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AbbVie Inc (NYSE:ABBV) Issues FY2017 Outlook

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AbbVie Inc (NYSE:ABBV) has updated its GAAP diluted EPS projection for the FY2017 to $4.27 to $4.29. The company now projects to deliver adjusted diluted EPS of $5.53 to $5.55 for the full-year 2017, exhibiting growth of 14.9% at the midpoint. Its 2017 adjusted diluted EPS projection excludes intangible asset amortization expense of $1.26 per share, changes in the fair value of provisional consideration, and other stated items.

The highlights

In the third quarter of 2017, AbbVie reported a clinical study deal with Bristol-Myers Squibb to assess the combination of company’s investigational antibody drug conjugate ‘ABBV-399’ and Bristol-Myers Squibb’s nivolumab in c-Met overexpressing NSCLC. In addition, the company reported immuno-oncology research deals with Turnstone Biologics, including an exclusive alternative to license up to 3 of Turnstone’s next-gen oncolytic viral immunotherapies, as well as with Harpoon Therapeutics, looking to deploy tri-specific T-cell activating construct application with company’s research-stage immuno-oncology targets.

AbbVie also reported an international strategic deal with Alector, a privately owned biotech firm, to commercialize and develop drugs to cure Alzheimer’s disease and other neurodegenerative problems. The company reported an international resolution of all intellectual property-linked case with Amgen over its proposed biosimilar adalimumab offering.

Under the terms of the settlement deals, AbbVie will provide to Amgen a non-exclusive license to its intellectual property pertaining to HUMIRA starting on January 31, 2023 in the U.S., on October 16, 2018 in most nations in the EU, and on other dates in different nations in which AbbVie holds intellectual property.

AbbVie released an update to the firm’s long-term financial and strategic goals, including its development against the long-range projection provided in October 2015. The company is on track to exceed or meet its long-range projection, and now anticipates international HUMIRA sales to hit $21 billion in 2020.

For 2018, AbbVie projects adjusted earnings per share in the range of $6.37 to $6.57, showcasing growth of around 15% to 19% from the mid-point of the FY2017 revised guidance range.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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