AbbVie
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| Public | |
| Traded as | : ABBV S&P 100 component S&P 500 component |
| Industry | Biopharmaceutical |
| Founded | 2013 |
| Headquarters | Lake Bluff, Illinois, United States |
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Area served
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Worldwide (170+ Countries) |
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Key people
|
Richard A. Gonzalez (Chairman & CEO) |
| Revenue |
 $22.859 billion (2015)
|
|
$7.537 billion (2015)
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|
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$5.144 billion (2015)
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| Total assets |
$53.050 billion (2015)
|
| Total equity |
$3.945 billion (2015)
|
|
Number of employees
|
28,000 (2015) |
| Website | abbvie |
AbbVie is a pharmaceutical company that discovers, develops and markets both biopharmaceuticals and small molecule drugs. It originated in 2013 as a spin-off of Abbott Laboratories.
On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies. The "new" Abbott Laboratories would specialize in diversified products including medical devices, diagnostic equipment and nutrition products, while AbbVie would operate as a research-based pharmaceutical manufacturer. The separation was effective January 1, 2013, and AbbVie was officially listed on the (ABBV) on January 2, 2013.
According to Miles White, CEO at the time, the purpose of the split was to allow markets to value the two businesses separately; White said that investors would "benefit from two fundamentally different investment opportunities with distinct strategic profiles and business priorities." Some investors were concerned that the split was done to protect the value of the device business from the loss of value facing the drug division due to the imminent expiration of patents on Humira, which accounted for about half of the drug division's revenue.
As of December 2015, the company employed in excess of 28,000 globally, and provided products to individuals in more than 170 countries.
On September 3, 2014, AbbVie and Infinity Pharmaceuticals announced that they had entered into a global collaboration to develop and commercialize duvelisib, Infinity's PI3K inhibitor for the treatment of patients with cancer. On the same day, AbbVie and Calico announced that they had entered into a R&D collaboration intended to discover, develop and bring to market new therapies for patients with age-related diseases including neurodegeneration and cancer. Calico (California Life Company) is an Alphabet Inc. subsidiary led by Arthur D. Levinson (former Chairman and CEO of Genentech) and Hal V. Barron (former Executive Vice President and Chief Medical Officer of Genentech) that is focused on aging and age-related diseases.
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