Summary
AbbVie Inc. (ABBV) has filed an 8-K report on April 5, 2023, to provide updated financial guidance for the first quarter and full year of 2023. The company anticipates a pre-tax charge of $150 million related to acquired In-Process Research & Development (IPR&D) and milestone expenses in the first quarter of 2023. This expense is expected to negatively impact both GAAP and non-GAAP diluted earnings per share (EPS) by approximately $0.08. Despite this one-time expense, AbbVie has reaffirmed its full-year 2023 adjusted diluted EPS guidance range of $10.62 - $11.02, now inclusive of the first quarter IPR&D charges. The company also provided an updated first quarter 2023 adjusted diluted EPS guidance range of $2.31 - $2.41, also factoring in these expenses. Investors should note that these are preliminary estimates and subject to final financial closing procedures.
Key Highlights
- 1AbbVie anticipates a $150 million pre-tax charge in Q1 2023 for acquired IPR&D and milestones.
- 2This expense is projected to reduce both GAAP and adjusted non-GAAP EPS by approximately $0.08 in Q1 2023.
- 3Full-year 2023 adjusted diluted EPS guidance remains $10.62 - $11.02, now incorporating Q1 expenses.
- 4Updated Q1 2023 adjusted diluted EPS guidance is now $2.31 - $2.41.
- 5The company emphasizes that Q1 results are preliminary and subject to finalization.
- 6Guidance update includes the impact of acquired IPR&D and milestone expenses previously not forecasted.
- 7Exhibit 99.1 contains further details on the guidance, including the Q1 IPR&D expense impact.