10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2021 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 18, 2022) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net revenues | $ 56,197 | 45,804 | 33,266 |
| Cost of products sold | 17,446 | 15,387 | 7,439 |
| Selling, general and administrative | 12,349 | 11,299 | 6,942 |
| Research and development | 7,084 | 6,557 | 6,407 |
| Acquired in-process research and development | 962 | 1,198 | 385 |
| Other operating expense (income), net | 432 | 0 | (890) |
| Total operating costs and expenses | 38,273 | 34,441 | 20,283 |
| Operating earnings | 17,924 | 11,363 | 12,983 |
| Interest expense, net | 2,384 | 2,280 | 1,509 |
| Net foreign exchange loss | 51 | 71 | 42 |
| Other expense, net | 2,500 | 5,614 | 3,006 |
| Earnings before income tax expense | 12,989 | 3,398 | 8,426 |
| Income tax expense (benefit) | 1,440 | (1,224) | 544 |
| Net earnings | 11,549 | 4,622 | 7,882 |
| Net earnings attributable to noncontrolling interest | 7 | 6 | 0 |
| Net earnings attributable to AbbVie Inc. | 11,542 | 4,616 | 7,882 |
| Per share data | |||
| Basic earnings per share (in dollars per share) | 6.48 | 2.73 | 5.30 |
| Diluted earnings per share (in dollars per share) | 6.45 | 2.72 | 5.28 |
| Weighted-average basic shares outstanding (in shares) | 1,770 | 1,667 | 1,481 |
| Weighted-average diluted shares outstanding (in shares) | 1,777 | 1,673 | 1,484 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 18, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net earnings | $ 11,549 | 4,622 | 7,882 |
| Foreign currency translation adjustments, net of tax expense (benefit) of $(35) in 2021, $28 in 2020 and $(4) in 2019 | (1,153) | 1,511 | (98) |
| Net investment hedging activities, net of tax expense (benefit) of $193 in 2021, $(221) in 2020 and $22 in 2019 | 699 | (799) | 74 |
| Pension and post-employment benefits, net of tax expense (benefit) of $124 in 2021, $(47) in 2020 and $(323) in 2019 | 521 | (102) | (1,243) |
| Marketable security activities, net of tax expense (benefit) of $ in 2021, $ in 2020 and $ in 2019 | 0 | 0 | 10 |
| Cash flow hedging activities, net of tax expense (benefit) of $20 in 2021, $(23) in 2020 and $70 in 2019 | 151 | (131) | 141 |
| Other comprehensive income (loss) | 218 | 479 | (1,116) |
| Comprehensive income | 11,767 | 5,101 | 6,766 |
| Comprehensive income attributable to noncontrolling interest | 7 | 6 | 0 |
| Comprehensive income attributable to AbbVie Inc. | 11,760 | 5,095 | 6,766 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 18, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Cash flows from operating activities | |||
| Net earnings | $ 11,549 | 4,622 | 7,882 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation | 803 | 666 | 464 |
| Amortization of intangible assets | 7,718 | 5,805 | 1,553 |
| Deferred income taxes | (898) | (2,325) | 122 |
| Change in fair value of contingent consideration liabilities | 2,679 | 5,753 | 3,091 |
| Stock-based compensation | 692 | 753 | 430 |
| Upfront costs and milestones related to collaborations | 1,624 | 1,376 | 490 |
| Gain on divestitures | (68) | 0 | (330) |
| Stemcentrx impairment | 0 | 0 | 1,030 |
| Other, net | 0 | 832 | 43 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (1,321) | (929) | (74) |
| Inventories | (142) | (40) | (231) |
| Prepaid expenses and other assets | (197) | 134 | (225) |
| Accounts payable and other liabilities | 1,628 | 1,514 | 97 |
| Income tax assets and liabilities, net | (1,290) | (573) | (1,018) |
| Cash flows from operating activities | 22,777 | 17,588 | 13,324 |
| Cash flows from investing activities | |||
