UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2024
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission
File Number 001-35565
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
ABBVIE SAVINGS PROGRAM
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
AbbVie Inc.
1 North Waukegan Road
North Chicago, IL 60064
ABBVIE SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
December 31, 2024 and 2023 and for the Year Ended December 31,
2024
With Report of Independent Registered Public Accounting Firm
ABBVIE SAVINGS PLAN
C O N T E N T S
December 31, 2024 and 2023 and for the Year Ended December 31,
2024
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of AbbVie Savings
Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of AbbVie Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available
for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at
December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity
with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule Required by ERISA
The accompanying supplemental schedule of assets (held at end of
year) as of December 31, 2024 (referred to as the “supplemental schedule”), has been subjected to audit procedures
performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is
the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to
the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the
completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we
evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the
information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2018.
Chicago, Illinois
June 13, 2025
AbbVie Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2024 and 2023
(Dollars in thousands)
| | |
2024 | | |
2023 | |
| Assets | |
| | | |
| | |
| Investments, at fair value | |
$ | 13,183,237 | | |
$ | 11,550,154 | |
| Employer contributions receivable | |
| 128,764 | | |
| 108,530 | |
| Notes receivable from participants | |
| 76,683 | | |
| 68,703 | |
| Transactions pending investment | |
| 229 | | |
| 16 | |
| | |
| | | |
| | |
| Total assets | |
| 13,388,913 | | |
| 11,727,403 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Accrued investment management fees | |
| 104 | | |
| 108 | |
| Transactions pending redemption | |
| 999 | | |
| 127 | |
| | |
| | | |
| | |
| Total liabilities | |
| 1,103 | | |
| 235 | |
| | |
| | | |
| | |
| NET ASSETS AVAILABLE FOR BENEFITS | |
$ | 13,387,810 | | |
$ | 11,727,168 | |
The accompanying notes are an integral part of these statements.
AbbVie Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2024
(Dollars in thousands)
| Additions | |
| |
| Contributions | |
| |
| Employer | |
$ | 339,270 | |
| Participant | |
| 427,481 | |
| Rollovers | |
| 90,174 | |
| | |
| | |
| Total contributions | |
| 856,925 | |
| | |
| | |
| Investment income | |
| | |
| Net appreciation in fair value of investments | |
| 1,649,244 | |
| Interest and dividends | |
| 85,829 | |
| | |
| | |
| Net investment income | |
| 1,735,073 | |
| | |
| | |
| Interest income on notes receivable from participants | |
| 4,466 | |
| | |
| | |
| Total additions | |
| 2,596,464 | |
| | |
| | |
| Deductions | |
| | |
| Benefits paid to participants | |
| 931,561 | |
| Other expenses | |
| 4,261 | |
| | |
| | |
| Total deductions | |
| 935,822 | |
| | |
| | |
| NET INCREASE | |
| 1,660,642 | |
| | |
| | |
| Net assets available for benefits | |
| | |
| Beginning of year | |
| 11,727,168 | |
| | |
| | |
| End of year | |
$ | 13,387,810 | |
The accompanying notes are an integral part of this statement.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN
The following description of the AbbVie Savings
Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description
of the Plan’s provisions.
General
In general, United States employees of AbbVie
Inc. (“AbbVie”) and selected participating subsidiaries and affiliates may, after their date of hire, voluntarily participate
in the Plan. Any eligible employee who begins employment or re-employment on or after January 1, 2022, and any eligible employee who first
becomes eligible to participate in the Plan on or after January 1, 2022, shall be covered by the AbbVie Savings Plan Plus (“ASP+”)
provisions set forth in the Plan document. The ASP+ provisions provide for automatic enrollment into the Plan and matching contribution
and annual company contribution formulas that differ from those that apply to participants who joined the Plan before January 1, 2022.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
Empower Retirement serves as the recordkeeper
and Empower Trust Company, LLC (“Custodian” and “Trustee”) serves as the custodian and trustee.
Contributions and Vesting
Contributions to the Plan are paid to the AbbVie
Savings Plan Trust (“Trust”). The Trust is administered by the Trustee and an investment committee comprised of AbbVie employees
(the “Committee”).
Eligible employees electing to participate may
choose to make their contributions from pre-tax earnings, after-tax earnings or both. The Plan permits Roth 401(k) after-tax contributions
and a Roth 401(k) conversion feature. Participants who have attained age 50 before the end of the Plan year and who are making the maximum
pre-tax or Roth contributions are eligible to make catch-up contributions. The pre-tax contributions are an elective deferral feature,
which is a cash or deferred arrangement under the provisions of Section 401(k) of the Internal Revenue Code (“IRC”). All the
contributions are subject to certain limitations of the IRC. Participant contributions may be invested in any of the investment options
offered by the Plan.
Eligible employees who are not covered by ASP+
and who elect to participate in the Plan may contribute from 2% to 50% of their eligible earnings to the Trust. Eligible employees covered
by ASP+ and who elect to participate in the Plan may contribute from 1% to 50% of their eligible earnings to the Trust. Following the
30-day period from an employee’s hire or eligibility date, employees covered by ASP+ who have not affirmatively enrolled in the
Plan and elected a specified contribution type and percentage or who have not opted out of automatic contributions, will be automatically
enrolled in the Plan to contribute 3% of their pre-tax earnings.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Employer matching contributions to the Plan are
made each payroll period based on the participating employees’ eligible earnings. Catch-up contributions are not eligible for matching
contributions. The amount of the employer matching contribution for participants not covered by ASP+ is determined by the Board of Directors
of AbbVie and, for the year ended December 31, 2024, was 5% of the participant’s eligible earnings if the employee elected to contribute
at least 2% to the Plan. For participants covered by ASP+, contributions are matched dollar for dollar up to 6% of the participant’s
eligible earnings.
In addition, ASP+ participants receive an annual
employer contribution if the ASP+ participant is employed by AbbVie on the last day of the Plan year or separated from employment during
the Plan year due to death or qualifying retirement. The annual employer contribution is equal to a percentage of eligible compensation
based on each eligible ASP+ participant’s age plus years of credited service according to the following schedule:
| Age + Years of Credited Service (whole years) | |
Contribution Percentage | |
| Less than 30 | |
| 2 | % |
| 30-39 | |
| 3 | % |
| 40-49 | |
| 4 | % |
| 50-59 | |
| 5 | % |
| 60-69 | |
| 6 | % |
| 70 or more | |
| 7 | % |
Employer contributions are invested according to the employee’s
investment elections.
The Plan offers a variety of investment options,
including AbbVie common shares. AbbVie was established by the January 1, 2013 separation of Abbott Laboratories (“Abbott”)
into two publicly traded companies. The separation was a tax-free distribution where Abbott shareholders received one share of AbbVie
stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Effective
January 1, 2013, AbbVie participants may no longer make new contributions or transfer funds to purchase Abbott stock in the Plan; however,
they may continue to hold Abbott stock in their Plan accounts.
Cash dividends on shares of AbbVie common shares
are (1) paid in cash to the participants or beneficiaries, (2) paid to the Plan and distributed in cash to participants or beneficiaries
no later than 90 days after the close of the Plan year in which paid or (3) paid to the Plan and credited to the applicable accounts in
which shares are held, as elected by each participant or beneficiary in accordance with rules established by the Plan administrator.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Participants are at all times fully vested in their own contributions
and earnings thereon. Vesting in employer matching contributions is based on the following vesting schedule:
| | |
Vesting | |
| Years of Credited Service | |
Percentage | |
| Less than 2 years | |
| 0 | % |
| 2 years or more | |
| 100 | % |
Vesting in the annual employer contribution for
ASP+ participants is based on the following vesting schedule:
| | |
Vested | |
| Years of Credited Service | |
Percentage | |
| Less than 1 | |
| 0 | % |
| 1 | |
| 20 | % |
| 2 | |
| 40 | % |
| 3 | |
| 60 | % |
| 4 | |
| 80 | % |
| 5 or more | |
| 100 | % |
Non-vested portions of employer contributions
and earnings thereon are forfeited upon the earlier of (a) the date of distribution of the vested portion of the participant’s full
balance or (b) the date on which the participant incurs five consecutive “break years” (i.e., a 12-consecutive month period
of severance). Forfeitures are used to (1) restore any forfeitures of participants who are reemployed with AbbVie before incurring five
consecutive break years, (2) fund corrective allocations or contributions and/or (3) reduce future employer contributions. In 2024, forfeitures
reduced AbbVie’s employer contributions by approximately $3.8 million. Approximately $1.8 million and $1.4 million of forfeitures
were available at the end of 2024 and 2023, respectively.
Distributions
Following retirement, termination or death, participants
or their beneficiaries receive distributions in cash and/or AbbVie common shares and may receive them in installments, lump sums or direct
rollovers, as applicable. Also, participants may elect to defer distribution to a future date but, after termination of employment, distribution
must be made or commence by the 1st of April following the year the participant reaches
age 73. When participants defer distributions, their account
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions - Contributions
balance remains in the Plan, and they may continue
to transfer funds among the Plan’s investment options. In-service withdrawals are available in certain circumstances as defined
by the Plan. The Plan also permits hardship withdrawals for participants who meet the criteria outlined in the Plan document.
Administrative Expenses
Investment fees for mutual funds and collective
trusts are charged against the net assets of the respective fund. All other expenses incident to the administration of the Plan and Trust
are charged to the Trust, except to the extent AbbVie pays such expenses directly. Expenses paid by AbbVie are excluded from these financial
statements. To the extent that any expense is specifically attributable to a participant’s account (including, but not limited to,
a managed account service fee, loan fee, Qualified Domestic Relations Order review fee, brokerage fee, or check fee), such expense is
charged to the account of the participant.
Participant Accounts
Each participant’s account is credited with
the participant’s contributions and AbbVie’s contributions and allocations of plan earnings and charged with any participant
account fees. Plan earnings are allocated based on the participant’s share of net earnings or losses of their respective elected
investment options. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested
account.
Notes Receivable from Participants
Participants may borrow from their accounts a
minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, subject to IRC limitations and
restrictions and Plan rules, and may have one or two loans outstanding. The loans are secured by the balance in the participant’s
account. Participants pay interest on such loans at the prime rate on the first business day of the month the loan is made. Loans must
be repaid within five years unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment
period can be extended to a period of fifteen years. Repayment is made through periodic payroll deductions, but a loan may be repaid in
a lump sum at any time. For employees terminating employment with AbbVie during the repayment period who do not repay their loan before
distribution of their Plan account, the balance of the outstanding loan is netted from their Plan distribution.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis
of accounting.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual
results may differ from those estimates.
Investment Valuation
Investments are reported at fair value. Fair value
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Interest bearing cash - Valued at its holding amount.
Common stock, mutual funds and collective trust
funds - Valued at the published net asset value (“NAV”) or market price per share.
Self-directed brokerage accounts -
Include various securities, mainly consisting of cash and cash equivalents, common stock, exchange-traded funds, and mutual funds, which
are valued at the closing price reported in the active market in which the securities are traded.
The fair value hierarchy under the accounting
standard for fair value measurements consists of the following three levels:
| · | Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that
the Plan has the ability to access; |
| · | Level 2 – Valuations based on quoted prices for similar instruments in active markets, quoted prices
for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable
in the market; and |
| · | Level 3 – Valuations using significant inputs that are unobservable in the market and include the
use of judgment by the company’s management about the assumptions market participants would use in pricing the asset or liability. |
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
The following tables set forth the fair value hierarchy levels of the
Plan’s assets at fair value at December 31, (dollars in thousands):
| |
Basis of Fair Value Measurement |
| |
| |
| 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Interest bearing cash | |
$ | 93 | | |
$ | - | | |
$ | - | | |
$ | 93 | |
| Common stock | |
| 2,583,223 | | |
| - | | |
| - | | |
| 2,583,223 | |
| Mutual funds | |
| 3,255 | | |
| - | | |
| - | | |
| 3,255 | |
| Collective trust funds | |
| 10,447,456 | | |
| - | | |
| - | | |
| 10,447,456 | |
| Self-directed brokerage accounts | |
| 149,210 | | |
| - | | |
| - | | |
| 149,210 | |
| Total assets at fair value | |
$ | 13,183,237 | | |
$ | - | | |
$ | - | | |
$ | 13,183,237 | |
| | |
Basis of Fair Value Measurement | | |
| |
| 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Interest bearing cash | |
$ | 73 | | |
$ | - | | |
$ | - | | |
$ | 73 | |
| Common stock | |
| 2,394,792 | | |
| - | | |
| - | | |
| 2,394,792 | |
| Mutual funds | |
| 2,328 | | |
| - | | |
| - | | |
| 2,328 | |
| Collective trust funds | |
| 9,056,646 | | |
| - | | |
| - | | |
| 9,056,646 | |
| Self-directed brokerage accounts | |
| 96,315 | | |
| - | | |
| - | | |
| 96,315 | |
| Total assets at fair value | |
$ | 11,550,154 | | |
$ | - | | |
$ | - | | |
$ | 11,550,154 | |
Notes Receivable from Participants
Notes receivable from participants are
measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the
terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2024 and 2023.
Investment Income Recognition
Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net realized and
unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as net
appreciation in fair value of investments.
Payment of Benefits
Benefits are recorded when paid.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE C - INVESTMENTS
A summary of AbbVie common share data as of December 31, is presented
below:
| | |
2024 | | |
2023 | |
| AbbVie common shares, 12,340,181 and 12,728,885 shares, respectively, (dollars in thousands) | |
$ | 2,192,850 | | |
$ | 1,972,595 | |
| Market value per share | |
$ | 177.70 | | |
$ | 154.97 | |
In general, the investments provided
by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk
associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur
in the near term and that such changes could materially affect participant accounts and the amounts reported in the statements of net
assets available for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan invests in the common stock of
AbbVie. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under
ERISA. During 2024, the Plan received $77.6 million in common stock dividends from AbbVie.
Participants pay fees to the recordkeeper
for loan and withdrawal transaction processing and also pay commissions on purchases and sales of AbbVie shares and sales of Abbott stock.
These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated or contributions
discontinued at any time by AbbVie upon written notice to the Trustee and the Committee. All participants’ account balances are
fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the Trust, as determined
by the terms of the Plan, will be made to each participant. At the present time, AbbVie has no intention of terminating the Plan.
AbbVie Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE F - TAX STATUS
The Plan has received a determination letter from
the IRS dated August 20, 2018, stating that the Plan is qualified under Section 401(a) of the IRC, and, therefore, the related trust is
exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated. Once qualified, the Plan is required
to operate in conformity with the IRC to maintain its qualified status. The Plan administrator believes the Plan is being operated in
compliance with the applicable requirements of the IRC and, therefore, believes the Plan, as amended and restated, is qualified and the
related trust is tax-exempt.
Accounting principles generally accepted in the
United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan
has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing
authorities. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that there are no uncertain positions
taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for
any tax periods in progress.
NOTE G - SUBSEQUENT EVENTS
Effective January 1, 2025, ImmunoGen, Inc., a
wholly owned subsidiary of AbbVie as of February 12, 2024, became a participating employer in the Plan. On March 3, 2025, the ImmunoGen,
Inc. 401(k) Plan and Trust merged into the Plan and net assets totaling approximately $62.6 million were transferred into the Plan.
Also effective January 1, 2025, Cerevel Therapeutics,
LLC, a wholly owned subsidiary of AbbVie as of August 1, 2024, became a participating employer in the Plan. On March 3, 2025, the Cerevel
Therapeutics LLC 401(k) Plan merged into the Plan and net assets totaling approximately $41.4 million were transferred into the Plan.
AbbVie has evaluated subsequent events and other
than previously disclosed, there were no additional subsequent events that require recognition or additional disclosure in these financial
statements.
SUPPLEMENTAL SCHEDULE
AbbVie Savings Plan
EIN: 320375147, Plan Number: 001
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END
OF YEAR)
December 31, 2024
(Dollars in thousands)
| Identity of party involved/ | |
| | |
Current | |
| description of asset/ rate/ maturity | |
Cost (a) | | |
value | |
| *AbbVie Inc., common shares | |
| | | |
$ | 2,192,850 | |
| | |
| | | |
| | |
| Abbott Laboratories, common shares | |
| | | |
| 390,373 | |
| | |
| | | |
| | |
| Interest bearing cash | |
| | | |
| 93 | |
| | |
| | | |
| | |
| Money market fund | |
| | | |
| | |
| Vanguard Federal Money Market | |
| | | |
| 3,255 | |
| | |
| | | |
| | |
| Collective trust funds | |
| | | |
| | |
| Capital Group EuroPacific Growth Trust, Class U2 | |
| | | |
| 285,481 | |
| Capital Group Growth Fund of America, Class U4 | |
| | | |
| 1,049,423 | |
| Capital Group Washington Mutual Investors Trust, Class U3 | |
| | | |
| 432,285 | |
| Diamond Hill Small/Mid-Cap Portfolio | |
| | | |
| 221,010 | |
| Galliard Stable Return Fund W | |
| | | |
| 329,610 | |
| Galliard Managed Income Fund Core | |
| | | |
| 93,671 | |
| State Street Target Retirement 2020 Securities Lending Series Fund Class IV | |
| | | |
| 158,023 | |
| State Street Target Retirement 2025 Securities Lending Series Fund Class IV | |
| | | |
| 383,013 | |
| State Street Target Retirement 2030 Securities Lending Series Fund Class IV | |
| | | |
| 587,205 | |
| State Street Target Retirement 2035 Securities Lending Series Fund Class IV | |
| | | |
| 649,508 | |
| State Street Target Retirement 2040 Securities Lending Series Fund Class IV | |
| | | |
| 665,526 | |
| State Street Target Retirement 2045 Securities Lending Series Fund Class IV | |
| | | |
| 540,877 | |
| State Street Target Retirement 2050 Securities Lending Series Fund Class IV | |
| | | |
| 377,027 | |
| State Street Target Retirement 2055 Securities Lending Series Fund Class IV | |
| | | |
| 236,043 | |
| State Street Target Retirement 2060 Securities Lending Series Fund Class IV | |
| | | |
| 129,236 | |
| State Street Target Retirement 2065 Securities Lending Series Fund Class IV | |
| | | |
| 41,704 | |
| State Street Target Retirement Income Securities Lending Series Fund Class IV | |
| | | |
| 79,430 | |
| State Street Global Allcap Equity Ex-US Index Securities Lending Series Fund Class II | |
| | | |
| 593,567 | |
| State Street Russell Small/Mid Index Securities Lending Series Fund Class II | |
| | | |
| 741,771 | |
| State Street S&P 500 Index Securities Lending Series Fund Class II | |
| | | |
| 2,266,907 | |
| State Street US Bond Index Securities Lending Series Fund Class XIV | |
| | | |
| 227,545 | |
| TCW Metwest Total Return Bond Fund Class A | |
| | | |
| 358,594 | |
| | |
| | | |
| | |
| Self-directed brokerage accounts | |
| | | |
| 149,210 | |
| | |
| | | |
| | |
| *Loans to participants, 3.25% to 8.50% | |
| | | |
| 76,683 | |
| | |
| | | |
| | |
| | |
| | | |
$ | 13,259,920 | |
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
ABBVIE PUERTO RICO SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
December 31, 2024 and 2023 and for the Year Ended December 31,
2024
With Report of Independent Registered Public Accounting Firm
AbbVie Puerto Rico Savings Plan
C O N T E N T S
December 31, 2024 and 2023 and for the Year Ended December 31,
2024
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of AbbVie Puerto
Rico Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of AbbVie Puerto Rico Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net
assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits
of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024,
in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over
financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule Required by ERISA
The accompanying supplemental schedule of assets (held at end of
year) as of December 31, 2024 (referred to as the “supplemental schedule”), has been subjected to audit procedures
performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is
the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to
the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the
completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we
evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the
information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2018.
Chicago, Illinois
June 13, 2025
AbbVie Puerto Rico Savings Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December
31, 2024 and 2023
(Dollars in thousands)
| | |
2024 | | |
2023 | |
| Assets | |
| | | |
| | |
| Cash | |
$ | 56 | | |
$ | 5 | |
| Investments, at fair value | |
| 552,504 | | |
| 492,629 | |
| Employer contributions receivable | |
| 1,345 | | |
| 915 | |
| Notes receivable from participants | |
| 6,230 | | |
| 5,347 | |
| | |
| | | |
| | |
| NET ASSETS AVAILABLE FOR BENEFITS | |
$ | 560,135 | | |
$ | 498,896 | |
The accompanying notes are an integral part of these statements.
AbbVie Puerto Rico Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2024
(Dollars in thousands)
| Additions | |
| |
| Contributions | |
| |
| Employer | |
$ | 6,536 | |
| Participant | |
| 12,053 | |
| Rollovers | |
| 38 | |
| | |
| | |
| Total contributions | |
| 18,627 | |
| | |
| | |
| Investment income | |
| | |
| Net appreciation in fair value of investments | |
| 58,511 | |
| Interest and dividends | |
| 12,211 | |
| | |
| | |
| Net investment income | |
| 70,722 | |
| | |
| | |
| Interest income on notes receivable from participants | |
| 370 | |
| | |
| | |
| Total additions | |
| 89,719 | |
| | |
| | |
| Deductions | |
| | |
| Benefits paid to participants | |
| 28,093 | |
| Other expenses | |
| 387 | |
| | |
| | |
| Total deductions | |
| 28,480 | |
| | |
| | |
| NET INCREASE | |
| 61,239 | |
| | |
| | |
| Net assets available for benefits | |
| | |
| Beginning of year | |
| 498,896 | |
| | |
| | |
| End of year | |
$ | 560,135 | |
The accompanying notes are an integral part of this statement.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN
The following description of the AbbVie Puerto
Rico Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more
complete description of the Plan’s provisions.
General
In general, employees of AbbVie Inc.’s (“AbbVie”)
selected subsidiaries and affiliates in Puerto Rico (the “Company”) may, after their date of hire, voluntarily participate
in the Plan. Any eligible employee who begins employment or re-employment on or after January 1, 2022, and any eligible employee who first
becomes eligible to participate in the Plan on or after January 1, 2022, shall be covered by the AbbVie Puerto Rico Savings Plan Plus
(“ASP+”) provisions set forth in the Plan document. The ASP+ provisions provide for automatic enrollment into the Plan and
matching contribution and annual employer contribution formulas that differ from those that apply to participants who joined the Plan
before January 1, 2022. The Plan’s sponsor is AbbVie Ltd. The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (“ERISA”), as amended.
Empower Retirement serves as the recordkeeper
of the Plan and Empower Trust Company, LLC (“Custodian”) serves as the custodian. Banco Popular de Puerto Rico serves as trustee
(“Trustee”) of the Plan.
Contributions and Vesting
Contributions to the Plan are paid to the AbbVie
Puerto Rico Savings Plan Trust (“Trust”). The Trust is administered by the Trustee, the Custodian, and an investment committee
comprised of AbbVie employees (the “Committee”).
Eligible employees electing to participate may
choose to make their contributions from either pre-tax earnings or after-tax earnings or both, subject to certain limitations. Participants
who have attained age 50 before the end of the Plan year and who are making the maximum pre-tax contribution are eligible to make catch-up
contributions. Participants’ pre-tax contributions are an elective deferral feature, which is a cash or deferred arrangement under
the provisions of Section 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011 (“Puerto Rico Code”), as amended. All
the contributions are subject to certain limitations of the Puerto Rico Code. Participant contributions may be invested in any of the
investment options offered by the Plan.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Eligible employees who are not covered by
ASP+ and who elect to participate in the Plan may contribute from 2% to 50% of their eligible earnings to the Trust. Eligible
employees covered by ASP+ and who elect to participate in the Plan may contribute from 1% to 50% of their eligible earnings to the
Trust. Following the 30-day period from an employee’s hire or eligibility date, employees covered by ASP+ who have not
affirmatively enrolled in the Plan and elected a specified contribution type and percentage or who have not opted out of automatic
contributions, will be automatically enrolled in the Plan to contribute 3% of their pre-tax earnings.
