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Abbott Laboratories (ABT)

- NYSE
  • Thu, Aug. 27, 9:05 AM
    • Abbott Laboratories (NYSE:ABT) has denied a report that it's preparing an offer for St. Jude Medical (NYSE:STJ) that would value the medical device maker at about $25B.
    • St. Jude shares have now pared back their gains in early trading after surging 17% on the rumor.
    • STJ +4.9% premarket
    • Previously: FT: Abbott prepping $25B takeover offer for St. Jude (Aug. 27 2015)
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  • Thu, Aug. 27, 7:18 AM
    • Abbott Laboratories (NYSE:ABT) is preparing a takeover bid for St. Jude Medical (NYSE:STJ) that is likely to value the medical device maker at $25B, FT reports.
    • Sources say the firm has been working with advisers for several weeks, lining up the financing for a cash and stock offer.
    • Abbott and St. Jude already have a strong alliance in the field of cardiovascular devices, and a full merger would give the enlarged company greater leverage in negotiating with healthcare providers.
    • STJ +13.2% premarket
    • Update: Quoting a spokesperson, Bloomberg says Abbott isn't making an offer for St. Jude.
    | 1 Comment
  • Thu, Jul. 30, 11:42 AM
    • Abbott Laboratories (ABT -0.6%) acquires privately-held Roseville, MN-based Tendyne Holdings for $250M plus regulatory-based milestones. Abbott will pay $225M upfront to acquire the equity in Tendyne that it does not already own.
    • Tendyne is developing a replacement tissue valve for the treatment of advanced mitral regurgitation that can be placed into the heart without the use of cardio-pulmonary bypass.
    | 1 Comment
  • Wed, Jul. 22, 8:49 AM
    • Abbott Laboratories (NYSE:ABT) Q2 results ($M): Total Revenues: 5,170 (-6.9%); Nutrition: 1,717 (-0.8%); Diagnostics: 1,177 (-1.0%); Est. Pharmaceuticals: 977 (-19.7%); Medical Devices: 1,289 (-6.1%).
    • Net Income: 784 (+68.2%); EPS: 0.52 (+73.3%).
    • Total revenue growth has decelerated the past three quarters: 5.8%, -5.3%, -6.6%, -6.9%.
    • 2015 Guidance: EPS: $1.50 - 1.60 from $1.33 - 1.43; Non-GAAP EPS: $2.10 - 2.20 (unch).
    | 2 Comments
  • Wed, Jul. 22, 7:55 AM
    • Abbott Laboratories (NYSE:ABT): Q2 EPS of $0.52 beats by $0.02.
    • Revenue of $5.17B (+2.2% Y/Y) beats by $20M.
    • Press Release
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  • Tue, Jul. 21, 5:30 PM
  • Thu, Jul. 16, 8:04 AM
    • The FDA grants a Clinical Laboratory Improvement Amendments (CLIA) Waiver to privately-held Theranos for its diagnostic test system. The waiver allows the testing to be performed in non-traditional locations such as Theranos Wellness Centers, currently 42 in Arizona, one in Palo Alto, CA and one in Harrisburg, PA.
    • The automated system the company has developed utilizes microfluidics to perform a wide array of tests on small volume blood samples, including those from a finger stick. Some observers believe Theranos will upend the clinical diagnostics industry with its modest costs. The company's herpes test, for example, will sell for only $9.07 compared to ~$175 from leading reference labs.
    • Theranos founder and CEO Elizabeth Holmes is one the newest celebrity entrepreneurs. Based on the company's current valuation, she is the youngest self-made female billionaire in U.S. history.
    • Related tickers: (NYSE:ABT) (OTCQX:RHHBY) (NYSE:TMO) (NYSE:DGX) (NASDAQ:BRLI) (NYSE:LH)
    | 4 Comments
  • Mon, Jul. 6, 7:46 AM
    • In a regulatory filing, BG Medicine (NASDAQ:BGMD) discloses that sales (and payments) of the manual version of its BGM Galectin-3 Test to Health Diagnostic Laboratory continue despite the firm's declaration of bankruptcy on June 7. Although, the launch of the automated test means that BG will be less reliant on sales of the manual version, Health Diagnostics' continued financial troubles could have a material effect on BG's business.
    • Health Diagnostic Laboratory accounted for 80% of BG's sales for the fiscal year ended December 2014 and 60% of its top line in Q1 2015.
    • Abbott's (NYSE:ABT) Diagnostics Division is marketing the automated Galectin-3 Test as part of the test menu of its Architect immunoassay analyzer. The test is used to help identify chronic heart failure patients who are clinically stable but have a higher risk of adverse events such as hospitalization and mortality.
    • Previously: BG Medicine up big on approval of automated test (Dec. 30, 2014)
    | 2 Comments
  • Thu, Jul. 2, 4:07 PM
    • The FDA issues 510(k) clearance for privately-held Theranos' diagnostic testing system and its test for herpes simplex 1 IgG, the 153rd test that the company provides for less than $10 in its service offering. The automated system the company has developed utilizes microfluidics to perform a wide array of tests on small volume blood samples, including those from a finger stick. Some observers believe Theranos will upend the clinical diagnostics industry with its modest costs. The herpes test, for example, will sell for only $9.07 compared to ~$175 from leading reference labs.
    • Theranos founder and CEO Elizabeth Holmes is one the newest celebrity entrepreneurs. Based on the company's current valuation, she is the youngest self-made female billionaire in U.S. history.
