On Friday, the 1st of November 2019, the North Chicago, Illinois-based biopharmaceutical company, AbbVie Inc. that formed as a spin-off of Abbott Laboratories back in 2013, had raised its full-year revenue forecast for 2019 well-above an Wall Street estimates and expressed a through-and-through optimism over future sales of its chartbuster wrinkle treatment Botox, which it would be acquiring alongside a $63 billion acquisition of Allergan Plc.
On top of that, followed by AbbVie Inc.’s raise of full-year revenue forecast, shares of the US-based biopharmaceutical company rose more than 3 per cent to $82.10 in pre-market trading, however closed the day 2.77 per cent higher to $81.75 a share, as gains were capped by a delay over its takeover of Allergan Plc, which is expected to be completed by early-2020 aimed at lowering AbbVie Inc.’s dependency on its blockbuster arthritis drug Humira, the top-selling medicine across the globe.
In point of fact, sales of AbbVie Inc.’s Humira had been witnessing steep pressure from cheaper European alternatives, as Humira sales were pummelled by more than 3.7 per cent to $4.94 billion on Q3, 2019. Meanwhile, voicing an out-and-out optimism over its acquisition of Allergan which in effect would help diversify the Illinois-based drugmaker’s exclusive portfolio of top-selling drugs, AbbVie CEO, Richard Gonzalez said in a conference call with the analysts on Friday (November 1st), “Our model is more conservative than what the Allergan current performance is, and it’s certainly more conservative than their longer-range forecast, but it still does project growth for Botox going forward.
” Besides, according to AbbVie Inc.’s full-year revenue project revealed on Friday (November 1st), the US-based multinational drugmaker was now expecting a growth of 2.5 per cent to exceed an average estimate of $33.16 billion in net revenues forecasted earlier in the year.