Abbott LaboratoriesNYSE
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  • Fri, Oct. 21, 10:48 AM
    • Unsurprisingly, Alere (ALR +0.7%) stockholders voted overwhelmingly in favor of a merger with Abbott (ABT -1.1%) in a special meeting. Over 98% of the votes cast (representing 77% of the company's outstanding shares) backed the $56/share transaction. Yesterday's close was $44.10.
    • The companies announced the deal in January but it became a bit wobbly when a rash of problems arose at Alere including dodgy billing practices, inappropriate revenue recognition and a government inquiry into its marketing and billing practices. The firms have agreed to engage a mediator to settle their differences.
    • Read now: Merger Arbitrage - Alere And Abbott 
    | Fri, Oct. 21, 10:48 AM | 10 Comments
  • Wed, Oct. 19, 9:16 AM
    • Despite being sued by St. Jude Medical (NYSE:STJ) alleging "false statements, false advertising, conspiracy and manipulation of the financial markets" related to the security of its implanted devices, short seller Muddy Waters fans the flames with a new video that reportedly shows how to reverse engineer the company's Merlin equipment allowing a hacker to manipulate certain commands which could turn the implanted cardiac device off completely or deliver an unnecessary shock to the heart.
    • Predictably, St. Jude says it stands behind the security and safety of its devices and criticizes Muddy for its "irresponsible release of information that is intended for financial gain." Nevertheless, it has created a cybersecurity medical advisory board and will continue to work with researchers to ensure that it has a thorough understanding of the cyber risks and potential vulnerabilities related to its products.
    • The company is in the midst of being acquired by Abbott (NYSE:ABT) for $25B.
    • Shares are down 2% premarket on increased volume.
    | Wed, Oct. 19, 9:16 AM | 1 Comment
  • Wed, Oct. 19, 8:16 AM
    • Abbott (NYSE:ABT) Q3 results ($M): Total Revenues: 5,302 (+3.0%); Nutrition: 1,755 (-1.9%); Diagnostics: 1,213 (+4.9%); Est. Pharmaceuticals: 1,012 (+5.3%); Medical Devices: 1,310 (+6.5%).
    • Net Income: (329) (-156.7%); EPS: (0.22) (-157.9%); Non-GAAP EPS: 0.59 (+9.3%).
    • Top Performers: Diabetes Care International: 210 (+18.6%); Total Diabetes Care: 306 (+11.3%); Vascular U.S.: 305 (+9.7%); POC International: 24 (+9.1%).
    • Laggards: Molecular U.S.: 42 (-10.6%); Pediatric Nutrition International: 553 (-9.2%); Total Pediatric Nutrition: 967 (-3.9%).
    • 2016 Guidance: EPS: $0.59 - 0.61 from $1.26 - 1.36; Non-GAAP EPS: $2.19 - 2.21 from $2.14 - 2.24.
    • Shares are down 1% premarket on light volume.
    | Wed, Oct. 19, 8:16 AM
  • Wed, Oct. 19, 7:46 AM
    • Abbott Laboratories (NYSE:ABT): Q3 EPS of $0.59 beats by $0.01.
    • Revenue of $5.3B (+2.9% Y/Y) beats by $10M.
    • Press Release
    | Wed, Oct. 19, 7:46 AM | 1 Comment
  • Tue, Oct. 18, 5:30 PM
    | Tue, Oct. 18, 5:30 PM | 7 Comments
  • Tue, Oct. 18, 8:16 AM
    • Abbott (NYSE:ABT) and St. Jude Medical (NYSE:STJ) have agreed in principle to sell certain products to Terumo (OTCPK:TRUMF)(OTCPK:TRUMY) for $1.12B in cash. The transaction, contingent on the successful completion of Abbott's $25B acquisition of St. Jude, includes St. Jude's Angio-Seal and Femoseal vascular closure products and Abbott's Vado Steerable Sheath.
    • Abbott will retain its vascular closure products, including the Perclose ProGlide Suture-Mediated Closure System, StarClose SE Vascular Closure System and Prostar XL Percutaneous Vascular Surgical System.
    • Abbott adds that its expects to mitigate any impact on non-GAAP earnings related to the sale of the assets.
    | Tue, Oct. 18, 8:16 AM | 2 Comments
  • Fri, Oct. 14, 2:28 AM
    • Florida officials have announced a new area of Zika transmission in Miami, which has already infected five individuals, and called on the federal government for funding to help fight the virus.
    • It's the third established outbreak in the city, a hot zone for Zika because it has both the Aedes mosquitoes that transmit the disease, and an influx of travelers from other areas where the virus is spreading.
    • Related tickers: SNY, ABT, INO, AEMD, XON, CEMI, BCRX, TMO, OSUR, OTCQB:GOVX
    | Fri, Oct. 14, 2:28 AM | 17 Comments
  • Wed, Oct. 12, 7:49 AM
    • Celgene (NASDAQ:CELG) and Agios Pharmaceuticals (NASDAQ:AGIO) ink collaboration agreements with Abbott (NYSE:ABT) to develop and commercialize companion diagnostic tests to identify isocitrate dehydrogenase (IDH) mutations in patients with acute myeloid leukemia (AML). The tests will be performed on Abbott's m2000 RealTime System, an automated polymerase chain reaction (PCR) instrument.
