: Abbvie lowers guidance range after potential $150 million charge

Abbvie Inc. ABBV late Wednesday lowered its guidance for the year to include a charge of about $150 million. The pharma company said GAAP as well as adjusted earnings for its first quarter are expected to include expenses around in-progress research and development and milestones expenses resulting in the charge, which translates to “an unfavorable impact” of 8 cents a share on both GAAP and adjusted EPS. First-quarter results are not yet completed, AbbVie said. The company tweaked its first-quarter adjusted earnings guidance to a range between $2.31 a share and $2.41 a share. It lowered its 2023 adjusted EPS guidance to between $10.62 and $11.02. Abbvie in February guided for full-year adjusted EPS between $10.70 and $11.10. Analysts polled by FactSet expect adjusted EPS of $2.56 for Abbvie in the first quarter, and of $11.01 for the year. The stock dropped 1% in the extended session Wednesday after ending the regular trading session up 0.6%.

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