FX.co ★ AbbVie Cuts Q3, FY Adj. EPS Outlook

AbbVie Inc. (ABBV) announced on Thursday a revision of its adjusted earnings per share (EPS) forecast for both the third quarter and the fiscal year 2024. This adjustment accounts for acquisition-related in-process research and development (IPR&D) and milestone expenses amounting to $82 million.

For the third quarter, AbbVie now anticipates adjusted EPS to be in the range of $2.88 to $2.92. This update revises down their initial forecast of $2.92 to $2.96. On average, analysts surveyed by Thomson Reuters had projected earnings of $2.95 per share for the same timeframe.

Looking at the fiscal year 2024, AbbVie has adjusted its EPS forecast to a range of $10.67 to $10.87, a slight decrease from the previously anticipated $10.71 to $10.91. Analysts polled by Thomson Reuters had, on average, expected earnings to reach $10.88 per share for the full year.