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AbbVie cuts 2024 profit forecast on acquisition-related expenses

Daily Mail Online 2 days ago

July 3 (Reuters) - AbbVie on Wednesday lowered its 2024 adjusted profit forecast as the drugmaker expects to incur $937 million in acquisition-related expenses.

The company now expects annual adjusted profit in the range of $10.61 to $10.81 per share, compared with its previous forecast of $11.13 to $11.33, a regulatory filing showed.

Analysts were expecting $11.25 per share, according to LSEG data.

The drugmaker also cut its second-quarter adjusted profit to $2.53 to $2.57 per share from $3.05 to $3.09, including expenses incurred upon execution of collaborations, licensing agreements, and other asset acquisitions.

(Reporting by Mariam Sunny in Bengaluru; Editing by Shinjini Ganguli)

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