Employer matching contributions to the Plan are
made each payroll period based on the participating employees’ eligible earnings. Catch-up contributions are not eligible for matching
contributions. The amount of the employer matching contribution for participants not covered by ASP+ is determined by the Board of Directors
of AbbVie Ltd. and for the year ended December 31, 2024, was 5% of the participant’s eligible earnings if the employee elected to
contribute at least 2% to the Plan. For participants covered by ASP+, contributions are matched dollar for dollar up to 6% of the participant’s
eligible earnings.
In addition, ASP+ participants receive an annual
employer contribution if the ASP+ participant is employed by the Company on the last day of the Plan year or separated from employment
during the Plan year due to death or qualifying retirement. The annual employer contribution is equal to a percentage of eligible compensation
based on each eligible ASP+ participant’s age plus years of credited service according to the following schedule:
| Age + Years of Credited Service (whole years) | |
Contribution Percentage | |
| Less than 30 | |
| 2 | % |
| 30-39 | |
| 3 | % |
| 40-49 | |
| 4 | % |
| 50-59 | |
| 5 | % |
| 60-69 | |
| 6 | % |
| 70 or more | |
| 7 | % |
Employer contributions are invested according to the employee’s
investment elections.
The Plan offers a variety of investment options,
including AbbVie common shares. AbbVie was established by the January 1, 2013 separation of Abbott Laboratories (“Abbott”)
into two publicly traded companies. The separation was a tax-free distribution where Abbott shareholders received one share of AbbVie
stock for every share of Abbott held as of the close of business on December 12, 2012, the record date for the distribution. Effective
January 1, 2013, AbbVie participants may no longer make new contributions or transfer funds to purchase Abbott stock in the Plan; however,
they may continue to hold Abbott stock in their Plan accounts.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Contributions and Vesting - Continued
Participants are at all times fully vested in
their own contributions and earnings thereon. Vesting in employer matching contributions is based on the following vesting schedule:
| | |
Vesting | |
| Years of Credited Service | |
Percentage | |
| Less than 2 years | |
| 0 | % |
| 2 years or more | |
| 100 | % |
Vesting in the annual employer contribution for
ASP+ participants is based on the following vesting schedule:
| | |
Vested | |
| Years of Credited Service | |
Percentage | |
| Less than 1 | |
| 0 | % |
| 1 | |
| 20 | % |
| 2 | |
| 40 | % |
| 3 | |
| 60 | % |
| 4 | |
| 80 | % |
| 5 or more | |
| 100 | % |
Non-vested portions of employer contributions
and earnings thereon are forfeited upon the earlier of (a) the date of distribution of the vested portion of the participant’s full
balance or (b) the date on which the participant incurs five consecutive “break years” (i.e., a 12-consecutive month period
of severance). Forfeitures are used to (1) restore any forfeitures of participants who are reemployed with the Company before incurring
five consecutive break years, (2) fund corrective allocations or contributions and/or (3) reduce future employer contributions. In 2024,
approximately $93,300 of forfeitures were used to reduce AbbVie’s employer contributions. As of December 31, 2024 and 2023, approximately
$34,600 and $29,600, respectively, of forfeitures were available.
Distributions
Following retirement,
termination or death, participants or their beneficiaries receive a distribution in cash, AbbVie common shares or direct rollovers, as
applicable. Also, participants may elect to defer distribution to a future date, but, after termination of employment, distribution must
be made or commence by the 1st of April following
the year the participant reaches age 73. When participants defer distributions, their account balance remains in the Plan, and they may
continue
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE A - DESCRIPTION OF THE PLAN - Continued
Distributions - Continued
to transfer funds among the Plan’s investment
options. Prior to separation of service, participants are permitted to withdraw their rollover contributions and their after-tax contributions
in shares or in cash, subject to certain limitations. In-service withdrawals are available in certain other circumstances as defined by
the Plan. The Plan also permits hardship withdrawals for participants who meet the criteria outlined in the Plan document.
Administrative Expenses
Investment fees for mutual funds and collective
trusts are charged against the net assets of the respective fund. All other expenses incident to the administration of the Plan and Trust
are charged to the Trust, except to the extent the Company pays such expenses directly. Expenses paid by the Company are excluded from
these financial statements. To the extent that any expense is specifically attributable to a participant’s account (including, but
not limited to, a managed account service fee, loan fee, Qualified Domestic Relations Order review fee, brokerage fee, or check fee),
such expense is charged to the account of the participant.
Participant Accounts
Each participant’s account is credited with
the participant’s contributions and employer contributions and allocations of plan earnings and charged with any participant account
fees. Plan earnings are allocated based on the participant’s share of net earnings or losses of their respective elected investment
options. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Notes Receivable from Participants
Participants may borrow from their accounts a
minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, subject to the Puerto Rico Code
limitations and restrictions and Plan rules, and may have one or two loans outstanding. The loans are secured by the balance in the participant’s
account. Participants pay interest on such loans at the prime rate on the first business day of the month the loan is made. Loans must
be repaid within five years unless the loan is used for the purchase of the primary residence of the employee, in which case the repayment
period can be extended to a period of fifteen years. Repayment is generally made through periodic payroll deductions but a loan may be
repaid in a lump sum at any time. For employees terminating employment with AbbVie during the repayment period who do not repay their
loan before distribution of their Plan account, the balance of the outstanding loan is netted from their Plan distribution.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared using the accrual basis
of accounting.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual
results may differ from those estimates.
