AbbVie Inc.

Previous wording

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

Current wording

The following is a discussion and analysis of the financial condition of AbbVie Inc. (AbbVie or the company) as of September 30, 2026 and December 31, 2025 and the results of operations for the three and nine months ended September 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.”

Previous wording

AbbVie's products are generally sold worldwide directly to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies and independent retailers from AbbVie-owned distribution centers and public warehouses. Certain products (including aesthetic products and devices) are also sold directly to physicians and other licensed healthcare providers. 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 payer systems to agree on reimbursement terms. Certain products are co-marketed or co-promoted with other companies. AbbVie operates as a single global business segment.

Current wording

AbbVie's products are generally sold worldwide directly to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies and independent retailers from AbbVie-owned distribution centers and public warehouses. Certain products (including aesthetic products and devices) are also sold directly to physicians and other licensed health care providers. 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 payer systems to agree on reimbursement terms. Certain products are co-marketed or co-promoted with other companies. AbbVie operates as a single global business segment.

Previous wording

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.

Current wording

The company’s financial performance for the nine months ended September 30, 2026 included delivering worldwide net revenues of $49.4 billion, operating earnings of $16.7 billion, diluted earnings per share of $4.79 and cash flows from operations of $14.9 billion. Worldwide net revenues increased 11% on a reported basis and 10% on a constant currency basis.

Previous wording

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; and (ii) $3.9 billion for the change in fair value of contingent consideration liabilities. Additionally, financial results reflected continued funding to support all stages of AbbVie’s pipeline assets and continued investment in AbbVie’s on-market brands.

Current wording

Financial results for the nine months ended September 30, 2026 also included the following costs: (i) $5.1 billion related to the amortization of intangible assets; (ii) $4.7 billion for the change in fair value of contingent consideration liabilities; and (iii) $431 million of acquisition and integration expenses. Additionally, financial results reflected continued funding to support all stages of AbbVie’s pipeline assets and continued investment in AbbVie’s on-market brands.

Previous wording

The Inflation Reduction Act of 2022 has and will continue to have a significant impact on AbbVie’s business. In January 2026, the U.S. 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.

Current wording

The Inflation Reduction Act of 2022 has and will continue to have a significant impact on AbbVie’s business. In January 2026, the U.S. Department of Health and Human Services, through Centers for Medicare and Medicaid Services (CMS), selected Botox as one of 15 medicines subject to government-set prices in Medicare Parts B and D beginning in 2028. On October 29, 2026, the United States District Court for the District of Columbia vacated and set aside CMS's selection of Botox for the Medicare Drug Price Negotiation Program and enjoined CMS from publishing a maximum fair price for Botox. The ruling is subject to appeal by the government.

Previous wording

AbbVie’s pipeline currently includes approximately 90 compounds, devices or indications in development individually or under collaboration or license agreements. Of these programs, approximately 60 are in mid- and late-stage development. The company’s pipeline is focused on immunology, neuroscience, oncology and aesthetics as well as other specialties, including obesity.

Current wording

AbbVie’s pipeline currently includes approximately 100 compounds, devices or indications in development individually or under collaboration or license agreements. Of these programs, approximately 60 are in mid- and late-stage development. The company’s pipeline is focused on immunology, neuroscience, oncology and aesthetics as well as other specialties, including obesity.

Previous wording

•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.

Current wording

•In June 2026, AbbVie announced the U.S. Food and Drug Administration (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.

Previous wording

•In April 2026, AbbVie announced the submission of an application to the U.S. Food and Drug Administration (FDA) for Skyrizi for subcutaneous induction for the treatment of adult patients with moderately to severely active CD.

Current wording

•In August 2026, AbbVie announced the submission of an application to the European Medicines Agency for Skyrizi for subcutaneous induction for the treatment of adult patients with moderately to severely active CD.

Previous wording

•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.

Current wording

•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 (PFS).

Previous wording

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

Current wording

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

Previous wording

•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 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 trenibotulinumtoxinE and does not request additional clinical studies.

