AbbVie 2013 Annual Report Download - page 37

ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth AbbVie’s selected financial information derived from its (i) audited
consolidated financial statements as of and for the year ended December 31, 2013; (ii) audited
combined financial statements for the years ended December 31, 2012, 2011, 2010 and 2009 and as of
December 31, 2012, 2011 and 2010; and (iii) unaudited combined financial statements as of
December 31, 2009. The historical financial statements for periods prior to January 1, 2013 were
prepared on a stand-alone basis and were derived from Abbott’s consolidated financial statements and
accounting records as if the former research-based pharmaceutical business of Abbott had been part of
AbbVie for all periods presented. Accordingly, AbbVie’s financial statements for periods prior to
January 1, 2013 are presented on a combined basis and reflect AbbVie’s financial position, results of
operations and cash flows as its business was operated as part of Abbott prior to the separation, in
conformity with generally accepted accounting principles (GAAP) in the United States. The historical
financial statements for periods prior to January 1, 2013 also reflected an allocation of expenses related
to certain Abbott corporate functions, including senior management, legal, human resources, finance,
information technology and quality assurance. These expenses were allocated to AbbVie based on
direct usage or benefit where identifiable, with the remainder allocated on a pro rata basis of revenues,
headcount, square footage, number of transactions or other measures. AbbVie considers the expense
allocation methodology and results to be reasonable. However, the allocations may not be indicative of
the actual expenses that would have been incurred had AbbVie operated as an independent, stand-
alone, publicly-traded company for the periods presented. Accordingly, the historical financial
information presented for periods prior to January 1, 2013 may not be indicative of the results of
operations or financial position that would have been achieved if AbbVie had been an independent,
stand-alone, publicly-traded company during the periods shown or of AbbVie’s performance for periods
subsequent to December 31, 2012. Refer to ‘‘Basis of Historical Presentation’’ and ‘‘Transition from
Abbott and Cost to Operate as an Independent Company’’ included under Item 7, ‘‘Management’s
Discussion and Analysis of Financial Condition and Results of Operations’’ for additional information.
The selected financial information should be read in conjunction with the financial statements and
accompanying notes included under Item 8, ‘‘Financial Statements and Supplementary Data’’ and
Item 7, ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations.’’
as of and for the years ended December 31 (in millions, except
per share data) 2013 2012 2011 2010 2009
Statement of earnings data
Net sales $18,790 $18,380 $17,444 $15,638 $14,214
Net earnings(a) $ 4,128 $ 5,275 $ 3,433 $ 4,178 $ 4,636
Basic earnings per share(a) $ 2.58 $ 3.35 $ 2.18 $ 2.65 $ 2.94
Diluted earnings per share(a) $ 2.56 $ 3.35 $ 2.18 $ 2.65 $ 2.94
Cash dividends declared per share(b) $ 2.00 n/a n/a n/a n/a
Weighted-average basic shares outstanding(c) 1,589 1,577 1,577 1,577 1,577
Weighted-average diluted shares outstanding(c) 1,604 1,577 1,577 1,577 1,577
Balance sheet data
Total assets $29,198 $27,008 $19,521 $21,135 $15,858
Long-term debt and lease obligations(d) $14,310 $14,652 $ 48 $ 52 $ 55
(a) Results for the year ended December 31, 2013 included higher expenses associated with operating
as an independent, stand-alone publicly traded company than the historically derived financial
statements. The increases include a full year of interest expense on debt issued in November 2012,
a higher tax rate and other full year incremental costs of operating as an independent company.
(b) On January 4, 2013, the board of directors declared a cash dividend of $0.40 per share of common
stock. This dividend was declared from pre-separation earnings and was recorded as a reduction of
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