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# AbbVie Assigns $9.1 Billion Of Its $10.6 Billion Apogee Price To Unapproved Drugs
- URL: https://www.bullished.co/abbvie-assigns-9-1-billion-of-its-10-6-billion-apogee-price-to-unapproved-drugs-548ee220/
- Published: 2026-11-03T18:56:07.000Z
- Updated: 2026-11-03T18:56:07.000Z
- Description: AbbVie's accounting for the Apogee deal is preliminary, with $2.284 billion of goodwill and a $1.661 billion deferred tax liability.
- Author: Matteo Parrino
- Tags: SEC Filings, ABBV, Industry: Healthcare

[AbbVie](https://www.bullished.co/tag/abbv/), the biopharmaceutical company behind Skyrizi, Rinvoq and Botox, booked [$9.1 billion](https://www.sec.gov/Archives/edgar/data/0001551152/000155115226000037/abbv-20260930.htm?ref=bullished.co) of its Apogee Therapeutics purchase as in-process research and development, meaning drugs that have not yet won regulatory approval, according to its 10-Q filed Tuesday. The company calls the allocation preliminary.

## Where the $10.6 billion went

AbbVie completed the Apogee purchase on September 3, paying $135.11 per share in cash. The fair value of the consideration was $10.6 billion, or $10.5 billion net of cash acquired. The [prior quarterly report](https://www.sec.gov/Archives/edgar/data/0001551152/000155115226000026/abbv-20260630.htm?ref=bullished.co) had described the pending deal as worth about $10.9 billion.

Beyond the $9.1 billion of unapproved-drug assets, AbbVie recorded $2.284 billion of goodwill. A $1.661 billion deferred tax liability brings identifiable net assets to $8.311 billion.

Settling the final valuation may shift intangible assets, goodwill and income taxes. That work must be done within a year of the acquisition date.

AbbVie inherited Apogee's zumilokibart funding deal, now a financing liability of $523 million, $300 million of it current debt. AbbVie recorded a matching $300 million of future funding payments in other assets.

## An immunology bet as Humira fades

Apogee's pipeline centers on zumilokibart, a late-stage antibody targeting IL-13 for atopic dermatitis, and APG273, a combination targeting IL-13 and TSLP for asthma. AbbVie says the goodwill reflects expected synergies, including expanding its immunology pipeline.

Immunology is where AbbVie's growth sits. Skyrizi revenue rose 25% in the first nine months of 2026, while Humira fell 36% on a constant-currency basis. Apogee's results since the closing were insignificant, the filing says.

Apogee employee awards cost another $318 million in cash-settled expense after closing, booked in the third quarter. It funded the deal with $10.0 billion of senior notes issued in August, after which it terminated a $10.0 billion term loan facility.

## A $27.3 billion liability and a Botox ruling

AbbVie's contingent consideration liabilities, which are payments owed to sellers of earlier acquisitions, stood at $27.3 billion at September 30, up from $25.4 billion at December 31, 2025\. Fair-value charges of $4.7 billion this year drove the increase. The balance sheet also shows a stockholders' deficit of $4.583 billion.

A court ruling on October 29 blocked Botox's Medicare price negotiation. The government can appeal.

AbbVie has until one year after the September 3 closing to finalize the Apogee allocation, and the government may still appeal the Botox ruling.

### Sources

- [10-Q Filing — AbbVie (ABBV)](https://www.sec.gov/Archives/edgar/data/0001551152/000155115226000037/abbv-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — AbbVie (ABBV), Q2 FY2026 filed 2026-08-03 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001551152/000155115226000026/abbv-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, abbv-20260930xexhibit991.htm) — AbbVie, filed 2026-10-30](https://www.sec.gov/Archives/edgar/data/0001551152/000155115226000033/abbv-20260930xexhibit991.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — AbbVie, filed 2026-11-02 (Items 5.02)](https://www.sec.gov/Archives/edgar/data/0001551152/000110465926121322/tm2628215d1%5F8k.htm?ref=bullished.co) — SEC EDGAR

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- [AbbVie CEO Says Analysts Are Underrating Etentamig, A Multibillion-Dollar Myeloma Drug](https://www.bullished.co/abbvie-ceo-says-analysts-are-underrating-etentamig-a-multibillion-dollar-myeloma-drug-a95ac36b/)
- [AbbVie Raises 2026 Profit Forecast After Skyrizi And Rinvoq Lift Sales 10.3% To $17.4 Billion](https://www.bullished.co/abbvie-raises-2026-profit-forecast-after-skyrizi-and-rinvoq-lift-sales-10-3-to-17-4-ffa45c41/)

[All AbbVie (ABBV) coverage →](https://www.bullished.co/tag/abbv/)