Current wording

•In April 2026, AbbVie announced it received a Complete Response Letter (CRL) from the U.S. FDA regarding the 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 trenibotulinumtoxinE and does not request additional clinical studies.

Previous wording

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.

Current wording

Net revenues for Skyrizi increased 23% for the three months and 25% for the nine months ended September 30, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Previous wording

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.

Current wording

Net revenues for Rinvoq increased 24% for the three months and 23% for the nine months ended September 30, 2026 primarily driven by continued strong market share uptake as well as market growth across all indications.

Previous wording

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.

Current wording

Net revenues for Humira decreased 31% for the three months and 36% for the nine months ended September 30, 2026 primarily driven by continued impact of direct biosimilar competition following the loss of exclusivity.

Previous wording

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.

Current wording

Net revenues for Botox Therapeutic increased 10% for the three months and 12% for the nine months ended September 30, 2026 primarily driven by market growth as well as continued market share uptake.

Previous wording

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.

Current wording

Net revenues for Ubrelvy increased 27% for the three and nine months ended September 30, 2026 primarily driven by continued market share uptake and market growth as well as favorable pricing.

Previous wording

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.

Current wording

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

Previous wording

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.

Current wording

Net revenues for Vyalev increased greater than 100% for the three and nine months ended September 30, 2026 primarily driven by strong demand uptake.

Previous wording

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

Current wording

Net revenues for Venclexta increased 11% for the three months and 10% for the nine months ended September 30, 2026 primarily driven by increased demand.

Previous wording

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 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.

Current wording

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 26% for the three months and 27% for the nine months ended September 30, 2026 primarily driven by unfavorable pricing and decreased demand in the United States as well as decreased collaboration revenues.

Previous wording

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.

Current wording

Net revenues for Elahere increased 31% for the three months and 23% for the nine months ended September 30, 2026 primarily driven by increased demand.

Previous wording

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.

Current wording

Net revenues for Botox Cosmetic increased 4% for the three months and 8% for the nine months ended September 30, 2026 primarily driven by increased consumer demand across certain international markets. Net revenues for the nine months ended September 30, 2026 were also impacted by favorable pricing due to customer loyalty program changes in the United States in the prior year.

Previous wording

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.

Current wording

Net revenues for Juvederm Collection decreased 12% for the three months and 7% for the nine months ended September 30, 2026 primarily driven by decreased consumer demand and unfavorable pricing.

Previous wording

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.

Current wording

Gross margin as a percentage of net revenues increased for the three and nine months ended September 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. Additionally, gross margin as a percentage of net revenues increased compared to the prior year due to intangible asset impairment charges of $847 million incurred during the three months ended September 30, 2025.

Previous wording

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.

Current wording

Selling, general and administrative (SG&A) expenses as a percentage of net revenues were flat for the three and nine months ended September 30, 2026 compared to the prior year. SG&A expense percentage for both the three and nine months ended September 30, 2026 was favorably impacted by the continued leverage from net revenues growth, offset by higher acquisition and integration costs incurred in connection with the Apogee Therapeutics, Inc. (Apogee) acquisition including cash-settled, post-closing expense for employee incentive awards and litigation reserve charges.

Previous wording

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.

Current wording

Research and development (R&D) expenses as a percentage of net revenues were flat for the three and nine months ended September 30, 2026 compared to the prior year. R&D expenses increased to support all stages of the company’s pipeline assets.

Previous wording

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.

Current wording

Acquired IPR&D and milestones expense for the nine months ended September 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 nine months ended September 30, 2025 included upfront charges of $1.9 billion related to the acquisition of Capstan Therapeutics, Inc. and $700 million related to a license agreement with Ichnos Glenmark Innovation, Inc. Acquired IPR&D and milestones expense for the nine months ended September 30, 2025 also 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.

Previous wording

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.

Current wording

Other expense, net included charges related to changes in fair value of contingent consideration liabilities of $829 million for the three months and $4.7 billion for the nine months ended September 30, 2026 and $776 million for the three months and $5.1 billion for the nine months ended September 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 nine months ended September 30, 2026, the change in fair value reflected higher estimated Skyrizi sales and the passage of time, partially offset by higher discount rates. For the nine months ended September 30, 2026, the change in fair value also reflected favorable clinical trial results for pipeline assets in combination with Skyrizi. For the three and nine months ended September 30, 2025, the change in fair value reflected the passage of time and lower discount rates. For the nine months ended September 30, 2025, the change in fair value also reflected higher estimated Skyrizi sales.

