AbbVie (NYSE:ABBV) shares took a hit today despite second-quarter results that topped the consensus forecast. The North Chicago-based company posted profits of $769 million, or 42¢ per share, on sales of $14 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of -$739 million last year on sales…
Alphabet’s Calico renews AbbVie partnership
Calico Life Sciences, an R&D biotech founded in 2013 as a Google subsidiary, is reaffirming its partnership with AbbVie (NYSE: ABBV) it initially formed in 2014. The latest agreement extends the collaboration from 2022 to 2025 while allotting $500 million in additional funding from both companies. The two companies are collaborating on three clinical stage…
House report accuses AbbVie of price gouging
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…