AbbVie trims full-year profit forecast on higher R&D expenses

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July 6, 2023 4:33 PM EDT

Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -AbbVie Inc cut its full-year profit forecast on Thursday, citing $280 million in milestone and in-process research and development expenses during the second quarter.

The company now expects adjusted profit between $10.57 and $10.97 per share, compared with $10.72 to $11.12 it previously expected.

Analysts on average were expecting full-year earnings of $10.97 per share, according to Refinitiv IBES data.

AbbVie also trimmed adjusted profit for the second quarter by $0.15 per share and expects to post adjusted profit of $2.75 to $2.85 per share.

The company is scheduled to report second-quarter results on July 27.

(Reporting by Khushi Mandowara in Bengaluru; Editing by Shweta Agarwal and Sriraj Kalluvila)


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