Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

AbbVie Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	34,956)	32,293)	32,156)	32,379)	33,124)
Developed product rights	81,428)	75,142)	87,698)	88,945)	87,707)
License agreements	8,315)	8,191)	8,474)	8,487)	7,828)
Definite-lived intangible assets, gross carrying amount	89,743)	83,333)	96,172)	97,432)	95,535)
Accumulated amortization	(34,877)	(28,026)	(29,645)	(22,151)	(14,536)
Definite-lived intangible assets, net carrying amount	54,866)	55,307)	66,527)	75,281)	80,999)
Indefinite-lived intangible assets	5,202)	303)	912)	670)	1,877)
Intangible assets, net	60,068)	55,610)	67,439)	75,951)	82,876)
Goodwill and intangible assets	95,024)	87,903)	99,595)	108,330)	116,000)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	AbbVie Inc. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	AbbVie Inc. intangible assets, net decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	AbbVie Inc. goodwill and intangible assets decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

AbbVie Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	135,161)	134,711)	138,805)	146,529)	150,565)
Less: Goodwill	34,956)	32,293)	32,156)	32,379)	33,124)
Total assets (adjusted)	100,205)	102,418)	106,649)	114,150)	117,441)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	3,325)	10,360)	17,254)	15,408)	13,076)
Less: Goodwill	34,956)	32,293)	32,156)	32,379)	33,124)
Stockholders’ equity (adjusted)	(31,631)	(21,933)	(14,902)	(16,971)	(20,048)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

AbbVie Inc., Financial Data: Reported vs. Adjusted

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AbbVie Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.42	0.40	0.42	0.38	0.30
Adjusted total asset turnover	0.56	0.53	0.54	0.49	0.39
Financial Leverage
Reported financial leverage	40.65	13.00	8.04	9.51	11.51
Adjusted financial leverage	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	128.66%	46.94%	68.60%	74.91%	35.30%
Adjusted ROE	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	3.17%	3.61%	8.53%	7.88%	3.07%
Adjusted ROA	4.27%	4.75%	11.10%	10.11%	3.93%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	AbbVie Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	AbbVie Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

AbbVie Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net revenues	56,334)	54,318)	58,054)	56,197)	45,804)
Total assets	135,161)	134,711)	138,805)	146,529)	150,565)
Activity Ratio
Total asset turnover¹	0.42	0.40	0.42	0.38	0.30
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenues	56,334)	54,318)	58,054)	56,197)	45,804)
Adjusted total assets	100,205)	102,418)	106,649)	114,150)	117,441)
Activity Ratio
Adjusted total asset turnover²	0.56	0.53	0.54	0.49	0.39

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= 56,334 ÷ 135,161 = 0.42

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 56,334 ÷ 100,205 = 0.56

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	AbbVie Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	135,161)	134,711)	138,805)	146,529)	150,565)
Stockholders’ equity	3,325)	10,360)	17,254)	15,408)	13,076)
Solvency Ratio
Financial leverage¹	40.65	13.00	8.04	9.51	11.51
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	100,205)	102,418)	106,649)	114,150)	117,441)
Adjusted stockholders’ equity	(31,631)	(21,933)	(14,902)	(16,971)	(20,048)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 135,161 ÷ 3,325 = 40.65

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 100,205 ÷ -31,631 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc.	4,278)	4,863)	11,836)	11,542)	4,616)
Stockholders’ equity	3,325)	10,360)	17,254)	15,408)	13,076)
Profitability Ratio
ROE¹	128.66%	46.94%	68.60%	74.91%	35.30%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc.	4,278)	4,863)	11,836)	11,542)	4,616)
Adjusted stockholders’ equity	(31,631)	(21,933)	(14,902)	(16,971)	(20,048)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net earnings attributable to AbbVie Inc. ÷ Stockholders’ equity
= 100 × 4,278 ÷ 3,325 = 128.66%

² Adjusted ROE = 100 × Net earnings attributable to AbbVie Inc. ÷ Adjusted stockholders’ equity
= 100 × 4,278 ÷ -31,631 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc.	4,278)	4,863)	11,836)	11,542)	4,616)
Total assets	135,161)	134,711)	138,805)	146,529)	150,565)
Profitability Ratio
ROA¹	3.17%	3.61%	8.53%	7.88%	3.07%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to AbbVie Inc.	4,278)	4,863)	11,836)	11,542)	4,616)
Adjusted total assets	100,205)	102,418)	106,649)	114,150)	117,441)
Profitability Ratio
Adjusted ROA²	4.27%	4.75%	11.10%	10.11%	3.93%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net earnings attributable to AbbVie Inc. ÷ Total assets
= 100 × 4,278 ÷ 135,161 = 3.17%

² Adjusted ROA = 100 × Net earnings attributable to AbbVie Inc. ÷ Adjusted total assets
= 100 × 4,278 ÷ 100,205 = 4.27%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	AbbVie Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

AbbVie Inc. (NYSE:ABBV)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

AbbVie Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

AbbVie Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)