AbbVie Inc. · 10-Q · Item 2 MD&A

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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.”

EXECUTIVE OVERVIEW

Company Overview

AbbVie is a global, diversified research-based biopharmaceutical company positioned for success with a comprehensive product portfolio that has leadership positions across immunology, neuroscience, oncology and aesthetics. AbbVie uses its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases.

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.

AbbVie's mission is to discover and develop innovative medicines and products that solve serious health issues today and address the medical challenges of tomorrow while achieving top-tier financial performance through outstanding execution. AbbVie intends to execute its strategy and advance its mission in a number of ways, including: (i) maximizing the benefits of a diversified revenue base with multiple long-term growth drivers; (ii) leveraging AbbVie's commercial strength and international infrastructure across therapeutic areas and ensuring strong commercial execution of new product launches as well as continued investment in key on-market products; (iii) continuing to invest in and expand its pipeline in support of opportunities in immunology, neuroscience, oncology and aesthetics as well as new sources of growth such as obesity; (iv) generating substantial operating cash flows to support investments in innovative research and development and returning cash to shareholders via a strong and growing dividend while maintaining a strong investment grade credit rating. In addition, AbbVie anticipates several regulatory submissions, approvals and data readouts from key clinical trials in the next 12 months.

Financial Results

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 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.

Recent Events

Regulatory Environment

In January 2026, AbbVie announced a voluntary agreement with the U.S. government to further advance access and affordability of AbbVie’s products in the U.S. while protecting and investing in U.S. pharmaceutical innovation. T1AbbVie will provide low prices in Medicaid and expand affordable, direct-to-patient offerings. Additionally, AbbVie pledged $100 billion in U.S.-based research and development and capital investments, including manufacturing, over the next decade. Under this voluntary agreement, the U.S. government has agreed to provide AbbVie a three-year exemption from tariffs and future price mandates.

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.

U.S. Capital Investment

In 2026, T2AbbVie announced an investment to build a pharmaceutical manufacturing campus in North Carolina. 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, which closed in July 2026. These projects are part of AbbVie's plan to invest in the U.S. to broadly support innovation and expand critical manufacturing capabilities and capacity.

Research and Development

Research and innovation are the cornerstones of AbbVie’s business as a global biopharmaceutical company. AbbVie’s long-term success depends to a great extent on its ability to continue to discover and develop innovative products and acquire or collaborate on compounds currently in development by other biotechnology or pharmaceutical companies.

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. T3The company’s pipeline is focused on immunology, neuroscience, oncology and aesthetics as well as other specialties, including obesity.

The following sections summarize transitions of significant programs from mid-stage development to late-stage development as well as developments in significant late-stage and registrational programs. AbbVie expects multiple mid-stage programs to transition into late-stage programs in the next 12 months.

Significant Programs and Developments

Immunology

Skyrizi

•In February 2026, AbbVie announced positive topline results from the Phase 3 AFFIRM trial evaluating Skyrizi subcutaneous induction in adult patients with moderately to severely active Crohn’s disease (CD).

•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.

•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.

Rinvoq

•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.

•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.

Neuroscience

Qulipta

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

Oncology

Venclexta

•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 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.

Epkinly

•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). T4The 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).

Decnupaz

•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).

Temab-A

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

Aesthetics

Boey

•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.

•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.

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.

Other

Mavyret

•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.

RESULTS OF OPERATIONS

Net Revenues

The comparisons presented at constant currency rates reflect comparative local currency net revenues at the prior year’s foreign exchange rates. This measure provides information on the change in net revenues assuming that foreign currency exchange rates had not changed between the prior and current periods. AbbVie believes that the non-GAAP measure of change in net revenues at constant currency rates, when used in conjunction with the GAAP measure of change in net revenues at actual currency rates, may provide a more complete understanding of the company’s operations and can facilitate analysis of the company’s results of operations, particularly in evaluating performance from one period to another.

