A recent report from the House Oversight and Reform Committee concluded that AbbVie (NYSE:ABBV) aggressively increased prices of popular drugs, including the bestseller Humira (adalimumab), which brought in close to $20 billion last year. Approximately $16 billion of those sales were in the U.S. In recent years, the company also repeatedly increased the price of…
AbbVie accuses Alvotech of stealing Humira trade secrets
In a complaint filed in Illinois federal court, AbbVie alleges that the Icelandic biopharma company Alvotech sought to copy its rheumatoid arthritis blockbuster biologic Humira (adalimumab). The lawsuit accuses Alvotech of hiring a former AbbVie employee, Rongzan Ho, to help it develop a copycat version of Humira. Ho, a team leader of upstream manufacturing for…
AbbVie Q4 earnings beat the consensus forecast
AbbVie (NYSE:ABBV) posted fourth-quarter earnings in line with analysts’ consensus forecast. The firm repeated its recent long-term guidance. The North Chicago, Ill.-based biopharmaceutical company, reported revenues of $13.9 billion — a 59% increase over the prior year. The quarter’s net income was $36 million, or $0.01 per share. That was considerably less than the earnings…
AbbVie gains U.S. nod for $63B Allergan takeover
Pharmaceutical giant AbbVie (NYSE:ABBV) has won U.S. antitrust approval for its purchase of Allergan (NYSE:AGN) for $63 billion in cash and stock. The purchase is seen as a hedge against the impending expiration of U.S. patents on AbbVie’s blockbuster drug, Humira. North Chicago-based AbbVie announced the deal in June 2019, but ran up against U.S. Federal Trade Commission…