Sep. 15, 2014, 9:47 AM
- In a randomized controlled trial, Abbott's (ABT +0.1%) absorbable scaffold, Absorb, performed comparably to the company's metallic stent, Xience, in patients with coronary artery disease.
- At one year, the patient-oriented clinical endpoint of all adverse events (death, heart attacks, revascularizations) was 7.3% for Absorb and 9.1% for Xience. The device-oriented clinical endpoint of target lesion failure was 4.8% for Absorb and 3.0% for Xience. The rate of definite stent thrombosis was 0.6% for Absorb.
- Absorb is a first-of-its-kind device that functions like a stent by opening a blocked artery and restoring blood flow, but dissolves over time. It is made of polyactide, the same material as dissolving sutures. It is the world's first drug-eluting vascular scaffold to be commercially available internationally. It achieved CE Mark clearance in Europe in January 2011.
Sep. 12, 2014, 4:32 PM| Sep. 12, 2014, 4:32 PM | 3 Comments
Sep. 11, 2014, 1:56 PM
Sep. 3, 2014, 10:24 AM
- Abbott Laboratories (ABT +0.8%) earns CE Mark clearance for its FreeStyle Libre Flash Glucose Monitoring System for people with diabetes. The system eliminates the need for routine finger pricks by reading glucose levels through a sensor that can be worn on the back of the upper arm for as long as 14 days. There is also no need for a finger prick calibration.
- The sensor takes minute-by-minute glucose measurements in the interstitial fluid via a small filament that is inserted under the skin and held in place by an adhesive pad. The patient scans the sensor with a hand-held reader to obtain the glucose result in less than one second.
Aug. 19, 2014, 12:51 PM
- Venture Capital firm Rock Health recently added eight digital health companies to its portfolio increasing its total to 55. The new additions include Welkin Health, whose Android app enables diabetics to access coaching and advice from the company's educators, Acumen which uses smartphone video for evaluating children with neurological disorders and two providers of platforms that ensure compliance with patient privacy laws.
- Another firm in the line up is Augmedix, which uses Google Glass to assist doctors in getting information to electronic record systems and to retrieve information verbally.
- Rock Health is partnering with Abbott Labs (ABT +0.2%), General Electric and Genentech (OTCQX:RHHBY +0.6%) to provide advice and resources to the portfolio companies. Other partners include Blue Shield of California and Deloitte Consulting.
Aug. 18, 2014, 11:40 AM
- Abbott Laboratories (ABT +0.6%) and the Department of Defense will collaborate on developing portable blood tests to help evaluate potential concussions. The tests will be developed on Abbott's i-STAT System, a hand-held diagnostic analyzer.
- U.S. Army Medical Research and Material Command Brain Health Coordinator Col. Dallas C. Hack, M.D., says, "The quick and accurate diagnosis of a concussion is critical so that soldiers who are affected - whether in the battlefield or not - can be removed from duty to recover and to prevent further injury."
- Research suggests that certain proteins are released in the bloodstream following a brain injury. Detecting a mild traumatic brain injury such as a concussion can be difficult with imaging technology because it may not show abnormalities and the symptoms can be similar to or be mistaken for other conditions.
Jul. 16, 2014, 10:42 AM
- Abbott Laboratories (ABT +0.2%) Q2 results: Total Revenues: $5,551M (+1.9%); International Revs: $3,990M (+2.7%); U.S. Revs: $1,561M (+0.1%); Nutrition: $1,731M (+1.6%); Diagnostics: $1,189M (+4.8%); Est. Pharmaceuticals: $1,216M (-0.2%); Medical Devices: $1,373M (+1.3%).
- COGS: $2,506M (-1.5%); R&D Expense: $335M (-7.7%); SG&A Expense: $1,788M (+4.3%); Net Income: $466M (-2.1%); EPS: $0.30 (flat).
- Gross Profit: $3,045 (+5.0%); COGS: 45.1% (-3.4%); Gross Margin: 54.9% (+3.0%); Operating Profit: $922M (+11.9%); Operating Earnings Yield: 16.6% (+9.8%); Net Earnings Yield: 8.4% (-4.0%).
