AbbVie Inc. is a research-based pharmaceutical company, specialising in the discovery and development of biopharmaceuticals and small molecule drugs. With a team of around 29,000 scientists, researchers, manufacturing specialists and communications professionals across the globe, the company introduces new approaches to treating chronic conditions and life-threatening health issues. In 2019, AbbVie was ranked 96th on the Fortune 500 list of America’s biggest companies. More than 30 million patients in over 170 countries are treated by AbbVie’s medicines annually.
Headquartered in North Chicago, Illinois, AbbVie has 22 primary research and manufacturing facilities around the world. The company’s research centres are in the US, Germany and Japan; and its manufacturing sites are located in the USA, Puerto Rico, Ireland, Germany, Italy and Singapore.
The company produces medicines aimed at treating autoimmune diseases, cancers, viruses (including hepatitis C and HIV), neurological and metabolic disorders. According to the Wall Street Journal, in 2016, a specialty drug ibrutinib, retailed by the company, cost from $116,600 to $155,400 a year wholesale in the US. AbbVie estimates global sales of the drug at $5 billion in 2020.
The history of AbbVie started in 2013 when Abbott Laboratories split into two publicly traded companies. One, using the old company name, was to specialise in medical equipment and devices and nutritional products; the other, AbbVie, was to be a research-driven pharmaceutical manufacturer. From the start, AbbVie was interested in acquisitions: in 2014, it acquired ImmuVen for an undisclosed amount, and in 2015, AbbVie acquired oncology firm Pharmacyclics and its treatment for blood cancers.
Presently, the AbbVie share price is listed on the New York Stock Exchange (NYSE). It is also a constituent of both the S&P 100 and 500 indices. In 2018, AbbVie reported its annual revenues of over $32.75 billion. During the same year, the ABBV stock price hit an all-time high of $123. As of July 2019, the company’s market capitalisation was set at around $106.13 billion.
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