What changed in this filing

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Item 1. Financial Statements

2026-08-03 compared with 2026-05-08 · 157 added, 99 removed, 627 unchanged (29% of the section changed)

3 unchanged sentences

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(in millions, except per share data) 2026 2025 2026 2025

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Acquired IPR&D and milestones 291 823 1,035 1,071

Other operating income — ( 24 ) — ( 24 )

Total operating costs and expenses 10,558 10,529 21,570 20,139

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Three months ended

June 30, Six months ended

(in millions) 2026 2025 2026 2025

Net earnings $ 3,616 $ 941 $ 4,313 $ 2,230

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

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

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

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

Foreign currency translation adjustments, net of tax expense (benefit) of $( 2 ) for the three months and $( 7 ) for the six months ended June 30, 2026 and $ 33 for the three months and $ 50 for the six months ended June 30, 2025

( 144 ) 1,051 ( 348 ) 1,538

Net investment hedging activities, net of tax expense (benefit) of $ 21 for the three months and $ 64 for the six months ended June 30, 2026 and $( 192 ) for the three months and $( 269 ) for the six months ended June 30, 2025

76 ( 698 ) 232 ( 981 )

Pension and post-employment benefits, net of tax expense (benefit) of $ 2 for the three and six months ended June 30, 2026 and $ — for the three and six months ended June 30, 2025

Cash flow hedging activities, net of tax expense (benefit) of $ 4 for the three and six months ended June 30, 2026 and $( 16 ) for the three months and $( 20 ) for the six months ended June 30, 2025

63 ( 153 ) 103 ( 172 )

Other comprehensive income (loss) ( 5 ) 204 ( 14 ) 387

7 unchanged sentences

Condensed Consolidated Balance Sheets

(in millions, except share data) March 31,

(in millions, except share data) June 30,

2026 December 31,

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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

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

Common stock, $ 0.01 par value, 4,000,000,000 shares authorized, 1,844,174,521 shares issued as of June 30, 2026 and 1,838,678,628 as of December 31, 2025

Common stock held in treasury, at cost, 77,105,240 shares as of June 30, 2026 and 70,802,593 as of December 31, 2025

( 10,618 ) ( 9,146 )

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(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

Balance at March 31, 2025 1,766 $ 18 $ ( 9,137 ) $ 21,808 $ ( 9,527 ) $ ( 1,742 ) $ 42 $ 1,462

Net earnings attributable to AbbVie Inc.

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Change in noncontrolling interest — — — — — — 3 3

Balance at June 30, 2025 1,766 $ 18 $ ( 9,147 ) $ 21,987 $ ( 11,503 ) $ ( 1,538 ) $ 45 $ ( 138 )

Balance at March 31, 2026 1,767 $ 18 $ ( 10,611 ) $ 22,962 $ ( 17,872 ) $ ( 1,153 ) $ 44 $ ( 6,612 )

Net earnings attributable to AbbVie Inc.

— — — — 3,613 — — 3,613

Other comprehensive loss, net of tax — — — — — ( 5 ) — ( 5 )

Dividends declared — — — — ( 3,074 ) — — ( 3,074 )

Purchases of treasury stock — — ( 9 ) — — — — ( 9 )

Stock-based compensation plans and other — — 2 194 — — — 196

Change in noncontrolling interest — — — — — — 3 3

Balance at June 30, 2026 1,767 $ 18 $ ( 10,618 ) $ 23,156 $ ( 17,333 ) $ ( 1,158 ) $ 47 $ ( 5,888 )

Balance at December 31, 2024 1,765 $ 18 $ ( 8,201 ) $ 21,333 $ ( 7,900 ) $ ( 1,925 ) $ 39 $ 3,364

1 unchanged sentence

— — — — 2,224 — — 2,224

Other comprehensive income, net of tax — — — — — 387 — 387

Dividends declared — — — — ( 5,827 ) — — ( 5,827 )

Purchases of treasury stock ( 5 ) — ( 973 ) — — — — ( 973 )

Stock-based compensation plans and other 6 — 27 654 — — — 681

Change in noncontrolling interest — — — — — — 6 6

Balance at June 30, 2025 1,766 $ 18 $ ( 9,147 ) $ 21,987 $ ( 11,503 ) $ ( 1,538 ) $ 45 $ ( 138 )

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.

