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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to                                   
Commission File Number: 001-35565
https://cdn.kscope.io/8bafe535190d8e9c86ae0f589a1f6686-abbvieimage1a54.jpg
AbbVie Inc.
(Exact name of registrant as specified in its charter)
Delaware
32-0375147
(State or other jurisdiction of incorporation or organization)
(I.R.S. employer identification number)
1 North Waukegan Road
North ChicagoIllinois 60064-6400
Telephone: (847) 932-7900
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated FilerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareABBVNew York Stock Exchange
Chicago Stock Exchange
1.500% Senior Notes due 2023ABBV23BNew York Stock Exchange
1.375% Senior Notes due 2024ABBV24New York Stock Exchange
1.250% Senior Notes due 2024ABBV24BNew York Stock Exchange
0.750% Senior Notes due 2027ABBV27New York Stock Exchange
2.125% Senior Notes due 2028ABBV28New York Stock Exchange
2.625% Senior Notes due 2028ABBV28BNew York Stock Exchange
2.125% Senior Notes due 2029ABBV29New York Stock Exchange
1.250% Senior Notes due 2031ABBV31New York Stock Exchange
As of July 31, 2023, AbbVie Inc. had 1,765,046,680 shares of common stock at $0.01 par value outstanding.



AbbVie Inc. and Subsidiaries
Table of Contents

Page




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)

Three months ended
June 30,
Six months ended
June 30,
(in millions, except per share data)2023202220232022
Net revenues$13,865 $14,583 $26,090 $28,121 
Cost of products sold4,240 4,170 8,226 8,222 
Selling, general and administrative3,268 5,412 6,307 8,539 
Research and development1,733 1,609 4,025 3,106 
Acquired IPR&D and milestones280 269 430 414 
Other operating income(169)(172)(179)(172)
Total operating costs and expenses9,352 11,288 18,809 20,109 
Operating earnings4,513 3,295 7,281 8,012 
Interest expense, net454 532 908 1,071 
Net foreign exchange loss37 47 72 72 
Other expense, net1,412 1,533 3,216 757 
Earnings before income tax expense2,610 1,183 3,085 6,112 
Income tax expense583 255 817 691 
Net earnings2,027 928 2,268 5,421 
Net earnings attributable to noncontrolling interest3 4 5 7 
Net earnings attributable to AbbVie Inc.$2,024 $924 $2,263 $5,414 
Per share data
Basic earnings per share attributable to AbbVie Inc.$1.14 $0.52 $1.27 $3.04 
Diluted earnings per share attributable to AbbVie Inc.$1.14 $0.51 $1.26 $3.03 
Weighted-average basic shares outstanding1,767 1,770 1,768 1,770 
Weighted-average diluted shares outstanding1,771 1,776 1,773 1,777 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2023 Form 10-Q | https://cdn.kscope.io/8bafe535190d8e9c86ae0f589a1f6686-abbvieimage2a21.gif
1


AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
Three months ended
June 30,
Six months ended
June 30,
(in millions)2023202220232022
Net earnings$2,027 $928 $2,268 $5,421 
Foreign currency translation adjustments, net of tax expense (benefit) of $(6) for the three months and $6 for the six months ended June 30, 2023 and $(12) for the three months and $(19) for the six months ended June 30, 2022
(16)(823)178 (1,054)
Net investment hedging activities, net of tax expense (benefit) of $2 for the three months and $(58) for the six months ended June 30, 2023 and $146 for the three months and $183 for the six months ended June 30, 2022
11 536 (213)666 
Pension and post-employment benefits, net of tax expense (benefit) of $(4) for the three months and $10 for the six months ended June 30, 2023 and $11 for the three months and $21 for the six months ended June 30, 2022
(2)48 36 76 
Cash flow hedging activities, net of tax expense (benefit) of $(4) for the three months and $(8) for the six months ended June 30, 2023 and $5 for the three months and $3 for the six months ended June 30, 2022
(13)27 (54)15 
Other comprehensive loss(20)(212)(53)(297)
Comprehensive income2,007 716 2,215 5,124 
Comprehensive income attributable to noncontrolling interest3 4 5 7 
Comprehensive income attributable to AbbVie Inc.$2,004 $712 $2,210 $5,117 

The accompanying notes are an integral part of these condensed consolidated financial statements.




