AbbVie lowers 2024 earnings forecast, citing research and development spending

(Reuters) – AbbVie lowered its 2024 adjusted profit forecast on Thursday, citing the impact of key $82 million targets and acquisition-related research and development expenses.

The drugmaker expects full-year adjusted earnings per share to be $10.67 to $10.87, compared with its previous forecast of $10.71 to $10.91 per share, regulatory filings show.

Analysts were expecting $10.88 per share, according to LSEG estimates.

AbbVie also lowered its third-quarter adjusted earnings per share forecast to $2.88 to $2.92 from the previous $2.92 to $2.96.

The company said it incurred expenses of $82 million in the quarter related to collaborations, licensing agreements and other asset acquisitions.

AbbVie is scheduled to report third-quarter earnings on October 30.

(Reporting by Mariam Sunny in Bengaluru; Editing by Shailesh Kuber)