Pay vs Performance Disclosure | 12 Months Ended |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Pay vs Performance Disclosure | | | | |
Pay vs Performance Disclosure, Table | Value of Initial Fixed $100 Investment Based on Summary Average Summary Average Peer Group Compensation Compensation Compensation Compensation Total Total Adjusted Table Total Actually Paid Table Total for Actually Paid to Shareholder Shareholder Net Income Diluted Year for PEO to PEO Non-PEO NEOs Non-PEO NEOs Return Return $MM EPS ($)(a) ($)(b) ($)(c) ($)(d) ($)(e) ($)(f) ($) ($)(g) 2023 $ 25,661,972 $ 34,672,518 $ 12,319,311 $ 12,199,327 $ 209.10 $ 155.66 $ 4,863 $ 11.11 2022 26,287,185 67,395,343 9,125,252 20,275,581 209.58 144.53 11,836 $ 13.77 2021 23,912,154 66,387,875 11,035,630 24,203,425 168.96 134.15 11,542 11.83 2020 24,007,591 47,010,914 15,221,472 22,524,088 127.61 108.74 4,616 9.76 (a) The dollar amounts reported are the total compensation reported for Mr. Gonzalez for each fiscal year in the “Total” column of the Summary Compensation Table. (b) The dollar amounts reported represent the “compensation actually paid” to Mr. Gonzalez, who served as our PEO for each of fiscal years 2020, 2021, 2022 and 2023, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Gonzalez during such fiscal years and are based on valuation assumptions required by the SEC, which are unlikely to reflect actual amounts realized at vesting or exercise (as applicable). In accordance with the requirements of Item 402(v) of Regulation S-K, the reported “Total” in the Summary Compensation Table for the applicable year is adjusted to determine the “compensation actually paid” amount as follows: (1) The amount reflected in the “Stock Award” and “Option Award” columns of the Summary Compensation Table with respect to Mr. Gonzalez has been deducted from the Summary Compensation Table Total and substituted with an equity award value for each year calculated by adding or subtracting, as applicable, the following: (i) the year-end fair value of any equity awards granted in the applicable fiscal year that are outstanding and unvested as of the end of such year, accounting for any banking of the award resulting from EPS performance (as reflected in footnote (2) to the Outstanding Equity Awards at Fiscal Year End Table); (ii) the change in fair value from the end of the prior fiscal year of any awards granted in prior fiscal years that are outstanding and unvested as of the end of the applicable fiscal year, accounting for any adjustment based on relative TSR performance on awards for which the performance period ends as of this date (as reflected in footnote (2) to the Outstanding Equity Awards at Fiscal Year End Table); (iii) for awards granted in prior fiscal years that vested in the applicable fiscal year, the amount equal to the change in value as of the vesting date (from the end of the prior fiscal year); and (iv) the dollar value of dividends accrued on equity awards in the applicable year prior to the vesting date (excluding option awards, which do not carry dividend equivalent rights) that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable fiscal year. The valuation assumptions used to calculate fair values on equity awards other than options are the same as those disclosed at the time of grant. Stock option awards are valued using a Black-Scholes model at the time of grant (as disclosed in footnote (2) to the Summary Compensation Table on page 53) with subsequent fair value calculations performed using a Lattice model. The amounts in the following table represent each of the amounts deducted and added to the equity award values for Mr. Gonzalez for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (b) of the pay versus performance table: Grant Date Year-end Change in Change in Total Equity Fair Value of Fair Value of Fair Value as of Fair Value as of Value Equity Awards Equity Awards Year-End of Any the Vesting Date Total Reflected in Granted Granted Prior Year of Any Prior Year Equity Value Summary During During Awards that Awards that Reflected in Compensation Applicable Applicable Remain Unvested Vested During Compensation Year PEO Name Table Year Year as of Year-End Applicable Year Actually Paid 2023 Richard A. Gonzalez $ 17,139,761 $ (17,139,761) $ 24,374,294 $ 5,038,051 $ (3,279,507) $ 26,132,838 (2) The pension benefit value reported in the “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for the 2023 fiscal year is adjusted to account for the aggregate of two components: (i) the actuarially determined service cost for services rendered by Mr. Gonzalez during 2023 (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment during 2023 that are attributed by the benefit formula to services rendered in periods prior to the plan amendment (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts in the following table represent each of the amounts deducted and added to the change in pension value for Mr. Gonzalez for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (b) of the pay versus performance table: Total Change in Pension Prior Total Change in Value Reflected Change in Service Costs Service Costs Pension Value in the Summary Pension Value Attributable Introduced Reflected in Compensation for the to the During the Compensation Year PEO Name Table Applicable Year Applicable Year Applicable Year Actually Paid 2023 Richard A. Gonzalez $ 0 $ 0 $ 17,469 $ N/A $ 17,469 (c) The dollar amounts reported represent the average of the amounts reported for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) in the “Total” column of the Summary Compensation Table in each applicable fiscal year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, R. Michael, S. Reents, J. Stewart and A. Saleki-Gerhardt; (ii) for 2022, R. Michael, S. Reents, L. Schumacher, J. Stewart and A. Saleki-Gerhardt; (iii) for 2021, R. Michael, L. Schumacher, M. Severino and J. Stewart; and (iv) for 2020, R. Michael, L. Schumacher, C. Alban and M. Severino. (d) The dollar amounts reported represent the average amount of “compensation actually paid” to the NEOs as a group (excluding the CEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the NEOs as a group (excluding the CEO) during such fiscal years and are based on valuation assumptions required by the SEC, which are unlikely to reflect actual amounts realized at vesting or exercise (as applicable). The average total compensation for the NEOs as a group (excluding the CEO) for each year was adjusted using the same methodology described above in footnote (b) to determine the compensation actually paid. The amounts in the following table represent the average of the amounts deducted and added to the equity award values for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (d) of the pay versus performance table: Grant Date Year-end Change in Change in Total Equity Fair Value of Fair Value of Fair Value as of Fair Value as of Value Equity Awards Equity Awards Year-End of Any the Vesting Date Total Reflected in Granted Granted Prior Year of Any Prior Year Equity Value Summary During During Awards that Awards that Reflected in Compensation Applicable Applicable Remain Unvested Vested During Compensation Year NEO Names Table Year Year as of Year-End Applicable Year Actually Paid 2023 See footnote (c) $ 5,129,167 $ (5,129,167) $ 7,294,064 $ 1,073,949 $ (823,979) $ 7,544,034 The amounts in the following table represent each of the amounts deducted and added to the change in pension value for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (d) of the pay versus performance table: Total Change in Pension Prior Total Change in Value Reflected Change in Service Costs Service Costs Pension Value in the Summary Pension Value Attributable Introduced Reflected in Compensation for the to the During the Compensation Year NEO Names Table Applicable Year Applicable Year Applicable Year Actually Paid 2023 See footnote (c) $ 2,866,096 $ (2,866,096) $ 331,245 $ N/A $ 331,245 (e) Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between AbbVie’s share price at the end and the beginning of the measurement period by AbbVie's share price at the beginning of the measurement period. (f) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the NYSE Arca Pharmaceutical Index, our peer group used for purposes of Item 201(e) of Regulation S-K. (g) As required by Item 402(v) of Regulation S-K, AbbVie has determined that adjusted diluted EPS is the Company Selected Measure, as it is the most important financial performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to AbbVie’s NEOs to company performance for the most recently completed fiscal year. Adjusted diluted EPS is a non-GAAP measure that represents diluted earnings per share adjusted to exclude certain specified items, as described in Appendix B. | | | |
Company Selected Measure Name | adjusted diluted EPS | | | |
Named Executive Officers, Footnote | The dollar amounts reported represent the “compensation actually paid” to Mr. Gonzalez, who served as our PEO for each of fiscal years 2020, 2021, 2022 and 2023, as computed in accordance with Item 402(v) of Regulation S-K.The dollar amounts reported represent the average of the amounts reported for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) in the “Total” column of the Summary Compensation Table in each applicable fiscal year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, R. Michael, S. Reents, J. Stewart and A. Saleki-Gerhardt; (ii) for 2022, R. Michael, S. Reents, L. Schumacher, J. Stewart and A. Saleki-Gerhardt; (iii) for 2021, R. Michael, L. Schumacher, M. Severino and J. Stewart; and (iv) for 2020, R. Michael, L. Schumacher, C. Alban and M. Severino. | | | |
Peer Group Issuers, Footnote | (f) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the NYSE Arca Pharmaceutical Index, our peer group used for purposes of Item 201(e) of Regulation S-K. | | | |
