Collaboration to leverage AbbVie's therapeutic area expertise and Tentarix's Tentacles™ platform, to develop novel multifunctional biologics against one target in oncology and another in immunology AbbVie will receive an exclusive option to acquire the therapeutic programs following candidate nomination by Tentarix NORTH CHICAGO, Ill. and SAN DIEGO, Feb. 22, 2024 /PRNewswire/ -- AbbVie Inc. (NYSE: ABBV) and Tentarix Biotherapeutics today announced a multi-year collaboration focused on the discovery and de ...

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that m ...

AbbVie (ABBV) announced that its current president and chief operating officer, Robert A. Michael, has been appointed as the new chief executive officer (CEO). The board unanimously selected Robert Michael to succeed Richard A. Gonzalez, who is retiring from his role as CEO after serving in this capacity since AbbVie was formed in 2013. AbbVie came into existence on Jan 1, 2013, after Abbott Laboratories divested its pharmaceutical division. Gonzalez will become executive chairman of the board of directors, ...

The BOTOX® Cosmetic x IFundWomen partnership was born of a desire to extinguish the Confidence Gap, where women feel less self-assured in the workplace and beyond. Women owned businesses represent approximately 40% of all U.S. businesses, employing approximately 12.2 million workers, and generating $2.7 trillion in revenue.1 And yet, there continues to be a funding disparity with less than 3% of venture capital funding going to women-led businesses in 2023 and BIPOC, women-owned businesses continuing to rec ...

Test tubes are seen in front of a displayed AbbVie logo in this illustration taken on May 21, 2021.AbbVie on Tuesday said longtime executive Robert Michael will become the company's new CEO, replacing Richard Gonzalez. Michael, who is AbbVie's president and chief operating officer, will become the company's second-ever CEO on July 1. Gonzalez, who has led the company since it spun out from Abbott Laboratories in 2013, will retire and become AbbVie's executive chairman. The announcement marks an end to Gonza ...

Revenue and Financial Performance - For the year ended December 31, 2023, net revenues were $54.318 billion, a decrease of 6% from $58.054 billion in 2022[297]. - Net earnings attributable to AbbVie Inc. for 2023 were $4.863 billion, a decline of 59% compared to $11.836 billion in 2022[297]. - Basic earnings per share for 2023 were $2.73, down from $6.65 in 2022, reflecting a 59% decrease[297]. - Operating earnings for 2023 were $12.757 billion, down 30% from $18.117 billion in 2022[297]. - Total stockholders' equity decreased to $10.360 billion in 2023 from $17.254 billion in 2022, a decline of 40%[301]. - Total cash flows from operating activities for 2023 were $22,839 million, down from $24,943 million in 2022, indicating a decrease of about 8.5%[305]. - The company declared dividends totaling $10,647 million in 2023, compared to $10,179 million in 2022, reflecting an increase of approximately 4.6%[305]. - AbbVie reported net earnings attributable to AbbVie Inc. of $4.863 billion for 2023, down from $11.836 billion in 2022, resulting in a basic earnings per share (EPS) of $2.73 compared to $6.65 in the previous year[341]. Product Portfolio and Market Presence - Humira accounted for approximately 27% of AbbVie's total net revenues in 2023[12]. - AbbVie's immunology portfolio includes therapies for conditions such as rheumatoid arthritis, psoriatic arthritis, and ulcerative colitis, with significant market presence in North America and the European Union[11]. - Skyrizi is approved for multiple autoimmune diseases and is administered via subcutaneous injection, with a treatment regimen that includes induction doses[13]. - Rinvoq is indicated for several inflammatory diseases and is available in North America, the European Union, and Japan, targeting patients with inadequate responses to TNF blockers[15]. - Imbruvica is approved for treating chronic lymphocytic leukemia and certain forms of non-Hodgkin lymphoma, highlighting AbbVie's focus on oncology products[16]. - Venclexta is used in combination therapies for treating acute myeloid leukemia and chronic lymphocytic leukemia, showcasing AbbVie's commitment to innovative cancer treatments[17]. - Botox Cosmetic and the Juvederm Collection of Fillers are key products in AbbVie's aesthetics portfolio, maintaining market leadership in the U.S. and globally[19]. - AbbVie's eye care products, including Ozurdex and Lumigan, address significant unmet needs in vision preservation and management of intraocular pressure[24]. - Mavyret is approved for treating chronic hepatitis C virus infections in both adult and pediatric patients, emphasizing AbbVie's diverse therapeutic offerings[26]. Competition and Market Challenges - AbbVie's immunology products face competition from anti-TNF products and JAK inhibitors, while its oncology products compete with BTK inhibitors[34]. - Humira is facing direct biosimilar competition globally, which is expected to exert competitive pressure on AbbVie's revenues[35]. - AbbVie expects ongoing pricing pressures from insurers and providers, particularly in the U.S. market due to federal laws requiring rebates and discounts[70]. Research and Development - AbbVie invests significantly in research and development, with numerous compounds in clinical development targeting complex diseases[54]. - The research and development process typically takes 8 to 12 years, with no guarantee of regulatory approval for new drugs[56]. - AbbVie partners with third parties, including biotechnology companies and academic institutions, to enhance its drug development efforts[54]. - The FDA requires substantial effort and financial resources for the approval of new pharmaceutical products, including successful completion of preclinical tests and clinical trials[58]. Regulatory and Compliance - Compliance with regulatory requirements is costly and materially affects AbbVie's business, impacting the time and costs associated with obtaining product approvals[67]. - The Inflation Reduction Act of 2022 mandates government-set prices for select high expenditure Medicare drugs starting in 2026, which could significantly impact revenues[73]. - In the European Union, governments regulate pharmaceutical product prices through national health care systems, affecting reimbursement and market access[76]. - Japan's National Health Insurance system sets drug prices and mandates price cuts every other year, impacting the profitability of pharmaceutical products[78]. - The company anticipates that regulatory obligations and compliance costs may expand in the future, affecting its operational strategy[62]. Financial Position and Capital Expenditures - Total assets as of December 31, 2023, were $134.711 billion, a decrease from $138.805 billion in 2022[301]. - Cash and equivalents increased to $12.814 billion in 2023 from $9.201 billion in 2022, marking a 39% increase[301]. - AbbVie's capital expenditures for pollution control in 2023 were approximately $16 million, with estimated expenditures of $22 million for 2024[87]. - The company estimates that a 100 basis point increase in interest rates would decrease the fair value of long-term debt by $3.9 billion[295]. Acquisitions and Investments - The company announced a definitive agreement to acquire Cerevel Therapeutics for approximately $8.7 billion, with a cash offer of $45.00 per share, expected to close in 2024[342]. - AbbVie completed the acquisition of ImmunoGen for approximately $10.1 billion at $31.26 per share, with the accounting impact to be included in Q1 2024 financial statements[344]. - Cash outflows related to other acquisitions and investments totaled $1.2 billion in 2023, compared to $539 million in 2022 and $1.4 billion in 2021[349]. - AbbVie entered a collaboration with REGENXBIO for RGX-314, making an upfront payment of $370 million and potential milestone payments of up to $1.4 billion[354]. Employee and Workforce Diversity - AbbVie employed approximately 50,000 employees in over 70 countries as of January 31, 2024[89]. - Women represented 52% of management positions globally, and 37% of AbbVie's workforce comprised members of historically underrepresented populations as of December 2023[95]. - AbbVie invests in competitive compensation and benefits programs, including health promotion and mental health awareness campaigns[91]. - The company has developed a talent pipeline through ongoing investment in functional and leadership training[90]. - AbbVie has a structured onboarding experience for new employees to support faster integration and performance[92]. Debt and Financial Instruments - As of December 31, 2023, the company has €5.4 billion in unsecured senior Euro notes outstanding, which are subject to foreign currency risk[294]. - The company has foreign currency forward exchange contracts with notional amounts totaling $1.8 billion as of December 31, 2023, designated as cash flow hedges[397]. - The company entered into a cross-currency swap contract with a notional amount of €433 million to hedge against foreign currency debt exposure[400]. - The company’s total liabilities for unrecognized tax benefits were $6.681 billion as of December 31, 2023, compared to $6.502 billion in 2022[339].

– A total of 17 accepted abstracts, including nine oral presentations and eight posters, reinforce AbbVie's commitment to produce a portfolio of products that aim to improve the lives of patients living with inflammatory bowel diseases (IBD)– Oral data presentations include a new post-hoc analysis of clinical and endoscopic outcomes from the SEQUENCE trial comparing risankizumab (SKYRIZI®) versus ustekinumab, results from the COMMAND Phase 3 study of risankizumab as a maintenance therapy in adult patients w ...

What are cash cow stocks? If “Jeopardy!” ever broadcasted a category called “Market Downturn,” this may be your answer (in the form of question).By definition, cash cows are ventures or operations that provide steady, reliable income or other benefits with minimal maintenance or oversight, according to U.S. News & World Report. Naturally, they’re best deployed during periods of market uncertainty. That said, the advantage is that cash cows are essentially permanently relevant.No, they probably won’t get you ...

NORTH CHICAGO, Ill., Feb. 15, 2024 /PRNewswire/ -- The board of directors of AbbVie Inc. (NYSE: ABBV) today declared a quarterly cash dividend of $1.55 per share.  The cash dividend is payable May 15, 2024, to stockholders of record at the close of business on April 15, 2024. Since the company's inception in 2013, AbbVie has increased its dividend by more than 285 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at leas ...

PALM BEACH, Fla., Feb. 15, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Numerous reports indicate that the fibromyalgia treatment market is positioned to continue to grow at a substantial rate through the next decade. Fibromyalgia is a chronic condition whose symptoms severely impair patients' capacity to participate in typical social and occupational activities and make it challenging to uphold regular connections with family, friends, and co-workers. None of the treatments that are now on the ...