Investment Valuation
Investments are reported at fair value. Fair value
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The Plan uses the following methods and significant assumptions to estimate the fair value of investments:
Interest bearing cash - Valued at its holding amount.
Common stock, mutual funds and collective trust
funds - Valued at the published net asset value (“NAV”) or market price per share.
Self-directed brokerage accounts -
Include various securities, mainly consisting of cash and cash equivalents, common stock, and exchange-traded funds, which are valued
at the closing price reported in the active market in which the securities are traded.
The fair value hierarchy under the accounting
standard for fair value measurements consists of the following three levels:
| · | Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that
the Plan has the ability to access; |
| · | Level 2 – Valuations based on quoted prices for similar instruments in active markets, quoted prices
for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable
in the market; and |
| · | Level 3 – Valuations using significant inputs that are unobservable in the market and include the
use of judgment by the company’s management about the assumptions market participants would use in pricing the asset or liability. |
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
Investment Valuation - Continued
The following tables set forth the fair value hierarchy levels of the
Plan’s assets at fair value at December 31, (dollars in thousands):
| | |
Basis of Fair Value Measurement | | |
| |
| 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Common stock | |
$ | 276,713 | | |
$ | - | | |
$ | - | | |
$ | 276,713 | |
| Mutual funds | |
| 41,065 | | |
| - | | |
| - | | |
| 41,065 | |
| Collective trust funds | |
| 233,155 | | |
| - | | |
| - | | |
| 233,155 | |
| Self-directed brokerage accounts | |
| 1,571 | | |
| - | | |
| - | | |
| 1,571 | |
| Total assets at fair value | |
$ | 552,504 | | |
$ | - | | |
$ | - | | |
$ | 552,504 | |
| | |
Basis of Fair Value Measurement | | |
| |
2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Interest bearing cash | |
$ | 20 | | |
$ | - | | |
$ | - | | |
$ | 20 | |
| Common stock | |
| 248,885 | | |
| - | | |
| - | | |
| 248,885 | |
| Mutual funds | |
| 33,152 | | |
| - | | |
| - | | |
| 33,152 | |
| Collective trust funds | |
| 210,572 | | |
| - | | |
| - | | |
| 210,572 | |
| Total assets at fair value | |
$ | 492,629 | | |
$ | - | | |
$ | - | | |
$ | 492,629 | |
Notes Receivable from Participants
Notes receivable from participants are
measured at their unpaid balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based upon the
terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2024 and 2023.
Investment Income Recognition
Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized
and unrealized appreciation/depreciation is recorded in the accompanying statement of changes in net assets available for benefits as
net appreciation in fair value of investments.
Payment of Benefits
Benefits are recorded when paid.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE C - INVESTMENTS
A summary of AbbVie common share data as of December 31, is presented
below:
| | |
2024 | | |
2023 | |
| AbbVie common shares,
1,290,504 and 1,289,881, respectively (dollars in thousands) | |
$ | 229,322 | | |
$ | 199,893 | |
| Market value per share | |
$ | 177.70 | | |
$ | 154.97 | |
In general, the investments provided by
the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated
with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near
term and that such changes could materially affect participant accounts and the amounts reported in the statements of net assets available
for benefits.
NOTE D - RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
The Plan invests in the common stock of
AbbVie. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under
ERISA. During 2024, the Plan received $7.8 million in common stock dividends from AbbVie.
Participants pay fees to the recordkeeper
for loan and withdrawal transaction processing and also pay commissions on purchases and sales of AbbVie shares and sales of Abbott stock.
These transactions qualify as permitted party-in-interest transactions.
NOTE E - PLAN TERMINATION
The Plan may be terminated or contributions
discontinued at any time by AbbVie Ltd. upon written notice to the Trustee and Committee. All participants’ account balances are
fully vested upon Plan termination. Upon termination of the Plan, distributions of each participant’s share in the Trust, as determined
by the terms of the Plan, will be made to each participant. At the present time, AbbVie has no intention of terminating the Plan.
AbbVie Puerto Rico Savings Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2024 and 2023
NOTE F - TAX STATUS
The Plan has received a determination letter from
the Commonwealth of Puerto Rico’s Department of Treasury (“Treasury”) dated February 6, 2024, stating that the Plan
is qualified under Section 1081.01 of the Puerto Rico Code, and, therefore, the related trust is exempt from taxation. Subsequent to this
determination by the Treasury, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Puerto Rico
Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements
of the Puerto Rico Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt.
Accounting principles generally accepted in the
United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization
has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing authorities.
The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that there are no uncertain positions taken
or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any
tax periods in progress.
NOTE G - SUBSEQUENT EVENTS
The Company has evaluated subsequent events and
there were no subsequent events that require recognition or additional disclosure in these financial statements.