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AbbVie Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions, except share data)June 30,
2023
December 31,
2022
(unaudited)
Assets
Current assets
Cash and equivalents$8,759 $9,201 
Short-term investments7 28 
Accounts receivable, net11,491 11,254 
Inventories4,055 3,579 
Prepaid expenses and other4,540 4,401 
Total current assets28,852 28,463 
Investments288 241 
Property and equipment, net4,943 4,935 
Intangible assets, net62,862 67,439 
Goodwill32,224 32,156 
Other assets6,198 5,571 
Total assets$135,367 $138,805 
Liabilities and Equity
Current liabilities
Short-term borrowings$ $1 
Current portion of long-term debt and finance lease obligations5,203 4,135 
Accounts payable and accrued liabilities27,036 25,402 
Total current liabilities32,239 29,538 
Long-term debt and finance lease obligations55,812 59,135 
Deferred income taxes2,124 2,190 
Other long-term liabilities32,294 30,655 
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 4,000,000,000 shares authorized, 1,821,926,709 shares issued as of June 30, 2023 and 1,813,770,294 as of December 31, 2022
18 18 
Common stock held in treasury, at cost, 57,127,750 shares as of June 30, 2023 and 44,589,000 as of December 31, 2022
(6,528)(4,594)
Additional paid-in capital19,839 19,245 
Retained earnings1,789 4,784 
Accumulated other comprehensive loss(2,252)(2,199)
Total stockholders' equity12,866 17,254 
Noncontrolling interest32 33 
Total equity12,898 17,287 
Total liabilities and equity$135,367 $138,805 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (unaudited)

(in millions)Common shares outstandingCommon stockTreasury stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossNoncontrolling interestTotal
Balance at March 31, 20221,767 $18 $(4,585)$18,731 $5,103 $(2,984)$31 $16,314 
Net earnings attributable to AbbVie Inc.—    924   924 
Other comprehensive loss, net of tax—     (212) (212)
Dividends declared—    (2,511)  (2,511)
Purchases of treasury stock  (9)    (9)
Stock-based compensation plans and other1  3 175    178 
Change in noncontrolling interest—      4 4 
Balance at June 30, 20221,768 $18 $(4,591)$18,906 $3,516 $(3,196)$35 $14,688 
Balance at March 31, 20231,764 $18 $(6,524)$19,619 $2,393 $(2,232)$29 $13,303 
Net earnings attributable to AbbVie Inc.—    2,024   2,024 
Other comprehensive loss, net of tax—     (20) (20)
Dividends declared—    (2,628)  (2,628)
Purchases of treasury stock  (10)    (10)
Stock-based compensation plans and other1  6 220    226 
Change in noncontrolling interest—      3 3 
Balance at June 30, 20231,765 $18 $(6,528)$19,839 $1,789 $(2,252)$32 $12,898 
Balance at December 31, 20211,768 $18 $(3,143)$18,305 $3,127 $(2,899)$28 $15,436 
Net earnings attributable to AbbVie Inc.—    5,414   5,414 
Other comprehensive loss, net of tax—     (297) (297)
Dividends declared—    (5,025)  (5,025)
Purchases of treasury stock(10) (1,479)    (1,479)
Stock-based compensation plans and other10  31 601    632 
Change in noncontrolling interest—      7 7 
Balance at June 30, 20221,768 $18 $(4,591)$18,906 $3,516 $(3,196)$35 $14,688 
Balance at December 31, 20221,769 $18 $(4,594)$19,245 $4,784 $(2,199)$33 $17,287 
Net earnings attributable to AbbVie Inc.—    2,263   2,263 
Other comprehensive loss, net of tax—     (53) (53)
Dividends declared—    (5,258)  (5,258)
Purchases of treasury stock(12) (1,965)    (1,965)
Stock-based compensation plans and other8  31 594    625 
Change in noncontrolling interest—      (1)(1)
Balance at June 30, 20231,765 $18 $(6,528)$19,839 $1,789 $(2,252)$32 $12,898 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Six months ended
June 30,
(in millions) (brackets denote cash outflows)20232022
Cash flows from operating activities
Net earnings$2,268 $5,421 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation369 401 
Amortization of intangible assets4,018 3,704 
Deferred income taxes(635)(794)
Change in fair value of contingent consideration liabilities3,424 861 
Stock-based compensation492 413 
Acquired IPR&D and milestones430 414 
Gain on divestitures— (172)
Non-cash litigation reserve adjustments, net of cash payments(118)2,190 
Impairment of intangible assets710  
Other, net(173)(86)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(275)(1,396)
Inventories(458)(499)
Prepaid expenses and other assets285 14 
Accounts payable and other liabilities1,107 (448)
Income tax assets and liabilities, net(932)(110)
Cash flows from operating activities10,512 9,913 
Cash flows from investing activities
Acquisitions and investments(513)(394)
Acquisitions of property and equipment(353)(305)
Purchases of investment securities(35)(1,411)
Sales and maturities of investment securities36 50 
Other, net25 599 
Cash flows from investing activities(840)(1,461)
Cash flows from financing activities
Proceeds from issuance of long-term debt 2,000 
Repayments of long-term debt and finance lease obligations(2,353)(4,881)
Dividends paid(5,286)(5,033)
Purchases of treasury stock(1,965)(1,479)
Proceeds from the exercise of stock options113 198 
Payments of contingent consideration liabilities(641)(482)
Other, net20 26 
Cash flows from financing activities(10,112)(9,651)
Effect of exchange rate changes on cash and equivalents(2)(26)
Net change in cash and equivalents(442)(1,225)
Cash and equivalents, beginning of period9,201 9,746 
Cash and equivalents, end of period$8,759 $8,521 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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AbbVie Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 Basis of Presentation
Basis of Historical Presentation
The unaudited interim condensed consolidated financial statements of AbbVie Inc. (AbbVie or the company) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the company’s audited consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the year ended December 31, 2022.
It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the company’s financial position and operating results. Net revenues and net earnings for any interim period are not necessarily indicative of future or annual results. Certain other reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation.
Note 2 Supplemental Financial Information
Interest Expense, Net
Three months ended
June 30,
Six months ended
June 30,
(in millions)2023202220232022
Interest expense$552 $556 $1,105 $1,104 
Interest income(98)(24)(197)(33)
Interest expense, net$454 $532 $908 $1,071 
Inventories
(in millions)June 30,
2023
December 31,
2022
Finished goods$1,177 $1,162 
Work-in-process1,606 1,417 
Raw materials1,272 1,000 
Inventories$4,055 $3,579 
Property and Equipment, Net
(in millions)June 30,
2023
December 31,
2022
Property and equipment, gross$11,318 $10,986 
Accumulated depreciation(6,375)(6,051)
Property and equipment, net$4,943 $4,935 
Depreciation expense was $190 million for the three months and $369 million for the six months ended June 30, 2023 and $203 million for the three months and $401 million for the six months ended June 30, 2022.
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Note 3 Earnings Per Share
AbbVie grants certain restricted stock units (RSUs) that are considered to be participating securities. Due to the presence of participating securities, AbbVie calculates earnings per share (EPS) using the more dilutive of the treasury stock or the two-class method. For all periods presented, the two-class method was more dilutive.
The following table summarizes the impact of the two-class method:
Three months ended
June 30,
Six months ended
June 30,
(in millions, except per share data)2023202220232022
Basic EPS
Net earnings attributable to AbbVie Inc.$2,024 $924 $2,263 $5,414 
Earnings allocated to participating securities11 11 22 26 
Earnings available to common shareholders$2,013 $913 $2,241 $5,388 
Weighted-average basic shares outstanding1,767 1,770 1,768 1,770 
Basic earnings per share attributable to AbbVie Inc.$1.14 $0.52 $1.27 $3.04 
Diluted EPS
Net earnings attributable to AbbVie Inc.$2,024 $924 $2,263 $5,414 
Earnings allocated to participating securities11 11 22 26 
Earnings available to common shareholders$2,013 $913 $2,241 $5,388 
Weighted-average shares of common stock outstanding1,767 1,770 1,768 1,770 
Effect of dilutive securities4 6 5 7 
Weighted-average diluted shares outstanding1,771 1,776 1,773 1,777 
Diluted earnings per share attributable to AbbVie Inc.$1.14 $0.51 $1.26 $3.03 
Certain shares issuable under stock-based compensation plans were excluded from the computation of EPS because the effect would have been antidilutive. The number of common shares excluded was insignificant for all periods presented.
Note 4 Licensing, Acquisitions and Other Arrangements
Other Licensing & Acquisitions Activity
Cash outflows related to acquisitions and investments totaled $513 million for the six months ended June 30, 2023 and $394 million for the six months ended June 30, 2022. AbbVie recorded acquired IPR&D and milestones expense of $280 million for the three months and $430 million for the six months ended June 30, 2023 and $269 million for the three months and $414 million for the six months ended June 30, 2022.
Syndesi Therapeutics SA
In February 2022, AbbVie acquired Syndesi Therapeutics SA and its portfolio of novel modulators of the synaptic vesicle protein 2A, including its lead molecule ABBV-552, previously named SDI-118, and accounted for the transaction as an asset acquisition. ABBV-552 is a small molecule, which is being evaluated to target nerve terminals to enhance synaptic efficiency. Under the terms of the agreement, AbbVie made an upfront payment of $130 million which was recorded to acquired IPR&D and milestones expense in the condensed consolidated statement of earnings in the first quarter of 2022. The agreement also includes additional future payments of up to $870 million upon the achievement of certain development, regulatory and commercial milestones.
Juvise Pharmaceuticals
In June 2022, AbbVie and Laboratories Juvise Pharmaceuticals (Juvise) entered into an asset purchase agreement where Juvise acquired worldwide commercial rights of a mature brand Pylera, which is used for the treatment of peptic ulcers with an infection by the bacterium Helicobacter pylori. The transaction was accounted for as the sale of an asset. Upon completion of the transaction,
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AbbVie received net cash proceeds of $215 million and recognized a pre-tax gain of $172 million which was recorded in other operating income in the condensed consolidated statement of earnings in the second quarter of 2022.
Other Arrangements
AbbVie entered into several other arrangements resulting in charges related to upfront payments of $220 million for the three months and $352 million for the six months ended June 30, 2023 and $222 million for the three and six months ended June 30, 2022. Acquired IPR&D and milestones expense also included development milestones of $60 million for the three months and $78 million for the six months ended June 30, 2023 and $47 million for the three months and $62 million for the six months ended June 30, 2022.
Note 5 Collaborations
The company has ongoing transactions with other entities through collaboration agreements. The following represent the significant collaboration agreements impacting the periods ended June 30, 2023 and 2022.
Collaboration with Janssen Biotech, Inc.
In December 2011, Pharmacyclics, a wholly-owned subsidiary of AbbVie, entered into a worldwide collaboration and license agreement with Janssen Biotech, Inc. and its affiliates (Janssen), one of the Janssen Pharmaceutical companies of Johnson & Johnson, for the joint development and commercialization of Imbruvica, a novel, orally active, selective covalent inhibitor of Bruton’s tyrosine kinase and certain compounds structurally related to Imbruvica, for oncology and other indications, excluding all immune and inflammatory mediated diseases or conditions and all psychiatric or psychological diseases or conditions, in the United States and outside the United States.
The collaboration provides Janssen with an exclusive license to commercialize Imbruvica outside of the United States and co-exclusively with AbbVie in the United States. Both parties are responsible for the development, manufacturing and marketing of any products generated as a result of the collaboration. The collaboration has no set duration or specific expiration date and provides for potential future development, regulatory and approval milestone payments of up to $200 million to AbbVie. The collaboration also includes a cost sharing arrangement for associated collaboration activities. Except in certain cases, Janssen is responsible for approximately 60% of collaboration development costs and AbbVie is responsible for the remaining 40% of collaboration development costs.
In the United States, both parties have co-exclusive rights to commercialize the products; however, AbbVie is the principal in the end-customer product sales. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. Sales of Imbruvica are included in AbbVie's net revenues. Janssen's share of profits is included in AbbVie's cost of products sold. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
Outside the United States, Janssen is responsible for and has exclusive rights to commercialize Imbruvica. AbbVie and Janssen share pre-tax profits and losses equally from the commercialization of products. AbbVie's share of profits is included in AbbVie's net revenues. Other costs incurred under the collaboration are reported in their respective expense line items, net of Janssen's share.
The following table shows the profit and cost sharing relationship between Janssen and AbbVie:
Three months ended
June 30,
Six months ended
June 30,
(in millions)2023202220232022
United States - Janssen's share of profits (included in cost of products sold)$312 $404 $609 $812 
International - AbbVie's share of profits (included in net revenues)241 283 481 582 
Global - AbbVie's share of other costs (included in respective line items)57 69 112 133 
AbbVie’s receivable from Janssen, included in accounts receivable, net, was $268 million at June 30, 2023 and $295 million at December 31, 2022. AbbVie’s payable to Janssen, included in accounts payable and accrued liabilities, was $295 million at June 30, 2023 and $379 million at December 31, 2022.
Collaboration with Genentech, Inc.
AbbVie and Genentech, Inc. (Genentech), a member of the Roche Group, are parties to a collaboration and license agreement executed in 2007 to jointly research, develop and commercialize human therapeutic products containing BCL-2 inhibitors and certain other compound inhibitors which includes Venclexta, a BCL-2 inhibitor used to treat certain hematological malignancies. AbbVie
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shares equally with Genentech all pre-tax profits and losses from the development and commercialization of Venclexta in the United States. AbbVie pays royalties on Venclexta net revenues outside the United States.
AbbVie manufactures and distributes Venclexta globally and is the principal in the end-customer product sales. Sales of Venclexta are included in AbbVie’s net revenues. Genentech’s share of United States profits is included in AbbVie’s cost of products sold. AbbVie records sales and marketing costs associated with the United States collaboration as part of selling, general and administrative (SG&A) expenses and global development costs as part of research and development (R&D) expenses, net of Genentech’s share. Royalties paid for Venclexta revenues outside the United States are also included in AbbVie’s cost of products sold.
The following table shows the profit and cost sharing relationship between Genentech and AbbVie:
Three months ended
June 30,
Six months ended
June 30,
(in millions)2023202220232022
Genentech's share of profits, including royalties (included in cost of products sold)$214 $196 $416 $374 
AbbVie's share of sales and marketing costs from U.S. collaboration (included in SG&A)8 5 19 17 
AbbVie's share of development costs (included in R&D)30 31 58 58 
    
