Immunology News & Analysis
3 articles
Market Mood
AbbVie (ABBV) Acquires Apogee for $10.9 Billion in Immunology Deal
AbbVie (ABBV) announced its acquisition of Apogee Therapeutics for $10.9 billion, marking its largest buyout in over five years. The $135.11 per share offer represents a 49.49% premium to Apogee's prior closing price, prompting Apogee's shares to surge 48% to $133.77 in premarket trading. The acquisition aims to enhance AbbVie's next-generation immunology pipeline, particularly through the lead drug candidate, zumilokibart. The deal is expected to close in Q3 and contribute positively to AbbVie's adjusted earnings per share by 2032, as pharmaceutical dealmaking accelerates amid patent expirations.
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AbbVie (ABBV) Q3 Earnings Beat Estimates on Immunology Drug Sales
AbbVie (ABBV) reported quarterly earnings that exceeded analysts' expectations, driven by sales from newer immunology drugs that compensated for the decline in Humira's revenue. The company showcased a positive trend as net revenue from immunology reached $2 billion, while Humira sales decreased by 33% to $1.5 billion. This change reflects the ongoing transition to newer therapies, which may bolster AbbVie's market position. The performance indicates potential for recovery and growth, impacting investor sentiment positively.
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AbbVie (ABBV) Tops Quarterly Estimates with $15 Billion Revenue
AbbVie (ABBV) reported quarterly revenue of $15 billion, exceeding analyst expectations of $14.72 billion. Profit per share was $2.65, surpassing forecasts of $2.59. Skyrizi sales reached $4.48 billion, growing 30.9%, while Rinvoq saw a 23.3% increase to $2.12 billion. In contrast, Humira's sales decreased by 38.6% to $688 million, missing estimates of $696.5 million. AbbVie also raised its adjusted earnings forecast for the year to $14.08 to $14.28 per share from the previous range of $13.96 to $14.16.
Read More: AbbVie (ABBV) Tops Quarterly Estimates with $15 Billion Revenue