AbbVie cuts 2024 profit forecast on acquisition expenses

(Reuters) - AbbVie (NYSE:ABBV ) lowered its 2024 adjusted profit forecast on Monday as the drugmaker incurred $1.6 billion in acquisition expenses related to milestone payments as well as research-and-development costs.

The company has been focusing on expanding its pipeline since its blockbuster arthritis drug, Humira, lost patent protection last year.

To that end, AbbVie bought neuroscience drug developer Cerevel Therapeutics, cancer drug developer ImmunoGen (NASDAQ:IMGN ) and Alzheimer's therapy developer Aliada in 2024 through deals worth over $20 billion in total.

The company forecast 2024 adjusted profit of $10.02 to $10.06 per share, compared with its previous forecast of $10.90 to $10.94. Analysts on average expect $10.94, according to data compiled by LSEG.



It also expects fourth-quarter adjusted profit of $2.06 to $2.10 per share, compared with $2.79 reported last year.

AbbVie is scheduled to report fourth-quarter earnings on Jan. 31.

Source: Investing.com