What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-03 compared with 2026-05-08 · 107 added, 70 removed, 212 unchanged (46% of the section changed)

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The following is a discussion and analysis of the financial condition of AbbVie Inc.

(AbbVie or the company) as of March 31, 2026 and December 31, 2025 and the results of operations for the three months ended March 31, 2026 and 2025.

(AbbVie or the company) as of June 30, 2026 and December 31, 2025 and the results of operations for the three and six months ended June 30, 2026 and 2025.

This commentary should be read in conjunction with the Condensed Consolidated Financial Statements and accompanying notes appearing in Item 1, “Financial Statements and Supplementary Data.”

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In the United States (U.S.), AbbVie distributes pharmaceutical products principally through independent wholesale distributors, with some sales directly to retailers, pharmacies, patients or other customers.

Outside the United States, AbbVie sells products primarily to wholesalers or through distributors, and depending on the market works through largely centralized national payers systems to agree on reimbursement terms.

Certain products are co-marketed or co-promoted with other companies.

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Financial Results

The company’s financial performance for the three months ended March 31, 2026 included delivering worldwide net revenues of $15.0 billion, operating earnings of $4.0 billion, diluted earnings per share of $0.39 and cash flows from operations of $3.8 billion.

The company’s financial performance for the six months ended June 30, 2026 included delivering worldwide net revenues of $32.0 billion, operating earnings of $10.4 billion, diluted earnings per share of $2.42 and cash flows from operations of $7.3 billion.

Worldwide net revenues increased 11% on a reported basis and 10% on a constant currency basis.

Financial results for the three months ended March 31, 2026 also included the following costs:

Financial results for the six months ended June 30, 2026 also included the following costs:

(i) $3.4 billion related to the amortization of intangible assets;

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In January 2026, the U.S.

Department of Health and Human Services, through Centers for Medicare and Medicaid Service, selected Botox as one of 15 medicines subject to government-set prices in Medicare Parts B and D beginning in 2028.

Department of Health and Human Services, through Centers for Medicare and Medicaid Services, selected Botox as one of 15 medicines subject to government-set prices in Medicare Parts B and D beginning in 2028.

Capital Investment

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The campus will integrate advanced manufacturing and laboratory technologies with artificial intelligence to support the production of immunology, neuroscience and oncology medicines.

Additionally, AbbVie announced investments to add two new manufacturing facilities in Illinois to support next generation neuroscience and obesity medications as well as an agreement to acquire a device manufacturing facility in Arizona.

These projects are part of AbbVie's plan to invest in the U.S.

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Food and Drug Administration (FDA) for Skyrizi for subcutaneous induction for the treatment of adult patients with moderately to severely active CD.

• In February 2026, AbbVie announced the submission of applications for a new indication to the U.S.

FDA and European Medicines Agency (EMA) for Rinvoq for the treatment of adult and adolescent patients with non-segmental vitiligo.

• In June 2026, AbbVie announced the European Commission (EC) approved Skyrizi for the treatment of children six years of age and older with moderate-to-severe plaque psoriasis who are candidates for systemic therapy.

• In June 2026, AbbVie announced the U.S.

FDA approved Skyrizi for the treatment of children six years of age and older with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, or active psoriatic arthritis.

• In February 2026, AbbVie announced the submission of an application for a new indication to the U.S.

FDA for Rinvoq for the treatment of adult and adolescent patients with non-segmental vitiligo.

• In April 2026, AbbVie announced the submission of an application for a new indication to the U.S.

FDA for Rinvoq for the treatment of adult and adolescent patients with severe alopecia areata (AA).

FDA for Rinvoq for the treatment of adult and adolescent patients with severe alopecia areata.

2026 Form 10-Q |

• In February 2026, AbbVie announced that the U.S.

• In July 2026, AbbVie announced the EC approved Rinvoq for the treatment of adult and adolescent patients with non-segmental vitiligo.

• In July 2026, AbbVie announced the EC approved Rinvoq for the treatment of adult and adolescent patients with severe alopecia areata.

• In June 2026, AbbVie announced the EC approved Aquipta for the acute treatment of migraine in adults with or without aura.

• In February 2026, AbbVie announced the U.S.

FDA approved the combination regimen of Venclexta with acalabrutinib for the treatment of previously untreated adult patients with chronic lymphocytic leukemia (CLL).

• In January 2026, AbbVie announced topline results from the Phase 3 trial evaluating Epkinly compared to investigator's choice of chemoimmunotherapy in adult patients with relapsed/refractory (R/R) diffuse large B-cell lymphoma (DLBCL).

