Biotech Values

[DewDiligence]

Following up on #msg-59289222, there were two exchanges on ABT’s 4Q10 CC that I consider consequential. One was the reply to a question by Jami Rubin in which CEO, Miles White stated flat-out that ABT does not intend to spin-off its non-pharma businesses the way BMY did (e.g. with Mead Johnson). The other was the exchange vis-à-vis PFE’s JAK3 inhibitor, in which ABT said that the hit to Humira in 2015 from PFE’s product might be about $250M, which is minuscule relative to the overall sales of Humira.