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Who Can Vote

              Stockholders of record at the close of business on March 7, 201813, 2020 will be entitled to notice of and to vote atduring the Annual Meeting. As of March 7, 2018,13, 2020, AbbVie had 1,586,687,2361,476,672,808 outstanding shares of common stock, which are AbbVie's only outstanding voting securities. Each stockholder has one vote per share. Stockholders do not have the right to vote cumulatively in electing directors.

Notice and Access

              In accordance with the Securities and Exchange Commission (SEC) e-proxy rules, AbbVie mailed a Notice of Internet Availability of Proxy Materials (the "Notice") to stockholders in March 2018.2020. The Notice describes the matters to be considered at the Annual Meeting and how stockholders can access the proxy materials online. It also provides instructions on how stockholders can vote their shares. If you received the Notice, you will not receive a printed version of the proxy materials unless you request one. If you would like to receive a printed version of the proxy materials, free of charge, please follow the instructions on the Notice.

Voting by Proxy

              AbbVie's stockholders may vote their shares by telephone, the Internet, or atduring the Annual Meeting. If you vote by telephone or the Internet, you do not need to return your proxy card. The instructions for voting can be found on the Notice, on the website listed in the Notice, and, if you received one, on your proxy card. If you requested a printed version of the proxy card, you may also vote by mail.

Revoking a Proxy

              You may revoke your proxy by voting in person atduring the Annual Meeting or, at any time prior to the meeting:

•

by delivering a written notice to the secretary of AbbVie,



•

by delivering an authorized proxy with a later date, or



•

by voting by telephone or the Internet after you have given your proxy.

Discretionary Voting Authority

              Unless otherwise specified in accordance with the instructions on the proxy, the persons named in the proxy will vote the shares of AbbVie common stock covered by proxies they receive to elect the four nominees named in Item 1 on the proxy card. If a nominee becomes unavailable to serve, the shares will be voted for a substitute designated by the board of directors or for fewer than four nominees if, in the judgment of the proxy holders, such action is necessary or desirable.

              Where a stockholder has specified a choice for or against the proposals to be presented at the Annual Meeting or if the stockholder has chosen to abstain, the shares of AbbVie common stock represented by the proxy will be voted (or not voted) as specified. Where no choice has been specified, the proxy will be voted FOR the ratification of Ernst & Young LLP as auditors, FOR the approval of executive compensation, FOR management's recommendation to hold a vote to approve executive compensation annually, FOR the management proposal regarding the annual election of directors, FOR the management proposal to eliminate supermajority voting, and AGAINST each of the stockholder proposals.

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              The board of directors is not aware of any other issue that may properly be brought before the meeting. If other matters are properly brought before the meeting, the accompanying proxy will be voted in accordance with the judgment of the proxy holders.

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Quorum and Vote Required to Approve Each Item on the Proxy

              A majority of the outstanding shares entitled to vote generally in the election of directors, represented in person or by proxy, constitutes a quorum. Directors are elected by stockholders in an uncontested election if a majority of the votes cast are "for" a director's re-election at the Annual Meeting, excluding abstentions and broker non-votes. For other matters, the affirmative vote of a majority of the shares represented, in person or by proxy, at the meeting and entitled to vote on a matter shall be the act of the stockholders with respect to that matter; except for the management proposal regarding the annual election of directors, and the management proposal to eliminate supermajority voting, each of which requirerequires the affirmative vote of shares representing not less than eighty percent (80%) of the outstanding shares of capital stock of AbbVie entitled to vote generally in the election of directors pursuant to Article XI of AbbVie's Amended and Restated Certificate of Incorporation.

