Search Results for “AbbVie” – Page 2 – media

AbbVie’s full year 2023 sees 6.4% net revenue drop

AbbVie has reported a decrease in net revenues to $54.32bn for the year ended 31 December 2023, marking a 6.4% decline from the previous year’s $58.05bn.The company’s diluted earnings per share (EPS) on a generally accepted accounting principles basis also fell sharply by 59% to $2.72, compared to $6.63 in 2022.Adjusted diluted EPS saw a 19.3% decrease from $13.77 to $11.11. The company’s global immunology portfolio, which faced stiff competition from Humira biosimilars, saw revenues decrease by 9.6% to $26.14bn.Humira’s global net revenues stood at $14.40bn while Skyrizi and Rinvoq contributed $7.76bn and $3.97bn respectively. In the oncology sector, AbbVie’s global net revenues experienced a 10.1% decrease, amounting to $5.92bn.Its neuroscience portfolio showed resilience with an 18.2% increase in global net revenues, reaching $7.72bn. The aesthetics portfolio, however, recorded a slight decrease of 0.8%, with revenues of $5.29bn.AbbVie has provided an adjusted diluted EPS guidance range for 2024 between $11.05 ...
- Source: drugdu
- 99
- February 10, 2024
As Humira plummets, AbbVie dials up Rinvoq and Skyrizi estimates to a combined $27B

As AbbVie slogs through sharp revenue declines for Humira, the company is looking to the immunology light at the end of the tunnel. During the final quarter of 2023, sales of Humira—which once sat pretty as the world’s best-selling drug—plunged nearly 41% to $3.3 billion globally. The rate of erosion seems to have gathered steam in the fourth quarter and outpaced the med’s full-year sales decline of around 32%. Still, AbbVie and investors knew this blow was coming. The plan—following the entry of Humira biosimilars early last year—is to weather the brunt of the attack in 2024 before charting a return to growth in 2025 and beyond, Robert Michael, AbbVie’s chief operating officer, said on a call with investors Friday. Specifically, AbbVie will rely on its roster of growth products, including Humira’s immunology heirs Rinvoq and Skyrizi, to help “absorb the largest loss of exclusivity event to date across our ...
- Source: drugdu
- 81
- February 6, 2024
AbbVie ends 2023 on a high taking the leading spots as the biggest drug ad spender in December

AbbVie took the top two TV drug ad spending spots with its immunology duo Rinvoq and Skyrizi, respectively, in December as it looks to cement its place as the pharma with the deepest direct-to-consumer pockets. AbbVie spent nearly identical amounts on all DTCs for each drug: $39.8 million for Rinvoq across its five spots and $39.7 million for Skyrizi across seven spots. In November, the positions of the two drugs were swapped, with Skyrizi taking the top spot and Rinvoq coming in second. Coming in third place was rival Dupixent, marketed by Sanofi and Regeneron, with a much smaller $27.6 million spent across its ads for the blockbuster med. And Pfizer has suddenly started to spend big on its new RSV vaccine Abrysvo, coming in fourth place with a strong spend of $18 million last month, more than five times the $4 million it spent in November. In fifth place ...
- Source: drugdu
- 155
- January 10, 2024
CVS Caremark to kick AbbVie’s Humira off some formularies in favor of cheaper biosimilars

This year, CVS Health plans to employ the classic “out with the old, in with the new” mantra when it comes to AbbVie’s Humira. Come April 1, the branded drug will be replaced by cheaper biosimilars across the company’s major commercial formularies nationwide. The move is part of CVS Caremark’s efforts to expand the adoption of biosimilars. As it stands, the U.S. biosimilar market is expected to grow from less than $10 billion in 2022 to more than $100 billion by 2029, CVS Caremark cited in a recent press release. The company is “committed” to ramping up adoption of the cheaper biologic drugs and enabling customer choice, CVS Health’s executive vice president and president of CVS Caremark David Joyner noted in a statement. “By preferring biosimilars that have a significantly lower list price than their reference product, CVS Caremark is putting our customers in the driver’s seat to best meet ...
- Source: drugdu
- 138
- January 6, 2024
Inside AbbVie’s $10B buyout of ImmunoGen—and the bidding war it swooped in on

AbbVie is entering 2024 with a foothold in the antibody-drug conjugate (ADC) field thanks to its late-2023 buyout of ImmunoGen worth more than $10 billion. But according to a new securities filing, AbbVie didn’t pursue the cancer drugmaker until other suitors were already at the negotiating table. ImmunoGen’s recent round of M&A deliberations began in April, according to the filing, when a company only identified as “Party A” reached out to CEO Mark Enyedy expressing interest in a potential transaction. Before that, ImmunoGen had been routinely evaluating potential opportunities for deals of various types, but the interest from Party A struck up a round of talks that ultimately led to the sale. However, Party A’s note of interest came without a proposed purchase price, a move that the company’s advisors at Goldman Sachs and Lazard called “unusual but not unprecedented.” Before the talks moved along, ImmunoGen presented its first-quarter earnings ...
- Source: drugdu
- 179
- January 4, 2024
AbbVie Buys ImmunoGen in $10B Deal, Gains Access to ADC for Ovarian Cancer