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currency rates

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currency rates

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(dollars in millions)

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Net revenues

$

$

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%

$

$

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The following table details AbbVie’s worldwide net revenues:

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currency rates

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currency rates

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currency rates

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currency rates

(dollars in millions)

Immunology

Skyrizi

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Rinvoq

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Humira

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Neuroscience

Vraylar

United States

$

$

%

%

$

$

%

%

International

3

2

%

%

6

4

%

%

Total

$

$

%

%

$

$

%

%

Botox Therapeutic

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Ubrelvy

United States

$

$

%

%

$

$

%

%

International

8

%

%

%

%

Total

$

$

%

%

$

$

%

%

Qulipta

United States

$

$

%

%

$

$

%

%

International

%

%

Total

$

$

%

%

$

$

%

%

Vyalev

United States

$

$

$

$

International

%

%

%

%

Total

$

$

$

$

Other Neuroscience

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Oncology

Venclexta

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Imbruvica

United States

$

$

%

%

$

$

%

%

Collaboration revenues

%

%

%

%

Total

$

$

%

%

$

$

%

%

Elahere

United States

$

$

%

%

$

$

%

%

International

Total

$

$

%

%

$

$

%

%

Epkinly

Collaboration revenues

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Other Oncology

United States

$

$

2

$

$

2

Aesthetics

Botox Cosmetic

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Juvederm Collection

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Other Aesthetics

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Other Key Products

Mavyret

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

Creon

United States

$

$

%

%

$

$

%

%

Linzess

United States

$

$

%

%

$

$

%

%

International

%

%

%

%

Total

$

$

%

%

$

$

%

%

All other

$

$

%

%

$

$

%

%

Total net revenues

$

$

%

%

$

$

%

%

n/m – Not meaningful

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

T5Net 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.

T6Net 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 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.

T7Net 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.

Gross Margin

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Gross margin

$

$

%

$

$

%

as a % of net revenues

%

%

%

%

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

$

$

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$

$

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as a % of net revenues

%

%

%

%

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

$

$

%

$

$

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as a % of net revenues

%

%

%

%

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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Upfront charges

$

$

$

$

Development milestones

Acquired IPR&D and milestones

$

$

$

$

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.

Other Non-Operating Expenses (Income)

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Interest expense

$

$

$

$

Interest income

Interest expense, net

$

$

$

$

Other expense, net

$

$

$

$

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 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.

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

Six months ended

(in millions)

Cash flows provided by (used in):

Operating activities

$

$

Investing activities

Financing activities

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.

T8Financing 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.

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.

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.

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.

Credit Risk

AbbVie monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad. AbbVie regularly communicates with its customers regarding the status of receivable balances, including their payment plans and obtains positive confirmation of the validity of the receivables. AbbVie establishes an allowance for credit losses equal to the estimate of future losses over the contractual life of outstanding accounts receivable. AbbVie may also utilize factoring arrangements to mitigate credit risk, although the receivables included in such arrangements have historically not been a significant amount of total outstanding receivables.

Credit Facilities, Access to Capital and Credit Ratings

Credit Facilities

AbbVie has two revolving credit facilities available, including a $5.0 billion five-year revolving credit facility that matures in March 2028 and a $3.0 billion five-year revolving credit facility that matures in January 2030. The revolving credit facilities are available to support AbbVie’s commercial paper program and enable the company to borrow funds to meet liquidity requirements on an unsecured basis at variable interest rates and contain various covenants. At 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

The company intends to fund short-term and long-term financial obligations as they mature through cash on hand, future cash flows from operations or has the ability to issue additional debt. The company’s ability to generate cash flows from operations, issue debt or enter into financing arrangements on acceptable terms could be adversely affected if there is a material decline in the demand for the company’s products or in the solvency of its customers or suppliers, deterioration in the company’s key financial ratios or credit ratings or other material unfavorable changes in business conditions. 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.

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. 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.

CRITICAL ACCOUNTING POLICIES

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.

FORWARD-LOOKING STATEMENTS

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.