Effect of Broker Non-Votes and Abstentions

              A proxy submitted by an institution such as a broker or bank that holds shares for the account of a beneficial owner may indicate that all or a portion of the shares represented by that proxy are not being voted with respect to a particular matter. This could occur, for example, when the broker or bank is not permitted to vote those shares in the absence of instructions from the beneficial owner of the stock. These "non-voted shares" will be considered shares not present and, therefore, not entitled to vote on those matters, although these shares may be considered present and entitled to vote for other purposes. Brokers and banks have discretionary authority to vote shares in the absence of instructions on matters the New York Stock Exchange considers "routine," such as the ratification of the appointment of the auditors. They do not have discretionary authority to vote shares in absence of instructions on "non-routine" matters. The election of directors, the advisory vote on the approval of executive compensation, the advisory vote on the frequency of votes to approve executive compensation, the management proposal regarding the annual election of directors, the management proposal to eliminate supermajority voting, and the stockholder proposals are considered "non-routine" matters. Non-voted shares will not affect the determination of the outcome of the vote on any matter to be decided at the meeting. Shares represented by proxies that are present and entitled to vote on a matter but that have elected to abstain from voting on that matter, other than the election of directors, will have the effect of votes against that matter.

Inspectors of Election

              The inspectors of election and the tabulators of all proxies, ballots, and voting tabulations that identify stockholders are independent and are not AbbVie employees.

Cost of Soliciting Proxies

              AbbVie will bear the cost of making solicitations from its stockholders and will reimburse banks and brokerage firms for out-of-pocket expenses incurred in connection with this solicitation. Proxies may be solicited by mail, telephone, Internet, or in person by directors, officers, or employees of AbbVie and its subsidiaries.

              AbbVie has retained Georgeson Inc.Alliance Advisors LLC to aid in the solicitation of proxies, at an estimated cost of $19,500$15,000 plus reimbursement for reasonable out-of-pocket expenses.

AbbVie Savings Plan

              Participants in the AbbVie Savings Plan will receive voting instructions for their shares of AbbVie common stock held in the AbbVie Savings Plan Trust. The Trust is administered by both a trustee and an investment committee. The trustee is The Northern Trust Company. The members of the investment committee are William H.S. Preece, Tabetha A. SkarbekScott T. Reents and Michael J. Thomas, employees of AbbVie. The voting power with respect to the shares is held by and shared between the investment committee and the participants. The investment committee must solicit voting instructions from the participants and follow the voting instructions it receives. The investment committee may use its own discretion with respect to those shares of AbbVie common stock for which no voting instructions are received.

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              The board of directors consists of three classes currently comprised of three directors in Class I, four directors in Class II, and four directors or director nominees in Classes II andClass III. Directors of one class are elected each year for a term of three years. The Class IIIII directors are presented for re-election to hold office until the expiration of their term at the 20212023 annual meeting of stockholders and until their successors are elected and qualified or until their earlier death or resignation.

              Directors are elected by stockholders if a majority of the votes cast are "for" a director's re-election at the Annual Meeting, excluding abstentions and broker non-votes. For more information on the director majority vote standard, see AbbVie's By-Laws as listed as an exhibit to AbbVie's 20172019 Annual Report on Form 10-K. All of the nominees except for Ms. Roberts, are currently serving as directors. Ms. Roberts was recommended for election by the nominations and governance committee.

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              The board of directors held seveneleven meetings in 2017. All2019. The average attendance of all incumbent directors attended one-hundred percent of theat board and committee meetings in 2017.2019 was ninety-nine percent, and each director attended at least seventy-five percent of the total number of board meetings and meetings of the committees of which he or she served. AbbVie encourages its board members to attend the annual stockholder meeting. All of AbbVie's directors attended the 20172019 annual stockholder meeting.

              The board has determined that each of the following individuals is independent in accordance with the New York Stock Exchange (NYSE) listing standards: Dr. Alpern, Ms. Austin, Mr. Burnside, Mr. Hart, Mr. Liddy, Ms. Meyer, Mr. Rapp, Ms. Roberts, Mr. Tilton, and Mr. Waddell. To determine independence, the board applied the AbbVie Inc. director independence guidelines. The board also considered whether a director has any other material relationships with AbbVie or its subsidiaries and concluded that none of these directors had a relationship that impaired the director's independence. This included consideration of the fact that some of the directors are officers or serve on boards of companies or entities to which AbbVie sold products or made contributions or from which AbbVie purchased products and services during the year. This also included consideration of the fact that some of the directors serve on the board of Abbott Laboratories (Abbott), AbbVie's former parent. In making its determination, the board relied on both information provided by the directors and information developed internally by AbbVie.

