Exhibit 99.1
AbbVie Inc.
Reconciliation of Reported GAAP and Non-GAAP Results to Revised Non-GAAP Results
(Unaudited) (In Millions, except per share data)
Quarter Ended March 31, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 3,867 | $ | 3,553 | $ | 1.99 | ||||||
Specified items, as originally reported | 2,141 | 1,715 | 0.96 | |||||||||
As adjusted (non-GAAP), as originally reported | 6,008 | 5,268 | 2.95 | |||||||||
Previously specified itemsa | (110 | ) | (109 | ) | (0.06 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 5,898 | $ | 5,159 | $ | 2.89 |
Quarter Ended June 30, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 1,163 | $ | 766 | $ | 0.42 | ||||||
Specified items, as originally reported | 5,195 | 4,790 | 2.69 | |||||||||
As adjusted (non-GAAP), as originally reported | 6,358 | 5,556 | 3.11 | |||||||||
Previously specified itemsa | (132 | ) | (132 | ) | (0.08 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 6,226 | $ | 5,424 | $ | 3.03 |
Quarter Ended September 30, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 3,688 | $ | 3,179 | $ | 1.78 | ||||||
Specified items, as originally reported | 3,128 | 2,774 | 1.55 | |||||||||
As adjusted (non-GAAP), as originally reported | 6,816 | 5,953 | 3.33 | |||||||||
Previously specified itemsa | (902 | ) | (896 | ) | (0.50 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 5,914 | $ | 5,057 | $ | 2.83 |
Quarter Ended December 31, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 4,271 | $ | 4,044 | $ | 2.26 | ||||||
Specified items, as originally reported | 2,493 | 1,875 | 1.05 | |||||||||
As adjusted (non-GAAP), as originally reported | 6,764 | 5,919 | 3.31 | |||||||||
Previously specified itemsa | (405 | ) | (405 | ) | (0.23 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 6,359 | $ | 5,514 | $ | 3.08 |
Six Months Ended June 30, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 5,030 | $ | 4,319 | $ | 2.41 | ||||||
Specified items, as originally reported | 7,336 | 6,505 | 3.65 | |||||||||
As adjusted (non-GAAP), as originally reported | 12,366 | 10,824 | 6.06 | |||||||||
Previously specified itemsa | (242 | ) | (241 | ) | (0.14 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 12,124 | $ | 10,583 | $ | 5.92 |
Nine Months Ended September 30, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 8,718 | $ | 7,498 | $ | 4.19 | ||||||
Specified items, as originally reported | 10,464 | 9,279 | 5.20 | |||||||||
As adjusted (non-GAAP), as originally reported | 19,182 | 16,777 | 9.39 | |||||||||
Previously specified itemsa | (1,144 | ) | (1,137 | ) | (0.64 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 18,038 | $ | 15,640 | $ | 8.75 |
Twelve Months Ended December 31, 2021 | ||||||||||||
Earnings | Diluted | |||||||||||
Pre-tax | After-taxb | EPS | ||||||||||
As reported (GAAP) | $ | 12,989 | $ | 11,542 | $ | 6.45 | ||||||
Specified items, as originally reported | 12,957 | 11,154 | 6.25 | |||||||||
As adjusted (non-GAAP), as originally reported | 25,946 | 22,696 | 12.70 | |||||||||
Previously specified itemsa | (1,549 | ) | (1,542 | ) | (0.87 | ) | ||||||
As adjusted (non-GAAP), revised | $ | 24,397 | $ | 21,154 | $ | 11.83 |
a Includes upfront and development milestone charges related to collaborations, licensing agreements, and other asset acquisitions, as well as inbound milestones. |
b Represents net earnings attributable to AbbVie Inc. |
AbbVie Inc.
