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AbbVie cuts 2024 profit forecast on R&D expenses

Reuters
·1 min read
FILE PHOTO: Test tubes are seen in front of a displayed Abbvie logo in this illustration

(Reuters) -AbbVie lowered its 2024 adjusted profit forecast on Wednesday, citing $937 million in milestones, and research and development expenses related to acquisitions.

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

The company 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.

AbbVie also cut its second-quarter adjusted profit to $2.53 to $2.57 per share from $3.05 to $3.09. The company said it incurred $937 million in expenses during the quarter related to collaborations, licensing agreements and other asset acquisitions.

The company is scheduled to report second-quarter results on July 25.

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