    • Some diagnostics-related tickers: (NYSE:ABT) (OTCQX:RHHBY) (NASDAQ:QDEL) (NYSE:BIO) (NASDAQ:QGEN) (NASDAQ:CPHD) (NASDAQ:CEMI) (NASDAQ:TRIB) (NASDAQ:AXDX) (NASDAQ:CBMX) (NYSE:TMO)
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  • Fri, Jun. 12, 10:31 AM
    • Abbott Laboratories (NYSE:ABT) declares $0.24/share quarterly dividend, in line with previous.
    • Forward yield 1.97%
    • Payable Aug. 15; for shareholders of record July 15; ex-div July 13.
    | 6 Comments
  • Thu, May 28, 10:22 AM
    | 3 Comments
  • Thu, May 7, 5:30 PM
    • In a setback for branded drug makers, the California Supreme Court rules that financial payments from makers of patented drugs to competitor firms to delay the commercialization of cheaper generic versions of their branded medicines, called pay-to-delay deals, illegally restrain trade and violate the Cartwright Act, the state's primary antitrust law.
    • The court reversed a summary judgement to Bayer (OTCPK:BAYRY) and Barr, whose $398.1M deal blocked the launch of generic versions of the antibiotic Cipro (ciprofoxacin) for almost seven years. It found it was immaterial that the companies' agreement settled patent litigation since antitrust principles prohibit a patentee's purchase of a potential competitor's consent to stay out of the market, even when the patent is likely valid.
    • The Court's rule also applies to collusive non-cash settlements. An excerpt from its opinion reads: "courts considering Cartwright Act claims should not let creative variations in the form of consideration result in the purchase of freedom from competition escaping detection."
    • The U.S. Federal Trade Commission filed a lawsuit last year against AbbVie (NYSE:ABBV), Abbott Laboratories (NYSE:ABT) and Teva Pharmaceutical Industries (NYSE:TEVA) charging the firms with violating antitrust laws and harming consumers with their pay-to-delay transactions related to AndroGel testosterone replacement therapy.
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  • Thu, May 7, 11:13 AM
    • Spurred by the progress of a bill moving through Congress that will speed new drugs to market for conditions lacking cures, called The 21st Century Cures Act, the FDA has scheduled a public meeting this summer to address concerns by the drugs industry that regulatory restrictions on what they can say about the off-label use of their products violates their First Amendment right to free speech. Language in the bill is ratcheting up the pressure on the agency to relax its guidelines.
    • Drug makers were emboldened on its prospects of changing the rules after an appeals court overturned the conviction of a pharmaceutical sales representative in 2012 who was convicted of promoting off-label uses of the narcolepsy drug Xyrem. The court ruling was based on First Amendment protection for truthful and non-misleading off-label speech.
    • The American Medical Association supports the need for physicians to have access to accurate and unbiased information about off-label uses of drugs since it already accounts for as much as 20% of prescribing, with higher levels in oncology and pediatric rare diseases.
    • Giving drug firms more leeway in this arena has its detractors, however. Rita Redberg, M.D., Professor of Medicine at the UC-San Francisco says, "At my own medical center we have banned pharmaceutical reps from coming because we don't think they are a good source of information. You don't ask the barber if you need a haircut."
    • Pharma companies have a dubious history of breaking the rules governing off-label promotion. Over the past 10 years, 17 firms have paid more than $16B in settlements related to inappropriate off-label selling.
    • Further complicating matters is the fact that up to 75% of published pre-clinical trial results cannot be reproduced in later studies.
    • ETFs: IBB, BIB, IRY, BIS, IXJ, DRGS
    • Related tickers: (MRK +0.4%)(LLY -0.1%)(PFE +0.3%)(BMY +0.7%)(GSK -4.1%)(OTCQX:RHHBY -1.1%)(SNY -0.6%)(OTCPK:BAYRY -0.5%)(NVS +0.1%)(AZN -0.3%)(JNJ +0.2%)(ABT -0.1%)(ABBV +0.1%)
    | 6 Comments
  • Wed, Apr. 22, 3:33 PM
    • According to Bloomberg, Omnicare (OCR +7.4%) is reportedly working with financial advisors seeking a buyer. Company representatives have declined to comment. Trading halted.
    • Consensus Q1 view is EPS of $1.01 on revenues of $1.6B.
    • The company is currently embroiled in a lawsuit filed by the U.S. Department of Justice over alleged kickbacks from Abbott Labs (ABT +2.4%) in exchange for purchasing the dementia drug Depakote.
    • Previously: DOJ sues Omnicare over alleged dementia drug kickbacks (Dec. 22, 2014)
    | 1 Comment
  • Wed, Apr. 22, 8:31 AM
    • Abbott Laboratories (NYSE:ABT) Q1 results ($M): Total Revenues: 4,897 (-6.6%); Nutrition: 1,669 (+2.3%); Diagnostics: 1,093 (-2.1%); Est. Pharmaceuticals: 897 (-22.1%); Medical Devices: 1,226 (-6.6%).
    • Net Income: 2,292 (+511.2%); GAAP EPS: 1.51 (+529.2%); Operating Earnings: 766 (+22.6%); Operating Earnings Yield: 15.6% (+31.2%).
    • 2015 Guidance: GAAP EPS: $1.33 - 1.43 (unch); Non-GAAP EPS: $2.10 - 2.20 (unch).
    | 1 Comment
  • Wed, Apr. 22, 7:50 AM
    • Abbott Laboratories (NYSE:ABT): Q1 EPS of $0.47 beats by $0.05.
    • Revenue of $4.9B (+2.7% Y/Y) beats by $50M.
    • Press Release
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Company Description
Abbott Laboratories discovers, develops, manufactures and sells health care products. Its products include branded generic pharmaceuticals manufactured internationally, marketed and sold outside the United States.