v3.22.0.1
Licensing, Acquisitions, and Other Arrangements (Tables)
 12 Months Ended
Dec. 31, 2021
Licensing, Acquisitions, and Other Arrangements  
Schedule of consideration for the acquisition of Allergan
Total consideration for the acquisition of Allergan is summarized as follows:
(in millions)
Cash consideration paid to Allergan shareholders (a)
$39,675 
Fair value of AbbVie common stock issued to Allergan shareholders (b)
23,979 
Fair value of AbbVie equity awards issued to Allergan equity award holders (c)
430 
Total consideration$64,084 
(a)Represents cash consideration transferred of $120.30 per outstanding Allergan ordinary share based on 330 million Allergan ordinary shares outstanding at closing.
(b)Represents the acquisition date fair value of 286 million shares of AbbVie common stock issued to Allergan shareholders based on the exchange ratio of 0.8660 AbbVie shares for each outstanding Allergan ordinary share at the May 8, 2020 closing price of $83.96 per share.
(c)Represents the pre-acquisition service portion of the fair value of 11 million AbbVie stock options and 8 million RSUs issued to Allergan equity award holders.
Schedule of fair value of assets acquired and liabilities assumed The following table summarizes the final fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Assets acquired and liabilities assumed
Cash and equivalents$1,537 
Short-term investments1,421 
Accounts receivable2,374 
Inventories2,340 
Prepaid expenses and other current assets1,982 
Investments137 
Property and equipment2,129 
Intangible assets
Definite-lived intangible assets68,190 
In-process research and development1,600 
Other noncurrent assets1,395 
Short-term borrowings(60)
Current portion of long-term debt and finance lease obligations(1,899)
Accounts payable and accrued liabilities(5,852)
Long-term debt and finance lease obligations(18,937)
Deferred income taxes(3,940)
Other long-term liabilities(4,765)
Total identifiable net assets47,652 
Goodwill16,432 
Total assets acquired and liabilities assumed$64,084 
Schedule of unaudited pro forma combined results The following table presents the unaudited pro forma combined results of AbbVie and Allergan for 2020 and 2019 as if the acquisition of Allergan had occurred on January 1, 2019:
years ended December 31 (in millions)20202019
Net revenues$50,521 $49,028 
Net earnings (loss)6,746 (38)