Drugmaker AbbVie trims profit forecasts on IPR&D expenses

(Reuters) -AbbVie Inc on Wednesday lowered its full-year and first-quarter profit expectations, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses.

The drugmakers shares were down nearly 1% at $159.50 in extended trade.

The company estimated first-quarter adjusted earnings to be between $2.31 and $2.41 per share from an earlier range of $2.39 to $2.49.

It now sees 2023 adjusted earnings to be between $10.62 and $11.02 per share, compared with its prior forecast of $10.70 to $11.10.

Analysts on average were expecting full-year earnings of $11.07 per share, according to Refinitiv IBES data.

AbbVie is scheduled to report first-quarter earnings on April 27.

The company said in February that it expects sales of its flagship rheumatoid arthritis drug Humira to decline 37% this year due to competition from cheaper biosimilars in the United States, but sees that stabilizing by the end of 2024.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)