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AbbVie is not expected to face biosimilar competition in the United States until 2023. Outside the United States, the company expects Humira sales to drop around 26 to 27 percent next year, above its previous forecast of 18 to 20 percent. It projected international sales of the drug for rheumatoid arthritis and other autoimmune disorders to approach $6.3 billion in 2018. Total Humira sales for the quarter rose 9 percent to $5.12 billion. Gonzalez was bullish about AbbVie’s portfolio of cancer treatments and said he was confident of delivering double-digit earnings growth in 2019, despite the Humira biosimilar threat and expected higher spending to launch new drugs.
The company also increased its quarterly dividend by about 11 percent, “The fundamental concerns about AbbVie are about long-term growth prospects, The dividend increase will make AbbVie appear more attractive, but it’s not enough,” creative cufflinks BMO Capital Markets analyst Alex Arfaei said in a note, AbbVie shares were flat at $79.77, shedding some early gains following the company’s Humira comments, They had climbed as much as 5 percent after the company reported higher-than-expected third-quarter earnings..
Results in the quarter were buoyed by higher-than-expected sales of leukemia drug Imbruvica, which AbbVie shares with Johnson & Johnson (JNJ.N). It had sales of $972 million, while analysts had been estimating about $885.6 million. AbbVie also raised its 2018 adjusted earnings forecast to between $7.90 and $7.92 per share from a prior range of $7.76 to $7.86. Analysts had forecast $7.88 per share. Excluding items, AbbVie earned $2.14 per share, topping analysts’ average forecast by 12 cents, according to data from Refinitiv IBES.
WASHINGTON (Reuters) - The Securities and Exchange Commission assessed $3.945 billion in disgorgement and penalties across 821 enforcement actions in fiscal 2018, the agency’s enforcement division said in its annual report on Friday, The total was a slight uptick in activity for the SEC, which reported just 754 actions in fiscal 2017 totaling $3.7 billion in disgorgement and penalties, “The Enforcement Division has been creative cufflinks and continues to be extremely successful in its efforts to deter bad conduct and effectively remedy harm to investors,” said SEC Chairman Jay Clayton in a statement..
But the agency acknowledged in its 2018 report that a “significant amount” of the higher level of disgorgement and penalties came from a single case, from which the SEC is expected to only receive a fraction of the recovered funds. In September, Brazilian oil company Petróleo Brasileiro SA agreed to pay a $853 million penalty and $933 million in disgorgement and prejudgment interest to settle a foreign bribery case. The amount accounted for nearly one-half of the SEC’s annual haul.
The settlement was creative cufflinks announced alongside action from the Justice Department, Brazilian authorities and a class action lawsuit, In its annual report, the SEC said it expects to be paid just $85.3 million of the total amount if the company meets its obligations to the other authorities, The SEC also said in its report that a 2017 Supreme Court decision hindered its ability to reclaim funds from bad actors, The ruling in the case of Kokesh v, SEC found the agency faced a five-year statute of limitations for pursuing disgorgement claims, The SEC estimated the ruling could force it to forgo as much as $900 million in pending cases..
FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) boss Herbert Diess will outline a 10-year plan on Nov. 16 to slash research costs by working with rivals, a step which would sideline Audi as the group’s leading development center. The chief executive will present his plan at a meeting of the German carmaker’s supervisory board, two sources told Reuters. It will explore potential alliances with Ford (F.N) and others to develop autonomous and electric vehicles (EVs). If approved by the board, it would signal a major departure from VW’s standalone efforts to build them and diminish Audi’s importance as an engineering hub.
Automakers globally are considering teaming up to save money on development, which cost VW $13.1 billion in 2017, in the race to get EVs and self-driving creative cufflinks cars on the road, Savings are particularly important for VW as it tries to get its business back on track after an emissions scandal, It faces a big bill to make its combustion engines comply with new anti-pollution rules, “The strategy plan doesn’t only cover the next five years, but looks a decade ahead,” one of the sources said..