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Licensing, Acquisitions and Other Arrangements (Tables)
 3 Months Ended
Feb. 12, 2024
Mar. 31, 2024
Licensing, Acquisitions, and Other Arrangements    
Schedule of fair value of assets acquired and liabilities assumed
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Assets acquired and liabilities assumed
Cash and equivalents$591 
Accounts receivable171 
Inventories211 
Prepaid expenses and other current assets40 
Property and equipment, net7 
Intangible assets, net
Developed product rights7,200 
License agreements125 
Acquired in-process research and development1,280 
Other noncurrent assets273 
Current portion of long-term debt(99)
Accounts payable and accrued liabilities(312)
Deferred income taxes(899)
Other long-term liabilities(47)
Total identifiable net assets8,541 
Goodwill1,249 
Total assets acquired and liabilities assumed$9,790 
  
Schedule of unaudited pro forma combined results
The following table presents the unaudited pro forma combined results of AbbVie and ImmunoGen for the three months ended March 31, 2024 and 2023 as if the acquisition of ImmunoGen had occurred on January 1, 2023:
Three months ended
March 31,
(in millions)20242023
Net revenues$12,365 $12,275 
Net earnings (loss)1,739 (413)
  
Schedule of Research and Development Assets Acquired Other than Through Business Combination  
The following table summarizes acquired IPR&D and milestones expense:
Three months ended
March 31,
(in millions)
20242023
Upfront charges$79 $132 
Development milestones85 18 
Acquired IPR&D and milestones$164 $150