AbbVie to record $3.5 billion impairment charge on emraclidine asset

Investing.com -- AbbVie (NYSE:ABBV ), a global biopharmaceutical company, has announced plans to record a non-cash after-tax intangible asset impairment charge. The charge, which is related to the emraclidine intangible asset, is expected to be approximately $3.5 billion.

Emraclidine is a drug currently under development for the treatment of schizophrenia and Alzheimer’s disease. The drug was acquired as part of AbbVie's purchase of Cerevel Therapeutics.

Despite the impairment charge, AbbVie is still actively assessing information concerning the clinical development programs related to Cerevel. The company will also continue to observe the remaining intangible assets, which are valued at roughly $3.6 billion.

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Source: Investing.com