AbbVie lowers 2024 profit forecast on R&D spending

(Reuters) – AbbVie on Wednesday lowered its adjusted profit forecast for 2024, citing a $937 million gain and research and development expenses related to acquisitions.

Since its arthritis drug Humira lost patent protection last year, the drugmaker has focused on expanding its product portfolio.

The company expects full-year adjusted profit in a range of $10.61 to $10.81 per share, compared with its previous forecast of $11.13 to $11.33, according to a regulatory filing. Analysts had expected $11.25 per share, according to LSEG.

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

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

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