Summary
AbbVie Inc. (ABBV) has filed a Form 8-K to provide preliminary guidance for its fourth quarter and full-year 2022 financial results. The company anticipates reporting acquired In-Process Research & Development (IPR&D) and milestone expenses of $243 million pre-tax, which is expected to negatively impact both GAAP and adjusted diluted earnings per share by $0.14. This expense was not originally forecasted in the company's prior 2022 guidance. Despite this one-time expense, AbbVie has updated its full-year 2022 adjusted diluted earnings per share guidance to a range of $13.70 - $13.74, and its fourth quarter 2022 adjusted diluted earnings per share guidance to $3.51 - $3.55, reflecting the inclusion of these expenses. Investors should note that these are preliminary estimates and the final results are subject to financial statement closing procedures.
Key Highlights
- 1AbbVie expects acquired IPR&D and milestone expenses of $243 million pre-tax in Q4 2022.
- 2These expenses are estimated to reduce both GAAP and adjusted diluted EPS by $0.14 for Q4 2022.
- 3AbbVie has updated its full-year 2022 adjusted diluted EPS guidance to $13.70 - $13.74.
- 4AbbVie has updated its Q4 2022 adjusted diluted EPS guidance to $3.51 - $3.55.
- 5These expenses were not part of previous guidance and reflect costs associated with collaborations, licensing, and asset acquisitions.
- 6The reported results are preliminary and subject to final financial statement closing procedures.
- 7Exhibit 99.1 contains detailed guidance, including the impact of these expenses.