AbbVie Cuts Q1 Earnings Outlook, Below View

(RTTNews) - AbbVie Inc. (ABBV) announced on Monday that it has revised down its first-quarter earnings outlook, which came in below analysts' estimates. Further, the company reaffirmed annual income per share guidance in line with the Street view.

In addition, AbbVie has announced the closing of its previously announced acquisition of ImmunoGen (IMGN). Excluding items, for the first quarter, the drug maker now expects income per share of $2.26 to $2.30 against its previous expectation of $2.30 to $2.34 per share.

This guidance now reflects a $0.04 per share dilutive impact related to the ImmunoGen acquisition.

On average, 16 analysts polled by Thomson Reuters forecast the firm to earn income per share of $2.39, for the quarter. Analysts' estimates typically exclude special items.

AbbVie has reaffirmed its annual adjusted income per share outlook of $11.05 to $11.25, in line with analysts' estimate of $11.18 per share.

The guidance includes a $0.42 per share dilutive impact related to the completed ImmunoGen acquisition, as well as the pending Cerevel Therapeutics acquisition, which is anticipated to close in mid-2024.

Both expectations exclude any impact from acquired IPR & D and milestones that may be incurred during 2024, as both cannot be reliably forecasted.

The company has announced that it has completed the previously announced acquisition of ImmunoGen.

AbbVie expects that ImmunoGen's shares will cease to trade on the Nasdaq before the market opens on February 12.

The drug maker expects its acquisition of ImmunoGen to be accretive to income per share beginning in 2027 and significantly accretive over the long-term.