AbbVie's third quarter EPS of $0.89, up 8.5% y-o-y,, surpassed the
Zacks Consensus Estimate of $0.78. Revenues grew 7.8% to $5.019
billion, above the Zacks Consensus Estimate of $4.828 billion.
AbbVie, which terminated its merger deal with Shire, guided above
expectations in addition to reporting strong third quarter results.
With AbbVie clearing major loss of exclusivity events, key brands
like Humira continuing with their strong performance and the
mid-and late-stage pipeline progressing, the company looks
well-positioned for growth. The approval of Viekira Pak and
pharmacy benefit manager, Express Scripts' support are a major
boost for the company. We are upgrading the stock to Outperform.
North Chicago, IL-based AbbVie came into existence on Jan 1,
2013, after Abbott Laboratories divested its pharmaceutical
division. AbbVie, a biopharmaceutical company, focuses on the
development and marketing of treatments for complex and serious
ailments. The company has a presence in the rheumatoid arthritis,
psoriasis, Crohn's disease, HIV, cystic fibrosis, testosterone,
thyroid disease, Parkinson's disease, ulcerative colitis, and
chronic kidney disease markets.
AbbVie's flagship product Humira is approved for several
indications like rheumatoid arthritis (moderate to severe),
moderately to severely active polyarticular juvenile idiopathic
arthritis, active psoriatic arthritis, active ankylosing
spondylitis, Crohn's disease (moderate to severe), ulcerative
colitis (moderate to severe), axial spondyloarthritis, pediatric
Crohn's disease and chronic plaque psoriasis (moderate to
Other drugs include Viekira Pak (hepatitis C virus HCV),
AndroGel (low testosterone), Kaletra (HIV), Niaspan (cholesterol
management), Synthroid (hormone therapy for thyroid disease), Creon
(pancreatic enzyme replacement therapy for conditions associated
with cystic fibrosis and chronic pancreatitis), Zemplar (secondary
hyperparathyroidism), Duodopa (advanced Parkinson's disease -
currently approved in Europe and other international markets) and
TriCor/TriLipix (cholesterol management) among others.
The company also has several candidates in different stages of
development across a wide range of therapeutic areas like
immunology, renal care, HCV, women's health, oncology, and
neuroscience (including multiple sclerosis and Alzheimer's
disease). Key pipeline candidates include Elagolix (phase III
ongoing for the treatment of endometriosis and phase IIb for
uterine fibroids being developed with Neurocrine Biosciences),
atrasentan (phase III ongoing for the treatment of chronic kidney
disease with the study scheduled to complete in 2017), ABT-199
(phase II ongoing in relapsed refractory chronic lymphocytic
leukemia patients with a 17p deletion partnered with Roche),
veliparib (four phase III studies ongoing including for triple
negative breast cancer and squamous non-small cell lung cancer
(NSCLC)), elotuzumab (multiple myeloma phase III partnered with
Bristol-Myers Squibb) and Zinbryta (daclizumab - relapsing
remitting multiple sclerosis partnered with Biogen). The company
has an agreement with Infinity Pharmaceuticals for the development
and commercialization of the latter's oncology candidate duvelisib
AbbVie reported total sales of $18.79 billion in 2013, up
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