The study demonstrated an improvement in progression free survival but did not demonstrate a statistically significant improvement in overall survival.

• In May 2026, AbbVie announced the EC authorized an expanded label for Venclyxto to include use in combination with acalabrutinib (with or without obinutuzumab) and use in combination with Imbruvica for the treatment of adult patients with previously untreated CLL.

• In January 2026, AbbVie announced topline results from the Phase 3 EPCORE DLBCL-1 trial evaluating Epkinly compared to investigator's choice of chemoimmunotherapy in adult patients with relapsed/refractory (R/R) diffuse large B-cell lymphoma (DLBCL).

The study did not demonstrate a statistically significant improvement in overall survival.

• In June 2026, AbbVie announced topline results from the Phase 3 EPCORE DLBCL-4 trial evaluating Epkinly plus lenalidomide compared to rituximab plus gemcitabine plus oxaliplatin in adult patients with R/R DLBCL who received at least one prior line of therapy.

The study met its primary endpoint, demonstrating an improvement in progression free survival.

• In July 2026, AbbVie announced the EC granted marketing authorization for Tepkinly in combination with lenalidomide and rituximab for the treatment of adult patients with R/R follicular lymphoma (FL).

• In April 2026, AbbVie initiated a Phase 3 trial to evaluate ABBV-706 versus standard of care in R/R small cell lung cancer (SCLC).

• In May 2026, AbbVie announced the U.S.

FDA approved Decnupaz (pivekimab sunirine-pvzy) for the treatment of adult patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN).

• In June 2026, AbbVie initiated a Phase 3 trial to evaluate Temab-A plus bevacizumab versus LONSURF plus bevacizumab in refractory metastatic colorectal cancer.

• In April 2026, AbbVie announced it received a Complete Response Letter (CRL) from the U.S.

FDA regarding the Biologics License Application (BLA) for trenibotulinumtoxinE (TrenibotE) for the treatment of moderate to severe glabellar lines.

FDA regarding the Biologics License Application (BLA) for trenibotulinumtoxinE for the treatment of moderate to severe glabellar lines.

In its letter, the FDA requested additional information about manufacturing processes.

The CRL does not identify any safety or efficacy concerns for TrenibotE and does not request additional clinical studies.

The CRL does not identify any safety or efficacy concerns for trenibotulinumtoxinE and does not request additional clinical studies.

• In July 2026, AbbVie announced the EC approved Boey (trenibotulinumtoxinE) for the temporary improvement in the appearance of moderate to severe glabellar lines in adult patients.

2026 Form 10-Q |

Juvederm Collection

• In June 2026, AbbVie announced the U.S.

FDA approved Skinvive by Juvederm to reduce neck lines for the improvement of neck appearance in adults over the age of 21.

• In June 2026, AbbVie announced the EC approved Maviret for the treatment of acute hepatitis C virus (HCV) infection in adults and children aged 3 years and older.

For a more comprehensive discussion of AbbVie’s products and pipeline, see the company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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Three months ended

March 31, Percent change

June 30, Percent change Six months ended

June 30, Percent change

currency rates At constant

currency rates At actual

currency rates At constant

currency rates

(dollars in millions)

2026 2025 2026 2025

United States

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Three months ended

March 31, Percent change

June 30, Percent change Six months ended

June 30, Percent change

currency rates At constant

currency rates At actual

currency rates At constant

currency rates

(dollars in millions)

2026 2025 2026 2025

Skyrizi United States $ 4,767 $ 3,843 24.0 % 24.0 % $ 8,542 $ 6,762 26.3 % 26.3 %

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Total $ 103 $ 70 46.8 % 48.1 % $ 186 $ 121 53.3 % 52.2 %

Other Oncology United States $ 24 $ — n/m n/m

Other Oncology United States $ 33 $ 2 >100.0 % >100.0 % $ 57 $ 2 >100.0 % >100.0 %

Botox Cosmetic United States $ 400 $ 410 (2.4) % (2.4) % $ 771 $ 705 9.4 % 9.4 %

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2026 Form 10-Q |

Three months ended

March 31, Percent change

currency rates At constant

currency rates

(dollars in millions)

Other Aesthetics United States $ 258 $ 282 (8.3) % (8.3) % $ 506 $ 552 (8.3) % (8.3) %

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The following discussion and analysis of AbbVie’s net revenues by product is presented on a constant currency basis.

