2026 Form 10-Q | 2 AbbVie Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions, except share data) March 31, 2026 December 31, 2025 (unaudited) Assets Current assets Cash and equivalents $ 9,391 $ 5,229 Accounts receivable, net 12,479 12,589 Inventories 5,049 4,951 Prepaid expenses and other 6,610 6,293 Total current assets 33,529 29,062 Investments 268 268 Property and equipment, net 5,687 5,628 Intangible assets, net 50,873 52,641 Goodwill 35,570 35,640 Other assets 10,536 10,721 Total assets $ 136,463 $ 133,960 Liabilities and Equity (Deficit) Current liabilities Short-term borrowings $ — $ 2,499 Current portion of long-term debt 8,326 6,056 Accounts payable and accrued liabilities 33,774 34,734 Total current liabilities 42,100 43,289 Long-term debt 64,532 58,941 Deferred income taxes 2,332 2,389 Other long-term liabilities 34,111 32,569 Commitments and contingencies Stockholders' equity (deficit) Common stock, $ 0.01 par value, 4,000,000,000 shares authorized, 1,843,809,386 shares issued as of March 31, 2026 and 1,838,678,628 as of December 31, 2025 18 18 Common stock held in treasury, at cost, 77,077,199 shares as of March 31, 2026 and 70,802,593 as of December 31, 2025 ( 10,611 ) ( 9,146 ) Additional paid-in capital 22,962 22,495 Accumulated deficit ( 17,872 ) ( 15,493 ) Accumulated other comprehensive loss ( 1,153 ) ( 1,144 ) Total stockholders' deficit ( 6,656 ) ( 3,270 ) Noncontrolling interest 44 42 Total deficit ( 6,612 ) ( 3,228 ) Total liabilities and equity (deficit) $ 136,463 $ 133,960 The accompanying notes are an integral part of these condensed consolidated financial statements. 2026 Form 10-Q | 3 AbbVie Inc. and Subsidiaries Condensed Consolidated Statements of Equity (Deficit) (unaudited) (in millions) Common shares outstanding Common stock Treasury stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Noncontrolling interest Total Balance at December 31, 2024 1,765 $ 18 $ ( 8,201 ) $ 21,333 $ ( 7,900 ) $ ( 1,925 ) $ 39 $ 3,364 Net earnings attributable to AbbVie Inc. — — — — 1,286 — — 1,286 Other comprehensive income, net of tax — — — — — 183 — 183 Dividends declared — — — — ( 2,913 ) — — ( 2,913 ) Purchases of treasury stock ( 5 ) — ( 963 ) — — — — ( 963 ) Stock-based compensation plans and other 6 — 27 475 — — — 502 Change in noncontrolling interest — — — — — — 3 3 Balance at March 31, 2025 1,766 $ 18 $ ( 9,137 ) $ 21,808 $ ( 9,527 ) $ ( 1,742 ) $ 42 $ 1,462 Balance at December 31, 2025 1,768 $ 18 $ ( 9,146 ) $ 22,495 $ ( 15,493 ) $ ( 1,144 ) $ 42 $ ( 3,228 ) Net earnings attributable to AbbVie Inc. — — — — 695 — — 695 Other comprehensive loss, net of tax — — — — — ( 9 ) — ( 9 ) Dividends declared — — — — ( 3,074 ) — — ( 3,074 ) Purchases of treasury stock ( 6 ) — ( 1,489 ) — — — — ( 1,489 ) Stock-based compensation plans and other 5 — 24 467 — — — 491 Change in noncontrolling interest — — — — — — 2 2 Balance at March 31, 2026 1,767 $ 18 $ ( 10,611 ) $ 22,962 $ ( 17,872 ) $ ( 1,153 ) $ 44 $ ( 6,612 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 2026 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) 2026 2025 Cash flows from operating activities Net earnings $ 697 $ 1,289 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation 188 181 Amortization of intangible assets 1,748 1,858 Deferred income taxes 137 ( 28 ) Change in fair value of contingent consideration liabilities 2,387 1,518 Payments of contingent consideration liabilities ( 722 ) ( 549 ) Stock-based compensation 444 410 Acquired IPR&D and milestones 744 248 Non-cash litigation reserve adjustments, net of cash payments 150 ( 729 ) Other, net ( 22 ) 17 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 87 ( 1,479 ) Inventories ( 184 ) ( 155 ) Prepaid expenses and other assets ( 150 ) ( 628 ) Accounts payable and other liabilities ( 1,594 ) ( 696 ) Income tax assets and liabilities, net ( 81 ) 378 Cash flows from operating activities 3,829 1,635 Cash flows from investing activities Acquisitions of businesses, net of cash acquired — ( 204 ) Other acquisitions and investments, net of cash acquired ( 266 ) ( 334 ) Acquisitions of property and equipment ( 265 ) ( 235 ) Other, net ( 43 ) 38 Cash flows from investing activities ( 574 ) ( 735 ) Cash flows from financing activities Net change in commercial paper borrowings with original maturities of three months or less ( 499 ) 1,593 Repayments of other short-term borrowings ( 2,000 ) — Proceeds from issuance of long-term debt 7,991 3,994 Repayments of long-term debt — ( 3,026 ) Dividends paid ( 3,086 ) ( 2,925 ) Purchases of treasury stock ( 1,489 ) ( 961 ) Other, net 2 67 Cash flows from financing activities 919 ( 1,258 ) Effect of exchange rate changes on cash and equivalents ( 12 ) 9 Net change in cash and equivalents 4,162 ( 349 ) Cash and equivalents, beginning of period 5,229 5,524 Cash and equivalents, end of period $ 9,391 $ 5,175 The accompanying notes are an integral part of these condensed consolidated financial statements. 2026 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 United States 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 (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, 2025. 