— — — — 4,308 — — 4,308

Other comprehensive loss, net of tax — — — — — ( 14 ) — ( 14 )

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Change in noncontrolling interest — — — — — — 5 5

Balance at March 31, 2026 1,767 $ 18 $ ( 10,611 ) $ 22,962 $ ( 17,872 ) $ ( 1,153 ) $ 44 $ ( 6,612 )

Balance at June 30, 2026 1,767 $ 18 $ ( 10,618 ) $ 23,156 $ ( 17,333 ) $ ( 1,158 ) $ 47 $ ( 5,888 )

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

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Condensed Consolidated Statements of Cash Flows (unaudited)

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(in millions) (brackets denote cash outflows) 2026 2025

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Net change in commercial paper borrowings with original maturities of three months or less ( 499 ) 1,549

Proceeds from issuance of other short-term borrowings — 4,007

Repayments of other short-term borrowings ( 2,000 ) —

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Three months ended

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(in millions) 2026 2025 2026 2025

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Interest expense, net $ 679 $ 678 $ 1,324 $ 1,305

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Property and Equipment, Net

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Property and equipment, net $ 5,796 $ 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.

Depreciation expense was $ 194 million for the three months and $ 382 million for the six months ended June 30, 2026 and $ 186 million for the three months and $ 367 million for the six months ended June 30, 2025.

Note 3 Earnings Per Share

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(in millions, except per share data) 2026 2025 2026 2025

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Note 4 Licensing, Acquisitions and Other Arrangements

Proposed Acquisition of Apogee Therapeutics, Inc.

In June 2026, AbbVie announced that it entered into a definitive agreement to acquire Apogee Therapeutics, Inc.

Apogee is a clinical-stage biotechnology company advancing novel biologics with potential for differentiated efficacy and dosing for the treatment of atopic dermatitis, asthma and other inflammatory conditions.

Under the terms of the agreement, AbbVie will acquire all outstanding shares of Apogee for $ 135.11 per share in cash for a total value of approximately $ 10.9 billion.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions including Apogee shareholder approval.

2026 Form 10-Q |

Acquisition of Nimble Therapeutics, Inc.

On January 23, 2025, AbbVie completed its acquisition of Nimble Therapeutics, Inc.

In January 2025, AbbVie completed its acquisition of Nimble Therapeutics, Inc.

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.

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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 |

The following table summarizes acquired IPR&D and milestones expense:

Cash outflows related to other acquisitions and investments, net of cash acquired totaled $ 1.1 billion for the six months ended June 30, 2026 and $ 1.3 billion for the six months ended June 30, 2025.

The following table summarizes acquired in-process research and development (IPR&D) and milestones expense:

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(in millions)

2026 2025 2026 2025

Upfront charges $ 145 $ 705 $ 848 $ 951

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RemeGen Co., Ltd.

In March 2026, AbbVie completed its previously announced license agreement with RemeGen Co., Ltd.

In March 2026, AbbVie entered into a license agreement with RemeGen Co., Ltd.

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.

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AbbVie could make additional payments of up to $ 5.0 billion upon achievement of certain development, regulatory and commercial milestones and pay tiered royalties.

ADARx Pharmaceuticals, Inc.

In May 2025, AbbVie entered into a license option agreement with ADARx Pharmaceuticals, Inc.

Under the terms of the agreement, AbbVie received exclusive options to global license rights to develop and commercialize ADARx’s small interfering RNA (siRNA) therapeutics across multiple disease areas, including neuroscience, immunology and oncology.

Under the terms of the agreement, AbbVie made an upfront payment of $ 335 million which was recognized in acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the second quarter of 2025.

AbbVie could make additional payments of up to $ 385 million for option fees and option exercise payments, up to $ 7.5 billion upon achievement of certain development, regulatory and commercial milestones and pay tiered royalties.

In April 2025, AbbVie entered into a licensing agreement with Gubra A/S.

