Joie d'AbbVie
#5 in The Biggest BIG PHARMAs and Why They're Big series
In this series, The Biggest BIG PHARMAs and Why They're Big series, I’m going to be looking at the top Pharma companies by market cap and explore some of their history and biggest money making products.
Market
As of September 2022 AbbVie has a market cap of $252.23 Billion, making it the 5th largest pharmaceutical company by market cap and the 31st most valuable company in the world.
About
Key Facts from AbbVie’s website
50k employees in 70+ countries
$50B+ invested in R&D to date
62M people treated by AbbVie’s products
Markets medicines in more than 175 countries
Headquarters is in Lake Bluff, Illinois, outside of Chicago
CEO is Richard A. Gonzalez
30 year Abbott veteran (Abbott was part of AbbVie until 2013)
Engaged in the Chicago community (member of Commercial Club of Chicago, the Civic Committee & Business Roundtable
In 2007, there was a scandal in which it was revealed that he did not have the college degrees which Abbott Labs claimed he had. In fact, he never graduated college.
History
AbbVie was founded in 2013 as a spin off of Abbott Laboratories, but now is a more valuable public company.
2011 - Abbott Labs announces they will split into two companies. Abbott would specialize in products such as medical devices, diagnostic equipment and nutrition products, and the new company, called AbbVie would operate as a pharmaceutical manufacturer
2013 - AbbVie was officially listed on the New York Stock Exchange
CEO Miles White said they wanted the market to value the two companies separately, especially after the expiration of the patent of Humira, which accounted for half of the drug division’s revenue
2021 - The Senate Finance Committee investigated AbbVie for buying back its own stock using income saved by the Tax Cuts and Jobs Act of 2017.
Selected Acquisition History:
2014 - It seems like the second year of AbbVie’s history was a big one. AbbVie acquired ImmuVen. They also entered into a global collaboration to develop duvelisib, a cancer treatment. They also entered into an R&D collaboration with Calico to develop and bring to market drugs for the diseases of aging. Their attempted acquisition of Shire was stopped short due to changes in the US tax code and AbbVie had to pay $1.6 Billion in break up fees.
2015 - AbbVie acquires oncology firm Pharmacylclics primarily for its blood cancer treatment ibrutinib.
2016 - Acquisitions of Stemcentrx and an expanded deal with Galapagos for cystic fibrosis drugs announced.
2019 - An acquisition of Allergan, an Irish pharmaceutical company, was blocked by the FTC, so only certain asssets were acquired but AbbVie successfully acquires Mavupharma for cancer drugs.
2021 - The new Allergan Aesthetics division acquires Soliton and AbbVie acquires TeneoOne for multiple myeloma treatments
2022 - AbbVie acquires Syndesi Therapeutics for its portfolio of modulators of the synaptic vesicle protein 2A.
Biggest products
Humira - Immunosuppressant for Rheumatoid arthritis, plaque psoriasis, Crohn’s, Ulcerative Colitis and more
Imbruvica - Oral medicine for treatment of lymphomas
Skyrizi - Immunosuppressant for plaque psoriasis, psoratic arthritis & Crohn’s
Botox Therapeutic - Injection treatment for migraines, spasticity, dystonia, overactive bladder and more
Botox Cosmetic - Cosmetic treatment for facial lines and wrinkles
Venclexta - medicine for certain leukemias and lymphomas
Mavyret - Hepatitis C treatment
Creon - Medicine for exocrine pancreatic insufficiency (EPI) for poor digestion
Lupron - Treatment for hormone conditions such as prostate cancers, endometriosis or uterine fibroids
Syntroid - Thyroid medication
Androgel - Testosterone replacement therapy gel
Marinol (dronabinol) - Treatment for nausea and vomiting caused by chemotherapies
Tricor - Cholesterol lowering medication
Sources
https://www.drugwatch.com/manufacturers/abbvie/
https://www.statista.com/statistics/417063/revenue-of-abbvie-from-key-products/#:~:text=AbbVie's%20key%20product%20revenues%202020%2D2021&text=Humira%20is%20used%20to%20treat,significantly%20less%20revenue%20that%20Humira
https://www.abbvie.com/our-company/key-facts.html
https://companiesmarketcap.com/pharmaceuticals/largest-pharmaceutical-companies-by-market-cap/
https://www.webmd.com/drugs/2/drug-9308/marinol-oral/details
https://en.wikipedia.org/wiki/AbbVie and other wikipedia pages
Linked sites and pages of branded drugs