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

Lyft (LYFT) expects average ride volumes to improve through Q1 2021

Shares of Lyft Inc. (NASDAQ: LYFT) were up 8% in afternoon hours on Wednesday. The stock has gained 53% over the past 12 months and 25% since the beginning of

With new strategy in place, Target looks poised to tap growing online demand

Department store chain Target Corp. (NYSE: TGT), which has been thriving on the pandemic-driven shopping boom since early last year, maintained its strong performance during the holiday season and entered

Infographic: Dollar Tree’s (DLTR) performance in Q4

Dollar Tree (NYSE: DLTR) reported fourth-quarter financial results before the opening bell on Wednesday. The discount store reported a 7% increase in Q4 net sales to $6.7 billion. The company

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