Skip to content
AnalystLens

AbbVie Inc. 8-K Report, Financial Results (Jan 5, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 5, 2024
Period End
January 5, 2024
Security
ABBV
In the record · 2016–202610-K1110-Q328-K163

ABBV filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’16Nov ’16
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed January 5, 2024. Cited figures are marked; the original filing is the authoritative source.

AbbVie Inc. (ABBV) has filed a Current Report (8-K) on January 5, 2024, to provide an update on its expected financial results for the fourth quarter of 2023.

The company anticipates an unfavorable impact of $282 milliona (pre-tax) from acquired in-process research and development (IPR&D) and milestones expense. This expense is expected to reduce both GAAP and adjusted non-GAAP diluted earnings per share (EPS) by approximately $0.15. While these are preliminary estimates and subject to change, AbbVie has updated its full-year 2023 adjusted diluted EPS guidance to a range of $11.04 - $11.08, and its fourth-quarter 2023 adjusted diluted EPS guidance to $2.72 - $2.76.

Investors should note that this expense was not included in previous guidance for the period beyond the third quarter of 2023. The company also reminds investors of the inherent risks and uncertainties associated with its business and forward-looking statements.

02—Key points

Key Highlights

  1. AbbVie expects Q4 2023 acquired IPR&D and milestones expense of $282 million (pre-tax).
  2. This expense is estimated to negatively impact both GAAP and adjusted non-GAAP diluted EPS by $0.15.
  3. Full-year 2023 adjusted diluted EPS guidance is updated to $11.04 - $11.08.
  4. Q4 2023 adjusted diluted EPS guidance is updated to $2.72 - $2.76.
  5. The acquired IPR&D and milestones expense was not forecast in prior guidance beyond Q3 2023.
  6. The reported results are preliminary and subject to final financial closing procedures.

03—Questions

Frequently Asked Questions

  1. What is acquired IPR&D and milestones expense?

    Acquired in-process research and development (IPR&D) and milestones expense typically relates to costs incurred upon the execution of collaborations, licensing agreements, and other asset acquisitions, particularly for research projects that have not yet reached completion.

  2. Why did AbbVie issue this 8-K?

    AbbVie issued this 8-K to provide investors with an updated estimate of its financial results for the fourth quarter of 2023, specifically disclosing an anticipated expense related to acquired IPR&D and milestones, and revising its earnings guidance accordingly.

  3. How does this expense affect AbbVie's earnings?

    The acquired IPR&D and milestones expense of $282 million is expected to reduce both GAAP and adjusted non-GAAP diluted earnings per share by approximately $0.15 for the fourth quarter of 2023. This has led to an adjustment in the company's full-year and quarterly EPS guidance.

  4. Are these final numbers?

    No, the numbers reported in this 8-K are preliminary estimates for the fourth quarter of 2023 and are subject to AbbVie's financial statement closing procedures. There is a possibility that the final results could differ.

04—Continue

← View all 8-K filings