              The board has risk oversight responsibility for AbbVie and administers this responsibility both directly and with assistance from its committees. The board reviews enterprise risks and discusses them with our senior management on a regular basis. AbbVie's risk management program focuses on issues relevant to AbbVie's business, reputation, and strategy, including but not limited to pipeline advancement, healthcare industry dynamics such as pricing and patient access, manufacturing, regulatory and compliance matters, and others. For more details about committee responsibilities and oversight, please see the committee discussion on pages 21-23.

              The board also oversees AbbVie's culture, employee engagement, and overall management of human capital. This oversight ensures that AbbVie is attracting, developing, and retaining best-in-class employees dedicated to making a remarkable impact on patients' lives around the world.

              The board has determined that the current leadership structure, in which the offices of chairman of the board and chief executive officer are held by one individual and the chair of the nominations and governance committee iswith a board appointed to be the lead independent director, ensures the appropriate level of oversight, independence, and responsibility is applied to all board decisions, including risk oversight, and is in the best interests of AbbVie and its stockholders. The lead independent director is chosen by and from the independent members of the board of directors.

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              The lead independent director responsibilities include:

              All directors are encouraged to, and in fact do, consult with the chairman on each of the above topics, as well. The lead director, and each of the other directors, communicates regularly with the chairman of the board and chief executive officer regarding appropriate agenda topics and other board related matters.

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              AbbVie directors have backgrounds that when combined provide a portfolio of experience and knowledge that serve AbbVie's governance and strategic needs. Director nominees are considered based on a range of criteria including broad-based business knowledge and relationships, prominence and excellent reputations in their primary fields of endeavor, as well as a global business perspective and commitment to good corporate citizenship, and ability to commit sufficient time and attention to the activities of the board. They must have demonstrated experience and ability that is relevant to the board's oversight role with respect to AbbVie's business and affairs. They must also be able and willing to represent the stockholders' economic interests and satisfy their fiduciary duties to stockholders without conflicts of interest. For more details on director qualifications, please see Exhibit A to AbbVie's Governance Guidelines.

              Each year, the board conducts a self-evaluation to determine whether it and its committees conduct detailed self-evaluations covering topics such as board and committee leadership structure, composition and effectiveness, quality of board and committee materials and discussions, priority agenda items, schedule sufficiency, and board processes. To ensure candid feedback, the evaluations are functioning effectively.anonymous. The full board, led by the lead independent director, discusses the evaluation reports to determine what, if any, actionactions or improvements should be undertaken in the near-term and long-term. The board, committee, and CEO evaluations are discussed in executive session to improve the board and its committees.allow for additional candid discussion.

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Table of identifying nominees to serve as a member of the board of directors, the nominations and governance committee considers the board's diversity of ethnicity, gender, and geography and assesses the effectiveness of the process in achieving that diversity.Contents

              Each director's biography includes the particular experience and qualifications that led the board to conclude that the director should serve on the board. The directors' biographies are in the section of this proxy statement captioned "Information Concerning Director Nominees."

              The following table highlights our directors' skills and experience. The skills identified below are considered by the nominations and governance committee to be the most relevant to the board's oversight role with respect to AbbVie's business and affairs and to drive our culture of innovation and responsibility. The specific importance of each skill also is noted.

              Such skills include, among others:

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Healthcare Industry—Relevant to an industry understanding and review of our business and strategy for continued innovation.



•

Leadership—For a board that can successfully advise and oversee the company's business performance and represent stockholdersstockholders' interests.



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Global Business and Strategy—For oversight of a complex global organization like AbbVie to successfully advise and oversee the strategic development and direction of the company.



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Corporate Governance and Public Company Board—Ensuring directors have background and knowledge to perform oversight and governance roles.



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Finance or Accounting—Enabling our directors to analyze our financial statements, oversee our capital structure, and consider financial transactions.



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Government Relations and Regulatory—For an understanding of the complex regulatory and governmental environment in which our business operates.

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              AbbVie is committed to diversity in its workforce and on its board of directors. In the process of identifying nominees to serve as a member of the board of directors, the nominations and governance committee considers the board's diversity of ethnicity, gender, age, and geography and assesses the effectiveness of the process in achieving that diversity. More details about our workforce diversity are available in the "Corporate Responsibility Highlights" section of this proxy statement.

