Big pharma AbbVie (ABBV) beat analysts’ Q2 estimates as its lead drug Humira grew sharply, though the company said this would slow down and affirmed its full-year guidance. The stock fell fractionally in morning trading on the stock market today. AbbVie made 82 cents a share in the quarter, the same as the year-earlier quarter but 6 cents above analysts’ consensus. Sales rose 5% to $4.93 billion, topping analysts’ $4.7 billion. The company
Persistence paid off for big pharma AbbVie (ABBV) Friday as it announced a takeover agreement with Shire (SHPG) after its fifth attempt. At the same time, Shire reported its Q2 earnings ahead of schedule, with results that beat analyst estimates. The basic terms of the deal were the same as Monday’s revised offer: 24.44 British pounds plus 0.8960 shares of the combined company for each Shire share. Based on AbbVie’s Thursday closing price, the
As American companies such as AbbVie (ABBV) and Mylan (MYL) edge closer to mergers with firms based overseas, the Obama administration is pushing for an end to inversion, a practice in which U.S. companies reincorporate abroad to reduce taxes. In a letter to four members of the House Ways and Means Committee, Treasury Secretary Jacob Lew urged lawmakers to immediately enact legislation that will “shut down this abuse of our tax system” — and make