SUPPLEMENTAL SCHEDULE
AbbVie Puerto Rico Savings
Plan
EIN: 980429860, Plan Number: 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END
OF YEAR)
December 31, 2024
(Dollars in thousands)
| Identity of party involved/ |
|
| |
Current | |
| description of asset | |
Cost (a) | | |
value | |
| *AbbVie Inc., common stock | |
| | | |
$ | 229,322 | |
| | |
| | | |
| | |
| Abbott Laboratories, common stock | |
| | | |
| 47,391 | |
| | |
| | | |
| | |
| Money market fund | |
| | | |
| | |
| Vanguard Federal Money Market Fund | |
| | | |
| 38 | |
| | |
| | | |
| | |
| Mutual funds | |
| | | |
| | |
| American Funds EuroPacific Growth Fund, Class R6 | |
| | | |
| 6,418 | |
| American Funds Growth Fund of America, Class R6 | |
| | | |
| 27,326 | |
| American Funds Washington Mutual Investors Fund, Class R6 | |
| | | |
| 7,283 | |
| | |
| | | |
| | |
| Collective trust fund | |
| | | |
| | |
| Diamond Hill Small/Mid-Cap Portfolio R3 | |
| | | |
| 2,563 | |
| State Street Target Retirement 2020 Securities Lending Series Fund Class IV | |
| | | |
| 8,003 | |
| State Street Target Retirement 2025 Securities Lending Series Fund Class IV | |
| | | |
| 12,878 | |
| State Street Target Retirement 2030 Securities Lending Series Fund Class IV | |
| | | |
| 15,926 | |
| State Street Target Retirement 2035 Securities Lending Series Fund Class IV | |
| | | |
| 11,105 | |
| State Street Target Retirement 2040 Securities Lending Series Fund Class IV | |
| | | |
| 8,552 | |
| State Street Target Retirement 2045 Securities Lending Series Fund Class IV | |
| | | |
| 5,611 | |
| State Street Target Retirement 2050 Securities Lending Series Fund Class IV | |
| | | |
| 2,788 | |
| State Street Target Retirement 2055 Securities Lending Series Fund Class IV | |
| | | |
| 3,104 | |
| State Street Target Retirement 2060 Securities Lending Series Fund Class IV | |
| | | |
| 2,368 | |
| State Street Target Retirement 2065 Securities Lending Series Fund Class IV | |
| | | |
| 1,589 | |
| State Street Target Retirement Income Securities Lending Series Fund Class IV | |
| | | |
| 3,495 | |
| State Street Global Allcap Equity Ex-US Index Securities Lending Series Fund Class II | |
| | | |
| 24,375 | |
| State Street Russell Small/Mid Index Securities Lending Series Fund Class II | |
| | | |
| 15,933 | |
| State Street S&P 500 Index Securities Lending Series Fund Class II | |
| | | |
| 53,038 | |
| State Street US Bond Index Securities Lending Series Fund Class XIV | |
| | | |
| 9,545 | |
| TCW Metwest Total Return Bond Fund Class A | |
| | | |
| 14,518 | |
| Galliard Stable Return Fund Class X | |
| | | |
| 37,764 | |
| Self-directed brokerage accounts | |
| | | |
| 1,571 | |
| | |
| | | |
| | |
| *Loans to participants, 3.25% to 8.50% | |
| | | |
| 6,230 | |
| | |
| | | |
| | |
| | |
| | | |
$ | 558,734 | |
*Represents a party-in-interest transaction.
(a) Cost information omitted as all investments are fully participant directed.
EXHIBIT INDEX
SIGNATURE
The
Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the
employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| ABBVIE SAVINGS PROGRAM |
|
| |
|
| Date: June 13, 2025 |
By: |
/s/ Demetris Crum |
| |
|
Demetris Crum |
| |
|
Plan Administrator |
Exhibit 23.1
Consent of Independent Registered Public Accounting
Firm
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 333-185564) pertaining to the AbbVie Savings Program of AbbVie Inc. of our report dated June 13, 2025, with
respect to the financial statements and schedule of the AbbVie Savings Plan included in this Annual Report (Form 11-K) for the year
ended December 31, 2024.
/s/ Ernst & Young LLP
Chicago, Illinois
June 13, 2025
Exhibit 23.2
Consent of Independent Registered Public Accounting
Firm
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 333-185564) pertaining to the AbbVie Savings Program of AbbVie Inc. of our report dated June 13, 2025, with
respect to the financial statements and schedule of the AbbVie Puerto Rico Savings Plan included in this Annual Report (Form 11-K)
for the year ended December 31, 2024.
/s/ Ernst & Young LLP
Chicago, Illinois
June 13, 2025
AbbVie (NYSE:ABBV)
Gráfico Histórico do Ativo
De Jun 2025 até Jul 2025
AbbVie (NYSE:ABBV)
Gráfico Histórico do Ativo
De Jul 2024 até Jul 2025
