AbbVie cuts 2024 profit forecast citing R&D expenses

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October 3, 2024 4:16 PM EDT

FILE PHOTO: Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -AbbVie on Thursday lowered its forecast for 2024 adjusted profit, citing the impact of $82 million in milestones, and research and development expenses related to acquisitions.

The drugmaker expects annual adjusted profit per share in the range of $10.67 to $10.87, compared with its previous forecast of $10.71 to $10.91 per share, a regulatory filing showed.

Analysts were expecting $10.88 per share, according to estimates compiled by LSEG.

AbbVie also cut its forecast for third-quarter adjusted profit per share to $2.88 to $2.92 from $2.92 to $2.96 previously.

The company said it incurred $82 million in expenses during the quarter related to collaborations, licensing agreements and other asset acquisitions.

AbbVie is scheduled to report third-quarter results on Oct. 30.

(Reporting by Mariam Sunny in Bengaluru; Editing by Shailesh Kuber)


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