On this page of StockholderLetter.com we present the latest annual shareholder letter from AbbVie Inc. — ticker symbol ABBV. Reading current and past ABBV letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report on Form 10-K 2025 Notice of Annual Meeting & Proxy Statement AbbVie 1 North Waukegan Road, North Chicago, IL 60064, U.S.A. 2025 AbbVie. All rights reserved. abbvie.com People. Passion. Possibilities. 2024 Annual Report on Form 10-K 2025 Notice of Annual Meeting & Proxy Statement Alison, Migraine
Stockholder Information AbbVie Inc. Corporate Headquarters 1 North Waukegan Road North Chicago, IL 60064 847-932-7900 abbvie.com People are at the heart of every decision we make at AbbVie. From discovery to delivery. From manufacturing to marketing. Each decision makes a difference. About our cover patient Investor Relations Department ZZ05, AP34 There s a stigma around migraines, but don t let that stop you from getting treatment. Corporate Secretary Department V364, AP34 Dealing with debilitating migraines for most of her life, Alison tried many things. She s hopeful that with more time and research, more can be done to help her, and people like her, live on their own terms. Stock Listing The ticker for AbbVie s common stock is ABBV. The principal market for the AbbVie common stock is the New York Stock Exchange. AbbVie common stock is also listed on the Chicago Stock Exchange. Alison, Colorado Migraine Annual Meeting The Annual Meeting will be held on Friday, May 9, 2025, at 9 a.m. CT. Please see the proxy statement for information about how to attend the virtual Annual Meeting. Dividend Reinvestment Plan The AbbVie Dividend Reinvestment Plan offers registered stockholders an opportunity to purchase additional shares, commission-free, through automatic cash investments. Interested persons may contact the transfer agent. Transfer Agent EQ Shareholder Services P.O. Box 64874 St. Paul, MN 55164-0874 www.shareowneronline.com 877-881-5970 651-450-4064 About AbbVie ~55K ~175 9 ~90 >75 $10.8B* employees in more than 70 countries AbbVie s mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people s lives across several key therapeutic areas including immunology, oncology, neuroscience, and eye care and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter) and YouTube. active clinical and device programs >235K U.S. patients provided medicine at no cost through our patient assistance program in 2024 countries where our products help people and patients conditions treated product or indication approvals in 2024** in adjusted R&D investment in 2024 *Reflects a non-GAAP measure and is adjusted for certain items, which are reconciled in Appendix B **Compounds, devices or indications in development individually or under collaboration or license agreements
Dear Shareholders, AbbVie is embarking on a new phase of growth and 2024 was a year of significant progress. Rooted firmly in our core values and company principles, we remain dedicated to fostering a culture of innovation, excellence and patient-centricity. This commitment is what grounds us for future growth and will enable AbbVie to deliver substantial shareholder returns. Over the past decade, we have increased our quarterly dividend by more than 235% and expanded our market capitalization by $210 billion. I am confident that our strategic direction and diverse portfolio will drive our growth in 2025 and beyond. AbbVie demonstrated strong performance in 2024, achieving total net revenues of $56.3 billion. We executed our top commercial priorities, advanced our pipeline and strengthened our business through strategic transactions. Our five key areas immunology, neuroscience, oncology, aesthetics and eye care have allowed us to rapidly return to sales growth. Both Skyrizi and Rinvoq have performed exceptionally well, generating more than $17.6 billion in combined sales in 2024. Our oncology portfolio recorded sales of $6.5 billion, while global net revenues from neuroscience approached $9 billion. The aesthetics portfolio contributed net revenues of nearly $5.2 billion. Our diversified growth platform is on track to deliver robust mid-single-digit revenue growth in 2025. This will allow us to surpass our previous peak revenue in just the second full year following the U.S. Humira loss of exclusivity, an unprecedented feat in our industry. In 2024, we raised our adjusted R&D investment to $10.8 billion1. This has enabled advances in our pipeline with important regulatory approvals and promising data readouts across immunology, oncology, neuroscience and aesthetics. These include recent approvals for Skyrizi in ulcerative colitis, Epkinly in later lines of follicular lymphoma, Elahere for FR-alpha positive, platinum-resistant ovarian cancer, Vyalev for advanced Parkinson s disease, and new indications for Botox and Juv derm. We also deepened our pipeline by entering into approximately 20 collaborations, licensing agreements or other asset acquisitions, and closing the ImmunoGen and Cerevel Therapeutics transactions. Our culture is a key contributor to our success. It unites us with a shared purpose and helps us stay true to our mission to deliver innovative medicines to our patients and uplift communities around the world. As a result of our strong culture, AbbVie was named one of the World s 25 Best Workplaces for the eighth year in a row by Great Place to Work U.S. and Fortune, ranking #3 overall and #1 in Biopharma. In addition, the AbbVie Foundation launched new partnerships to accelerate communityled, innovative solutions to advance health initiatives in underserved communities. During our annual Week of Possibilities, more than 13,000 employees volunteered across nearly 60 countries and territories, and our Employee Giving Campaign garnered over $22 million for approximately 12,000 nonprofit organizations. I continue to be inspired by our employees as they help drive positive change around the globe. At AbbVie, we continue to be resilient and relentless in our pursuit of medicines that will ultimately transform patient care. Our future is very bright, and I am confident that we will build on AbbVie s track record of success and continue to make a remarkable impact for our patients, customers, employees, shareholders and communities. Sincerely, Robert A. Michael, Chief Executive Officer 1 Adjusted research and development investment is a non-GAAP measure, which is reconciled in Appendix B.
A Message from AbbVie s Lead Independent Director Dear AbbVie Shareholder, As we approach the 2025 Annual Meeting, I have the privilege of reflecting on a remarkable year of change for AbbVie. With the company well-positioned to build on our strong track record of success, AbbVie s longtime CEO, Rick Gonzalez, retired from the CEO role and became executive chairman in July 2024, and Rob Michael, a 30+ year leader at the company, assumed the role of AbbVie s second CEO. This transition was the result of years of planning by the board. We announced in February that Rob would assume the position of Chairman in July. Rob s extensive experience, skills, and vision have equipped him to lead AbbVie, and the board is confident in his leadership as we embark on this next phase of growth. At the same time, I was honored to be appointed AbbVie s second lead independent director, succeeding Glenn Tilton in the role. I look forward to leveraging my executive and public company board experience, including as a director at AbbVie since 2013, to help lead the board as we oversee AbbVie s efforts to address some of the world s greatest health challenges. In my new independent leadership role, I am committed to continuing the board s robust oversight of key matters, including the company s strategy, commercial execution, and culture, as well as other areas of evolving risk such as those relating to artificial intelligence and the increasingly complex geopolitical environment. In particular, the independent directors of the board continue to work closely with Rob, Rick, and other leaders from across the company to oversee the strategy and execution related to AbbVie s growth platform. Over the past year, I have been fortunate to receive feedback from many AbbVie stakeholders, including investors and employees, and to hear their perspectives directly on key topics ranging from business strategy to management and board succession planning to corporate governance and ESG matters. On behalf of the full board, I would like to express my appreciation for this valuable feedback and your continued trust and confidence. We look forward to continuing this open dialogue as we deliver on AbbVie s mission to make a remarkable impact on patients lives. Sincerely, Roxanne S. Austin Lead Independent Director
 • shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/21/2023 ABBV Stockholder Letter
 • stockholder letter icon 3/18/2024 ABBV Stockholder Letter
 • stockholder letter icon More "Drugs & Pharmaceuticals" Category Stockholder Letters
 • Benford's Law Stocks icon ABBV Benford's Law Stock Score = 100


ABBV Shareholder/Stockholder Letter Transcript:

2024 Annual Report on Form 10-K
2025 Notice of Annual Meeting & Proxy Statement
AbbVie 1 North Waukegan Road, North Chicago, IL 60064, U.S.A.
  2025 AbbVie. All rights reserved.
abbvie.com
People.
Passion.
Possibilities.
2024
Annual Report
on Form 10-K
2025
Notice of Annual Meeting
& Proxy Statement
Alison, Migraine

Stockholder Information
AbbVie Inc. Corporate Headquarters
1 North Waukegan Road
North Chicago, IL 60064
847-932-7900
abbvie.com
People are at the heart of every decision we
make at AbbVie. From discovery to delivery.
From manufacturing to marketing. Each
decision makes a difference.
About our cover patient
Investor Relations
Department ZZ05, AP34
   There   s a stigma around migraines, but don   t let that stop
you from getting treatment.   
Corporate Secretary
Department V364, AP34
Dealing with debilitating migraines for most of her life,
Alison tried many things. She   s hopeful that with more time
and research, more can be done to help her, and people like
her, live on their own terms.
Stock Listing
The ticker for AbbVie   s common stock is
ABBV. The principal market for the AbbVie
common stock is the New York Stock
Exchange. AbbVie common stock is also
listed on the Chicago Stock Exchange.
Alison, Colorado
Migraine
Annual Meeting
The Annual Meeting will be held on Friday,
May 9, 2025, at 9 a.m. CT. Please see the
proxy statement for information about how
to attend the virtual Annual Meeting.
Dividend Reinvestment Plan
The AbbVie Dividend Reinvestment Plan
offers registered stockholders an
opportunity to purchase additional shares,
commission-free, through automatic
cash investments. Interested persons
may contact the transfer agent.
Transfer Agent
EQ Shareholder Services
P.O. Box 64874
St. Paul, MN 55164-0874
www.shareowneronline.com
877-881-5970
651-450-4064
About AbbVie
~55K
~175
9
~90
>75
$10.8B*
employees in more
than 70 countries
AbbVie   s mission is to discover and
deliver innovative medicines and
solutions that solve serious health
issues today and address the medical
challenges of tomorrow. We strive to have
a remarkable impact on people   s lives
across several key therapeutic areas
including immunology, oncology,
neuroscience, and eye care   and products
and services in our Allergan Aesthetics
portfolio.
For more information about AbbVie, please
visit us at abbvie.com.
Follow @abbvie on LinkedIn,
Facebook, Instagram,
X (formerly Twitter) and YouTube.
active clinical and
device programs
>235K
U.S. patients provided
medicine at no cost through
our patient assistance
program in 2024
countries where our
products help people
and patients
conditions treated
product or indication
approvals in 2024**
in adjusted R&D
investment in 2024
*Reflects a non-GAAP measure and is adjusted for certain
items, which are reconciled in Appendix B
**Compounds, devices or indications in development
individually or under collaboration or license agreements

Dear Shareholders,
AbbVie is embarking on a new phase of growth and 2024 was a year of significant progress.
Rooted firmly in our core values and company principles, we remain dedicated to fostering a culture of
innovation, excellence and patient-centricity. This commitment is what grounds us for future growth and
will enable AbbVie to deliver substantial shareholder returns. Over the past decade, we have increased
our quarterly dividend by more than 235% and expanded our market capitalization by $210 billion. I am
confident that our strategic direction and diverse portfolio will drive our growth in 2025 and beyond.
AbbVie demonstrated strong performance in 2024, achieving total net revenues of $56.3 billion.
We executed our top commercial priorities, advanced our pipeline and strengthened our business
through strategic transactions. Our five key areas     immunology, neuroscience, oncology, aesthetics
and eye care     have allowed us to rapidly return to sales growth. Both Skyrizi and Rinvoq have performed
exceptionally well, generating more than $17.6 billion in combined sales in 2024. Our oncology
portfolio recorded sales of $6.5 billion, while global net revenues from neuroscience approached
$9 billion. The aesthetics portfolio contributed net revenues of nearly $5.2 billion. Our diversified growth
platform is on track to deliver robust mid-single-digit revenue growth in 2025. This will allow us to
surpass our previous peak revenue in just the second full year following the U.S. Humira loss of
exclusivity, an unprecedented feat in our industry.
In 2024, we raised our adjusted R&D investment to $10.8 billion1. This has enabled advances in
our pipeline with important regulatory approvals and promising data readouts across immunology,
oncology, neuroscience and aesthetics. These include recent approvals for Skyrizi in ulcerative colitis,
Epkinly in later lines of follicular lymphoma, Elahere for FR-alpha positive, platinum-resistant ovarian
cancer, Vyalev for advanced Parkinson   s disease, and new indications for Botox and Juv  derm. We
also deepened our pipeline by entering into approximately 20 collaborations, licensing agreements or
other asset acquisitions, and closing the ImmunoGen and Cerevel Therapeutics transactions.
Our culture is a key contributor to our success. It unites us with a shared purpose and helps us
stay true to our mission to deliver innovative medicines to our patients and uplift communities around
the world. As a result of our strong culture, AbbVie was named one of the World   s 25 Best Workplaces
for the eighth year in a row by Great Place to Work U.S. and Fortune, ranking #3 overall and #1 in
Biopharma. In addition, the AbbVie Foundation launched new partnerships to accelerate communityled, innovative solutions to advance health initiatives in underserved communities. During our annual
Week of Possibilities, more than 13,000 employees volunteered across nearly 60 countries and territories,
and our Employee Giving Campaign garnered over $22 million for approximately 12,000 nonprofit
organizations. I continue to be inspired by our employees as they help drive positive change around the
globe.
At AbbVie, we continue to be resilient and relentless in our pursuit of medicines that will ultimately
transform patient care. Our future is very bright, and I am confident that we will build on AbbVie   s track
record of success and continue to make a remarkable impact for our patients, customers, employees,
shareholders and communities.
Sincerely,
Robert A. Michael, Chief Executive Officer
1
Adjusted research and development investment is a non-GAAP measure, which is reconciled in Appendix B.

A Message from AbbVie   s Lead Independent Director
Dear AbbVie Shareholder,
As we approach the 2025 Annual Meeting, I have the privilege of reflecting on a
remarkable year of change for AbbVie. With the company well-positioned to build on our
strong track record of success, AbbVie   s longtime CEO, Rick Gonzalez, retired from the
CEO role and became executive chairman in July 2024, and Rob Michael, a 30+ year
leader at the company, assumed the role of AbbVie   s second CEO. This transition was the
result of years of planning by the board. We announced in February that Rob would
assume the position of Chairman in July. Rob   s extensive experience, skills, and vision
have equipped him to lead AbbVie, and the board is confident in his leadership as we
embark on this next phase of growth.
At the same time, I was honored to be appointed AbbVie   s second lead independent
director, succeeding Glenn Tilton in the role. I look forward to leveraging my executive and
public company board experience, including as a director at AbbVie since 2013, to help
lead the board as we oversee AbbVie   s efforts to address some of the world   s greatest
health challenges.
In my new independent leadership role, I am committed to continuing the board   s
robust oversight of key matters, including the company   s strategy, commercial execution,
and culture, as well as other areas of evolving risk such as those relating to artificial
intelligence and the increasingly complex geopolitical environment. In particular, the
independent directors of the board continue to work closely with Rob, Rick, and other
leaders from across the company to oversee the strategy and execution related to AbbVie   s
growth platform.
Over the past year, I have been fortunate to receive feedback from many AbbVie
stakeholders, including investors and employees, and to hear their perspectives directly
on key topics ranging from business strategy to management and board succession
planning to corporate governance and ESG matters. On behalf of the full board, I would
like to express my appreciation for this valuable feedback and your continued trust and
confidence. We look forward to continuing this open dialogue as we deliver on AbbVie   s
mission to make a remarkable impact on patients    lives.
Sincerely,
Roxanne S. Austin
Lead Independent Director



shareholder letter icon 3/24/2025 Letter Continued (Full PDF)
 

ABBV Stockholder/Shareholder Letter (AbbVie Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.