              The board of directors has five committees established in AbbVie's By-Laws: the audit committee, compensation committee, nominations and governance committee, public policy committee, and executive committee. Each of the members of the audit committee, compensation committee, and nominations and governance committee, and public policy committee is independent. Mr. Tilton serves as AbbVie's lead independent director.

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
		Audit Committee		Compensation Committee		Nominations and Governance Committee		Public Policy Committee		Audit Committee		Compensation Committee		Nominations and Governance Committee		Public Policy Committee
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
R. Alpern		​		​						​		​
R. Austin
W. Burnside				​				​				​				​
B. Hart
E. Liddy		​				​				​				​
M. Meyer
E. Rapp				​		​						​				​
R. Roberts
G. Tilton
F. Waddell						​		​
Number of meetings		6		3		4		4		6		4		4		4

		Lead Director		Chairperson		Member		Financial Expert

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Audit Committee

              The audit committee is governed by a written charter. ThisThe charter sets forth the purposes of the audit committee, identifies qualifications required for the audit committee members, and describes the committee's authority and responsibilities. The audit committee assists the board of directors in fulfilling its oversight responsibility with respect to AbbVie's accounting and financial reporting practices and the audit process, the quality and integrity of AbbVie's financial statements, including a review of significant accounting policies, the independent auditors' qualifications, independence, and performance, the performance of AbbVie's internal audit function and internal auditors, certain areas of legal and regulatory compliance, and enterprise risk management. Each of the members of the audit committee is

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financially literate, as required of audit committee members by the NYSE, and the independence requirements set forth in Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The board of directors has determined that Ms. Austin, the committee's chairperson, is an "audit committee financial expert."

Compensation Committee

              The compensation committee is governed by a written charter. This committee assists the board of directors in carrying out the board's responsibilities relating to the compensation of AbbVie's executive officers and directors. The compensation committee annually reviews the compensation paid to the directors and gives its recommendations to the full board regarding both the amount of director compensation that should be paid and the allocation of that compensation between equity-based awards and cash. In recommending director compensation, the compensation committee takes into account director fees paid by companies in AbbVie's Health Care Peer Group and reviews any arrangement that could be viewed as indirect director compensation. The processes and procedures used for the consideration and determination of executive compensation are described in the "Compensation Discussion and Analysis" section of this proxy statement. The committee also reviews, approves, and administers the incentive compensation plans in which the AbbVie executive officers participate and all of AbbVie's equity-based plans. It may delegate the responsibility to administer and make grants under these plans to management, except to the extent that such delegation would be inconsistent with applicable law or regulations or with the listing rules of the New York Stock Exchange. The compensation committee has the sole authority, under its charter, to select, retain and/or terminate independent advisors who may assist the committee in carrying out its responsibilities. The compensation committee reviews and discusses with management and its independent compensation advisor potential risks associated with AbbVie's compensation policies and practices as discussed in the "Compensation Risk Assessment" section of this proxy statement. Each member of the committee qualifies as a "non-employee director" for purposes of Rule 16b-3 under the Exchange Act and as an "outside director" for purposes of Internal Revenue Code Section 162(m).

              The committee has engaged Compensation Advisory Partners (CAP) as its independent compensation consultant. The independent compensation consultant provides counsel and advice to the committee on executive and non-employee director compensation matters. CAP, and its principal, report directly to the chair of the committee. The principal meets regularly, and as needed, with the committee in executive sessions, and has direct access to the committee chair during and between meetings. The committee determines what variables it will instruct CAP to consider, including: peer groups against which performance and pay should be examined, metrics to be used in incentive plans to assess AbbVie's performance, competitive short- and long-term incentive practices in the marketplace, and compensation levels relative to market benchmarks. The committee negotiates and approves all fees paid to CAP for these services. AbbVie did not engage CAP to perform any other services during 2017.2019.

              Based on an assessment of internally developed information and information provided by CAP, the committee has determined that its independent compensation advisor does not have a conflict of interest. A copy of the compensation committee report is included in the "Compensation Committee Report" section of this proxy statement.