| Acquisition of businesses, net of cash acquired | (525) | (38,260) | 0 |
| Other acquisitions and investments | (1,377) | (1,350) | (1,135) |
| Acquisitions of property and equipment | (787) | (798) | (552) |
| Purchases of investment securities | (119) | (61) | (583) |
| Sales and maturities of investment securities | 98 | 1,525 | 2,699 |
| Other, net | 366 | 1,387 | 167 |
| Cash flows from investing activities | (2,344) | (37,557) | 596 |
| Cash flows from financing activities | |||
| Net change in commercial paper borrowings | 0 | 0 | (699) |
| Repayments of other short-term borrowings | 0 | 0 | (3,000) |
| Proceeds from issuance of long-term debt | 1,000 | 3,000 | 31,482 |
| Repayments of long-term debt and finance lease obligations | (9,414) | (5,683) | (1,536) |
| Debt issuance costs | 0 | (20) | (424) |
| Dividends paid | (9,261) | (7,716) | (6,366) |
| Purchases of treasury stock | (934) | (978) | (629) |
| Proceeds from the exercise of stock options | 244 | 209 | 8 |
| Payments of contingent consideration liabilities | (698) | (321) | (163) |
| Other, net | 24 | 8 | 35 |
| Cash flows from financing activities | (19,039) | (11,501) | 18,708 |
| Effect of exchange rate changes on cash and equivalents | (97) | (5) | 7 |
| Net change in cash and equivalents | 1,297 | (31,475) | 32,635 |
| Cash and equivalents, beginning of year | 8,449 | 39,924 | |
| Cash and equivalents, end of year | 9,746 | 8,449 | 39,924 |
| Other supplemental information | |||
| Interest paid, net of portion capitalized | 2,712 | 2,619 | 1,794 |
| Income taxes paid | 3,648 | 1,674 | 1,447 |
| Supplemental schedule of non-cash investing and financing activities | |||
| Issuance of common shares associated with acquisitions of businesses | 0 | 23,979 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ABBVIE INC. | ||
Ticker: ABBV Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 18, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Current assets | ||
| Cash and equivalents | $ 9,746 | 8,449 |
| Short-term investments | 84 | 30 |
| Accounts receivable, net | 9,977 | 8,822 |
| Inventories | 3,128 | 3,310 |
| Prepaid expenses and other | 4,993 | 3,562 |
| Total current assets | 27,928 | 24,173 |
| Investments | 277 | 293 |
| Property and equipment, net | 5,110 | 5,248 |
| Intangible assets, net | 75,951 | 82,876 |
| Goodwill | 32,379 | 33,124 |
| Other assets | 4,884 | 4,851 |
| Total assets | 146,529 | 150,565 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Short-term borrowings | 14 | 34 |
| Current portion of long-term debt and finance lease obligations | 12,481 | 8,468 |
| Accounts payable and accrued liabilities | 22,699 | 20,159 |
| Total current liabilities | 35,194 | 28,661 |
| Long-term debt and finance lease obligations | 64,189 | 77,554 |
| Deferred income taxes | 3,009 | 3,646 |
| Other long-term liabilities | 28,701 | 27,607 |
| Commitments and contingencies | ||
| Stockholders' equity (deficit) | ||
| Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,803,195,293 shares issued as of December 31, 2021 and 1,792,140,764 as of December 31, 2020 | 18 | 18 |
| Common stock held in treasury, at cost, 34,857,597 shares as of December 31, 2021 and 27,007,945 as of December 31, 2020 | (3,143) | (2,264) |
| Additional paid-in capital | 18,305 | 17,384 |
| Retained earnings | 3,127 | 1,055 |
| Accumulated other comprehensive loss | (2,899) | (3,117) |
| Total stockholders' equity | 15,408 | 13,076 |
| Noncontrolling interest | 28 | 21 |
| Total equity | 15,436 | 13,097 |
| Total liabilities and equity | 146,529 | 150,565 |
| External Links | |
| ABBVIE INC. (ABBV) Fiscal Year 2021 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |