v3.25.4
Licensing, Acquisitions, and Other Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Licensing, Acquisitions, and Other Arrangements  
Business Combination, Recognized Asset Acquired and Liability 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$361 
Short-term investments382 
Prepaid expenses and other current assets9 
Property and equipment, net25 
Investments121 
Intangible assets, net8,100 
Other noncurrent assets31 
Current portion of long-term debt(400)
Accounts payable and accrued liabilities(100)
Long-term debt(246)
Deferred income taxes(1,292)
Other long-term liabilities(31)
Total identifiable net assets6,960 
Goodwill1,702 
Total assets acquired and liabilities assumed$8,662 
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$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 
Business Combination, Pro Forma Information
The following table presents the unaudited pro forma combined results of AbbVie, ImmunoGen and Cerevel Therapeutics for 2024 and 2023 as if the acquisitions of ImmunoGen and Cerevel Therapeutics had occurred on January 1, 2023:
years ended December 31 (in millions)20242023
Net revenues$56,389 $54,691 
Net earnings4,564 2,862 
Research and Development Asset Acquired in Transaction Other than Business Combination or Joint Venture Formation
The following table summarizes acquired IPR&D and milestone expense:
years ended December 31 (in millions)202520242023
Upfront charges$4,808 $2,627 $582 
Development milestones208 130 196 
Acquired IPR&D and milestones$5,016 $2,757 $778