PEO Total Compensation Amount | $ 25,661,972 | $ 26,287,185 | $ 23,912,154 | $ 24,007,591 |
PEO Actually Paid Compensation Amount | 34,672,518 | 67,395,343 | 66,387,875 | 47,010,914 |
Non-PEO NEO Average Total Compensation Amount | 12,319,311 | 9,125,252 | 11,035,630 | 15,221,472 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 12,199,327 | 20,275,581 | 24,203,425 | 22,524,088 |
Adjustment to Non-PEO NEO Compensation Footnote | (d) The dollar amounts reported represent the average amount of “compensation actually paid” to the NEOs as a group (excluding the CEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the NEOs as a group (excluding the CEO) during such fiscal years and are based on valuation assumptions required by the SEC, which are unlikely to reflect actual amounts realized at vesting or exercise (as applicable). The average total compensation for the NEOs as a group (excluding the CEO) for each year was adjusted using the same methodology described above in footnote (b) to determine the compensation actually paid. The amounts in the following table represent the average of the amounts deducted and added to the equity award values for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (d) of the pay versus performance table: Grant Date Year-end Change in Change in Total Equity Fair Value of Fair Value of Fair Value as of Fair Value as of Value Equity Awards Equity Awards Year-End of Any the Vesting Date Total Reflected in Granted Granted Prior Year of Any Prior Year Equity Value Summary During During Awards that Awards that Reflected in Compensation Applicable Applicable Remain Unvested Vested During Compensation Year NEO Names Table Year Year as of Year-End Applicable Year Actually Paid 2023 See footnote (c) $ 5,129,167 $ (5,129,167) $ 7,294,064 $ 1,073,949 $ (823,979) $ 7,544,034 The amounts in the following table represent each of the amounts deducted and added to the change in pension value for AbbVie’s named executive officers (NEOs) as a group (excluding the CEO) for the 2023 fiscal year for purposes of computing the “compensation actually paid” amount appearing in column (d) of the pay versus performance table: Total Change in Pension Prior Total Change in Value Reflected Change in Service Costs Service Costs Pension Value in the Summary Pension Value Attributable Introduced Reflected in Compensation for the to the During the Compensation Year NEO Names Table Applicable Year Applicable Year Applicable Year Actually Paid 2023 See footnote (c) $ 2,866,096 $ (2,866,096) $ 331,245 $ N/A $ 331,245 | | | |
Compensation Actually Paid vs. Total Shareholder Return | Comparison of “Compensation Actually Paid” to TSR The chart below demonstrates that the “compensation actually paid” amounts shown for Mr. Gonzalez and average “compensation actually paid” to the other NEOs is aligned with AbbVie’s cumulative TSR over the four years presented in the pay versus performance table. The alignment of compensation actually paid with AbbVie’s cumulative TSR over the period presented reflects that a significant portion of the compensation actually paid to Mr. Gonzalez and to the other NEOs is comprised of equity awards. Moreover, AbbVie’s executive compensation philosophy and design is fundamentally based on a commitment to align pay and performance. | | | |
Compensation Actually Paid vs. Net Income | Comparison of “Compensation Actually Paid” to Net Income AbbVie’s net income was approximately $4.6 billion in 2020, $11.5 billion in 2021, $11.8 billion in 2022 and $4.9 billion in 2023. Mr. Gonzalez’s “compensation actually paid” was approximately $47 million, $66 million, $67 million and $35 million in the corresponding years and the average “compensation actually paid” to AbbVie’s other NEOs was approximately $22.5 million, $24 million, $20 million and $12 million in each of those years, respectively. The changes in AbbVie’s net income over the four years presented in the pay versus performance table reflect general alignment with the “compensation actually paid” to Mr. Gonzalez and the other NEOs (on average) and AbbVie's net income during this period. | | | |
Compensation Actually Paid vs. Company Selected Measure | Comparison of “Compensation Actually Paid” to Company-Selected Measure (Adjusted Diluted EPS) AbbVie’s annualized adjusted diluted EPS was $9.76 in 2020, $11.83 in 2021, $13.77 in 2022 and $11.11 in 2023. Mr. Gonzalez’s “compensation actually paid” was approximately $47 million, $66 million, $67 million and $35 million in the corresponding years and the average “compensation actually paid” to AbbVie’s other NEOs was approximately $22.5 million, $24 million, $20 million and $12 million in each of those years, respectively. While AbbVie uses numerous financial and non-financial performance measures for the purpose of evaluating performance for our compensation programs, we have determined that adjusted diluted EPS is the financial performance measure that, in AbbVie’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to NEOs, for the most recently completed fiscal year, to AbbVie’s performance. AbbVie places significant emphasis on achieving positive EPS outcomes because it reflects strong operating dynamics in the underlying business, which is imperative for sustained long-term growth. | | | |
