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