AbbVie trims annual profit forecast after expected $2.7 billion R&D hit

(Reuters) -DROGMAKER ABBIE said on Friday that it reduced the annual profit expectations, after informing an expected fee of $ 2.7 billion related to expenditures and development in the process (IPR & D) in the third quarter.

The shares of the North Chicago company decreased to about 1 % at $ 232.0 in the extended trade.

ABBVIE said in an organizational file that such expenses may arise from cooperation, licensing deals or asset purchases, but do not expect due to uncertainty about timing and occurrence. He did not specify how the expenses were incurred.

Including the third quarter fee, ABBIE is now expecting modified profits for the whole year between $ 10.38 and $ 10.58, compared to the previous range from $ 11.88 to $ 12.08.

Analysts expected the profitability of the amended arrow in the entire year would be $ 12.02, according to the data collected by LSEG.

She said that the expectations of the previous company for the modified profits for the whole year, issued on July 31, excluded any IPR & D expenses after the second quarter.

ABBVIE added that the results of the quarter ended on September 30 have not been completed and are subject to procedures for closing the financial statement.

“There can be no guarantee that our final results will not differ from these initial estimates,” the company said.

You expect a modified stock profit in the third quarter of $ 1.74 to $ 1.78, including the effect of IPR & D expenses, much less than the estimated analysts of $ 3.27.

Separately, Apfi said earlier this week that she started building a new pharmaceutical component manufacturing factory in northern Chicago, Illinois. The factory of $ 195 million will produce drugs in immunology, oncology and neuroscience, and it will be fully operated by 2027.

Abbvie was tending to new immunity Skyrizi and Rinvoq to compensate for a decrease in Humira popular arthritis, which started facing vital competition in the United States in 2023. The company has spent more than $ 20 billion on acquisitions since then to support its pipeline.

(Participated in the reports of Sidhi Mahatol in Bangaluru; Tahrir by Sahal Muhammad)