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AbbVie Inc. 8-K Report, Financial Results (Apr 3, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 3, 2024
Period End
April 3, 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 April 3, 2024. Cited figures are marked; the original filing is the authoritative source.

AbbVie Inc. (ABBV) has filed an 8-K report on April 3, 2024, to provide an update on its financial outlook for the first quarter and full year of 2024.

The primary focus of this filing is the impact of acquired In-Process Research & Development (IPR&D) and milestones expenses. AbbVie anticipates these expenses will negatively impact both GAAP and non-GAAP diluted earnings per share by $0.08a in the first quarter.

02—Key points

Key Highlights

  1. AbbVie expects acquired IPR&D and milestones expenses of $164 million (pre-tax) for Q1 2024.
  2. These expenses are projected to reduce Q1 2024 GAAP and adjusted diluted EPS by $0.08.
  3. Full-year 2024 adjusted diluted EPS guidance is now $10.97 - $11.17, which includes the Q1 IPR&D/milestones impact.
  4. Q1 2024 adjusted diluted EPS guidance, including these expenses, is revised to $2.18 - $2.22.
  5. The company does not forecast acquired IPR&D and milestones expenses due to inherent uncertainty.
  6. Exhibit 99.1 provides detailed guidance including the impact of these specific expenses.

03—Questions

Frequently Asked Questions

  1. What are acquired IPR&D and milestones expenses?

    These expenses relate to costs incurred from acquiring rights to research and development projects (IPR&D) or from achieving specific development milestones in collaborations or licensing agreements. They are often unpredictable in their timing and occurrence.

  2. How significantly do these expenses affect AbbVie's earnings?

    For the first quarter of 2024, AbbVie expects these expenses to reduce both GAAP and adjusted diluted earnings per share by $0.08. While this is a specific impact for Q1, the company generally does not forecast these types of expenses due to their unpredictable nature.

  3. Has AbbVie revised its full-year earnings guidance?

    Yes, AbbVie has reaffirmed its full-year 2024 adjusted diluted earnings per share guidance range of $10.97 - $11.17, but this range now incorporates the impact of the first quarter's acquired IPR&D and milestones expenses.

  4. What is the updated earnings guidance for the first quarter of 2024?

    AbbVie's updated adjusted diluted earnings per share guidance for the first quarter of 2024, including the impact of acquired IPR&D and milestones expenses, is now in the range of $2.18 to $2.22.

04—Continue

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