AbbVie Lowers 2024 Profit Forecast

(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, as noted in a regulatory filing.

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

AbbVie (NYSE: ABBV) also cut its forecast for third-quarter adjusted profit per share to $2.88 to $2.92, down from $2.92 to $2.96 previously.

The company 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.