No question, statins are the big gorilla of the cholesterol-fighting drug market. And as Forbes reports today, that drug class is marking out an even bigger territory as time goes by. Over the past 5 years, statin prescriptions have grown by 17% to 214 million a year, while other cholesterol remedies lost 28% of their scripts. Now, those other drugs only account for 50 million prescriptions a year.
When studies of AbbVie's chloesterol drug Niaspan raised questions about its effectiveness, analysts suggested it would lose its blockbuster status. But in the face of falling sales, AbbVie's former parent Abbott Laboratories simply raised the price.
AbbVie has a new distinction. It may be the youngest pharma company ever to lay off hundreds of salespeople. Bloomberg reports that the drugmaker, spun off by Abbott Laboratories as of January 1, plans to jettison its cardiovascular salesforce, with layoffs in the "mid-hundreds."
At the J.P. Morgan Healthcare Conference on Tuesday, AbbVie CFO Bill Chase swept aside suggestions that the new company needed some big acquisition to move forward despite the fact that it is now on its own in the world and essentially living off one product, anti-inflammatory Humira.
Abbott Laboratories' ($ABT) pharmaceuticals business was reborn as an independent company on New Year's Day, in a spinoff that matched every Abbott share with a share of the new AbbVie ($ABBV) stock.
Abbott Laboratories ($ABT) is so far the only Big Pharma bucking the downward earnings trend. The company posted an increase in profits to $1.62 billion for the fourth quarter, on a 4.1% increase in
Niaspan prescriptions are lagging in the wake of new data casting doubt on its effectiveness. The Abbott Laboratories cholesterol drug has seen scrips drop 3 percent over recent weeks and 7 percent
The NIH has stopped a study with Abbott Laboratories' cholesterol fighter Niaspan 18 months early after results showed the drug failed to prevent heart attacks and even may have boosted stroke risk.
Last week, all eyes were on Merck's cholesterol drugs. How did Zetia do in that much-anticipated study pitting it against Abbott Laboratories' Niaspan treatment? Well, the American Heart Association
The Arbiter 6 trial results may have gone against Merck's Zetia, but Wall Street nonetheless breathed a sigh of relief. The data wasn't as damaging as some had feared. Media coverage wasn't as bad as