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AbbVie Inc.
Type
Public
Traded as NYSE: ABBV
S&P 100 component
S&P 500 component
Industry Biopharmaceutical
Founded 2013; 4 years ago (2013)
Headquarters Lake Bluff, Illinois, United States
Area served
Worldwide
(170+ Countries)
Key people
Richard A. Gonzalez
(Chairman & CEO)
Revenue Increase $25.638 billion (2016)
Operating income
Increase $9.384 billion (2016)
Net income
Increase $5.953 billion (2016)
Total assets Increase $66.099 billion (2016)
Total equity Increase $4.636 billion (2016)
Number of employees
30,000 (2016)
Website abbvie.com

AbbVie is a pharmaceutical company that discovers, develops and markets both biopharmaceuticals and small molecule drugs. It originated in 2013 as a spin-off of Abbott Laboratories.

On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies. The "new" Abbott Laboratories would specialize in diversified products including medical devices, diagnostic equipment and nutrition products, while AbbVie would operate as a research-based pharmaceutical manufacturer. The separation was effective January 1, 2013, and AbbVie was officially listed on the New York Stock Exchange (ABBV) on January 2, 2013.

According to Miles White, CEO at the time, the purpose of the split was to allow markets to value the two businesses separately; White said that investors would "benefit from two fundamentally different investment opportunities with distinct strategic profiles and business priorities." Some investors were concerned that the split was done to protect the value of the device business from the loss of value facing the drug division due to the imminent expiration of patents on Humira, which accounted for about half of the drug division's revenue.

As of December 2015, the company employed in excess of 28,000 globally, and provided products to individuals in more than 170 countries.

In January 2014, the company acquired ImmuVen for an undisclosed sum. On September 3, 2014, AbbVie and Infinity Pharmaceuticals announced that they had entered into a global collaboration to develop and commercialize duvelisib, Infinity's PI3K inhibitor for the treatment of patients with cancer. On the same day, AbbVie and Calico announced that they had entered into a R&D collaboration intended to discover, develop and bring to market new therapies for patients with age-related diseases including neurodegeneration and cancer. Calico (California Life Company) is an Alphabet Inc. subsidiary led by Arthur D. Levinson (former Chairman and CEO of Genentech) and Hal V. Barron (former Executive Vice President and Chief Medical Officer of Genentech) that is focused on aging and age-related diseases.

In October 2014, after a long negotiation, Abbvie stopped its efforts to acquire Shire, which would have been one of the largest M&A deals of that year; Abbvie had to pay a $1.6 billion breakup fee.

On March 4, 2015, AbbVie announced its agreement to acquire the oncology firm Pharmacyclics and its treatment for blood cancers, ibrutinib; AstraZeneca had also been bidding to acquire Pharmacyclics. Under the terms of the transaction, AbbVie agreed to pay $261.25 per share as a mix of cash and AbbVie equity. The acquisition valued at approximately $21 billion was completed on May 26, 2015. The Pharmacyclics name was retained, and it operates as a subsidiary of AbbVie from its previous Sunnyvale, California, headquarters. On June 3, 2015, AbbVie and Halozyme Therapeutics announced that they had entered into a global collaboration and licensing agreement to develop and commercialize products that combine AbbVie’s treatments and Halozyme’s ENHANZE drug-delivery technology, this was terminated in November 2016.

According to the Wall Street Journal as of January 2016 ibrutinib, a specialty drug, cost US$116,600 to $155,400 a year wholesale in the United States. In spite of discounts and medical insurance, the prohibitive price causes some patients to not fill their prescriptions. AbbVie estimates global sales of the drug at $1 billion in 2016 and $5 billion in 2020.

On February 10, 2016, AbbVie and Cambridge, Massachusetts-based Synlogic announced a multi-year R&D collaboration. Synlogic is a synthetic biology company built on research from the labs of James Collins and Tim Lu at MIT. As part of the collaboration, AbbVie is getting worldwide rights to Synlogic’s probiotic-based technology for treating inflammatory bowel disease, and the research teams will focus on Crohn’s disease and ulcerative colitis. In April 2016, the company partnered with the University of Chicago to investigate a number of areas of oncology: breast, lung, prostate, colorectal and hematological cancers. In the same month the company announced it would co-commercialize Argenx's preclinical immunotherapy, ARGX-115. ARGX-115 is a first-in-class immunotherapy targeting GARP (glycoprotein A repetitions predominant), a membrane protein believed to enhance the immunosuppressive effects of T cells. The company also announced a deal to co-develop/commercialize at least one of CytomX Probody's conjugates against CD71 (transferrin receptor 1).

