What is AbbVie?
AbbVie Inc. (ABBV) 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.
AbbVie focuses on developing and delivering innovative solutions for treating some of the most dangerous and challenging diseases known to man. The company produces medicines aimed at treating autoimmune diseases, cancers, viruses (including hepatitis C and HIV), neurological and metabolic disorders. More than 30 million patients in over 170 countries are treated by AbbVie’s medicines every year.
AbbVie says its mission is to: “Create an innovation-driven, patient-focused specialty biopharmaceutical company capable of achieving sustainable top-tier performance through outstanding execution and a consistent stream of innovative new medicines.” In 2017 AbbVie was ranked no.111 on the Fortune 500 list of America’s biggest companies.
Who are the key people at AbbVie?
Rick Gonzalez is Chairman of the Board and Chief Executive Officer of AbbVie; he was previously with Abbott Laboratories for some 30 years. Other key figures at the company include: Bill Chase (Executive Vice President and Chief Financial Officer); Carlos Alban (Executive Vice President, Commercial Operations); and Michael E. Severino (Executive Vice President, Research & Development and Chief Scientific Officer).
What is the modern history of AbbVie?
AbbVie was founded 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. But later that year it abandoned its moves to acquire Shire, and had to pay a $1.6 billion breakup fee. Then in 2015, AbbVie acquired oncology firm Pharmacyclics and its treatment for blood cancers; and in 2016 it paid $5.8 billion up front for Stemcentrx, a privately held developer of cancer stem cell drugs.
What are the latest developments at AbbVie?
In its full year 2017 financial results, AbbVie reported net revenues of $28.22 billion. Adjusted net revenues Increased 10.1% on an operational basis, and adjusted diluted EPS was up 16.2% at $5.60. Chairman and CEO Richard A. Gonzalez was upbeat, saying: “2017 reflects another year of top-tier performance, demonstrating the strong momentum in our business.”
AbbVie shares hit an all-time high of $123 in January 2018. But in March the company’s acquisition of Stemcentrx was called into question when its lead drug Rova-T disappointed in clinical testing. The news sent the AbbVie share pricedown sharply, and in early April 2018 the shares stood at around $92, giving the company a market capitalisation of $146.2 billion. To find out how the shares are doing right now, follow Capital.com. Our ABBV chartputs all the information at your fingertips.
Where does AbbVie operate?
Headquartered in North Chicago, Illinois, AbbVie has 22 primary research and manufacturing facilities around the world. The company’s research centres are in the USA, Germany and Japan; and its manufacturing sites are located in the USA, Puerto Rico, Ireland, Germany, Italy and Singapore.
Where is AbbVie traded?
AbbVie shares are traded on the New York Stock Exchange (NYSE) and are a constituent of both the S&P 100 and 500 indices. Check out Capital.com for the latest ABBV chart. We’ll keep you up to date and in the picture.