Net revenues for Skyrizi increased 29% for the three months ended March 31, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Net revenues for Rinvoq increased 20% for the three months ended March 31, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Net revenues for Humira decreased 40% for the three months ended March 31, 2026 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity.

Net revenues for Vraylar increased 18% for the three months ended March 31, 2026 primarily driven by continued market share uptake as well as market growth.

Net revenues for Botox Therapeutic increased 15% for the three months ended March 31, 2026 primarily driven by market growth as well as continued market share uptake.

Net revenues for Ubrelvy increased 41% for the three months ended March 31, 2026 primarily driven by favorable pricing, continued market share uptake as well as market growth.

Net revenues for Qulipta increased 51% for the three months ended March 31, 2026 primarily driven by continued strong market share uptake as well as market growth.

Net revenues for Vyalev increased greater than 100% for the three months ended March 31, 2026 primarily driven by strong market share uptake.

Net revenues for Venclexta increased 10% for the three months ended March 31, 2026 primarily driven by increased demand.

Net revenues for Skyrizi increased 24% for the three months and 26% for the six months ended June 30, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Net revenues for Rinvoq increased 24% for the three months and 22% for the six months ended June 30, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Net revenues for Humira decreased 36% for the three months and 38% for the six months ended June 30, 2026 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity.

Net revenues for Vraylar increased 19% for the three and six months ended June 30, 2026 primarily driven by continued market share uptake and market growth as well as favorable pricing.

Net revenues for Botox Therapeutic increased 12% for the three months and 13% for the six months ended June 30, 2026 primarily driven by market growth as well as continued market share uptake.

Net revenues for Ubrelvy increased 16% for the three months and 26% for the six months ended June 30, 2026 primarily driven by continued market share uptake as well as market growth.

Net revenues for Qulipta increased 30% for the three months and 39% for the six months ended June 30, 2026 primarily driven by continued market share uptake as well as market growth.

Net revenues for Vyalev increased greater than 100% for the three and six months ended June 30, 2026 primarily driven by strong market share uptake.

Net revenues for Venclexta increased 10% for the three and six months ended June 30, 2026 primarily driven by increased demand.

Net revenues for Imbruvica represent product revenues in the United States and collaboration revenues outside of the United States related to AbbVie’s 50% share of Imbruvica profit.

AbbVie's global Imbruvica revenues decreased 25% for the three months ended March 31, 2026 primarily driven by unfavorable pricing and decreased demand in the United States, partially offset by increased collaboration revenues.

Net revenues for Elahere increased 8% for the three months ended March 31, 2026 primarily driven by increased demand.

Net revenues for Botox Cosmetic increased 17% for the three months ended March 31, 2026 primarily driven by favorable pricing due to customer loyalty program changes in the United States in the prior year and the timing of customer inventory stocking.

Net revenues for Juvederm Collection decreased 3% for the three months ended March 31, 2026 primarily driven by decreased consumer demand, partially offset by favorable pricing due to customer loyalty program changes in the United States in the prior year and the timing of customer inventory stocking.

AbbVie's global Imbruvica revenues decreased 29% for the three months and 27% for the six months ended June 30, 2026 primarily driven by unfavorable pricing and decreased demand in the United States as well as decreased collaboration revenues.

Net revenues for Elahere increased 32% for the three months and 19% for the six months ended June 30, 2026 primarily driven by increased demand.

Net revenues for Botox Cosmetic increased 3% for the three months and 10% for the six months ended June 30, 2026 primarily driven by increased consumer demand across certain international markets.

Net revenues for the six months ended June 30, 2026 were also impacted by favorable pricing due to customer loyalty program changes in the United States in the prior year.

Net revenues for Juvederm Collection decreased 7% for the three months and 5% for the six months ended June 30, 2026 primarily driven by decreased consumer demand and unfavorable pricing.

2026 Form 10-Q |

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(dollars in millions) 2026 2025 % change

June 30, Six months ended

(dollars in millions) 2026 2025 % change 2026 2025 % change

Gross margin $ 12,699 $ 11,077 15 % $ 23,483 $ 20,418 15 %

as a % of net revenues 75 % 72 % 73 % 71 %

Gross margin as a percentage of net revenues increased for the three months ended March 31, 2026 compared to the prior year primarily due to higher net revenues and lower amortization of intangible assets.

Gross margin as a percentage of net revenues increased for the three and six months ended June 30, 2026 compared to the prior year primarily due to higher net revenues compared to lower fixed costs primarily driven by decreased amortization of intangible assets.

