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: 2022 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 17, 2023) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net revenues | $ 58,054 | 56,197 | 45,804 |
| Cost of products sold | 17,414 | 17,446 | 15,387 |
| Selling, general and administrative | 15,260 | 12,349 | 11,299 |
| Research and development | 6,510 | 6,922 | 6,379 |
| Acquired IPR&D and milestones | 697 | 1,124 | 1,376 |
| Other operating expense, net | 56 | 432 | 0 |
| Total operating costs and expenses | 39,937 | 38,273 | 34,441 |
| Operating earnings | 18,117 | 17,924 | 11,363 |
| Interest expense, net | 2,044 | 2,384 | 2,280 |
| Net foreign exchange loss | 148 | 51 | 71 |
| Other expense, net | 2,448 | 2,500 | 5,614 |
| Earnings before income tax expense | 13,477 | 12,989 | 3,398 |
| Income tax expense (benefit) | 1,632 | 1,440 | (1,224) |
| Net earnings | 11,845 | 11,549 | 4,622 |
| Net earnings attributable to noncontrolling interest | 9 | 7 | 6 |
| Net earnings attributable to AbbVie Inc. | 11,836 | 11,542 | 4,616 |
| Per share data | |||
| Basic earnings per share (in dollars per share) | 6.65 | 6.48 | 2.73 |
| Diluted earnings per share (in dollars per share) | 6.63 | 6.45 | 2.72 |
| Weighted-average basic shares outstanding (in shares) | 1,771 | 1,770 | 1,667 |
| Weighted-average diluted shares outstanding (in shares) | 1,778 | 1,777 | 1,673 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 17, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net earnings | $ 11,845 | 11,549 | 4,622 |
| Foreign currency translation adjustments, net of tax expense (benefit) of $(10) in 2022, $(35) in 2021 and $28 in 2020 | (943) | (1,153) | 1,511 |
| Net investment hedging activities, net of tax expense (benefit) of $152 in 2022, $193 in 2021 and $(221) in 2020 | 555 | 699 | (799) |
| Pension and post-employment benefits, net of tax expense (benefit) of $272 in 2022, $124 in 2021 and $(47) in 2020 | 1,088 | 521 | (102) |
| Cash flow hedging activities, net of tax expense (benefit) of $5 in 2022, $20 in 2021 and $(23) in 2020 | 0 | 151 | (131) |
| Other comprehensive income (loss) | 700 | 218 | 479 |
| Comprehensive income | 12,545 | 11,767 | 5,101 |
| Comprehensive income attributable to noncontrolling interest | 9 | 7 | 6 |
| Comprehensive income attributable to AbbVie Inc. | 12,536 | 11,760 | 5,095 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ABBVIE INC. | |||
Ticker: ABBV Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 17, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash flows from operating activities | |||
| Net earnings | $ 11,845 | 11,549 | 4,622 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation | 778 | 803 | 666 |
| Amortization of intangible assets | 7,689 | 7,718 | 5,805 |
| Deferred income taxes | (1,931) | (898) | (2,325) |
| Change in fair value of contingent consideration liabilities | 2,761 | 2,679 | 5,753 |
| Stock-based compensation | 671 | 692 | 753 |
| Acquired IPR&D and milestones | 697 | 1,124 | 1,376 |
| Other charges related to collaborations | 0 | 500 | 0 |
| Gain on divestitures | (172) | (68) | 0 |
| Non-cash litigation reserve adjustments, net of cash payments | 2,243 | 163 | (31) |
| Impairment of intangible assets | 770 | 50 | 0 |
| Other, net | (150) | (213) | 863 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (1,455) | (1,321) | (929) |
| Inventories | (686) | (142) | (40) |
| Prepaid expenses and other assets | (264) | (197) | 134 |
| Accounts payable and other liabilities | 1,605 | 1,628 | 1,514 |
| Income tax assets and liabilities, net | 542 | (1,290) | (573) |
| Cash flows from operating activities | 24,943 | 22,777 | 17,588 |
