Biotech Values

[DewDiligence]

ABT ReadMeFirst

[Reorganized for planned split-up into “diversified products”
and “proprietary pharma” companies; musings on the split-up;
3Q11 financial results; pipeline update from 10/21/11 webcast;
ABT factoids re The Global Demographic Tailwind; updates in
HCV pipeline; TriLipix case settled.]



Finances, outlook, and valuation
#msg-68255976 ABT announces split into two companies
#msg-68135262 Musings on the planned split-up (1)
#msg-68163766 Musings on the planned split-up (2)

#msg-68261696 3Q11 financial results
#msg-68261696 P/E = ~12x 2011 EPS guidance of $4.64-4.66
#msg-61658082 ABT is undervalued, says Barron’s (Apr 2011)
#msg-60102300 ABT hikes dividend for 39th consecutive year!
#msg-32844386 New $5B buyback authorization
#msg-34774636 ABT’s M&A track record is second to none (Jan 2009)


Diversified products business
#msg-68255872 ABT factoids re The Global Demographic Tailwind
#msg-66847069 Future of Pharma Made Simple
#msg-61699995 Drug sales in emerging markets: $400B in 2020 (IMS)
#msg-61960541 Branded generics in emerging markets—connecting the dots
#msg-62037218 More on branded generics (Forbes)
#msg-50473238 India’s fake drugs are a real problem

#msg-66584680 FDA approves companion diagnostic for PFE’s Xalkori
#msg-39511634 Cancer-biomarker collaboration with GSK

#msg-65470041 60% of Xience sales are ex-US
#msg-64256077 JNJ withdraws from DES business
#msg-54841998 Xience continues to best Taxus in SPIRIT IV
#msg-41731638 Xience blows away Taxus at three years in SPIRIT III
#msg-54842212 Xience crushes Taxus Liberté at 2 years
#msg-38097301 Xience shines in hard-to-treat subgroups
#msg-38985789 EU approves Xience Prime (Jun 2009)

#msg-58615702 EU approves Absorb bioresorbable stent
#msg-61503095 WSJ profiles Absorb (Mar 2011)
#msg-61809155 1-year Absorb data are impressive
#msg-66916881 Testing of Absorb begins in critical limb ischemia

#msg-50436738 Piramal acquisition (May 2010)
#msg-50022514 Zydus Cadila acquisition (May 2010)
#msg-41922225 Solvay acquisition (Sep 2009)
#msg-41374735 Evalve acquisition (Sep 2009)
#msg-41143330 Visiogen acquisition (Sep 2009)
#msg-34762429 AMO acquisition (Jan 2009)
#msg-34244326 Ibis Biosciences acquisition (Dec 2008)


Proprietary Pharma business
#msg-68221363 Pipeline overview from 10/21/11 webcast
#msg-64677120 Humira will be world’s biggest drug in 2012
#msg-61383188 Musings on threat to Humira from Tofacitinib (1)
#msg-66970993 Musings on threat to Humira from Tofacitinib (2)
#msg-62953768 Humira hit primary endpoint in ulcerative colitis
#msg-61989536 Antibodies against Humira are no big deal
#msg-39417561 Size and segments of US market for RA
#msg-64449921 ABT licenses anti-CD4 mAb from Biotest AG

#msg-63350663 Panel supports continued use of TriCor/TriLipix w statins
#msg-62207709 Capsule summary of TriCor ACCORD study
#msg-62591674 Bearish musings on TriCor/TriLipix (Forbes)
#msg-51992958 Does TriCor prevent diabetic retinopathy?
#msg-34203456 FDA approves TriLipix (Dec 2008)
#msg-33503193 TriLipix + statin 1-year combo data

#msg-63617748 NIH terminates Niaspan AIM-HIGH study
#msg-28510348 Heart disease: Not about cholesterol?
#msg-63656000 Once is happenstance, twice is coincidence, three times…

#msg-68216224 Purportedly unprecedented all-oral results in HCV (1)
#msg-68216772 Purportedly unprecedented all-oral results in HCV (2)

#msg-64332248 Bardoxolone advances to phase-3
#msg-56946507 Phase-2b Bardoxolone data
#msg-54747777 ABT licenses Reata’s Bardoxolone for CKD
#msg-66027502 Daclizumab succeeds in phase-2b; safety questions remain
#msg-50509176 Phase-3 Daclizumab trial in RRMS begins
#msg-57504180 Phase-2 Elotuzumab Data in MM

#msg-67040135 Elagolix starts phase-2 in uterine fibroids
#msg-51386069 Economics of Elagolix partnership with NBIX
#msg-51343858 ABT licenses NBIX’s Elagolix for endometriosis

#msg-62599720 FDA approves ‘low volume’ Androgel
#msg-52406597 Nuke-sparing HIV program (Kaletra+Isentress)
#msg-58794717 ABT withdraws BLA/MAA for Briakinumab

#msg-47606240 Facet Biotech acquisition (Mar 2010)
#msg-43510907 Anti-NGF mAb for pain (Nov 2009)
#msg-14553895 Kos acquisition (Nov 2006)


Legal and miscellaneous
#msg-68178775 ABT settles TriLipix case (Oct 2011)
#msg-60237946 ABT wins Humira litigation vs JNJ (Feb 2011)
#msg-58671882 ABT wins Humira litigation vs Bayer (Jan 2011)
#msg-61547460 ABT prevails in Norvir litigation vs GSK (Mar 2011)
#msg-44080721 ABT, Teva settle TriCor patent case (Dec 2009)
#msg-37562781 ABT sues JNJ on Simponi patent (May 2009)