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 other reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted ASU No. 2024-03 In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40 ). The standard requires further disaggregation of relevant expense captions in a separate note to the financial statements. The standard is effective for AbbVie starting in annual periods in 2027 and interim periods beginning in 2028, with early adoption permitted. AbbVie is currently assessing the impact of adopting this guidance on its consolidated financial statements. Note 2 Supplemental Financial Information Interest Expense, Net Three months ended March 31, (in millions) 2026 2025 Interest expense $ 717 $ 700 Interest income ( 72 ) ( 73 ) Interest expense, net $ 645 $ 627 Inventories (in millions) March 31, 2026 December 31, 2025 Finished goods $ 1,806 $ 1,580 Work-in-process 2,137 2,287 Raw materials 1,106 1,084 Inventories $ 5,049 $ 4,951 2026 Form 10-Q | 6 Property and Equipment, Net (in millions) March 31, 2026 December 31, 2025 Property and equipment, gross $ 13,731 $ 13,530 Accumulated depreciation ( 8,044 ) ( 7,902 ) Property and equipment, net $ 5,687 $ 5,628 Depreciation expense was $ 188 million for the three months ended March 31, 2026 and $ 181 million for the three months ended March 31, 2025. 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) 2026 2025 Basic EPS Net earnings attributable to AbbVie Inc. $ 695 $ 1,286 Earnings allocated to participating securities 10 10 Earnings available to common shareholders $ 685 $ 1,276 Weighted-average basic shares outstanding 1,770 1,768 Basic earnings per share attributable to AbbVie Inc. $ 0.39 $ 0.72 Diluted EPS Net earnings attributable to AbbVie Inc. $ 695 $ 1,286 Earnings allocated to participating securities 10 10 Earnings available to common shareholders $ 685 $ 1,276 Weighted-average shares of common stock outstanding 1,770 1,768 Effect of dilutive securities 4 4 Weighted-average diluted shares outstanding 1,774 1,772 Diluted earnings per share attributable to AbbVie Inc. $ 0.39 $ 0.72 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 Nimble Therapeutics, Inc. On January 23, 2025, AbbVie completed its acquisition of Nimble Therapeutics, Inc. (Nimble). Nimble is a biotechnology company dedicated to delivering on the promise of oral peptide therapeutics and its lead asset, an investigational oral peptide IL23R inhibitor in development for the treatment of psoriasis. The aggregate purchase price of $ 288 million was comprised of a $ 210 million upfront cash payment and $ 78 million for the acquisition date fair value of contingent consideration liabilities, for which AbbVie may owe up to $ 130 million in future payments upon achievement of certain development milestones. The transaction was accounted for as a business combination using the acquisition method of accounting. Other Licensing & Acquisitions Activity Cash outflows related to other acquisitions and investments, net of cash acquired totaled $ 266 million for the three months ended March 31, 2026 and $ 334 million for the three months ended March 31, 2025. 2026 Form 10-Q | 7 The following table summarizes acquired IPR&D and milestones expense: Three months ended March 31, (in millions) 2026 2025 Upfront charges $ 703 $ 246 Development milestones 41 2 Acquired IPR&D and milestones $ 744 $ 248 RemeGen Co., Ltd. In March 2026, AbbVie completed its previously announced license agreement with RemeGen Co., Ltd. (RemeGen). Under the terms of the agreement, AbbVie received an exclusive global license excluding China to develop, manufacture and commercialize RC148 (ABBV-1480), a novel investigational Programmed Cell Death-1 (PD-1)/Vascular Endothelial Growth Factor (VEGF)-targeted bispecific antibody in development for the treatment of multiple advanced solid tumors. The upfront payment of $ 650 million was recorded in acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the first quarter of 2026. AbbVie could make additional payments of up to $ 5.0 billion upon achievement of certain development, regulatory and commercial milestones and pay tiered royalties. 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, 2026 and 2025. Collaboration with Genentech, Inc. AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement for the joint development and commercialization of Venclexta. 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. Genentech’s share of profits, including royalties, was $ 284 million for the three months ended March 31, 2026 and $ 242 million for the three months ended March 31, 2025. Sales and marketing and development costs for the three months ended March 31, 2026 and 2025 were insignificant. Collaboration with Janssen Biotech, Inc. AbbVie and Janssen Biotech, Inc. and its affiliates (Janssen), one of the Janssen Pharmaceutical companies of Johnson & Johnson, are parties to a collaboration agreement for the joint development and commercialization of Imbruvica. 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. 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 Imbruvica; 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 Imbruvica. 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. In the United States, Janssen’s share of profits was $ 153 million for the three months ended March 31, 2026 and $ 247 million for the three months ended March 31, 2025. Other costs for the three months ended March 31, 2026 and 2025 were insignificant. 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. 2026 Form 10-Q | 8 Outside the United States, AbbVie’s share of profits was $ 224 million for the three months ended March 31, 2026 and $ 209 million for the three months ended March 31, 2025. Other costs for the three months ended March 31, 2026 and 2025 were insignificant. 