| Cash flows from investing activities | |||
| Acquisition of businesses, net of cash acquired | (255) | (525) | (38,260) |
| Other acquisitions and investments | (539) | (1,377) | (1,350) |
| Acquisitions of property and equipment | (695) | (787) | (798) |
| Purchases of investment securities | (1,438) | (119) | (61) |
| Sales and maturities of investment securities | 1,530 | 98 | 1,525 |
| Other, net | 774 | 366 | 1,387 |
| Cash flows from investing activities | (623) | (2,344) | (37,557) |
| Cash flows from financing activities | |||
| Proceeds from issuance of long-term debt | 2,000 | 1,000 | 3,000 |
| Repayments of long-term debt and finance lease obligations | (14,433) | (9,414) | (5,683) |
| Debt issuance costs | 0 | 0 | (20) |
| Dividends paid | (10,043) | (9,261) | (7,716) |
| Purchases of treasury stock | (1,487) | (934) | (978) |
| Proceeds from the exercise of stock options | 262 | 244 | 209 |
| Payments of contingent consideration liabilities | (1,132) | (698) | (321) |
| Other, net | 30 | 24 | 8 |
| Cash flows from financing activities | (24,803) | (19,039) | (11,501) |
| Effect of exchange rate changes on cash and equivalents | (62) | (97) | (5) |
| Net change in cash and equivalents | (545) | 1,297 | (31,475) |
| Cash and equivalents, beginning of year | 9,746 | 8,449 | |
| Cash and equivalents, end of year | 9,201 | 9,746 | 8,449 |
| Other supplemental information | |||
| Interest paid, net of portion capitalized | 2,546 | 2,712 | 2,619 |
| Income taxes paid | 2,988 | 3,648 | 1,674 |
| Supplemental schedule of non-cash investing and financing activities | |||
| Issuance of common shares associated with acquisitions of businesses | 0 | 0 | 23,979 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ABBVIE INC. | ||
Ticker: ABBV Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 17, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Current assets | ||
| Cash and equivalents | $ 9,201 | 9,746 |
| Short-term investments | 28 | 84 |
| Accounts receivable, net | 11,254 | 9,977 |
| Inventories | 3,579 | 3,128 |
| Prepaid expenses and other | 4,401 | 4,993 |
| Total current assets | 28,463 | 27,928 |
| Investments | 241 | 277 |
| Property and equipment, net | 4,935 | 5,110 |
| Intangible assets, net | 67,439 | 75,951 |
| Goodwill | 32,156 | 32,379 |
| Other assets | 5,571 | 4,884 |
| Total assets | 138,805 | 146,529 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Short-term borrowings | 1 | 14 |
| Current portion of long-term debt and finance lease obligations | 4,135 | 12,481 |
| Accounts payable and accrued liabilities | 25,402 | 22,699 |
| Total current liabilities | 29,538 | 35,194 |
| Long-term debt and finance lease obligations | 59,135 | 64,189 |
| Deferred income taxes | 2,190 | 3,009 |
| Other long-term liabilities | 30,655 | 28,701 |
| Commitments and contingencies | ||
| Stockholders' equity | ||
| Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,813,770,294 shares issued as of December 31, 2022 and 1,803,195,293 as of December 31, 2021 | 18 | 18 |
| Common stock held in treasury, at cost, 44,589,000 shares as of December 31, 2022 and 34,857,597 as of December 31, 2021 | (4,594) | (3,143) |
| Additional paid-in capital | 19,245 | 18,305 |
| Retained earnings | 4,784 | 3,127 |
| Accumulated other comprehensive loss | (2,199) | (2,899) |
| Total stockholders' equity | 17,254 | 15,408 |
| Noncontrolling interest | 33 | 28 |
| Total equity | 17,287 | 15,436 |
| Total liabilities and equity | 138,805 | 146,529 |
| External Links | |
| ABBVIE INC. (ABBV) Fiscal Year 2022 | |
| 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 |