Categories Other Industries

AbbVie wins FDA approval for Rinvoq, stock gains

Shares of biopharmaceutical firm AbbVie (NYSE: ABBV) jumped 2.1% after the company received approval from the US Food and Drug Administration for its rheumatoid arthritis drug Rinvoq. The approval came after the treatment met all the primary and secondary endpoints in the Phase 3 trials.

Rinvoq is likely to hit the US markets as early as later this month.

pharma stocks
Image for representation (Photo by Drew Hays on Unsplash)

Affecting almost 1.3 million people in the US, rheumatoid arthritis causes the immune system to mistakenly attacks joints, damaging the bones and tissues.

The approval comes at a crucial time for the North Chicago, Illinois-based firm, which has been seeing weakness in its flagship drug Humira, used in the treatment of rheumatoid arthritis and psoriasis, especially in Europe.

READ: Abbvie’s oncology push makes it an attractive stock

During the most recently reported quarter, revenues from the Immunology unit fell 5.2%, as sales of Humira dipped 6% year-over-year. During the quarter, Humira still accounted for almost 60% of its total revenues.

The company is also diversifying its portfolio with a recently announced that it would acquire Irish competitor Allergan (NYSE: AGN) for $63 billion.  Immediately following the deal, AbbVie shareholders are expected to have approximately 83% stake in AbbVie on a fully diluted basis, and the rest with Allergan shareholders.  

AbbVie shares have tumbled 28% so far this year.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

General Mills (GIS) Q4 Earnings: Key financials and quarterly highlights

General Mills Inc. (NYSE: GIS) reported fourth quarter 2022 earnings results today. Net sales increased 8% year-over-year to $4.9 billion. Organic net sales rose 13%. Net earnings attributable to General

KB Home (KBH): A look at the homebuilder’s expectations for the year

Shares of KB Home (NYSE: KBH) have dropped 35% year-to-date and 28% over the past 12 months. Last week, the company reported second quarter 2022 earnings results that surpassed expectations

Trade Desk’s stock can strengthen your investment portfolio. Here’s why

Trade Desk, Inc. (NASDAQ: TTD) has remained a much sought-after demand-side platform despite challenging market conditions and growing inflationary pressure, but its stock suffered heavy selling in recent months. The

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top