On 28 April 2016, the company announced it would acquire Stemcentrx for up to $9.8 billion. A day later, the company announced an expansion of a two and a half year old cystic fibrosis deal with Galapagos, potentially doubling milestone payments to $600 million.

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

ImmuVen
(Acq 2014)

Pharmacyclics
(Acq 2015)

Stemcentrx
(Acq 2016)

As of 2017 AbbVie shares are mainly held by institutional investors (Capital Group Companies, The Vanguard Group, BlackRock, State Street Corporation and others).

News

AbbVie Inc. -1.54% (healthcare)

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2020 2020-10-30 Future report Set alerts
Q2 2020 2020-07-31 2.34 -0.46
Q1 2020 2020-05-01 2.42 2.02
Q4 2019 2020-02-07 2.21 1.88
Q3 2019 2019-11-01 2.33 1.26
Q2 2019 2019-07-26 2.26 0.49
Q1 2019 2019-04-25 2.14 1.65
Q4 2018 2019-01-25 1.90 -1.23
Q3 2018 2018-11-02 2.14 1.81
Q2 2018 2018-07-27 2.00 1.26

Ratings

2016-07-10 Reiterated Rating Credit Suisse Group AG Buy
2016-06-29 Reiterated Rating Credit Suisse Outperform $67.00
2016-06-29 Reiterated Rating Credit Suisse Group AG Outperform $67.00
2016-06-10 Downgrade BMO Capital Markets Outperform to Market Perform $70.00 to $66.00
2016-06-08 Downgrade Morgan Stanley Overweight to Equal Weight $73.00 to $65.00
2016-06-07 Reiterated Rating Deutsche Bank Hold
2016-06-07 Reiterated Rating Deutsche Bank AG Hold
2016-06-06 Reiterated Rating Jefferies Group Buy
2016-06-06 Reiterated Rating Morgan Stanley Buy
2016-06-06 Reiterated Rating JPMorgan Chase & Co. Buy
2016-06-06 Downgrade Cowen and Company Outperform to Market Perform $77.00 to $70.00
2016-05-18 Reiterated Rating Deutsche Bank Hold $66.00
2016-05-18 Reiterated Rating BMO Capital Markets Outperform $70.00
2016-05-13 Reiterated Rating Jefferies Group Buy $90.00
2016-05-03 Reiterated Rating BMO Capital Markets Buy
2016-04-30 Reiterated Rating Morgan Stanley Buy
2016-04-29 Reiterated Rating Jefferies Group Buy $90.00
2016-04-26 Reiterated Rating Credit Suisse Overweight
2016-04-06 Initiated Coverage Societe Generale Sell $47.00
2016-03-15 Initiated Coverage Deutsche Bank Hold $63.00
2016-03-10 Reiterated Rating Jefferies Group Buy $80.00
2016-03-07 Downgrade Goldman Sachs Conviction-Buy to Buy $80.00 to $68.00
2016-03-07 Downgrade Goldman Sachs Group Inc. Conviction-Buy to Buy $80.00 to $68.00
2016-02-23 Reiterated Rating Jefferies Group Buy $80.00
2016-02-23 Upgrade Citigroup Inc. Neutral to Buy $56.00 to $65.00
2016-02-06 Reiterated Rating William Blair Buy
2016-02-05 Lower Price Target Credit Suisse $69.00 to $67.00
2016-02-05 Initiated Coverage William Blair Outperform $76.00
2016-01-27 Lower Price Target BMO Capital Markets Outperform $70.00
2016-01-25 Reiterated Rating Credit Suisse Outperform
2016-01-15 Reiterated Rating Morgan Stanley Buy
2016-01-15 Reiterated Rating BMO Capital Markets Buy $77.00
2016-01-14 Lower Price Target Jefferies Group Buy $85.00 to $80.00
2015-12-18 Initiated Coverage Atlantic Securities Neutral $59.00
2015-12-17 Lower Price Target Credit Suisse $75.00 to $69.00
2015-12-11 Lower Price Target Credit Suisse Outperform $78.00 to $75.00
2015-12-07 Upgrade Jefferies Group Hold to Buy $49.00 to $55.00
2015-12-03 Reiterated Rating Cowen and Company Outperform $75.00 to $70.00
2015-12-01 Downgrade Barclays Overweight to Equal Weight $73.00 to $72.00
2015-12-01 Downgrade Barclays PLC Overweight to Equal Weight $73.00 to $72.00
2015-11-10 Reiterated Rating Argus Buy $85.00 to $63.23
2015-11-02 Boost Price Target Credit Suisse Outperform $77.00 to $78.00
2015-11-02 Upgrade Morgan Stanley Equal Weight to Overweight $62.00 to $73.00
2015-10-30 Reiterated Rating Cowen and Company Buy
2015-10-24 Reiterated Rating Citigroup Inc. Neutral $60.00 to $56.00
2015-10-23 Reiterated Rating JPMorgan Chase & Co. Buy
2015-10-23 Reiterated Rating Jefferies Group Buy $85.00 to $85.00
2015-09-28 Reiterated Rating Cowen and Company Outperform
2015-09-28 Upgrade Citigroup Inc. Sell to Neutral $55.00 to $60.00
2015-09-10 Lower Price Target Jefferies Group Buy $85.00
2015-07-29 Reiterated Rating Deutsche Bank Buy $80.00 to $85.00
2015-07-24 Reiterated Rating Evercore ISI Buy $70.00
2015-07-22 Reiterated Rating BMO Capital Markets Outperform $71.00 to $77.00
2015-07-22 Initiated Coverage SunTrust Buy $85.00
2015-07-22 Initiated Coverage SunTrust Banks Inc. Buy $85.00
2015-07-21 Boost Price Target BMO Capital Markets Outperform $71.00 to $77.00
2015-07-02 Reiterated Rating Citigroup Inc. Sell
2015-06-17 Initiated Coverage Piper Jaffray Overweight
2015-06-17 Initiated Coverage Piper Jaffray Cos. Overweight
2015-06-16 Initiated Coverage Piper Jaffray Overweight $77.00
2015-06-08 Boost Price Target Jefferies Group Buy $86.00 to $90.00
2015-05-28 Initiated Coverage Morgan Stanley Equal to Equal Weight $72.00
2015-05-27 Set Price Target Cowen and Company Buy $70.00 to $72.00
2015-05-27 Initiated Coverage JPMorgan Chase & Co. Overweight $75.00
2015-05-09 Reiterated Rating Credit Suisse Outperform $69.00
2015-04-27 Reiterated Rating BMO Capital Markets Outperform $68.00
2015-04-24 Set Price Target BMO Capital Markets Buy $68.00 to $71.00
2015-04-13 Upgrade BMO Capital Markets Market Perform to Outperform $60.00 to $68.00
2015-04-08 Reiterated Rating Deutsche Bank Buy
2015-03-05 Reiterated Rating Citigroup Inc. Sell
2015-02-23 Set Price Target Deutsche Bank Buy $80.00
2015-02-11 Set Price Target Deutsche Bank Buy $80.00
2015-02-09 Initiated Coverage Citigroup Inc. Sell $48.00
2015-02-03 Lower Price Target Jefferies Group Buy $82.00 to $80.00
2015-01-16 Boost Price Target Barclays Overweight $69.00 to $73.00
2015-01-15 Lower Price Target Jefferies Group Buy $85.00 to $82.00
2015-01-09 Downgrade Bank of America Buy to Neutral $70.00
2015-01-09 Downgrade Bank of America Corp. Buy to Neutral $70.00
2014-12-23 Boost Price Target Jefferies Group Buy $80.00 to $85.00
2014-12-11 Downgrade Morgan Stanley Overweight to Equal Weight $72.00
2014-12-04 Reiterated Rating Jefferies Group Buy $72.00 to $80.00
2014-11-26 Boost Price Target Argus Buy $65.00 to $85.00
2014-11-14 Initiated Coverage Deutsche Bank Buy $80.00
2014-11-07 Downgrade BMO Capital Markets Outperform to Market Perform $61.00 to $65.00
2014-11-04 Reiterated Rating Jefferies Group Buy $85.00 to $72.00
2014-11-03 Reiterated Rating JPMorgan Chase & Co. Overweight $67.00 to $68.00
2014-11-03 Boost Price Target Goldman Sachs $73.00
2014-10-23 Initiated Coverage JPMorgan Chase & Co. Overweight $67.00
2014-10-23 Initiated Coverage Goldman Sachs Buy $68.00
2014-10-21 Downgrade Guggenheim Buy to Neutral
2014-10-17 Reiterated Rating Bank of America Buy $65.00 to $61.00
2014-10-17 Initiated Coverage Evercore ISI Buy $58.00
2014-10-16 Lower Price Target BMO Capital Markets Outperform $71.00 to $59.00
2014-10-02 Initiated Coverage Guggenheim Buy $70.00
2014-09-09 Boost Price Target Cowen and Company $62.00 to $65.00
2014-09-04 Lower Price Target BMO Capital Markets $72.00 to $71.00
2014-08-06 Boost Price Target Credit Suisse Outperform $60.00 to $63.00
2014-07-14 Boost Price Target BMO Capital Markets $68.00 to $72.00
2014-07-14 Reiterated Rating Jefferies Group Buy $66.00 to $71.00
2014-07-02 Upgrade Barclays Equal Weight to Overweight $44.00 to $69.00
2014-06-24 Boost Price Target Argus Buy $59.00 to $65.00
2014-06-20 Boost Price Target Credit Suisse Outperform $58.00 to $60.00
2014-06-02 Reiterated Rating Morgan Stanley Overweight $60.00
2014-06-02 Boost Price Target BMO Capital Markets Outperform $57.00 to $60.00
2014-05-27 Boost Price Target Cowen and Company Outperform $56.00 to $62.00
2014-05-07 Upgrade Morgan Stanley Equal Weight to Overweight $47.00 to $60.00
2014-04-24 Reiterated Rating Bank of America Buy $55.00
2014-04-14 Reiterated Rating Jefferies Group Buy $61.00
2014-04-10 Reiterated Rating Morgan Stanley Equal Weight $47.00
2014-03-19 Reiterated Rating Jefferies Group Buy $60.00
2014-03-18 Boost Price Target JPMorgan Chase & Co. $51.00 to $55.00
2014-03-10 Upgrade Ned Davis Research Neutral to Buy
2014-03-06 Reiterated Rating Goldman Sachs Conviction-Buy
2014-02-21 Reiterated Rating Bank of America Buy $56.00 to $58.00
2014-01-28 Lower Price Target BMO Capital Markets $58.00 to $57.00
2014-01-09 Boost Price Target Jefferies Group Buy $67.00 to $68.00
2013-12-31 Reiterated Rating Bank of America Buy $53.00 to $56.00
2013-12-19 Downgrade Morgan Stanley Overweight to Equal Weight
2013-12-17 Downgrade Morgan Stanley Overweight to Equal Weight $57.00
2013-12-13 Set Price Target Jefferies Group $58.00 to $67.00
2013-12-03 Upgrade Goldman Sachs Buy to Conviction-Buy
2013-10-29 Boost Price Target Argus Focus List to Buy $52.00 to $59.00
2013-10-29 Reiterated Rating Jefferies Group Buy $55.00
2013-10-25 Upgrade BMO Capital Markets Market Perform to Outperform $55.00
2013-10-11 Reiterated Rating Jefferies Group Buy $54.00 to $55.00
2013-10-08 Initiated Coverage Credit Suisse Outperform
2013-09-27 Reiterated Rating Jefferies Group Buy $54.00
2013-08-12 Initiated Argus Buy $52
2013-05-15 Reiterated R. F. Lafferty Buy $47.90 to $61
2013-04-29 Reiterated Barclays Equal Weight $41 to $44
2016-07-10 Reiterated Rating Credit Suisse Group AG Buy
2016-06-29 Reiterated Rating Credit Suisse Outperform $67.00
2016-06-29 Reiterated Rating Credit Suisse Group AG Outperform $67.00
2016-06-10 Downgrade BMO Capital Markets Outperform to Market Perform $70.00 to $66.00
2016-06-08 Downgrade Morgan Stanley Overweight to Equal Weight $73.00 to $65.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
CHASE WILLIAM J EVP, Chief Financial Officer 0.01%  (164863) ABBV /
SEVERINO MICHAEL EVP, R&D and CSO 0.01%  (132281) ABBV /
LEONARD JOHN M. SVP, Chief Scientific Officer 0.01%  (107320) ABBV / CMRX / NTLA / Q / VTAE /
Schumacher Laura J EVP, Bus.Dev.,Ext.Aff.&GC 0.01%  (98317) ABBV / GD /
ALBAN CARLOS EVP, Commercial Operations 0.01%  (97552) ABBV /
SALEKI-GERHARDT AZITA SVP, Operations 0.01%  (93312) ABBV / ENTG /

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