AbbVie Boosts FY24 Outlook; Boosts Dividend 5.8% - Update

(RTTNews) - While reporting financial results for the third quarter on Wednesday, biopharmaceutical company AbbVie, Inc. (ABBV) raised its adjusted earnings guidance for the full-year 2024. The company also raised its dividend by 5.8 percent.

For fiscal 2024, AbbVie now projects adjusted earnings in a range of $10.90 to $10.94 per share, which includes an unfavorable impact of $0.64 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2024.

However, the adjusted earnings guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the thirdd quarter of 2024, as both cannot be reliably forecasted.

The company added that any potential IPR&D and milestones expense related to the recently announced acquisition of Aliada Therapeutics is also excluded from AbbVie's 2024 adjusted diluted EPS guidance, as the transaction is expected to close in the fourth quarter of 2024.

Previously, the company expected adjusted earnings in the range of $10.67 to $10.87 per share.

On average, 28 analysts polled by Thomson Reuters expect the company to report earnings of $10.85 per share for the year. Analysts' estimates typically exclude special items.

Additionally, the company's board of directors declared a 5.8 percent increase in the company's quarterly cash dividend to $1.64 per share from $1.55 per share beginning with the dividend payable on February 14, 2025 to shareholders of record as of January 15, 2025.

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