Selling, General and Administrative

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Selling, general and administrative $ 3,632 $ 3,253 12 % $ 7,210 $ 6,546 10 %

as a % of net revenues 21 % 21 % 23 % 23 %

Selling, general and administrative (SG&A) expenses as a percentage of net revenues decreased for the three months ended March 31, 2026 compared to the prior year primarily due to leverage from net revenues growth partially offset by higher litigation reserve charges.

Selling, general and administrative (SG&A) expenses as a percentage of net revenues were flat for the three and six months ended June 30, 2026 compared to the prior year.

SG&A expense percentage for both the three and six months ended June 30, 2026 was favorably impacted by the continued leverage from net revenues growth, offset by higher litigation reserve charges.

Research and Development

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Research and development $ 2,344 $ 2,131 10 % $ 4,816 $ 4,198 15 %

as a % of net revenues 14 % 14 % 15 % 15 %

Research and development (R&D) expenses as a percentage of net revenues increased for the three months ended March 31, 2026 compared to the prior year primarily due to increased funding to support all stages of the company’s pipeline assets.

Research and development (R&D) expenses as a percentage of net revenues were flat for the three and six months ended June 30, 2026 compared to the prior year.

R&D expenses increased to support all stages of the company’s pipeline assets.

Acquired IPR&D and Milestones

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(in millions)

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Upfront charges $ 145 $ 705 $ 848 $ 951

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

Acquired IPR&D and milestones expense for the three months ended March 31, 2026 included an upfront charge of $650 million related to a license agreement with RemeGen Co, Ltd.

Acquired IPR&D and milestones expense for the six months ended June 30, 2026 included an upfront charge of $650 million related to a license agreement with RemeGen Co., Ltd.

Acquired IPR&D and milestones expense for the three and six months ended June 30, 2025 included upfront charges of $350 million related to a license agreement with Gubra A/S and $335 million related to an option-to-license agreement with ADARx Pharmaceuticals, Inc.

See Note 4 to the Condensed Consolidated Financial Statements for additional information.

2026 Form 10-Q |

Other Non-Operating Expenses (Income)

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Other expense, net $ 1,475 $ 2,662 $ 3,781 $ 4,107

Other expense, net included charges related to changes in fair value of contingent consideration liabilities of $2.4 billion for the three months ended March 31, 2026 and $1.5 billion for the three months ended March 31, 2025.

The fair value of contingent consideration liabilities is impacted by the passage of time and multiple other inputs, including discount rates, the estimated amount

2026 Form 10-Q |

of future sales of the acquired products and other market-based factors.

For the three months ended March 31, 2026, the change in fair value reflected higher estimated Skyrizi sales and the passage of time, partially offset by higher discount rates.

For the three months ended March 31, 2025, the change in fair value reflected higher estimated Skyrizi sales, the passage of time and lower discount rates.

Other expense, net included charges related to changes in fair value of contingent consideration liabilities of $1.5 billion for the three months and $3.9 billion for the six months ended June 30, 2026 and $2.8 billion for the three months and $4.3 billion for the six months ended June 30, 2025.

The fair value of contingent consideration liabilities is impacted by the passage of time and multiple other inputs, including the probability of achieving regulatory approval, discount rates, the estimated amount of future sales of the acquired products and other market-based factors.

For the three and six months ended June 30, 2026, the change in fair value reflected higher estimated Skyrizi sales, the passage of time and favorable clinical trial results for pipeline assets in combination with Skyrizi, partially offset by higher discount rates.

For the three and six months ended June 30, 2025, the change in fair value reflected higher estimated Skyrizi sales, the passage of time and lower discount rates.

Income Tax Expense

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.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

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(in millions) 2026 2025

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Financing activities (4,135) (3,968)

Operating cash flows for the three months ended March 31, 2026 increased compared to the prior year primarily due to increased results from operations driven by higher net revenues, timing of working capital and lower payments related to litigation matters.

Investing cash flows for the three months ended March 31, 2026 included payments made for other acquisitions and investments, net of cash acquired of $266 million and capital expenditures of $265 million.

Investing cash flows for the three months ended March 31, 2025 included $210 million cash consideration paid to acquire Nimble Therapeutics, Inc.

offset by cash acquired of $6 million, payments made for other acquisitions and investments, net of cash acquired of $334 million and capital expenditures of $235 million.

Financing cash flows for the three months ended March 31, 2026 included the issuance of unsecured senior notes totaling $8.0 billion aggregate principal and the repayment of $2.0 billion aggregate principal of the 364-day term loan credit agreement.