Total Shareholder Return Vs Peer Group | AbbVie TSR versus Peer Group TSR The graph below shows AbbVie’s cumulative TSR over the four-year period ending with December 31, 2023 as compared to the NYSE Arca Pharmaceutical Index. AbbVie’s cumulative TSR outperformed our peer group during the four years presented in the table. Additionally, AbbVie is committed to a robust return of capital to stockholders with an increase of 285% in its quarterly dividend since 2013 as part of a balanced and disciplined capital allocation program, contributing to our strong cumulative TSR. | | | |
Tabular List, Table | Most Important Performance Measures The performance measures that AbbVie uses in our executive compensation program are selected based on the objective of incentivizing NEOs to achieve long-term, sustainable growth in stockholder value. As required by Item 402(v) of Regulation S-K, we have identified the following financial performance measures as being the most important in linking actual compensation paid to executives to AbbVie’s performance. Adjusted Diluted Earnings Per Share Adjusted Relative Return on Invested Capital Adjusted Return on Assets Non-GAAP Income Before Taxes Non-GAAP Operating Margin Platform Revenue Total Shareholder Return | | | |
Total Shareholder Return Amount | $ 209.10 | 209.58 | 168.96 | 127.61 |
Peer Group Total Shareholder Return Amount | 155.66 | 144.53 | 134.15 | 108.74 |
Net Income (Loss) | $ 4,863,000,000 | $ 11,836,000,000 | $ 11,542,000,000 | $ 4,616,000,000 |
Company Selected Measure Amount | 11.11 | 13.77 | 11.83 | 9.76 |
PEO Name | Mr. Gonzalez | | | |
Measure:: 1 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Adjusted Diluted Earnings Per Share | | | |
Non-GAAP Measure Description | As required by Item 402(v) of Regulation S-K, AbbVie has determined that adjusted diluted EPS is the Company Selected Measure, as it is the most important financial performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to AbbVie’s NEOs to company performance for the most recently completed fiscal year. Adjusted diluted EPS is a non-GAAP measure that represents diluted earnings per share adjusted to exclude certain specified items, as described in Appendix B. | | | |
Measure:: 2 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Adjusted Relative Return on Invested Capital | | | |
Measure:: 3 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Adjusted Return on Assets | | | |
Measure:: 4 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Non-GAAP Income Before Taxes | | | |
Measure:: 5 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Non-GAAP Operating Margin | | | |
Measure:: 6 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Platform Revenue | | | |
Measure:: 7 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Total Shareholder Return | | | |
PEO | | | | |
Pay vs Performance Disclosure | | | | |
Equity Awards | $ 17,139,761 | | | |
Pension | 0 | | | |
Pension Total Compensation Amount | 17,469 | | | |
PEO | Grant Date Fair Value of Equity Awards Granted During Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | (17,139,761) | | | |
PEO | Year-end Fair Value of Equity Awards Granted During Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 24,374,294 | | | |
PEO | Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 5,038,051 | | | |
PEO | Service Costs Attributable to the Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 17,469 | | | |
PEO | Change in Pension Value for the Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 0 | | | |
Non-PEO NEO | | | | |
Pay vs Performance Disclosure | | | | |
Equity Awards | 5,129,167 | | | |
Pension | 2,866,096 | | | |
Pension Total Compensation Amount | 331,245 | | | |
Non-PEO NEO | Grant Date Fair Value of Equity Awards Granted During Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | (5,129,167) | | | |
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted During Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 7,294,064 | | | |
Non-PEO NEO | Change in Fair Value as of Year-End of Any Prior Year Awards that Remain Unvested as of Year-End | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 1,073,949 | | | |
Non-PEO NEO | Change in Fair Value as of the Vesting Date of Any Prior Year Awards that Vested During Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | (823,979) | | | |
Non-PEO NEO | Service Costs Attributable to the Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 331,245 | | | |
Non-PEO NEO | Change in Pension Value for the Applicable Year | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | $ (2,866,096) | | | |