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, 2025 $ 35,640 Foreign currency translation adjustments ( 70 ) Balance as of March 31, 2026 $ 35,570 Intangible Assets, Net The following table summarizes intangible assets: March 31, 2026 December 31, 2025 (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 $ 81,165 $ ( 36,380 ) $ 44,785 $ 81,239 $ ( 34,849 ) $ 46,390 License agreements 8,359 ( 7,543 ) 816 8,353 ( 7,383 ) 970 Total definite-lived intangible assets 89,524 ( 43,923 ) 45,601 89,592 ( 42,232 ) 47,360 Indefinite-lived intangible assets 5,272 — 5,272 5,281 — 5,281 Total intangible assets, net $ 94,796 $ ( 43,923 ) $ 50,873 $ 94,873 $ ( 42,232 ) $ 52,641 Amortization expense was $ 1.7 billion for the three months ended March 31, 2026 and $ 1.9 billion for the three months ended March 31, 2025. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings. Note 7 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, 2025 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 $ 2.4 billion at March 31, 2026 and $ 2.5 billion at December 31, 2025, are designated as cash flow hedges and are recorded at fair value. The durations of these forward exchange contracts were generally less than 24 months. Accumulated gains and losses as of March 31, 2026 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. The company also enters into foreign currency forward exchange contracts to manage its exposure to foreign currency denominated debt, 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 recognized in other expense, net 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 $ 9.3 billion at March 31, 2026 and $ 9.2 billion at December 31, 2025. 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 an aggregate principal amount of senior Euro notes designated as net investment hedges of € 3.1 billion at March 31, 2026 and December 31, 2025. In addition, the company had foreign currency forward exchange contracts designated as net investment hedges with notional amounts totaling € 6.7 billion, SEK 1.4 billion, CAD 800 million and CHF 80 million at March 31, 2026 and € 6.5 billion, SEK 1.4 billion, CAD 500 million and CHF 80 2026 Form 10-Q | 9 million at December 31, 2025. 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. The company is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $ 3.3 billion at March 31, 2026 and $ 1.8 billion at December 31, 2025. 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. The company is a party to interest rate swap contracts designated as cash flow hedges with notional amounts totaling $ 750 million at March 31, 2026. 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. AbbVie records the contracts at fair value and includes accumulated gains or losses in AOCI which it reclassifies to interest expense, net over the lives of the floating-rate debt. No amounts are excluded from the assessment of effectiveness for cash flow hedges or fair value hedges. 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 caption March 31, 2026 December 31, 2025 Balance sheet caption March 31, 2026 December 31, 2025 Foreign currency forward exchange contracts Designated as cash flow hedges Prepaid expenses and other $ 46 $ 35 Accounts payable and accrued liabilities $ 25 $ 51 Designated as cash flow hedges Other assets 10 1 Other long-term liabilities — — Designated as net investment hedges Prepaid expenses and other 21 — Accounts payable and accrued liabilities 115 220 Designated as net investment hedges Other assets 5 — Other long-term liabilities 120 228 Not designated as hedges Prepaid expenses and other 46 25 Accounts payable and accrued liabilities 24 20 Interest rate swap contracts Designated as fair value hedges Prepaid expenses and other — — Accounts payable and accrued liabilities 14 21 Designated as fair value hedges Other assets 22 30 Other long-term liabilities 40 — Designated as cash flow hedges Other assets 5 — Other long-term liabilities — — Total derivatives $ 155 $ 91 $ 338 $ 540 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. The following table presents the pre-tax amounts of gains (losses) from derivative instruments recognized in other comprehensive income (loss): Three months ended March 31, (in millions) 2026 2025 Foreign currency forward exchange contracts Designated as cash flow hedges $ 34 $ ( 19 ) Designated as net investment hedges 176 ( 193 ) Interest rate swap contracts designated as cash flow hedges 5 — Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $ 1 million into cost of products sold for foreign currency cash flow hedges and pre-tax gains of $ 23 million into interest expense, net for other cash flow hedges during the next 12 months. 2026 Form 10-Q | 10 Related to AbbVie’s non-derivative, foreign currency denominated debt designated as net investment hedges, the company recognized in other comprehensive income (loss) pre-tax gains of $ 60 million for the three months ended March 31, 2026 and pre-tax losses of $ 133 million for the three months ended March 31, 2025. The following table summarizes the pre-tax amounts and location of derivative instrument net gains (losses) recognized in the condensed consolidated statements of earnings, including the net gains (losses) reclassified out of AOCI into net earnings. See Note 9 for the amount of net gains (losses) reclassified out of AOCI. Three months ended March 31, (in millions) Statement of earnings caption 2026 2025 Foreign currency forward exchange contracts Designated as cash flow hedges Cost of products sold $ ( 7 ) $ ( 1 ) Designated as net investment hedges Interest expense, net 37 34 Not designated as hedges Other expense, net 12 ( 29 ) Interest rate swap contracts Designated as fair value hedges Interest expense, net ( 41 ) 55 Debt designated as hedged item in fair value hedges Interest expense, net 41 ( 55 ) Other Interest expense, net 6 5 Fair Value Measures The fair value hierarchy consists of the following three levels: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access; • Level 2 – Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and • Level 3 – Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company’s management about the assumptions market participants would use in pricing the asset or liability. The following table summarizes the bases used to measure certain assets and liabilities carried at fair value on a recurring basis on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Basis of fair value measurement Basis of fair value measurement (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Cash and equivalents $ 9,391 $ 4,848 $ 4,543 $ — $ 5,229 $ 4,868 $ 361 $ — Money market funds and time deposits 10 — 10 — 10 — 10 — Debt securities 20 — 20 — 24 — 24 — Equity securities 76 32 44 — 103 62 41 — Interest rate swap contracts 27 — 27 — 30 — 30 — Foreign currency contracts 128 — 128 — 61 — 61 — Total assets $ 9,652 $ 4,880 $ 4,772 $ — $ 5,457 $ 4,930 $ 527 $ — Liabilities Interest rate swap contracts $ 54 $ — $ 54 $ — $ 21 $ — $ 21 $ — Foreign currency contracts 284 — 284 — 519 — 519 — Financing liability 377 — — 377 378 — — 378 Contingent consideration 27,039 — — 27,039 25,374 — — 25,374 Total liabilities $ 27,754 $ — $ 338 $ 27,416 $ 26,292 $ — $ 540 $ 25,752 2026 Form 10-Q | 11 Money market funds and time deposits are valued using relevant observable market inputs including quoted prices for similar assets and interest rate curves. Equity securities primarily consist of investments for which the fair values were determined by using the published market prices per unit multiplied by the number of units held, without consideration of transaction costs. The derivatives entered into by the company were valued using observable market inputs including published interest rate curves and both forward and spot prices for foreign currencies. The financing liability is related to financing arrangements which the company elected to account for in accordance with the fair value option, as permitted under ASC 825 Financial Instruments . The fair value measurement of the financing liability was determined based on significant unobservable inputs. Potential payments are estimated by applying a probability-weighted expected payment model, which are then discounted to present value. Changes to the fair value of the financing liability can result from changes to one or a number of inputs, including discount rates, estimated probabilities and timing of achieving milestones and estimated amounts of future sales. The change in fair value recognized in net earnings is recorded in other expense, net in the condensed consolidated statements of earnings and the change in fair value attributable to instrument-specific credit risk is recognized in other comprehensive income (loss). Changes in fair value recognized in other expense, net and in other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 were insignificant. The fair value measurements of the contingent consideration liabilities were determined based on significant unobservable inputs, including the discount rate, estimated probabilities and timing of achieving specified development, regulatory and commercial milestones and the estimated amount of future sales of the acquired products. The potential contingent consideration payments are estimated by applying a probability-weighted expected payment model for contingent milestone payments and a Monte Carlo simulation model for contingent royalty payments, which are then discounted to present value. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the milestones, the time required to achieve the milestones and estimated future sales. Significant judgment is employed in determining the appropriateness of certain of these inputs. Changes to the inputs described above could have a material impact on the company's financial position and results of operations in any given period. The fair value of the company's contingent consideration liabilities was calculated using the following significant unobservable inputs: March 31, 2026 December 31, 2025 Range Weighted average (a) Range Weighted average (a) Discount rate 4.1 % - 5.0 % 4.3 % 3.7 % - 4.8 % 4.0 % Probability of payment for royalties by indication 100 % 100 % 100 % 100 % Projected year of payments 2026 - 2037 2030 2026 - 2037 2030 (a) Unobservable inputs were weighted by the relative fair value of the contingent consideration liabilities. There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy. The following table presents the changes in fair value of total contingent consideration liabilities which are measured using Level 3 inputs: Three months ended March 31, (in millions) 2026 2025 Beginning balance $ 25,374 $ 21,666 Additions (a) — 78 Change in fair value recognized in net earnings 2,387 1,518 Payments ( 722 ) ( 549 ) Ending balance $ 27,039 $ 22,713 (a) Additions during the three months ended March 31, 2025, represent contingent consideration liabilities related to the Nimble acquisition. The change in fair value recognized in net earnings is recorded in other expense, net in the condensed consolidated statements of earnings. 