Reconciliation of Reported GAAP and Non-GAAP Results to Revised Non-GAAP Results
(Unaudited) (In Millions, except per share data)
Quarter Ended March 31, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 13,010 | $ | 4,213 | $ | 2,842 | $ | 1,667 | $ | 185 | $ | - | $ | (395 | ) | |||||||||||||
Specified items, as originally reporteda | (75 | ) | (2,128 | ) | (99 | ) | (162 | ) | (185 | ) | - | 358 | ||||||||||||||||
As adjusted (non-GAAP), as originally reported | 12,935 | 2,085 | 2,743 | 1,505 | - | - | (37 | ) | ||||||||||||||||||||
Previously specified itemsb | 75 | - | - | - | 185 | - | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 13,010 | $ | 2,085 | $ | 2,743 | $ | 1,505 | $ | 185 | $ | - | $ | (37 | ) |
Quarter Ended June 30, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 13,959 | $ | 4,523 | $ | 3,164 | $ | 1,767 | $ | 132 | $ | (68 | ) | $ | 2,658 | |||||||||||||
Specified items, as originally reporteda | - | (2,044 | ) | (211 | ) | (184 | ) | (132 | ) | 68 | (2,692 | ) | ||||||||||||||||
As adjusted (non-GAAP), as originally reported | 13,959 | 2,479 | 2,953 | 1,583 | - | - | (34 | ) | ||||||||||||||||||||
Previously specified itemsb | - | - | - | - | 132 | - | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 13,959 | $ | 2,479 | $ | 2,953 | $ | 1,583 | $ | 132 | $ | - | $ | (34 | ) |
Quarter Ended September 30, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 14,342 | $ | 4,390 | $ | 3,083 | $ | 1,661 | $ | 402 | $ | 500 | $ | 21 | ||||||||||||||
Specified items, as originally reporteda | - | (1,977 | ) | (122 | ) | (29 | ) | (402 | ) | (500 | ) | (98 | ) | |||||||||||||||
As adjusted (non-GAAP), as originally reported | 14,342 | 2,413 | 2,961 | 1,632 | - | - | (77 | ) | ||||||||||||||||||||
Previously specified itemsb | - | - | - | - | 402 | 500 | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 14,342 | $ | 2,413 | $ | 2,961 | $ | 1,632 | $ | 402 | $ | 500 | $ | (77 | ) |
Quarter Ended December 31, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 14,886 | $ | 4,320 | $ | 3,260 | $ | 1,827 | $ | 405 | $ | - | $ | 216 | ||||||||||||||
Specified items, as originally reporteda | - | (1,872 | ) | 47 | (29 | ) | (405 | ) | - | (234 | ) | |||||||||||||||||
As adjusted (non-GAAP), as originally reported | 14,886 | 2,448 | 3,307 | 1,798 | - | - | (18 | ) | ||||||||||||||||||||
Previously specified itemsb | - | - | - | - | 405 | - | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 14,886 | $ | 2,448 | $ | 3,307 | $ | 1,798 | $ | 405 | $ | - | $ | (18 | ) |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 26,969 | $ | 8,736 | $ | 6,006 | $ | 3,434 | $ | 317 | $ | (68 | ) | $ | 2,263 | |||||||||||||
Specified items, as originally reporteda | (75 | ) | (4,172 | ) | (310 | ) | (346 | ) | (317 | ) | 68 | (2,334 | ) | |||||||||||||||
As adjusted (non-GAAP), as originally reported | 26,894 | 4,564 | 5,696 | 3,088 | - | - | (71 | ) | ||||||||||||||||||||
Previously specified itemsb | 75 | - | - | - | 317 | - | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 26,969 | $ | 4,564 | $ | 5,696 | $ | 3,088 | $ | 317 | $ | - | $ | (71 | ) |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 41,311 | $ | 13,126 | $ | 9,089 | $ | 5,095 | $ | 719 | $ | 432 | $ | 2,284 | ||||||||||||||
Specified items, as originally reporteda | (75 | ) | (6,149 | ) | (432 | ) | (375 | ) | (719 | ) | (432 | ) | (2,432 | ) | ||||||||||||||
As adjusted (non-GAAP), as originally reported | 41,236 | 6,977 | 8,657 | 4,720 | - | - | (148 | ) | ||||||||||||||||||||
Previously specified itemsb | 75 | - | - | - | 719 | 500 | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 41,311 | $ | 6,977 | $ | 8,657 | $ | 4,720 | $ | 719 | $ | 500 | $ | (148 | ) |
Twelve Months Ended December 31, 2021 | ||||||||||||||||||||||||||||
Net revenues | Cost of products sold | SG&A | R&D | Acquired IPR&D and milestones | Other operating expense (income), net | Other expense (income), net | ||||||||||||||||||||||
As reported (GAAP)a | $ | 56,197 | $ | 17,446 | $ | 12,349 | $ | 6,922 | $ | 1,124 | $ | 432 | $ | 2,500 | ||||||||||||||
Specified items, as originally reporteda | (75 | ) | (8,021 | ) | (385 | ) | (404 | ) | (1,124 | ) | (432 | ) | (2,666 | ) | ||||||||||||||
As adjusted (non-GAAP), as originally reported | 56,122 | 9,425 | 11,964 | 6,518 | - | - | (166 | ) | ||||||||||||||||||||
Previously specified itemsb | 75 | - | - | - | 1,124 | 500 | - | |||||||||||||||||||||
As adjusted (non-GAAP), revised | $ | 56,197 | $ | 9,425 | $ | 11,964 | $ | 6,518 | $ | 1,124 | $ | 500 | $ | (166 | ) |
a Development milestone charges related to collaborations, licensing agreements, and other asset acquisitions have been reclassified to the acquired IPR&D and milestones line beginning in the first quarter of 2022. Prior period results have been revised for comparability. |
b Includes upfront and development milestone charges related to collaborations, licensing agreements, and other asset acquisitions, as well as inbound milestones. |