Nominations and Governance Committee

              The nominations and governance committee is governed by a written charter. This committee assists the board of directors in identifying individuals qualified to become board members and recommends to the board the nominees for election as directors at the next annual meeting of stockholders, recommends to the board the persons to be elected as executive officers of AbbVie, recommends to the board the corporate governance guidelines applicable to AbbVie, oversees the evaluation of the board and management, and serves in an advisory capacity to the board and the

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chairman of the board on matters of organization, management succession plans, major changes in the organizational structure of AbbVie, and the conduct of board activities. The process used by this committee to identify a nominee to serve as a member of the board of directors depends on the qualities being sought, as described on pages 16-17.20-21. From time to time, AbbVie engages an executive search firm to assist the committee in identifying individuals qualified to be board members.

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Public Policy Committee

              The public policy committee is governed by a written charter. This committee assists the board of directors in fulfilling its oversight responsibility with respect to AbbVie's public policy, certain areas of legal and regulatory compliance, governmental affairs, health carehealthcare compliance, and social responsibility and environmental matters that affect or could affect AbbVie by dischargingAbbVie. Other topics within the responsibilities set forth in its charter.committee's purview include but are not limited to ethics and compliance matters, government and regulatory trends relevant to AbbVie's business, political contributions, and corporate philanthropy.

Executive Committee

              The executive committee members are Mr. Gonzalez, chair, Ms. Austin, Mr. Hart, Mr. Liddy, Mr. Rapp, and Mr. Tilton. This committee may exercise all of the authority of the board in the management of AbbVie, except for matters expressly reserved by law for board action.

              Stockholders and other interested parties may communicate with the board of directors by writing a letter to the chairman of the board, to the lead director, or to the independent directors c/o AbbVie Inc., 1 North Waukegan Road, AP34, North Chicago, Illinois 60064, Attention: corporate secretary. The corporate secretary regularly forwards to the addressee all letters other than mass mailings, advertisements, and other materials not relevant to AbbVie's business. In addition, directors regularly receive a log of all correspondence received by the company that is addressed to a member of the board and may request any correspondence on that log.

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              AbbVie employees are not compensated for serving on the board or board committees. AbbVie's non-employee directors are compensated for their service under the AbbVie Non-Employee Directors' Fee Plan and the AbbVie 2013 Incentive Stock Program. As described in "Committees of the Board of Directors—Compensation Committee," director compensation is reviewed annually by the compensation committee with the independent compensation consultant, including a review of director compensation against AbbVie's Health Care Peer Group, and a recommendation is then provided to the full board.

              The following table sets forth the non-employee directors' 20172019 compensation.

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              The table below reflects the number of shares of AbbVie common stock beneficially owned as of January 31, 2018,2020, by each director and director nominee, the chief executive officer, the chief financial officer, and the three other most highly paid executive officers (NEOs), and by all directors director nominees and executive officers of AbbVie as a group. It also reflects the number of stock equivalent units and restricted stock units held by non-employee directors under the AbbVie Non-Employee Directors' Fee Plan.

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              The table below reports the number of shares of AbbVie common stock beneficially owned as of December 31, 20172019 by Capital Research Global Investors, BlackRock, Inc. and The Vanguard Group (directly or through subsidiaries), respectively, the only persons known to AbbVie to own beneficially more than 5% of AbbVie's outstanding common stock. It is based on information contained in Schedules 13G filed with the Securities and Exchange Commission by The Vanguard Group on February 12, 2020, by BlackRock, Inc. on February 5, 2020 and by Capital Research Global Investors on February 14, 2018 and by BlackRock, Inc. and by2020. The Vanguard Group on February 8, 2018. Capital Research Global Investors reported that it had sole voting power with respect to 193,010,7732,293,312 shares, shared voting power with respect to 402,994 shares, sole dispositive power with respect to 120,014,023 shares and shared dispositive power with respect to 2,560,697 shares. BlackRock, Inc. reported that it had sole voting power with respect to 83,787,858 shares, shared voting power with respect to 0 shares, sole dispositive power with respect to 193,010,77398,593,810 shares and shared dispositive power with respect to 0 shares. The Vanguard GroupCapital Research Global Investors reported that it had sole voting power with respect to 2,280,419 shares, shared voting power with respect to 346,720 shares, sole dispositive power with respect to 117,283,316 shares and shared dispositive power with respect to 2,569,246 shares. BlackRock, Inc. reported that it had sole voting power with respect to 87,493,57986,601,345 shares, shared voting power with respect to 0 shares, sole dispositive power with respect to 101,322,20186,602,693 shares and shared dispositive power with respect to 0 shares.