Under the terms of the agreement, AbbVie received an exclusive global license to develop and commercialize GUB014295 (ABBV-295), a long-acting amylin analog for the treatment of obesity.

Under the terms of the agreement, AbbVie made an upfront payment of $ 350 million which was recognized in acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the second quarter of 2025.

AbbVie could make additional payments of up to $ 1.9 billion upon achievement of certain development, regulatory and commercial milestones and pay tiered royalties.

AbbVie entered into other individually insignificant collaborations, licensing agreements or other asset acquisitions in which the related upfront payments were recorded in acquired IPR&D and milestones expense.

2026 Form 10-Q |

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.

The following represent the significant collaboration agreements impacting the periods ended June 30, 2026 and 2025.

Collaboration with Genentech, Inc.

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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.

Genentech’s share of profits, including royalties, was $ 298 million for the three months and $ 582 million for the six months ended June 30, 2026 and $ 262 million for the three months and $ 504 million for the six months ended June 30, 2025.

Sales and marketing and development costs for the three and six months ended June 30, 2026 and 2025 were insignificant.

Collaboration with Janssen Biotech, Inc.

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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.

In the United States, Janssen’s share of profits was $ 157 million for the three months and $ 310 million for the six months ended June 30, 2026 and $ 253 million for the three months and $ 500 million for the six months ended June 30, 2025.

Other costs for the three and six months ended June 30, 2026 and 2025 were insignificant.

Outside the United States, Janssen is responsible for and has exclusive rights to commercialize Imbruvica.

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Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.

2026 Form 10-Q |

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.

Outside the United States, AbbVie’s share of profits was $ 195 million for the three months and $ 419 million for the six months ended June 30, 2026 and $ 211 million for the three months and $ 420 million for the six months ended June 30, 2025.

Other costs for the three and six months ended June 30, 2026 and 2025 were insignificant.

Note 6 Goodwill and Intangible Assets

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Foreign currency translation adjustments ( 121 )

Balance as of March 31, 2026 $ 35,570

Balance as of June 30, 2026 $ 35,519

2026 Form 10-Q |

Intangible Assets, Net

The following table summarizes intangible assets:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions) Gross

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Total intangible assets, net $ 94,728 $ ( 45,589 ) $ 49,139 $ 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 $ 1.7 billion for the three months and $ 3.4 billion for the six months ended June 30, 2026 and $ 1.9 billion for the three months and $ 3.7 billion for the six months ended June 30, 2025.

Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.

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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.

These contracts, with notional amounts totaling $ 3.8 billion at June 30, 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.

Accumulated gains and losses as of June 30, 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.

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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.

These contracts had notional amounts totaling $ 9.2 billion at June 30, 2026 and 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 |

million at December 31, 2025.

The company had an aggregate principal amount of senior Euro notes designated as net investment hedges of € 3.1 billion at June 30, 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 June 30, 2026 and € 6.5 billion, SEK 1.4 billion, CAD 500 million and CHF 80 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 company is a party to interest rate swap contracts designated as fair value hedges with notional amounts totaling $ 3.3 billion at June 30, 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.

The company is a party to interest rate swap contracts designated as cash flow hedges with notional amounts totaling $ 750 million at June 30, 2026.

The effect of the hedge contracts is to change a floating-rate interest obligation to a fixed rate for that portion of

2026 Form 10-Q |

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.

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Derivatives in liability position

(in millions) Balance sheet caption March 31,

(in millions) Balance sheet caption June 30,

2026 December 31,

2025 Balance sheet caption March 31,

2025 Balance sheet caption June 30,

2026 December 31,

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(in millions) 2026 2025 2026 2025

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Assuming market rates remain constant through contract maturities, the company expects to reclassify pre-tax gains of $ 45 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.

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 $ 43 million for the three months and $ 103 million for the six months ended June 30, 2026 and pre-tax losses of $ 283 million for the three months and $ 416 million for the six months ended June 30, 2025.

2026 Form 10-Q |

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.

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(in millions) Statement of earnings caption 2026 2025 2026 2025

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• 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

June 30, 2026

December 31, 2025

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Total liabilities $ 28,182 $ — $ 284 $ 27,898 $ 26,292 $ — $ 540 $ 25,752

2026 Form 10-Q |

Money market funds and time deposits are valued using relevant observable market inputs including quoted prices for similar assets and interest rate curves.