2026 Form 10-Q | 12 Certain financial instruments are carried at historical cost or some basis other than fair value. The book value, fair value and bases used to measure the approximate fair values of certain financial instruments as of March 31, 2026 are shown in the table below: Basis of fair value measurement (in millions) Book value Fair value Level 1 Level 2 Level 3 Liabilities Current portion of long-term debt (a) $ 8,265 $ 8,252 $ 8,231 $ 21 $ — Long-term debt (a) 64,289 60,615 58,188 2,427 — Total liabilities $ 72,554 $ 68,867 $ 66,419 $ 2,448 $ — (a) Excludes the effects of fair value hedges and financing liability. The book value, fair value and bases used to measure the approximate fair values of certain financial instruments as of December 31, 2025 are shown in the table below: Basis of fair value measurement (in millions) Book value Fair value Level 1 Level 2 Level 3 Liabilities Short-term borrowings $ 2,499 $ 2,497 $ — $ 2,497 $ — Current portion of long-term debt (a) 6,016 5,985 5,965 20 — Long-term debt (a) 58,650 55,822 53,381 2,441 — Total liabilities $ 67,165 $ 64,304 $ 59,346 $ 4,958 $ — (a) Excludes the effects of fair value hedges and financing liability. AbbVie also holds investments in equity securities that do not have readily determinable fair values. The company records these investments at cost and remeasures them to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $ 163 million as of March 31, 2026 and $ 159 million as of December 31, 2025. No significant cumulative upward or downward adjustments have been recorded for these investments as of March 31, 2026. Concentrations of Risk Of total net accounts receivable, three U.S. wholesalers accounted for 78 % as of March 31, 2026 and 84 % as of December 31, 2025, and substantially all of AbbVie’s pharmaceutical product net revenues in the United States were to these three wholesalers. 2026 Form 10-Q | 13 Debt and Credit Facilities Issuance and Repayment of Long-Term Debt In March 2026, the company issued $ 8.0 billion aggregate principal amount of unsecured senior notes. The following table summarizes the issued debt: (in millions) Senior Notes Senior Floating Rate Notes due 2028 (a) $ 750 3.775% Senior Notes due 2028 1,500 4.125% Senior Notes due 2031 1,250 4.40% Senior Notes due 2033 1,250 4.75% Senior Notes due 2036 1,500 5.55% Senior Notes due 2056 1,250 5.65% Senior Notes due 2066 500 Total debt issued $ 8,000 (a) Senior floating rate notes bear interest at adjusted Secured Overnight Financing Rate + 0.480 %. The notes are unsecured, unsubordinated obligations of AbbVie and will rank equally in right of payment with all of AbbVie’s existing and future unsecured, unsubordinated indebtedness, liabilities and other obligations. AbbVie may redeem the fixed-rate senior notes prior to maturity at a redemption price equal to the greater of the principal amount or the sum of present values of the remaining scheduled payments of principal and interest plus a make-whole premium. With exception of the fixed-rate senior notes due 2028, AbbVie may also redeem the fixed-rate senior notes at par between one and six months prior to maturity. The senior floating rate notes may not be redeemed prior to maturity. In February 2025, the company issued $ 4.0 billion aggregate principal amount of unsecured senior notes. In March 2025, the company repaid $ 3.0 billion aggregate principal amount of 3.80 % senior notes at maturity. Short-Term Borrowings There were no commercial paper borrowings outstanding as of March 31, 2026 and $ 499 million as of December 31, 2025. The weighted-average interest rate on commercial paper borrowings was 3.85 % for the three months ended March 31, 2026 and 4.59 % for the three months ended March 31, 2025. In April 2025, the company entered into a $ 4.0 billion 364-day term loan credit agreement. In May 2025, the company borrowed $ 2.0 billion under this term loan credit agreement which was outstanding and included in short-term borrowings as of December 31, 2025. In March 2026, the company repaid the $ 2.0 billion amount outstanding under this term loan credit agreement and terminated the agreement. AbbVie has two revolving credit facilities available, including a $ 5.0 billion five-year revolving credit facility that matures in March 2028 and a $ 3.0 billion five-year revolving credit facility that matures in January 2030. The revolving credit facilities are available to support AbbVie’s commercial paper program and enable the company to borrow funds to meet liquidity requirements on an unsecured basis at variable interest rates and contain various covenants. At March 31, 2026, the company was in compliance with all covenants, and commitment fees under the revolving credit facilities were insignificant. No amounts were outstanding under the company's revolving credit facilities as of March 31, 2026 and December 31, 2025. 2026 Form 10-Q | 14 Note 8 Post-Employment Benefits The following table summarizes net periodic benefit cost relating to the company’s defined benefit and other post-employment plans: Defined benefit plans Other post-employment plans Three months ended March 31, Three months ended March 31, (in millions) 2026 2025 2026 2025 Service cost $ 63 $ 63 $ 11 $ 10 Interest cost 122 117 11 11 Expected return on plan assets ( 224 ) ( 206 ) — — Amortization of prior service credit — — ( 9 ) ( 9 ) Amortization of actuarial loss 8 6 2 2 Net periodic benefit cost (credit) $ ( 31 ) $ ( 20 ) $ 15 $ 14 The components of net periodic benefit cost other than service cost are included in other expense, net in the condensed consolidated statements of earnings. Note 9 Equity Stock-Based Compensation Stock-based compensation expense is principally related to awards issued pursuant to the AbbVie 2013 Incentive Stock Program and the AbbVie Amended and Restated 2013 Incentive Stock Program and is summarized as follows: Three months ended March 31, (in millions) 2026 2025 Cost of products sold $ 25 $ 22 Research and development 182 160 Selling, general and administrative 237 228 Pre-tax compensation expense 444 410 Tax benefit ( 75 ) ( 70 ) After-tax compensation expense $ 369 $ 340 Stock Options During the three months ended March 31, 2026, primarily in connection with the company's annual grant, AbbVie granted 0.4 million stock options with a weighted-average grant-date fair value of $ 48.40 . As of March 31, 2026, $ 13 million of unrecognized compensation cost related to stock options is expected to be recognized as expense over approximately the next two years . RSUs and Performance Shares During the three months ended March 31, 2026, primarily in connection with the company's annual grant, AbbVie granted 4.4 million RSUs and performance shares with a weighted-average grant-date fair value of $ 230.17 . As of March 31, 2026, $ 1.1 billion of unrecognized compensation cost related to RSUs and performance shares is expected to be recognized as expense over approximately the next two years . 