Biotech Values

[DewDiligence]

ABT ReadMeFirst

[Humira has wide array of approved indications; newest is UC;
UC indication could garner an additional $1B in Humira sales;
survey of rheumatologists re FoB’s is bullish for ABT;
ABT launches Absorb bioresorbable stent in 30 countries;
AbbVie’s presumptive CEO misstated academic degrees.]



CORPORATE AND FINANCIAL

Planned split into two companies (Abbott and AbbVie)
#msg-68255976 ABT announces split into two companies
#msg-73944124 Analysts begin to calculate post-split valuation
#msg-80008890 AbbVie’s presumptive misstated academic degrees


Finances, valuation, and track record
#msg-77615146 2Q12 sales in emerging markets grow 14% YoY
#msg-72254159 ABT hikes dividend for 40th consecutive year!
#msg-77970916 Barron’s profiles Miles White, ABT’s CEO
#msg-61658107 ABT is undervalued, says Barron’s (dated but still a good read)
#msg-34774636 ABT’s M&A track record is second to none



THE NEW ABBOTT (current ABT minus AbbVie)

Branded generics and nutritionals businesses
#msg-75216470 New Abbott will be a consumer powerhouse
#msg-74567343 New Abbott is beneficiary of The Global Demographic Tailwind (1)
#msg-68255872 New Abbott is beneficiary of The Global Demographic Tailwind (2)
#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-50436738 Piramal acquisition (May 2010)
#msg-50022514 Zydus Cadila acquisition (May 2010)
#msg-41922225 Solvay acquisition (Sep 2009)


Vascular business
#msg-68583591 FDA approves Xience Prime
#msg-65470041 60% of Xience sales are ex-US
#msg-54841998 Xience continues to best Taxus in SPIRIT IV
#msg-54842212 Xience crushes Taxus Liberté at 2 years
#msg-64256077 JNJ withdraws from DES business

#msg-79908512 ABT launches Absorb bioresorbable stent in 30 countries
#msg-61503095 WSJ profiles Absorb


Diagnostics business
#msg-66584680 FDA approves companion diagnostic for PFE’s Xalkori
#msg-69394663 ABT, GSK ink deal for PLAME-antigen companion diagnostic



ABBVIE

Humira
#msg-80043808 Humira has wide array of approved indications (newest: UC)
#msg-79013119 UC indication could garner additional $1B in Humira sales
#msg-61383188 Musings on threat to Humira from Tofacitinib (1)
#msg-66970993 Musings on threat to Humira from Tofacitinib (2)
#msg-79941294 Survey of rheumatologists re FoB’s is bullish for ABT

#msg-68743172 Data on Humira and Tofacitinib from ACR 2011
#msg-61989536 Antibodies against Humira are no big deal
#msg-76327260 Roche study of Actemra vs Humira was biased
#msg-74453479 A short history of Humira (Luke Timmerman)
#msg-39417561 Size and segments of US market for RA


Kidney disease
#msg-75234662 ABT is amassing impressive portfolio in CKD
#msg-64332248 Bardoxolone advances to phase-3
#msg-56946507 Phase-2b Bardoxolone data
#msg-54747777 ABT licenses Reata’s Bardoxolone for CKD


Lipid franchise
#msg-68828037 FDA requests phase-4 “outcomes” trial for TriLipix
#msg-62207709 Capsule summary of TriCor ACCORD study
#msg-62591674 Bearish musings on TriCor/TriLipix (Forbes)
#msg-51992958 Does TriCor prevent diabetic retinopathy?
#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…


Elagolix program
#msg-76277354 Elagolix starts phase-3 in endometriosis
#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


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


Miscellaneous
#msg-69825162 ABT inks new $400M collaboration with Reata
#msg-68221363 Pipeline overview from 10/21/11 webcast

#msg-68245312 Daclizumab succeeds in phase-2b
#msg-50509176 Phase-3 Daclizumab trial in RRMS begins
#msg-78092224 NIH study elucidates the MoA of Daclizumab in MS

#msg-64449921 ABT licenses anti-CD4 mAb from Biotest AG
#msg-57504180 Phase-2 Elotuzumab Data in MM