Note 6 Goodwill and Intangible Assets
Goodwill
The following table summarizes the changes in the carrying amount of goodwill:
(in millions)
Balance as of December 31, 2022$32,156 
Foreign currency translation adjustments68 
Balance as of June 30, 2023$32,224 
The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of June 30, 2023, there were no accumulated goodwill impairment losses.
Intangible Assets, Net
The following table summarizes intangible assets:
June 30, 2023December 31, 2022
(in millions)Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Definite-lived intangible assets
Developed product rights$87,702 $(28,400)$59,302 $87,698 $(25,003)$62,695 
License agreements8,474 (5,207)3,267 8,474 (4,642)3,832 
Total definite-lived intangible assets96,176 (33,607)62,569 96,172 (29,645)66,527 
Indefinite-lived intangible assets293 — 293 912 — 912 
Total intangible assets, net$96,469 $(33,607)$62,862 $97,084 $(29,645)$67,439 
Definite-Lived Intangible Assets
Amortization expense was $2.1 billion for the three months and $4.0 billion for the six months ended June 30, 2023 and $1.8 billion for the three months and $3.7 billion for the six months ended June 30, 2022. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.
The company monitors intangible assets for impairment on a quarterly basis. The definite-lived intangible asset related to Imbruvica in the United States has a carrying value of $4.3 billion as of June 30, 2023. Estimated future cash flows are not significantly higher than the intangible asset’s carrying value, reflecting the company’s current expectations of the impact of the Inflation Reduction Act
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of 2022. Future changes to the company’s estimates of the impact of the Inflation Reduction Act and the potential of government selection for price negotiations as well as regulatory, market and competitive developments could unfavorably impact the company’s ability to recover the carrying value of the related intangible asset. It is reasonably possible that an intangible asset impairment may occur in future periods, which may have a material effect on AbbVie’s results of operations.
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets represent acquired IPR&D associated with products that have not yet received regulatory approval. The company performs its annual impairment assessment of indefinite-lived intangible assets in the third quarter, or earlier if impairment indicators exist.
During the first quarter of 2023, the company made a decision to revise the research and development plan for AGN-151607, a novel investigational neurotoxin for the prevention of postoperative atrial fibrillation in cardiac surgery patients. This decision contributed to a delay in the estimated timing of regulatory approval as well as a significant decrease in estimated future cash flows of the product and represented a triggering event which required the company to evaluate the underlying indefinite-lived intangible asset for impairment. The company utilized a discounted cash flow analysis to estimate the fair value which was below the carrying value of the intangible asset. Based on the revised cash flows, the company recorded a pre-tax impairment charge of $630 million to research and development expense in the condensed consolidated statement of earnings for the first quarter of 2023.
Note 7 Integration and Restructuring Plans
Allergan Integration Plan
Following the closing of the Allergan acquisition, AbbVie implemented an integration plan designed to reduce costs, integrate and optimize the combined organization and incurred total cumulative charges of $2.4 billion through June 30, 2023. These costs consist of severance and employee benefit costs (cash severance, non-cash severance including accelerated equity award compensation expense, retention and other termination benefits) and other integration expenses.
The following table summarizes the charges (benefits) associated with the Allergan acquisition integration plan:
Three months ended
June 30,
Six months ended
June 30,
(in millions)2023202220232022
Cost of products sold$32 $26 $46 $57 
Research and development1 1 1 10 
Selling, general and administrative51 76 95 146 
Total charges$84 $103 $142 $213 
The following table summarizes the cash activity in the recorded liability associated with the Allergan integration plan for the six months ended June 30, 2023:
(in millions)
Accrued balance as of December 31, 2022
$107 
Charges135