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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.

2026 Form 10-Q |

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 .

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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.

Changes in fair value recognized in other expense, net and in other comprehensive income (loss) for the three and six months ended June 30, 2026 and June 30, 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.

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The fair value of the company's contingent consideration liabilities was calculated using the following significant unobservable inputs:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Range Weighted average (a)

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3.7 % - 4.8 %

Probability of payment for royalties by indication

Projected year of payments 2026 - 2037

Probability of payment for royalties by indication (b)

Projected year of payments (c)

(a) Unobservable inputs were weighted by the relative fair value of the contingent consideration liabilities.

(b) At June 30, 2026, the estimated probability of payment was 100 % for approved Skyrizi indications and 38 % for pipeline assets in combination with Skyrizi based on the weighted probabilities of achieving regulatory approval.

Excludes early-stage pipeline assets with 0 % estimated probability of payment.

(c) At June 30, 2026, the projected year of payments ends in 2037 for Skyrizi and in 2044 for pipeline assets in combination with Skyrizi.

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:

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(in millions) 2026 2025

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Ending balance $ 27,495 $ 24,649

(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.

(a) Additions during the six months ended June 30, 2025, represent contingent consideration liabilities related to the Nimble acquisition.

The change in fair value is recorded in other expense, net in the condensed consolidated statements of earnings.

2026 Form 10-Q |

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:

The book value, fair value and bases used to measure the approximate fair values of certain financial instruments as of June 30, 2026 are shown in the table below:

Basis of fair value measurement

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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.

The carrying amount of these investments was $ 162 million as of June 30, 2026 and $ 159 million as of December 31, 2025.

No significant cumulative upward or downward adjustments have been recorded for these investments as of June 30, 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.

wholesalers accounted for 82 % as of June 30, 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 |

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The senior floating rate notes may not be redeemed prior to maturity.

In May 2026, the company repaid $ 2.0 billion aggregate principal amount of 3.20 % senior notes at 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.

In May 2025, the company repaid $ 3.8 billion aggregate principal amount of 3.60 % senior notes at maturity.

Financing related to the proposed acquisition of Apogee

Subsequent to June 30, 2026, in connection with the proposed acquisition of Apogee, AbbVie entered into a $ 10.0 billion 364-day senior unsecured term loan facility.

No amounts have been drawn under the term loan facility as of the date of filing of this Quarterly Report on Form 10-Q.

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.

There were no commercial paper borrowings outstanding as of June 30, 2026 and $ 499 million as of December 31, 2025.

The weighted-average interest rate on commercial paper borrowings was 3.85 % for the six months ended June 30, 2026 and 4.64 % for the six months ended June 30, 2025.

In April 2025, the company entered into a $ 4.0 billion 364-day term loan credit agreement.

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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.

At June 30, 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 June 30, 2026 and December 31, 2025.

2026 Form 10-Q |

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The following table summarizes net periodic benefit cost relating to the company’s defined benefit and other post-employment plans:

benefit plans Other post-employment plans

Defined benefit plans Other post-employment plans

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(in millions) 2026 2025 2026 2025 2026 2025 2026 2025

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(in millions) 2026 2025 2026 2025

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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 .

During the six months ended June 30, 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 $ 48.38 .

As of June 30, 2026, $ 11 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 .

During the six months ended June 30, 2026, primarily in connection with the company's annual grant, AbbVie granted 4.5 million RSUs and performance shares with a weighted-average grant-date fair value of $ 229.77 .

As of June 30, 2026, $ 1.0 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 |

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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.

AbbVie repurchased 5 million shares for $ 1.1 billion during the six months ended June 30, 2026 and 3 million shares for $ 606 million during the six months ended June 30, 2025.

AbbVie's remaining stock repurchase authorization was approximately $ 1.8 billion as of June 30, 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:

The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2026:

(in millions) Foreign currency

8 unchanged sentences

Net current-period other comprehensive income (loss) ( 348 ) 232 ( 1 ) 103 ( 14 )

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.

