An Amazing Journey

I remember, very clearly, AbbVie’s first days as a company.

We vowed to make a remarkable impact on the lives of not only patients but on the communities that we live in. We wanted to build a company with its own unique culture that would attract the very best minds and most innovative thinkers. A company that would endure long after my time as CEO was complete. ??

These were lofty aspirations, as we were one of the smallest pharmaceutical companies among our peer group in 2013.

Today, we treat 60 million patients annually in more than 175 countries. Our areas of focus target conditions and life-altering diseases in immunology, neuroscience, oncology, aesthetics and eye care. I can proudly say that the business we have built is nothing short of amazing.

So, the time is exactly right for AbbVie’s next chapter. After more than 40 years in this business and as AbbVie’s founding CEO, I am retiring as AbbVie’s CEO and transitioning to executive chairman of AbbVie’s Board of Directors, effective today. It has been an incredible journey for me, and I know that AbbVie’s future is extremely bright. Here are three reasons why I believe AbbVie’s best days lie ahead.

Our strong foundation. I am tremendously proud of the company we have built. Since our inception, our market cap has grown from $54 billion to more than $300 billion while our number of employees grew from 21,000 in 2013 to approximately 50,000 global employees today. And while I am proud of our business performance and how we have delivered for our shareholders over the years, I am also proud of how we show up for patients and communities. We have invested more than $63 billion in R&D and that investment has created innovative new medicines that have improved the lives of millions and millions of patients. Giving back is also an integral part of who we are. Together we’ve volunteered nearly 300,000 hours and have donated more than $680 million to organizations around the world.

Our culture and our employees. For a moment I want to talk directly to my AbbVie colleagues – I am, and always have been, amazed by your dedication. There is no challenge you won’t take on, or problem you can’t solve. You are the reason AbbVie will be successful in the years to come. You have defined our culture and I have seen you turn ideas and visions into reality. You not only drive our business forward, you make AbbVie a great place to work.

This is the culture I envisioned in 2013. Our focus on building a strong culture during our first years as an independent company has led to consistent, top-tier performance and has prepared AbbVie for its next chapter of growth and success.

Rob Michael as AbbVie’s next CEO. I have the comfort of knowing that an incredible leader will be taking over as AbbVie’s next CEO. I have worked a few feet from Rob for most of my time as CEO of AbbVie and I can tell you with complete confidence Rob is the exact right person to be AbbVie’s next CEO. As our former CFO and part of the Executive Leadership Team for many years, Rob played a critical role in developing our strategy and our culture and delivering our performance. I believe one of my most important roles was to identify the next great leader to take this company to the next level.

Rob is that leader.

He brings different perspectives and new ideas and values other’s opinions. He leads by example and cares about AbbVie just as much as I do. I’m grateful that I am leaving AbbVie in the very capable hands of Rob and the most experienced and talented leadership team I have ever worked with.

It has been the professional honor of my life to stand alongside AbbVie’s employees to take on some of the world’s most serious and complex health issues. I will miss seeing that dedication daily, but I am 100 percent confident that the time is right for my retirement as AbbVie’s CEO. Great companies are defined by their great strategy, great people, great culture and outstanding execution – attributes that have come to define AbbVie and will drive this company’s success in the years to come.

When I look at all we have done together, I know AbbVie’s next decade will be even more successful than our first decade.

And I will be there, forever cheering you on from the sidelines.