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              This Compensation Discussion and Analysis (CD&A) describes the pay philosophy established for AbbVie's named executive officers (NEOs), the design of our compensation programs, the process used to examine performance in the context of executive pay decisions, and the performance goals and results for each NEO:

              Although we describe our programs in the context of the NEOs, it is important to note that our programs generally have broad eligibility and therefore in most cases apply to employee populations outside the NEO group as well.

CD&A Table of Contents

              The CD&A is organized as follows:

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I.    Executive Summary

Compensation Philosophy

              At AbbVie, the board of directors and management believe a well-designed compensation program should align executive interests with the drivers of stockholder returns and profitable growth, support achievement of the company's primary business goals to have a remarkable impact on patients' lives, and attract and retain world-class executives whose talents and contributions sustain the growth in long-term stockholder value. The board believes it has implemented a compensation program that appropriately balances short- and long-term strategic objectives and directly links compensation to stockholder value with more than three-fourths of the total direct compensation paid to NEOs tied to performance. The compensation program also supports the board's philosophy of paying fairly and equitably irrespective of gender and ethnicity.

Business Overview

              AbbVie's products are focused on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; as well as other serious health conditions.

              Our AbbVie also has a pipeline includes more than 60 compounds or indicationsof promising new medicines in clinical development across such important medical specialties such as immunology, oncology and neuoscience,neuroscience, with additional targeted investmentinvestments in cystic fibrosis and women's health.

              In June 2019, AbbVie announced that it entered into a definitive transaction agreement under which AbbVie will acquire Allergan plc (AGN). Allergan is a global pharmaceutical leader focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world. Allergan markets a portfolio of brands and products primarily focused on key therapeutic areas including aesthetics, eye care, neuroscience, gastroenterology, and women's health.

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Business Performance Highlights

AbbVie has Delivered Robust Financial Results since SeparationInception

              The measures set forth above were calculated as of December 31, 2017.2019.

              AbbVie has delivered a strong compound annual growth rate (CAGR) since inception on adjusted net revenues and adjusted diluted earnings per share (EPS), placing AbbVie in the top quartile of its Health Care Peer Group. Additionally, AbbVie is committed to a robust return of capital to stockholders with an increase of 78%195% in its dividend since 2013 as part of a balanced and disciplined capital allocation program. In Febuary 2018, AbbVie increased its dividend by an additional 35%, resulting in a total dividend increase of 140% since AbbVie became an independent company. AbbVie's total stockholder return (TSR) since inception of 238.5% also places AbbVie at the top of its Health Care Peer Group, and more than 130 percentage points above the Standard & Poor's 500 Index and more than 168 percentage points above the NYSE Arca Pharmaceutical Index over the same time period.quarterly

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dividend since 2013 as part of a balanced and disciplined capital allocation program. AbbVie's total stockholder return (TSR) since inception of 240.2% also places AbbVie at the top of its Health Care Peer Group, and more than 78 percentage points above the Standard & Poor's 500 Index and more than 124 percentage points above the NYSE Arca Pharmaceutical Index over the same time period.

AbbVie also Delivered Strong Business Performance in 20172019

              AbbVie has built a strong foundation for its business and 20172019 was an exceptional year, as evidenced by a number of business highlights:

•

Net Revenues:  AbbVie reported full-year net revenues of $28.2 billion on a GAAP and adjusted basis, an increase of 10.1%$33.3 billion. Adjusted net revenues increased 2.7% over 2016,2018, excluding the impact of foreign exchange. This reflects growth inExcluding the top-tierunfavorable impact of AbbVie's Health Care Peer Group.international HUMIRA net revenues due to biosimilar competition, full year adjusted net revenues grew 9.9% operationally.



•

HUMIRA:  AbbVie delivered global HUMIRA sales of $18.4$19.2 billion, an increasea decrease of 14.6%3.9% on a reported basis, or 14.4%a decrease of 2.9% excluding the impact of foreign exchange. HUMIRA'sHUMIRA'S performance was drivenimpacted by continued biologic penetration across therapeutic categories anddirect biosimilar competition in certain international geographies.