2026 Form 10-Q | 15 Cash Dividends The following table summarizes quarterly cash dividends declared during 2026 and 2025: 2026 2025 Date Declared Payment Date Dividend Per Share Date Declared Payment Date Dividend Per Share 02/19/26 05/15/26 $ 1.73 10/31/25 02/17/26 $ 1.73 09/05/25 11/14/25 $ 1.64 06/20/25 08/15/25 $ 1.64 02/13/25 05/15/25 $ 1.64 Stock Repurchase Program The company's stock repurchase authorization permits purchases of AbbVie shares from time to time in open-market or private transactions at management's discretion. The program has no time limit and can be discontinued at any time. Shares repurchased under this program are recorded at acquisition cost, including related expenses, and are available for general corporate purposes. AbbVie repurchased 5 million shares for $ 1.1 billion during the three months ended March 31, 2026 and 3 million shares for $ 606 million during the three months ended March 31, 2025. AbbVie's remaining stock repurchase authorization was approximately $ 1.8 billion as of March 31, 2026. Accumulated Other Comprehensive Loss The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2026: (in millions) Foreign currency translation adjustments Net investment hedging activities Pension and post-employment benefits Cash flow hedging activities Total Balance as of December 31, 2025 $ ( 633 ) $ ( 422 ) $ ( 243 ) $ 154 $ ( 1,144 ) Other comprehensive income (loss) before reclassifications ( 204 ) 185 ( 2 ) 36 15 Net losses (gains) reclassified from accumulated other comprehensive loss — ( 29 ) 1 4 ( 24 ) Net current-period other comprehensive income (loss) ( 204 ) 156 ( 1 ) 40 ( 9 ) Balance as of March 31, 2026 $ ( 837 ) $ ( 266 ) $ ( 244 ) $ 194 $ ( 1,153 ) Other comprehensive loss for the three months ended March 31, 2026 included foreign currency translation adjustments totaling a loss of $ 204 million principally due to the impact of the weakening of the Euro on the translation of the company’s Euro-denominated assets and the offsetting impact of net investment hedging activities totaling a gain of $ 156 million. 2026 Form 10-Q | 16 The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2025: (in millions) Foreign currency translation adjustments Net investment hedging activities Pension and post-employment benefits Cash flow hedging activities Total Balance as of December 31, 2024 $ ( 2,114 ) $ 549 $ ( 664 ) $ 304 $ ( 1,925 ) Other comprehensive income (loss) before reclassifications 487 ( 256 ) ( 1 ) ( 17 ) 213 Net gains reclassified from accumulated other comprehensive loss — ( 27 ) ( 1 ) ( 2 ) ( 30 ) Net current-period other comprehensive income (loss) 487 ( 283 ) ( 2 ) ( 19 ) 183 Balance as of March 31, 2025 $ ( 1,627 ) $ 266 $ ( 666 ) $ 285 $ ( 1,742 ) Other comprehensive income for the three months ended March 31, 2025 included foreign currency translation adjustments totaling a gain of $ 487 million principally due to the impact of the strengthening of the Euro on the translation of the company’s Euro-denominated assets and the offsetting impact of net investment hedging activities totaling a loss of $ 283 million. The following table presents the impact on AbbVie’s condensed consolidated statements of earnings for significant amounts reclassified out of each component of accumulated other comprehensive loss: Three months ended March 31, (in millions) (brackets denote gains) 2026 2025 Net investment hedging activities Gains on derivative amount excluded from effectiveness testing (a) $ ( 37 ) $ ( 34 ) Tax expense 8 7 Total reclassifications, net of tax $ ( 29 ) $ ( 27 ) Pension and post-employment benefits Amortization of actuarial losses (gains) and other (b) $ 1 $ ( 1 ) Tax benefit — — Total reclassifications, net of tax $ 1 $ ( 1 ) Cash flow hedging activities Gains on foreign currency forward exchange contracts (c) $ 7 $ 1 Other (a) ( 6 ) ( 5 ) Tax expense 3 2 Total reclassifications, net of tax $ 4 $ ( 2 ) (a) Amounts are included in interest expense, net (see Note 7) . (b) Amounts are included in the computation of net periodic benefit cost (see Note 8). (c) Amounts are included in cost of products sold (see Note 7). Note 10 Income Taxes The effective tax rate was 33 % for the three months ended March 31, 2026 compared to 22 % for the three months ended March 31, 2025. The effective tax rate in each period differed from the U.S. statutory tax rate of 21 % principally due to changes in fair value of contingent consideration and business development activities partially offset by the impact of foreign operations which reflect lower income tax rates in locations outside the United States. The increase in the effective tax rate for the three months ended March 31, 2026 over the prior year was primarily due to the increased impact of changes in fair value of contingent consideration and business development activities partially offset by changes in the impact of foreign operations. 