Who is AbbVie?
Originally part of Abbott Laboratories, AbbVie was divided into a separate publically traded company in 2013 and officially listed on the New York Stock Exchange on January 2, 2013. After the separation, AbbVie has focused on research-based pharmaceuticals. AbbVie claims much of their success can be attributed to their “leading-edge science through dynamic and collaborative approaches.” The company claims that they are working to overcome some of life’s most serious health challenges through good research and state of the art innovation.
Currently AbbVie is headquartered in North Chicago, Illinois, and is lead by Richard A. Gonzalez, a 30-year Abbott veteran. AbbVie earns close to 20 billion in revenues each year. They have research centers throughout the United States in cities such as Chicago, Ill., Worcester, Mass., and Redwood City, CA. They also have research centers in Ludwigshafen, Germany, and Shanghai, China. The company employees more than 25,000 workers worldwide and markets and sells dozens of products in more than 170 countries.
Current status of AndroGel lawsuits
AbbVie specializes in a variety of medications and has had recent success with AndroGel a Low T treatment gel which reportedly helps re-establish normal testosterone levels in men.
In 2013 AndoGel lawsuits were filed against AbbVie. According to the lawsuit, three of the men who took AndroGel suffered heart attacks, one man suffered a stroke, and one man suffered a mini-stroke.
Facts about AbbVie
- AbbVie Inc. was established in 2013 as a spin-off from Abbott Laboratories
- Employs an estimated 25,000 employees worldwide
- Reported revenue close to 20 billion in 2013
- Produces AndroGel, which is a testosterone replacement therapy drug
- AndroGel recently came under fire for reports that it may contribute to an increase in heart attacks in men
- Company reports they spent close to $80 million to promote AndroGel
- AndroGel has cornered an estimated 60 percent of the Low T treatment market.
History of AbbVie
Prior to its spin-off, AbbVie Inc. was part of Abbott Laboratories, an American pharmaceutical company which specializes in medications and health care products. Abbott Laboratories was founded in Chicago by Wallace Calvin Abbott in 1888. It currently operates in more than 130 countries, employees 90,000 people, and has revenues of more than $35 billion. Abbott Laboratories is most well-known for its development of the first HIV screening test in 1985. Since then they have developed other popular drugs such as Humira for rheumatoid arthritis, Depakote, Ensure for meal replacement, and Norvir for treatment of HIV.
AbbVie Drug Info
AbbVie’s most lucrative product is Humira, which it sells as an anti-inflammatory drug to treat arthritis. Over the last several years AbbVie has also cornered the market on Low T treatment therapies with their widely popular testosterone gel called AndroGel. In fact, sale of testosterone drugs have sky-rocketed over the last several years with companies starting to tap in to the Low T market. Older men have started requesting testosterone replacement treatments in an attempt to increase their sex drives, strength, and bone density. Experts estimate that AndroGel generated approximately $1.4 billion in sales in 2013, although it will be challenged by additional generic testosterone options in 2016. Sales are also expected to decrease due to lawsuits which have been filed against AbbVie claiming that the company too aggressively marketed the drug, spending an estimated $80 million in 2012 in advertising and promoting it without adequate warning labels.
More AbbVie Drugs
Although the market for Low T treatment therapies exists, lawsuits have been filed which suggest AbbVie failed to warn the public about AndroGel’s heart risks for men. Lawsuits also suggest the company withheld information about the drug’s dangers, and the company deceived users by “relaying positive information through the press, including testimonials from retired professional athletes, while downplaying known adverse and serious health risks.” The FDA has also announce that they would review the negative side-effects of testosterone treatments given the new information that certain medications may increase the risk of heart attack, stroke, prostate cancer and certain problems with the kidneys and liver. According to the FDA, “We have been monitoring this risk and decided to reassess this safety issue based on the recent publication of two separate studies that each suggested an increased risk of cardiovascular events among groups of men prescribed testosterone therapy.”