In recent updates, AbbVie (ABBV) has faced a greater plunge than the general market, prompted by lowering of its 2024 earnings forecast by $0.04 per share and Fluent Financial LLC's decision to sell 3,296 shares. However, Q3 2024 Earnings Conference Call is on the horizon. Furthermore, AbbVie announced positive results from the Phase 3 TEMPO-1 trial, assessing Tavapadon as a monotherapy for Parkinson's Disease, and the initiation of a multiple myeloma Phase 3 clinical trial for investigational asset ABBV-383.
Acquisition costs have forced AbbVie to revise down its 2024 earnings outlook. Despite this, steady mid-single-digit sales growth is expected over the next three years, primarily attributable to progress in oncology treatment and neurological breakthroughs. AbbVie has also submitted an application for Telisotuzumab Vedotin (Teliso-V) used for treating non-small cell lung cancer to the FDA, affirming its commitment to investing in life-changing therapies.
AbbVie also completed the acquisition of Celsius Therapeutics and Landos Biopharma, solidifying its position in inflammatory and autoimmune disease treatment. Amidst these events, their arthritis drug went off patent, and the Parkinson's disease therapy was rejected by the US FDA, pushing the stocks down slightly. Nevertheless, AbbVie remains an attractive option for investors with potential growth in the oncology portfolio and dividends.
Abbvie ABBV News Analytics from Wed, 28 Feb 2024 08:00:00 GMT to Sat, 05 Oct 2024 15:59:43 GMT - Rating 2 - Innovation 8 - Information 7 - Rumor -3