By Tyler Patchen AbbVie is the latest big pharma to target the hot antibody-drug conjugate market by acquiring ImmuoGen and its Elahere ADC for platinum-resistant ovarian cancer. The deal worth $10.1 billion was announced Thursday. Under the terms of the agreement, AbbVie will acquire all outstanding shares of ImmunoGen for $31.26 per share. The board of directors of AbbVie and Immunogen have approved the acquisition, which is expected to close sometime in the middle of 2024. The deal will give AbbVie access to Elahere (mirvetuximab soravtansine-gynx), which was granted FDA accelerated approval last year, and ImmunoGen’s follow-on pipeline of ADCs. ImmunoGen currently has several ADCs in development for treatments such as solid tumors, acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm, among other conditions. “The acquisition of ImmunoGen demonstrates our commitment to deliver on our long-term growth strategy and enables AbbVie to further diversify our oncology pipeline across solid ...
- Source: drugdu
- 120
- December 4, 2023
AbbVie to Acquire ImmunoGen With its Platinum-Resistant Ovarian Cancer Drug Elahere

Pharmaceutical Executive Editorial Staff AbbVie acquiring all outstanding shares of ImmunoGen, Inc. for $31.26 per share, valuing the company at a total equity value of approximately $10.1 billion. AbbVie Inc. has announced the acquisition of ImmunoGen, Inc. along with its first-in-class antibody-drug conjugate (ADC) mirvetuximab soravtansine-gynx (Elahere), which has been FDA-approved to treat platinum-resistant ovarian cancer.1 With the transaction, AbbVie acquires in cash all outstanding shares of ImmunoGen for $31.26 per share, valuing ImmunoGen at a total equity value of approximately $10.1 billion. Boards of directors for both AbbVie and ImmunoGen approved the transaction, which they anticipate closing in mid-2024, subject to approval by ImmunoGen shareholders and regulatory agencies, as well as other customary closing conditions. The pending transaction is anticipated to be accretive to diluted earnings per share starting in 2027. In a press release, AbbVie said the acquisition accelerates its commercial and clinical presence in the solid tumor ...
- Source: drugdu
- 126
- December 4, 2023
AbbVie diversifies oncology portfolio with $10.1 bn ImmunoGen acquisition

In a bid to expand its oncology pipeline AbbVie has announced it will acquire ImmunoGen under a definitive agreement. The proposed $10.1bn acquisition will see AbbVie purchase ImmunoGen’s outstanding shares at $31.26 per share. The acquisition is expected to be completed in mid-2024. On an investor call following the announcement this morning (30 November), AbbVie’s executive vice president and chief financial officer Scott Reents, said the funding of the transaction will be driven by a combination of cash and debt. The exact split of cash and debt has not been indicated, but Reents anticipates that AbbVie will spend at least $2bn in cash in the acquisition. Through the transaction, AbbVie will gain an asset in Elahere (mirvetuximab soravtansine-gynx), ImmunoGen’s lead antibody-drug candidate (ADC), which received an accelerated approval to treat folate receptor alpha (FRα)-positive, platinum resistant ovarian, fallopian tube, or primary peritoneal cancer, in November 2022. As per AbbVie’s executive ...
- Source: drugdu
- 99
- December 2, 2023
AbbVie’s epcoritamab gets one step closer to follicular lymphoma approval

The US Food and Drug Administration (FDA) has granted breakthrough therapy designation (BTD) to the investigational therapy epcoritamab to treat follicular lymphoma. The European Medicines Agency (EMA) has validated a Type II application for epcoritamab for the same indication. Co-developed by AbbVie and Genmab, the subcutaneous IgG1-bispecific antibody, marketed as Epkinly in the US and Tepkinly in the EU, is being evaluated as a new therapy for follicular lymphoma. It has regulatory approval for treating certain large B-cell lymphomas (LBCL). AbbVie had entered into the $750m cancer therapeutics deal with Genmab to develop and commercialise antibody therapies back in 2020. In May 2023, the FDA granted an accelerated approval to Epkinly to treat relapsed or refractory (R/R) diffuse large B-cell lymphoma (DLBCL) in adult patients. Epkinly has generated $14m in sales so far this year, according to AbbVie’s Q3 2023 financial results. According to GlobalData’s Pharma Intelligence Center, the drug ...
- Source: drugdu
- 98
- November 29, 2023
AbbVie, AstraZeneca, Boehringer and more face FTC’s ire for ‘improper’ patent listings

Only two months after the Federal Trade Commission (FTC) said it was eyeing a crackdown on “improper” patents listed at the FDA, the agency has filed a challenge against more than 100 patents in the agency’s Orange Book. The patents cover drugs marketed by the likes of AbbVie, AstraZeneca, Boehringer Ingelheim, GSK and Teva, among other companies, the FTC said in a Tuesday release. In all, the commission has sent letters to 10 companies notifying them of the patent disputes. The FTC argues “improper” listings in the FDA’s Orange Book—the registry of patents on approved medicines—can throw up hurdles to competition in the drug industry. Specifically, improper patents can trigger regulatory delays for would-be generics challengers and throw up legal hurdles for generics players, the commission says. Some of the medicines targeted in this crackdown include AbbVie’s Restasis and Viatris’ EpiPen autoinjectors. As the antitrust agency points out, FDA regulations ...
- Source: drugdu
- 92
- November 9, 2023

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