Financing cash flows for the three months ended March 31, 2025 included the issuance of unsecured senior notes totaling $4.0 billion aggregate principal and the repayment of $3.0 billion aggregate principal of the 3.80% senior notes.

Financing cash flows also included cash dividend payments of $3.1 billion for the three months ended March 31, 2026 and $2.9 billion for the three months ended March 31, 2025.

The increase in cash dividend payments was primarily driven by the increase in the quarterly dividend rate.

On February 19, 2026, the company announced that its board of directors declared a quarterly dividend of $1.73 per share beginning with the dividend payable on May 15, 2026 to stockholders of record as of April 15, 2026.

Operating cash flows for the six months ended June 30, 2026 increased compared to the prior year primarily due to increased results from operations driven by higher net revenues and lower payments related to litigation matters partially offset by timing of working capital and higher payments of contingent consideration liabilities.

Investing cash flows for the six months ended June 30, 2026 included payments made for other acquisitions and investments, net of cash acquired of $1.1 billion and capital expenditures of $587 million.

Investing cash flows for the six months ended June 30, 2025 included payments made for other acquisitions and investments, net of cash acquired of $1.3 billion and capital expenditures of $504 million.

Financing cash flows for the six months ended June 30, 2026 included the issuance of unsecured senior notes totaling $8.0 billion aggregate principal.

Financing cash flows also included the repayment of $2.0 billion aggregate principal of the 364-day term loan credit agreement and $2.0 billion aggregate principal of 3.20% senior notes.

Financing cash flows for the six months ended June 30, 2025 included the issuance of unsecured senior notes totaling $4.0 billion aggregate principal and $2.0 billion under the 364-day term loan credit agreement.

Financing cash flows also included the repayment of $3.0 billion aggregate principal of 3.80% senior notes and $3.8 billion aggregate principal of 3.60% senior notes.

Financing cash flows also included cash dividend payments of $6.2 billion for the six months ended June 30, 2026 and $5.8 billion for the six months ended June 30, 2025.

The increase in cash dividend payments was primarily due to the increase in the quarterly dividend rate.

2026 Form 10-Q |

On June 18, 2026, the company announced that its board of directors declared a quarterly dividend of $1.73 per share for stockholders of record at the close of business on July 15, 2026, payable on August 14, 2026.

The timing, declaration, amount of and payment of any dividends by AbbVie in the future is within the discretion of its board of directors and will depend upon many factors, including AbbVie’s financial condition, earnings, capital requirements of its operating subsidiaries, covenants associated with certain of AbbVie’s debt service obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by its board of directors.

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The program has no time limit and can be discontinued at any time.

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.

The company redeemed commercial paper during the three months ended March 31, 2026 and 2025, and issued commercial paper during the three months ended March 31, 2025.

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

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.

The company redeemed commercial paper during the six months ended June 30, 2026 and 2025, and issued commercial paper during the six months ended June 30, 2025.

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

AbbVie may issue additional commercial paper or redeem commercial paper to meet liquidity requirements as needed.

2026 Form 10-Q |

AbbVie monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad.

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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.

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.

Access to Capital

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At the current time, the company believes it has sufficient financial flexibility to issue debt, enter into other financing arrangements and attract long-term capital on acceptable terms to support the company’s growth objectives.

2026 Form 10-Q |

Credit Ratings

In February 2026, Moody’s Investors Service upgraded AbbVie’s senior unsecured long-term credit rating to A2 with a stable outlook from A3 with a positive outlook and upgraded AbbVie’s short-term credit rating to Prime-1 from Prime-2.

There were no other changes in the company’s credit ratings during the three months ended March 31, 2026.

In June 2026, Standard and Poor's Global Ratings affirmed AbbVie’s senior unsecured long-term credit rating of A- and revised AbbVie's outlook to positive from stable.

There were no other changes in the company’s credit ratings during the six months ended June 30, 2026.

Unfavorable changes to the ratings may have an adverse impact on future financing arrangements;

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A summary of the company’s significant accounting policies is included in Note 2, “Summary of Significant Accounting Policies” in AbbVie's Annual Report on Form 10-K for the year ended December 31, 2025.

There have been no significant changes in the company’s application of its critical accounting policies during the three months ended March 31, 2026.

There have been no significant changes in the company’s application of its critical accounting policies during the six months ended June 30, 2026.

FORWARD-LOOKING STATEMENTS

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AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

2026 Form 10-Q |

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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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 2. Management’s Discussion and Analysis