ABBVIE INC. - ABBV STOCK NEWS

AbbVie will participate in the Wolfe Research Healthcare Conference on November 19, 2020. Presenters include Michael Severino, vice chairman and president, and Robert A. Michael, CFO, scheduled for 11:35 a.m. Central time. A live audio webcast will be available on AbbVie’s Investor Relations website, with an archived version accessible later the same day.

AbbVie focuses on delivering innovative medicines across various therapeutic areas, including immunology and oncology.

AbbVie (NYSE: ABBV) will present nearly 40 abstracts, including 10 oral presentations, at the virtual American Society of Hematology (ASH) Annual Meeting from December 5-8, focusing on blood cancers.

Key studies include updated results from the CAPTIVATE study on chronic lymphocytic leukemia (CLL) treatments and data from collaborations with Genmab and I-Mab. Notable presentations involve long-term efficacy analyses and real-world patient data on therapies like Ibrutinib and Venetoclax.

AbbVie reported third-quarter 2020 financial results with net revenues of $12.902 billion, a 52.1% increase. Adjusted net revenues were $12.882 billion, up 4.1%. The company highlighted growth from key products like Skyrizi and Rinvoq. Humira net revenues were $5.140 billion, with a 4.1% increase. Rinvoq and Venclexta received FDA applications for new indications. EPS reached $1.29 (GAAP) and $2.83 (adjusted). AbbVie announced a 10.2% dividend increase, reflecting a commitment to shareholder returns.

AbbVie presented late-breaking data at the EADV Virtual Congress demonstrating that its drug, upadacitinib, significantly improves skin clearance and reduces itch in atopic dermatitis patients when compared to placebo. In Phase 3 studies, EASI 90 improvement was observed in 53-66% of patients at week 16 versus only 5-8% in the placebo group (p<0.001). Significant itch reduction was also noted. These findings support FDA and EMA approval applications for treating moderate to severe atopic dermatitis. No new safety risks were identified during the trials.

AbbVie (NYSE: ABBV) announced new data presentations for its drugs RINVOQ (upadacitinib) and HUMIRA (adalimumab) at the upcoming ACR Convergence 2020, taking place from November 5-9. A total of 38 abstracts will be showcased, covering various studies in rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis. Key findings include 84-week and 72-week data on RINVOQ's efficacy and safety as a monotherapy and in comparison to HUMIRA. Presentations will also highlight patient-reported outcomes and long-term safety data for RINVOQ in treating these conditions.

Allergan, a subsidiary of AbbVie (NYSE: ABBV), announced that the Phase 3 GEMINI 1 and 2 clinical trials for AGN-190584 (pilocarpine 1.25%) successfully met their primary endpoints, demonstrating significant improvement in vision for presbyopia patients. The studies involved 750 participants who received the treatment daily for 30 days. Results indicated a notable increase in near vision without compromising distance vision. The company plans to submit a New Drug Application to the FDA in the first half of 2021.

AbbVie announced the submission of applications to the FDA and EMA for RINVOQ™ (upadacitinib), targeting treatment for adults and adolescents with moderate to severe atopic dermatitis. These applications are backed by data from three pivotal Phase 3 studies, demonstrating significant improvement in skin clearance and itch reduction compared to placebo. The co-primary endpoints were met, indicating promising efficacy. The safety profile remains consistent with previous indications, posing no new risks. This submission represents an important step in addressing the unmet needs of patients suffering from this debilitating condition.

AbbVie announced the commencement of its Registered Exchange Offers to exchange existing senior unsecured notes for registered notes. The offers include $30 billion of 2019 USD Notes, $13.25 billion of 2020 USD Notes, and €2.52 billion of Euro Notes. This initiative aims to satisfy obligations under registration rights agreements from prior bond issues related to AbbVie's acquisition of Allergan. The exchange does not represent a new financing transaction and will ensure improved liquidity for investors.

AbbVie has received full FDA approval for VENCLEXTA® (venetoclax) in combination with azacitidine, decitabine, or low-dose cytarabine for treating newly-diagnosed acute myeloid leukemia (AML) in adults over 75 or those unable to receive intensive chemotherapy. This follows accelerated approval in 2018. The Phase 3 VIALE-A trial revealed a 34% reduction in death risk for patients using VENCLEXTA plus azacitidine, with a median overall survival of 14.7 months versus 9.6 months with placebo. However, the VIALE-C trial did not meet its primary endpoint for OS improvement.