AbbVie 2012 Annual Report Download - page 7

PART I
ITEM 1. BUSINESS
Separation from Abbott Laboratories
On January 1, 2013, AbbVie(1) became an independent company as a result of the distribution by
Abbott Laboratories (Abbott) of 100 percent of the outstanding common stock of AbbVie to Abbott’s
shareholders. Each Abbott shareholder of record as of the close of business on December 12, 2012 (the
Record Date) received one share of AbbVie common stock for each Abbott common share held as of
the Record Date.
AbbVie was incorporated in Delaware on April 10, 2012 and is comprised of Abbott’s former
research-based pharmaceuticals business. AbbVie’s Registration Statement on Form 10 was declared
effective by the U.S. Securities and Exchange Commission on December 7, 2012. AbbVie’s common
stock began trading ‘‘regular-way’’ under the ticker symbol ‘‘ABBV’’ on the New York Stock Exchange
on January 2, 2013.
Overview
AbbVie is a global, research-based biopharmaceutical company. AbbVie develops and markets
advanced therapies that address some of the world’s most complex and serious diseases. AbbVie
products are used to treat rheumatoid arthritis, psoriasis, Crohn’s disease, HIV, cystic fibrosis
complications, low testosterone, thyroid disease, Parkinson’s disease, ulcerative colitis, and
complications associated with chronic kidney disease, among other indications. AbbVie also has a
pipeline of promising new medicines, including more than 20 compounds or indications in Phase II or
Phase III development across such important medical specialties as immunology, renal care, hepatitis C,
women’s health, oncology, and neuroscience, including multiple sclerosis and Alzheimer’s disease.
The 2010 acquisitions of the U.S. pharmaceuticals business of Solvay Pharmaceuticals and of Facet
Biotech Corporation added several new products to AbbVie’s portfolio, including the U.S. rights to
AndroGel and Creon, and enhanced AbbVie’s early- and mid-stage investigational pipeline by adding
an investigational biologic for multiple sclerosis and compounds that complement AbbVie’s oncology
program. These acquisitions are discussed more fully in Note 4, ‘‘Acquisitions, Collaborations and Other
Arrangements’’, of the Notes to Combined Financial Statements.
Segments
AbbVie operates in one business segment—pharmaceutical products. Incorporated herein by
reference is Note 14 entitled ‘‘Segment and Geographic Area Information’’ of the Notes to Combined
Financial Statements included under Item 8, ‘‘Financial Statements and Supplementary Data’’ and the
sales information related to HUMIRA included in ‘‘Financial Review.’’
Products
AbbVie’s portfolio of proprietary products includes a broad line of adult and pediatric
pharmaceuticals.
(1) As used throughout the text of this report on Form 10-K, the term ‘‘AbbVie’’ refers to
AbbVie Inc., a Delaware corporation, or AbbVie Inc. and its consolidated subsidiaries, as the
context requires.
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