Among the pharma stocks, AbbVie (ABBV) is a company that has got an impressive reputation for growing demand for its drugs, new drug launches, and increasing its revenue. Good news for investors is that the drug maker has a late-stage trial in the pipeline, which is anticipated to be its next blockbuster drug.
AbbVie, which split from Abbott in 2013, had acquired the worldwide rights for elagolix in 2010 from Neurocrine Biosciences (NBIX) by paying $575 million. In a new clinical trial conducted, AbbVie found that elagolix had offered positive results in its Phase III trial for treating uterine fibroids -the benign tumors found in the uterus, affecting 80% of women of age 50 and above.
The drug met its primary endpoint. During the study, it was seen that among participants who were mostly premenopausal women, the drug was effective in reducing heavy menstrual bleeding.
Elagolix is currently being reviewed by the U.S. Food and Drug Administration to treat women suffering from endometriosis- a condition that affects the uterus. If the FDA approves elagolix, AbbVie intends to expand the label to include uterine fibroids.
Elagolix can aid the Illinois-based pharma company to generate huge sales since endometriosis is said to be one of the main cause of infertility in the U.S. affecting 1 in 10 women during their reproductive years. This drug is likely to be the next potential growth driver for Abbvie after its autoimmune drug Humira, which accounts for more than 65% of its total sales. The industry watchers estimate that elagolix can reach a peak of $1.2 billion annual sales in 2022.
AbbVie is investing heavily in developing new drugs as it expects those drugs to be the future growth drivers. Apart from the other drugs in the pipeline, Abbvie’s recent partnership with Voyager Therapeutics (VYGR) in developing the treatment drug for Alzheimer’s disease and neurogenerative disorders is expected to benefit the company.