2026 Form 10-Q | 17 Note 11 Legal Proceedings and Contingencies AbbVie is subject to contingencies, such as various claims, legal proceedings and investigations regarding product liability, intellectual property, commercial, securities and other matters that arise in the normal course of business. Loss contingency provisions are recorded for probable losses at management’s best estimate of a loss, or when a best estimate cannot be made, a minimum loss contingency amount within a probable range is recorded. The recorded accrual balance for litigation was approximately $ 1.7 billion as of March 31, 2026 and $ 1.6 billion as of December 31, 2025. For litigation matters discussed below for which a loss is probable or reasonably possible, the company is unable to estimate the possible loss or range of loss, if any, beyond the amounts accrued. Initiation of new legal proceedings or a change in the status of existing proceedings may result in a change in the estimated loss accrued by AbbVie. While it is not feasible to predict the outcome of all proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on AbbVie’s consolidated financial position, results of operations or cash flows. Antitrust Litigation Lawsuits are pending against AbbVie and others generally alleging that the 2005 patent litigation settlement involving Niaspan entered into between Kos Pharmaceuticals, Inc. (a company acquired by Abbott in 2006 and presently a subsidiary of AbbVie) and a generic company violated federal and state antitrust laws and state unfair and deceptive trade practices and unjust enrichment laws. Plaintiffs generally seek monetary damages and/or injunctive relief and attorneys' fees. The lawsuits pending in federal court consist of six individual plaintiff lawsuits and a certified class action by Niaspan direct purchasers. The cases are pending in the United States District Court for the Eastern District of Pennsylvania for coordinated or consolidated pre-trial proceedings under the federal multi-district litigation (MDL) Rules as In re: Niaspan Antitrust Litigation, MDL No. 2460. In October 2016, the Orange County, California District Attorney’s Office filed a lawsuit on behalf of the State of California regarding the Niaspan patent litigation settlement in Orange County Superior Court, asserting a claim under the unfair competition provision of the California Business and Professions Code seeking injunctive relief, restitution, civil penalties and attorneys’ fees. Government Proceedings Lawsuits are pending against Allergan and several other manufacturers generally alleging that they improperly promoted and sold prescription opioid products. Approximately 320 lawsuits are pending against Allergan in federal and state courts. Most of the federal court lawsuits are consolidated for pre-trial purposes in the United States District Court for the Northern District of Ohio under the MDL rules as In re: National Prescription Opiate Litigation, MDL No. 2804. Approximately 20 of the lawsuits are pending in various state courts. The plaintiffs in these lawsuits, which include counties, cities, other municipal entities, Native American tribes, union trust funds and other third-party payors, private hospitals and personal injury claimants, generally seek compensatory and punitive damages. Of these approximately 320 lawsuits, approximately 20 of them are brought by counties, cities and other municipal entities, approximately 5 of which are in the process of being dismissed pursuant to the previously announced settlement. In March 2023, AbbVie Inc. filed a petition in the United States Tax Court, AbbVie Inc. and Subsidiaries v. Commissioner of Internal Revenue. The petition disputed the Commissioner of Internal Revenue determination concerning a $ 572 million income tax benefit recorded in 2014 related to a payment made to a third party for the termination of a proposed business combination. In June 2025, the United States Tax Court granted AbbVie’s motion for summary judgment and denied the Commissioner of Internal Revenue’s cross-motion for summary judgment. The United States Tax Court ordered and decided that there is no deficiency in income tax due from AbbVie for the tax year 2014. In September 2025, the Commissioner of Internal Revenue appealed this decision. In February 2026, the Commissioner of Internal Revenue withdrew its appeal. As a result, the United States Tax Court’s decision stands and the matter is resolved. Product Liability and General Litigation In April 2023, a putative class action lawsuit, Camargo v. AbbVie Inc., was filed in the United States District Court for the Northern District of Illinois on behalf of Humira patients who paid for Humira based on its list price or who, after losing insurance coverage, discontinued Humira because they could not pay based on its list price, alleging that Humira’s list price is excessive in violation of multiple states’ unfair and deceptive trade practices statutes. The plaintiff generally seeks monetary damages, injunctive relief, and attorneys’ fees. In January 2026, the court granted AbbVie’s motion to dismiss, without prejudice. In March 2026, the plaintiff filed a notice of appeal of this dismissal to the United States Court of Appeals for the Seventh Circuit. Lawsuits are pending against various Allergan entities in the United States and other countries including Australia, Brazil, Canada and South Korea, in which plaintiffs generally allege that they developed, or may develop, breast implant-associated anaplastic large cell lymphoma (ALCL) or other injuries from Allergan’s Biocell textured breast implants, which were voluntarily withdrawn from worldwide markets in 2019. Approximately 150 ALCL lawsuits and 1,320 other lawsuits are