Why Abbvie Inc. Slumped 13% In September презентация

offset risk tied to the looming patent expiration of Humira.
Humira generates more than $12 billion in annual sales.
Humira accounts for 63% of year-to-date revenue.
Expansion into hepatitis C offers billion dollar potential.
Competitor Gilead Sciences reports positive phase 3 data for its pan-genotype hepatitis C drug on September 21.
Shares dropped 12.8% in September.

Source Juno Therapeutics

the first six months of 2015.
Patent protection ends on Humira in 2016.
AbbVie launched Viekira Pak for hepatitis C in Q1 2015
Viekira Pak Q2 sales tracking at an annualized $1.5 billion pace.

C therapy.
99% overall cure rate, including 98% rate in genotype 1.
Could reduce demand for Viekira Pak in genotype 1 patients.
Robust efficacy across genotypes 1 to 6.
Could remove need for genotype testing.
Could outmaneuver AbbVie’s pan-genotype next generation therapy: ABT-493 + ABT-530.

drugs.
ABT-494: Advancing into late stage trials by year end.
82% of rheumatoid arthritis patients achieved a 20% or greater improvement in symptoms in phase 2 trials.
In anti-TNF (such as Humira) non-responders, 71% achieved a 20% or greater improvement.
Safety profile potentially better than Humira with most common adverse event being headache.
Oral dosing rather than injection dosing like Humira.

Imbruvica.
Fast growing drug with billion dollar annual sales potential.
Venetoclax potential regulatory filing by year end.
Relapsed/refractory CLL with 17p deletion genetic mutation.
Elotuzumab filed for approval.
Decision expected in February 2016.
Improved progression free survival when added to standard of care.

progress on oncology pipeline.
Look for insight into timeline for next-generation pan-genotype HCV therapies during Q3 EPS report.
Recent decline may offer opportunity if company can execute on its plan to overcome Humira risk.
Underweight in portfolios until clarity exists.