Summary
AbbVie Inc. (ABBV) has filed a Current Report (8-K) on July 6, 2023, to provide an update on its expected financial performance for the second quarter of 2023. The company anticipates reporting acquired In-Process Research and Development (IPR&D) and milestones expenses of $280 million on a pre-tax basis. This expense is projected to have an unfavorable impact of $0.15 per diluted share on both GAAP and adjusted non-GAAP earnings per share for the quarter. While these figures are preliminary and subject to finalization, they provide investors with an early look at a significant expense that was not originally factored into AbbVie's full-year guidance from April 2023. The company has updated its full-year 2023 adjusted diluted earnings per share guidance to a range of $10.57 - $10.97, reflecting this new expense. The second quarter 2023 adjusted diluted earnings per share guidance has also been revised to $2.75 - $2.85, incorporating this charge. Investors should note that this information is furnished and not deemed 'Filed' for the purpose of Section 18 of the Exchange Act.
Key Highlights
- 1AbbVie anticipates acquired IPR&D and milestones expenses of $280 million (pre-tax) in Q2 2023.
- 2This expense is expected to reduce both GAAP and adjusted non-GAAP diluted EPS by approximately $0.15 for Q2 2023.
- 3The company has updated its full-year 2023 adjusted diluted EPS guidance to a range of $10.57 - $10.97.
- 4Q2 2023 adjusted diluted EPS guidance is now projected to be between $2.75 - $2.85, including the new expense.
- 5The disclosed expense relates to IPR&D and milestones, typically associated with collaborations, licensing, and acquisitions.
- 6AbbVie does not typically forecast these types of expenses due to their uncertain timing.
- 7The information provided is furnished, not filed, and not subject to Section 18 liabilities of the Exchange Act.