AbbVie’s stock dips premarket after it lowers Q1 guidance to reflect dilutive impact of ImmunoGen deal close

by user



AbbVie Inc.’s stock
ABBV,
-0.41%

fell 0.5% early Monday, after the drug company lowered its first-quarter guidance to reflect the dilutive impact of its closure of the acquisition of ImmunoGen. The company said it now expects first-quarter per-share earnings to range from $2.26 to $2.30, down from prior guidance of $2.30 to $2.34, including a 4 cent per share dilutive impact from the Immunogen deal. AbbVie announced the $10.1 billion all-cash deal for Immunogen in November, that includes ImmunoGen’s antibody-drug conjugate (ADC) Elahere, which has been approved as a treatment for ovarian cancer. The company said it expects full-year adjusted EPS of $11.05 to $11.25, which includes a 42 cent per share dilutive impact from the ImmunoGen deal and the pending close of Cerevel Therapeutics Holdings Inc.
CERE,
+1.66%
.
AbbVie announced its plan to buy Cerevel in December for $8.7 billion, saying that Cerevel’s “robust” neuroscience pipeline adds medications that may transform standards of care in psychiatric and neurological illnesses. AbbVie’s stock has gained 14.5% in the last 12 months, while the S&P 500
SPX,
+0.57%

has gained 23%.



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