Balance as of June 30, 2026 $ ( 981 ) $ ( 190 ) $ ( 244 ) $ 257 $ ( 1,158 )

Other comprehensive loss for the six months ended June 30, 2026 included foreign currency translation adjustments totaling a loss of $ 348 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 $ 232 million.

2026 Form 10-Q |

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:

The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2025:

(in millions) Foreign currency

6 unchanged sentences

Other comprehensive income (loss) before reclassifications 1,538 ( 925 ) 1 ( 142 ) 472

Net gains reclassified from accumulated other comprehensive loss — ( 27 ) ( 1 ) ( 2 ) ( 30 )

Net losses (gains) reclassified from accumulated other comprehensive loss — ( 56 ) 1 ( 30 ) ( 85 )

Net current-period other comprehensive income (loss) 1,538 ( 981 ) 2 ( 172 ) 387

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.

Balance as of June 30, 2025 $ ( 576 ) $ ( 432 ) $ ( 662 ) $ 132 $ ( 1,538 )

Other comprehensive income for the six months ended June 30, 2025 included foreign currency translation adjustments totaling a gain of $ 1.5 billion 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 $ 981 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

June 30, Six months ended

(in millions) (brackets denote gains) 2026 2025 2026 2025

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Pension and post-employment benefits

Amortization of actuarial losses (gains) and other (b)

Amortization of actuarial losses and other (b)

$ 5 $ 3 $ 6 $ 2

Tax benefit ( 2 ) ( 1 ) ( 2 ) ( 1 )

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Cash flow hedging activities

Gains on foreign currency forward exchange contracts (c)

Losses (gains) on foreign currency forward exchange contracts (c)

$ 6 $ ( 29 ) $ 13 $ ( 28 )

( 6 ) ( 5 ) ( 12 ) ( 10 )

Total reclassifications, net of tax $ 3 $ ( 28 ) $ 7 $ ( 30 )

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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 was 15 % for the three months and 19 % for the six months ended June 30, 2026 compared to 39 % for the three months and 31 % for the six months ended June 30, 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.

statutory tax rate of 21 % principally due to the impact of foreign operations which reflect lower income tax rates in locations outside the United States partially offset by changes in fair value of contingent consideration and business development activities.

The decrease in the effective tax rate for the three and six months ended June 30, 2026 over the prior year was primarily due to the decreased impact of changes in fair value of contingent consideration and business development activities.

The decrease in the effective tax rate for the three months ended June 30, 2026 over the prior year was partially offset by changes in the impact of foreign operations.

2026 Form 10-Q |

2 unchanged sentences

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.

The recorded accrual balance for litigation was approximately $ 1.7 billion as of June 30, 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.

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Of these approximately 215 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

5 unchanged sentences

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 |

Product Liability Litigation, MDL No.

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 June 2026, AbbVie reached an agreement to resolve substantially all the United States-based ALCL lawsuits, which will be dismissed with prejudice.

Approximately 1,300 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 Product Liability Litigation, MDL No.

approximately 475 other lawsuits are pending in various U.S.

state courts;

and approximately 1,080 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.

1 unchanged sentence

Plaintiffs generally seek monetary damages, medical monitoring and attorneys’ fees.

2026 Form 10-Q |

In January 2025, a putative class action lawsuit, Sheet Metal Workers’ Health Plan of Southern California, Arizona and Nevada v.

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Intellectual Property Litigation

is seeking to enforce patent rights related to ubrogepant (a drug sold under the trademark Ubrelvy).

AbbVie 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;

23 unchanged sentences

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.

Net earnings and significant segment expenses reviewed by the CODM are reported on the condensed consolidated statements of earnings for the periods ended June 30, 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.

3 unchanged sentences

Three months ended

June 30, Six months ended

(in millions) 2026 2025 2026 2025

31 unchanged sentences

Three months ended

June 30, Six months ended

(in millions) 2026 2025 2026 2025

3 unchanged sentences

Elahere United States

$ 161 $ 138 $ 321 $ 303

International

1 unchanged sentence

Epkinly Collaboration revenues

$ 64 $ 49 $ 115 $ 85

International 39 21 71 36

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements