AbbVie is a research-based pharmaceutical company. It spun off of Abbott Laboratories in 2013. The company has had a successful start in its first five years in the industry. Its blockbuster drug Humira brought in billions. But AbbVie has also faced lawsuits over some of its largest selling products.
AbbVie is a research-based pharmaceutical company. It started as a spinoff of the long-established health care corporation Abbott Laboratories.
AbbVie was an immediate success, netting $18.8 billion in sales in its first year. This was largely due to the strength of its blockbuster drug Humira.
But, injured patients are suing AbbVie over the safety of some of the company’s popular drugs. Lawsuits blame Humira, AndroGel and Depakote for serious injuries and death.
AbbVie employs about 29,000 people in 75 countries. Its headquarters is in Lake Bluff, Illinois, which is a part of the Chicago metropolitan area.
Richard A. Gonzalez is AbbVie’s CEO. The company’s products brought in total revenues of $28.2 billion in 2017. The drugmaker focuses on immunology, oncology, neuroscience and virology.
AbbVie officially separated from Abbott Laboratories on Jan. 1, 2013. Abbott wanted to concentrate on medical devices such as heart stents. This allowed AbbVie to focus on research-based pharmaceuticals.
AbbVie makes more than 30 products and has more than 50 drugs in development. Several of the company’s pharmaceuticals rake in billions annually. These include Humira, Imbruvica and Viekira.
By far, AbbVie’s biggest sales generator is Humira. Doctors prescribe the drug to treat arthritis, psoriasis and Crohn’s disease. It accounts for more than half of AbbVie’s total annual sales.
Humira is the world’s top-selling prescription drug, according to The New York Times.
The drug brought in $16 billion for AbbVie in 2016. Estimates for 2017 show increases of more than 15 percent in the U.S. and 6.5 percent abroad.
AbbVie is trying to block generic competition by filing new patents. AbbVie has filed more than 70 new patents on Humira.
“Any company seeking to market a biosimilar version of Humira will have to contend with this extensive patent estate, which AbbVie intends to enforce vigorously.”
In May 2017, AbbVie lost one round to the company Coherus. But according to Fortune, other patents should protect AbbVie’s sales through 2022.
Some analysts classify AbbVie as a maker of medical marijuana.
AbbVie’s Marinol was the first FDA-approved cannabis drug. Solvay Pharmaceuticals developed the drug. Abbott acquired Solvay’s pharmaceutical division in 2010 and took on Marinol as well.
Doctors prescribe Marinol to patients with nausea and vomiting from cancer. People with AIDs use it to combat lack of appetite.
Its active ingredient is a synthetic cannabinoid – man-made delta-9-tetrahydrocannabinol or THC. This main ingredient gives the drug its effects.
Abbvie doesn’t release Marinol’s sales numbers. This leads analyst to believe it’s not very profitable. But future developments on legalization may change the long-term outlook of the drug.
AbbVie faces thousands of personal injury lawsuits. People blame the company’s products for serious injuries and deaths. The lawsuits accuse the company of failing to warn about its drugs’ risks.
The company’s biggest seller, Humira, is the subject of some of these lawsuits. AbbVie’s testosterone replacement treatment AndroGel and its anti-seizure medication Depakote have also led to lawsuits.
Humira lawsuits blame the drug for fungal infections, nerve damage, and an increased risk of cancer in children and adolescents. In 2013, a jury ordered AbbVie to pay $2.24 million to a patient who suffered from a fungal infection. Some patients have died from these infections, according to the FDA.
More than 7,750 men have filed testosterone lawsuits against AbbVie and other manufacturers of testosterone replacement therapy products. Nearly 6,000 remained pending in federal court in Illinois in June 2018. AndroGel lawsuits blame the product for blood clots, heart attack, stroke and sudden death.
Depakote lawsuits say children suffered birth defects after their mothers took Depakote during pregnancy. AbbVie assumed all rights and responsibilities for Depakote when it separated from Abbott. In June 2018, a judge halted more than 600 lawsuits so lawyers on both sides could discuss settlements.
AbbVie has had to recall some of its products. Reasons include labeling errors, possible contamination and harmful drug effects.
Its multiple sclerosis drug Zinbryta was pulled from the shelves altogether in March 2018. It led to the deaths of three patients. The drug was a joint venture with Biogen.
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