Previous wording

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 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.

Current wording

The effective tax rate was 13% for the three months and 16% for the nine months ended September 30, 2026 compared to 74% for the three months and 39% for the nine months ended September 30, 2025. The effective tax rate in each period differed from the U.S. 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 nine months ended September 30, 2026 over the prior year was primarily due to the decreased impact of business development activities and changes in fair value of contingent consideration, partially offset by changes in the impact of foreign operations.

Previous wording

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.

Current wording

Operating cash flows for the nine months ended September 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.

Previous wording

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.

Current wording

Investing cash flows for the nine months ended September 30, 2026 included payments made for acquisitions of businesses, net of cash acquired of $10.6 billion primarily related to the acquisition of Apogee, other acquisitions and investments, net of cash acquired of $1.4 billion and capital expenditures of $888 million. Investing cash flows for the nine months ended September 30, 2026 also included $1.1 billion primarily related to the sale of investment securities that were acquired as part of the Apogee acquisition. Investing cash flows for the nine months ended September 30, 2025 included payments made for other acquisitions and investments, net of cash acquired of $4.1 billion and capital expenditures of $885 million.

Previous wording

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.

Current wording

Financing cash flows for the nine months ended September 30, 2026 included the issuance of unsecured senior notes totaling $18.0 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 nine months ended September 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.

Previous wording

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.

Current wording

Financing cash flows also included cash dividend payments of $9.2 billion for the nine months ended September 30, 2026 and $8.7 billion for the nine months ended September 30, 2025. The increase in cash dividend payments was primarily due to the increase in the quarterly dividend rate.

Previous wording

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.

Current wording

On September 10, 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 October 15, 2026, payable on November 16, 2026. On October 30, 2026, the company announced that its board of directors declared an increase in the company’s quarterly dividend from $1.73 to $1.82 per share beginning with the dividend payable February 16, 2027 to stockholders on record as of January 15, 2027. 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.

Previous wording

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. 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.

Current wording

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

Previous wording

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.

Current wording

The company redeemed commercial paper during the nine months ended September 30, 2026 and 2025, and issued commercial paper during the nine months ended September 30, 2025. There were no commercial paper borrowings outstanding as of September 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.

Previous wording

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.

Current wording

In July 2026, in connection with the acquisition of Apogee, AbbVie entered into a $10.0 billion 364-day senior unsecured term loan facility. Subsequent to the $10.0 billion issuance of senior notes, AbbVie terminated the term loan facility in August 2026.

Previous wording

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. 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; however, they would not affect the company’s ability to draw on its credit facility and would not result in an acceleration of scheduled maturities of any of the company’s outstanding debt.

Current wording

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. 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 nine months ended September 30, 2026. Unfavorable changes to the ratings may have an adverse impact on future financing arrangements; however, they would not affect the company’s ability to draw on its credit facility and would not result in an acceleration of scheduled maturities of any of the company’s outstanding debt.

Previous wording

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 six months ended June 30, 2026.

Current wording

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 nine months ended September 30, 2026.

Previous wording

Some statements in this quarterly report on Form 10-Q are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project,” and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to AbbVie’s industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie’s operations is set forth in Item 1A, “Risk Factors,” in AbbVie’s Annual Report on Form 10-K for the year ended December 31, 2025, which has been filed with the Securities and Exchange Commission. AbbVie notes these factors for investors as permitted by the Private Securities Litigation Reform Act of 1995. 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.

Current wording

Some statements in this quarterly report on Form 10-Q are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "estimate," "intend," "plan," "target," "may," "could" and "will," and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, drug pricing reform and government pricing programs, risks related to the use of artificial intelligence or other emerging technologies, and the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and changes in U.S. and international trade policies and other uncertainties and risks associated with global business operations. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.