    • Celgene is currently developing an IDH2 inhibitor, enasidenib, for the treatment of IDH2-positive AML. Agios is developing an IDH1 inhibitor, AG-120, for AML patients positive for that mutation. IDH1 and IDH2 occur in ~20% of AML cases.
    | Wed, Oct. 12, 7:49 AM | 2 Comments
  • Tue, Oct. 11, 12:15 PM
    • Although the market's down day is certainly a factor, Abbott Laboratories (ABT -4.3%) appears to be suffering from St. Jude Medical's (STJ -3.4%) problem with premature battery depletion in some of its implantable devices, an issue that the company admits has affected 0.2% (n=841/400,000) of its devices made through May of last year. Two deaths have been attributed to the issue, caused by lithium clusters, so far.
    • In April, Abbott announced that it would acquire St. Jude for $25B.
    • Previously: Some St. Jude heart devices at risk of premature battery depletion, two deaths reported; shares down 6% premarket (Oct. 11)
    | Tue, Oct. 11, 12:15 PM | 7 Comments
  • Wed, Oct. 5, 5:35 AM
    • Florida officials are warning that Hurricane Matthew could complicate efforts to control Zika by interrupting mosquito-spraying efforts and boosting numbers of the biting bugs that spread the virus.
    • The warnings come as authorities reported six new suspected non-travel-related Zika cases in Miami Beach and Miami-Dade County, bringing the number of cases where local mosquitoes are believed to have caused infections to 139.
    • Related tickers: SNY, ABT, INO, AEMD, XON, CEMI, BCRX, TMO, OTCQB:GOVX, OSUR
    | Wed, Oct. 5, 5:35 AM | 22 Comments
  • Wed, Sep. 28, 10:17 AM
    • The FDA approves Abbott's (ABT -0.4%) FreeStyle Libre Pro, a continuous glucose monitoring system featuring the Ambulatory Glucose Profile, a visual snapshot of glucose data that includes patterns and trends that enable healthcare professionals to customize treatment for their diabetic patients.
    • The device includes a small sensor that is applied to the back of the patient's upper arm. It is water-resistant and is designed to remain in place for up to 14 days, requiring no interaction from the wearer and no need for a fingerstick blood sample to calibrate the sensor.
    • Glucose measurements, recorded every 15 minutes, are taken from interstitial fluid via a small filament inserted just under the skin of the upper arm. After 14 days, the patient returns to the doctor's office to scan the sensor and download two weeks of data.
    • According to the company, FreeStyle Libre Pro's value proposition is greater convenience via the elimination of fingerstick calibration, reliable uninterrupted glucose data, lower equipment costs and less maintenance.
    • The product will be commercially available in the next few weeks.
    • A consumer version of the technology is currently under FDA review.
    | Wed, Sep. 28, 10:17 AM
  • Fri, Sep. 16, 3:48 PM
    • Johnson & Johnson (JNJ -0.1%) inks an agreement with Abbott Laboratories (ABT +1.5%) to acquire its Medical Optics unit for $4.325B in cash. The business generated $1.1B in revenues last year in three business segments: cataract surgery, laser refractive surgery and consumer eye health.
    • The deal, expected to close in Q1 2017, will be modestly accretive to JNJ's non-GAAP 2017 earnings.
    | Fri, Sep. 16, 3:48 PM | 21 Comments
  • Thu, Sep. 15, 9:03 AM
    • Abbott Laboratories (NYSE:ABT) declares $0.26/share quarterly dividend, in line with previous.
    • Forward yield 2.55%
    • Payable Nov. 15; for shareholders of record Oct. 14; ex-div Oct. 12.
    | Thu, Sep. 15, 9:03 AM | 6 Comments
  • Tue, Sep. 13, 2:49 AM
    • After meeting with the top four congressional leaders on Monday, President Obama said he was encouraged that lawmakers would be able to reach an agreement on funding to fight the Zika virus.
    • In February, Obama had asked Congress to approve $1.9B in emergency funds to battle Zika with diagnostic tools and vaccines, but disagreements over side issues related to abortion led to divisions about full funding.
    • Related tickers: SNY, ABT, INO, AEMD, XON, CEMI, BCRX, TMO, OTCQB:GOVX, OSUR
    | Tue, Sep. 13, 2:49 AM | 19 Comments
  • Fri, Sep. 9, 5:34 AM
    • Pre-dawn aerial spraying for Zika-carrying mosquitoes has begun in Miami Beach, but it's bugging out some locals due to health concerns surrounding insecticide Naled.
    • Originally scheduled for Thursday, the spraying was delayed for a day after angry residents protested.
    • So far there have been 56 locally transmitted and 596 travel-related Zika cases in Florida. According to the CDC, there are 2,977 cases of the virus in the continental U.S.
    • Related tickers: SNY, ABT, INO, AEMD, XON, CEMI, BCRX, TMO, OTCQB:GOVX, OSUR
    | Fri, Sep. 9, 5:34 AM | 40 Comments
  • Thu, Sep. 8, 1:07 PM
    • Alere (ALR +0.2%) and cold-footed Abbott Laboratories (ABT -0.2%) have agreed to work with a mediator to settle their disagreements over Abbott's now-rocky $5.8B bid for the point-of-care diagnostics firm. According to court filings, the companies are considering former Delaware Chancellor William Chandler for the job. Alere recently filed a lawsuit in Delaware to force Abbott to follow through on its offer.
    • Abbott appears to have lost enthusiasm for the deal at its current valuation, influenced, no doubt, by a rash of problems at Alere including restating financials due to inappropriate revenue recognition and a government inquiry into its billing and marketing practices.
    • Alere has accused Abbott of cooling to the deal because of its $25B St. Jude Medical takeover. Abbott counters by saying the delay in closing the transaction is due to Alere's failure to file its regulatory submissions on time.
    • Read now Merger Arbitrage - Alere and Abbott
    | Thu, Sep. 8, 1:07 PM | 7 Comments