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AbbVie Completes $10.9 Billion Acquisition of Apogee Therapeutics
AbbVie (NYSE: ABBV) announced on Thursday it has completed its $10.9 billion acquisition of Apogee Therapeutics (NASDAQ: APGE), a developer of anti-inflammatory drugs. The transaction marks the pharmaceutical giant's largest bolt-on acquisition since 2019.
Financial Impact
AbbVie expects the acquisition to be dilutive to its adjusted earnings per share (EPS) in the coming years. The company projects a negative impact of $0.14 per share for the remainder of 2026 and approximately $0.46 per share in 2027.
Looking further ahead, AbbVie anticipates the deal will become accretive, or add to its earnings, beginning in 2032. This long-term timeline is typical for acquisitions involving clinical-stage biopharmaceutical companies, where significant investment is required before drug candidates can generate revenue.
AdUpdated Guidance
Despite the near-term dilution, AbbVie reaffirmed its previously issued financial guidance. The company's forecast for full-year 2026 adjusted diluted EPS remains in the range of $13.87 to $14.07.
AbbVie clarified that this guidance already incorporates the $0.14 per share dilutive effect from the Apogee deal. It also includes a separate $0.58 per share negative impact from acquired in-process research and development (IPR&D) and milestone expenses incurred year-to-date. The company also reiterated its third-quarter adjusted EPS guidance of $3.84 to $3.88.
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