- 2014 EPS guidance raised to $2.19 - 2.29 from $2.16 - 2.26.
Jul. 16, 2014, 7:46 AM
Jul. 15, 2014, 5:30 PM
Jul. 14, 2014, 7:03 AM
- Mylan (NASDAQ:MYL) acquires Abbott Labs' (NYSE:ABT) ex-U.S. specialty and branded generics business for $5.3B in an all-stock transaction. Abbott will receive 105M shares of MYL common stock representing a 21% ownership stake.
- The assets include a portfolio of more than 100 drugs that generate ~$1.9B in annual sales. The deal includes a sales force of ~2,000 representatives in more than 40 non-U.S. markets and two manufacturing facilities. The transaction will be immediately accretive to Mylan adding ~$0.25/share to diluted EPS the first year and increasing thereafter.
Jul. 11, 2014, 7:48 PM
- Reuters reports that generic drug firm Mylan (MYL -1%) is in advanced negotiations with Abbott Laboratories (ABT +0.1%) to purchase a multibillion dollar portfolio of its established off-patent Europe-based drugs. The transaction is a tax inversion deal that will enable Mylan to redomicile in Switzerland.
- Mylan has been in the hunt for foreign assets since its failed attempt to buy Swedish drugmaker Meda AB earlier this year. Its two main competitors, (TEVA +0.9%) and Actavis (ACT +0.5%) are domiciled in lower tax countries.
- Abbott will use the proceeds of the sale, rumored to be as high as $5B, to invest in higher growth opportunities.
Jun. 24, 2014, 9:37 AM
- Abbott's (ABT) Tecnis Symfony Extended Range of Vision intraocular lens (IOL) gets CE Mark clearance for the treatment of cataract patients who may have a diminished ability to focus on near objects. It is the first IOL to offer patients a continuous range of vision with reduced incidence of halo and glare compared to a monofocal lens.
Jun. 24, 2014, 7:15 AM
- An Indian health ministry panel meets today to consider adding more drugs to the government's National List of Essential Medicines (NLEM). Membership on the list means that there is a cap on the price. It makes drugs more affordable for the >1B people, 70% who live on <$2/day.
- Many observers are surprised by the formation of the committee considering the business-friendly posture of new Prime Minister Narendra Modi.
- Last year the number of drugs on the NLEM increased from 74 to 348, covering ~30% of the total drugs sold in India.
- Drug firms can protest and complain, but in the end there is little they can do. Even if the NLEM expands further, India remains an attractive growth market for the industry.
- Related tickers: (GSK) (ABT) (PFE)
Jun. 23, 2014, 4:14 PM
- Abbott Labs (ABT -0.3%) signs an agreement to acquire Russian pharmaceutical manufacturer Veropharm via purchasing Limited Liability Company Garden Hills, a holding company that owns a controlling interest in Veropharm. The purchase price range is 13.6B - 17B rubles (US$395M - 495M) depending on the size of Garden Hills' stake at the time of closing. Abbott will also assume net debt of 4.7B rubles (US$136M). The transaction will be funded with cash on the balance sheet and will close in Q4.
- The acquisition establishes a manufacturing presence for Abbott in Russia and enables it to obtain a portfolio of products in women's health, CNS, cardiovascular, gastroenterology and oncology.
Jun. 13, 2014, 10:21 AM
Jun. 9, 2014, 4:46 PM
- Cepheid (CPHD +1.6%) hires Peter Farrell as Vice President of International Commercial Operations (ICO). Mr. Farrell joins the company from Abbott Laboratories (ABT +0.2%) Diagnostics Division where he was Divisional VP and GM.
- Philippe Jacon, formerly the VP of ICO assumes the role of President of the High Burden Developing Country (HBDC) program replacing Paul Steuperaert who transitions to developing the business in sub-Saharan Africa until his retirement in 2015.
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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.
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