Summary
AbbVie Inc. (ABBV) has filed a Current Report on Form 8-K to provide an update on expected financial results for the second quarter of 2024. The company anticipates reporting acquired intellectual property rights and development (IPR&D) and milestones expenses of $937 million pre-tax. This expense is projected to have an unfavorable impact of $0.52 per share on both GAAP and adjusted non-GAAP diluted earnings per share for the quarter. While these figures are preliminary and subject to finalization, AbbVie has updated its full-year 2024 adjusted diluted earnings per share guidance. The revised range, now including the impact of the second quarter IPR&D and milestones expense, is between $10.61 and $10.81. The company also provided an updated second quarter 2024 adjusted diluted earnings per share guidance range of $2.53 to $2.57, reflecting this expense. Investors should note that acquired IPR&D and milestones expenses are inherently unpredictable in timing and occurrence, and AbbVie does not typically forecast them beyond the first quarter.
Key Highlights
- 1AbbVie expects $937 million in acquired IPR&D and milestones expenses in Q2 2024.
- 2This expense will negatively impact Q2 2024 GAAP and adjusted diluted EPS by an estimated $0.52.
- 3Full-year 2024 adjusted diluted EPS guidance is now $10.61 - $10.81, reflecting the Q2 expense.
- 4Q2 2024 adjusted diluted EPS guidance is revised to $2.53 - $2.57.
- 5The company does not forecast acquired IPR&D and milestones expenses due to their uncertain nature.
- 6The provided guidance is preliminary and subject to final financial closing procedures.