•

IMBRUVICA:  Global IMBRUVICA net revenue was $2.6$4.7 billion, an increase of 40.5%30.2%, driven by market share growth in front-line chronic lymphocytic leukemia (CLL) and other approved indications.



•

Gross and Operating Margins:  In 2017,2019, AbbVie reported a gross margin of 75.1%77.6% on a GAAP basis or 80.5%82.4% of net revenues on an adjusted basis. AbbVie's operating margin was 34.0%39.0% on a GAAP basis or 42.6%47.3% of net revenues on an adjusted basis. The adjusted operating margin reflects an improvement of 270 basis points versus 2018.



•

Earnings Per Share:  AbbVie reported full-year diluted EPS of $3.30$5.28 on a GAAP basis and adjusted diluted EPS of $5.60,$8.94, up 16.2%13.0%. This reflects growth in the very top-tier of AbbVie's Health Care Peer Group. For 2018,2020, AbbVie provided a diluted EPS guidance range of $6.45$7.66 to $6.55$7.76 on a GAAP basis and $7.33$9.61 to $7.43$9.71 on an adjusted basis. The midpoint of the adjusted guidance represents growth of 32%8.1% over 2017,2019, reflecting strong operating dynamics in the underlying business and the enactment of the Tax Cuts and Jobs Act.business.



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Regulatory Milestones:  AbbVie also achieved a number of regulatory milestones in markets worldwide for several key products, including regulatory approvals for MAVYRET,SKYRIZI for the company's next-generation, pan-genotypic treatment of moderate to severe plaque psoriasis in adults who are candidates for HCV, as well as two new indicationssystemic therapy or phototherapy, RINVOQ for the treatment of adults with moderately to severely active rheumatoid arthritis who have had an inadequate response or intolerance to methotrexate; IMBRUVICA in relapsed/refractory marginal zonecombination with GAZYVA (obinutuzumab) for adult patients with previously untreated chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL); and second-line chronic graft-versus-host disease.VENCLEXTA in combination with GAZYVA for adult patients with previously untreated CLL/SLL. AbbVie also submitted regulatory applications for ELAGOLIX in uterine fibroids and IMBRUVICA in combination with rituximab for the first-line treatment of younger patients with CLL or SLL.



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Pipeline Development:  With a record number ofapproximately 30 programs in mid- and late-stage development, AbbVie made significant pipeline advancements in 2017. AbbVie announced data from a dozen pivotal trials,2019. The company initiated a number ofseveral important phase transitions across our key development programs and made multiple regulatory submissions. AbbVie reported positive results from several registrational trials for the company's next-generation immunology assets, upadacitinib and risankizumab, in RA and psoriasis, respectively. Based on strong mid-stage data, the company decided to advance these assets into Phase 3 developmentprograms including studies for a number of follow-on indications, including Crohn's disease,upadacitinib in giant cell arteritis and axial spondyloarthritis, risankizumab in psoriatic arthritis, and atopic dermatitis. ResultsABBV-951 in Parkinson's disease. AbbVie also reported positive data from the Phase 3 MURANO trial showed a profound improvementstudies in progression-free survivalother areas of the pipeline including veliparib in patients treated with combination treatment of VENCLEXTAboth breast cancer and Rituxan compared to a standard regimen. As a result, a regulatory application was submitted for VENCLEXTA for relapsed/refractory chronic lymphocytic leukemia. A regulatory application also was submitted for elagolix for endometriosis-associated pain. Both VENCLEXTAovarian cancer and elagolix received priority review designations from the FDA.upadacitinib in psoriatic arthritis.

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              The graphs below illustrate AbbVie's growth of net revenue and diluted EPS in 20172019 versus 2016.2018.

Performance Relative to Peer Group

              AbbVie is in the top tier of its peers on several financial measures. The chart below outlines AbbVie's six-year performance relative to its Health Care Peer Group in 2017.Group.

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              In addition,2019, AbbVie has delivered industry-leading performance over the longer term,outperformed its Health Care Peer Group in most of these categories, as demonstrated in the chart below reflecting the company's three-year performance relative to its Health Care Peer Group.below.

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Total Stockholder Return (TSR) Performance