coordinated for pre-trial purposes in the United States District Court for the District of New Jersey under the MDL rules as In re: Allergan Biocell Textured Breast Implant 2026 Form 10-Q | 18 Product Liability Litigation, MDL No. 2921. Approximately 75 ALCL lawsuits and 470 other lawsuits are pending in various state courts. Approximately 70 ALCL and 1,080 other lawsuits are pending in other countries. In December 2025, the Amsterdam District Court dismissed all claims pending against Allergan and affiliated entities in the Netherlands. In March 2026, the plaintiffs in the Netherlands filed a notice of appeal of this dismissal to the Amsterdam Court of Appeal. Plaintiffs generally seek monetary damages, medical monitoring and attorneys’ fees. In January 2025, a putative class action lawsuit, Sheet Metal Workers’ Health Plan of Southern California, Arizona and Nevada v. AbbVie Inc., was filed in the United States District Court for the Northern District of Illinois on behalf of third-party payors of Humira, alleging that AbbVie’s rebating practices are impairing biosimilar competition with Humira in violation of federal and state antitrust laws. The plaintiff generally seeks monetary damages, injunctive relief and attorneys' fees. Intellectual Property Litigation AbbVie Inc. is seeking to enforce patent rights related to ubrogepant (a drug sold under the trademark Ubrelvy). Litigation was filed in the United States District Court for the District of New Jersey in March 2024 against Aurobindo Pharma U.S.A., Inc., Aurobindo Pharma Limited, and Apitoria Pharma Private Limited; Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Limited; and Hetero USA Inc., Hetero Labs Limited Unit-III, and Hetero Labs Limited. AbbVie alleges defendants’ proposed generic ubrogepant products infringe certain patents and seeks declaratory and injunctive relief. Merck Sharp & Dohme LLC, which exclusively licenses certain patents to AbbVie, is a co-plaintiff in the litigation. AbbVie is seeking to enforce patent rights related to atogepant (a drug sold under the trademark Qulipta). Litigation was filed in the United States District Court for the District of New Jersey in December 2025 and January 2026 against Apotex Inc.; Macleods Pharmaceuticals Ltd. and Macleods Pharma USA, Inc.; Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc.; MSN Pharmaceuticals Inc., MSN Laboratories Private Limited, and MSN Life Sciences Private Limited; Hetero USA Inc., Hetero Labs Limited Unit-III, Hetero Labs Limited, and Honour Lab Limited; and Micro Labs Limited and Micro Labs USA, Inc. AbbVie alleges defendants’ proposed generic atogepant products infringe certain patents and seeks declaratory and injunctive relief. 2026 Form 10-Q | 19 Note 12 Segment Information 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, 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. The CODM regularly reviews net revenues, net earnings and significant segment expenses and uses net earnings as its principal measure of segment profit or loss. Net earnings and significant segment expenses reviewed by the CODM are reported on the condensed consolidated statements of earnings for the periods ended March 31, 2026 and 2025. The CODM uses net earnings as its principal measure of segment profit or loss to compare past financial performance with current performance and analyze underlying business performance and trends. The CODM does not use segment assets to make decisions regarding resources; therefore, the total asset disclosure has not been included. The following table details AbbVie’s worldwide net revenues: Three months ended March 31, (in millions) 2026 2025 Immunology Skyrizi United States $ 3,775 $ 2,919 International 708 506 Total $ 4,483 $ 3,425 Rinvoq United States $ 1,405 $ 1,220 International 714 498 Total $ 2,119 $ 1,718 Humira United States $ 357 $ 744 International 331 377 Total $ 688 $ 1,121 Neuroscience Vraylar United States $ 902 $ 763 International 3 2 Total $ 905 $ 765 Botox Therapeutic United States $ 842 $ 723 International 167 143 Total $ 1,009 $ 866 Ubrelvy United States $ 330 $ 233 International 9 7 Total $ 339 $ 240 Qulipta United States $ 250 $ 172 International 46 21 Total $ 296 $ 193 Vyalev United States $ 89 $ 6 International 112 57 Total $ 201 $ 63 Other Neuroscience United States $ 46 $ 75 International 79 80 Total $ 125 $ 155 Oncology Venclexta United States $ 341 $ 312 International 429 353 Total $ 770 $ 665 2026 Form 10-Q | 20 Three months ended March 31, (in millions) 2026 2025 Imbruvica United States $ 332 $ 529 Collaboration revenues 224 209 Total $ 556 $ 738 Elahere United States $ 160 $ 165 International 38 14 Total $ 198 $ 179 Epkinly Collaboration revenues $ 51 $ 36 International 32 15 Total $ 83 $ 51 Other Oncology United States $ 24 $ — Aesthetics Botox Cosmetic United States $ 371 $ 295 International 297 261 Total $ 668 $ 556 Juvederm Collection United States $ 85 $ 75 International 147 156 Total $ 232 $ 231 Other Aesthetics United States $ 248 $ 270 International 38 45 Total $ 286 $ 315 Other Key Products Mavyret United States $ 183 $ 142 International 168 164 Total $ 351 $ 306 Creon United States $ 361 $ 355 Linzess United States $ 272 $ 139 International 11 9 Total $ 283 $ 148 All other $ 1,025 $ 1,253 Total net revenues $ 15,002 $ 13,343 See the following for additional information about certain income and expenses included in net earnings: intangible assets amortization expense (Note 6), change in fair value of contingent consideration (Note 7), interest income and expense (Note 2), depreciation expense (Note 2), litigation matters (Note 11) and income tax expense (Note 10). 2026 Form 10-Q | 21