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News Breaks
June 16, 2014
07:33 EDTBIIB, ABBVBiogen, AbbVie announce results from Phase 3 DECIDE clinical trial
Biogen (BIIB) and AbbVie (ABBV) announced positive top-line results from the Phase 3 DECIDE clinical trial, designed to evaluate the superiority of once-monthly, subcutaneous daclizumab high-yield process when compared to intramuscular interferon beta-1a as a potential treatment for relapsing-remitting multiple sclerosis. Results showed that DAC HYP was superior on the study’s primary endpoint, demonstrating a statistically significant 45% reduction in annualized relapse rate compared to IFN beta-1a. AbbVie Chief Scientific Officer Michael Severino said, "The positive results in the DECIDE study represent achievement of an important milestone in the development of DAC HYP as a potential new treatment option for MS patients. Together, the companies are committed to working with regulatory agencies on filing plans for DAC HYP.” Biogen Idec and AbbVie plan to work with regulatory agencies to determine appropriate timelines for filing.
News For BIIB;ABBV From The Last 14 Days
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January 30, 2015
07:50 EDTABBVAbbVie reports Q4 Humira sales up 10.6% to $3.36B
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07:49 EDTABBVAbbVie sees FY15 adjusted EPS $4.25-$4.45, consensus $4.37
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07:48 EDTABBVAbbVie reports Q4 GAAP revenue $5.45B, consensus $5.36B
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07:48 EDTABBVAbbVie reports Q4 adjusted EPS 89c, consensus 86c
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06:21 EDTBIIBBiogen price target raised to $410 from $383 at Citigroup
Citigroup raised its price target for Biogen shares to $410 saying the company's 2015 guidance has upside. Citi keeps a Buy rating on Biogen following the company's Q4 results.
06:17 EDTBIIBBiogen price target raised to $399 from $370 at Leerink
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06:07 EDTBIIBBiogen price target raised to $421 from $386 at Piper Jaffray
Piper Jaffray raised its price target for Biogen shares to $421 citing the company's "solid" Q4 results and 2015 outlook. Piper reiterates an Overweight rating on the stock.
January 29, 2015
19:14 EDTBIIBOn The Fly: After Hours Movers
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17:07 EDTBIIBBiogen hits fresh lifetime high, levels to watch
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16:13 EDTBIIBBiogen shares jump 5% to $371 after 2015 outlook top estimates
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16:12 EDTBIIBBiogen reports Q4 Tecfidera revenue $916M vs. $397.6M last year
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16:10 EDTBIIBBiogen sees 2015 EPS $16.60-$17.00, consensus $16.37
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16:09 EDTBIIBBiogen reports Q4 EPS $4.09, consensus $3.78
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15:37 EDTABBVNotable companies reporting before tomorrow's open
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14:46 EDTABBVAbbVie technical comments ahead of earnings, levels to watch
The shares have been trending down since hitting the 52-week high of $70.76 back in early December of last year. At the current price of $63.01, the first important support level to watch on negative news or outlook would be at the 200-day moving average, last at $58.04. A test and a bounce there would be bullish, while a breakdown would be bearish for the longer-term uptrend. Levels to watch below the 200-day are at $56.51, and then at $55.80. If the news is a positive surprise, the first resistance level of note as a potential upside objective is at the $65 area. A breakout above $65 would turn the trend to bullish, with next resistance levels at $67.16, $68.29, and the 52-week high at $70.76.
13:38 EDTABBVEarnings Preview: AbbVie reports Q4 results after FDA Viekira Pak approved
AbbVie (ABBV) is scheduled to report fourth quarter earnings before the market open on Friday, January 30 with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 86c on revenue of $5.36B, according to First Call. The consensus range for EPS is 82c-90c on revenue of $5.17B-$5.59B. LAST QUARTER: AbbVie reported third quarter EPS of 89c, considerably higher than consensus estimates of 77c, on revenue of $5.02B against estimates of $4.82B. The company raised its fiscal year 2014 EPS view to $3.25-$3.27 from $3.06-$3.16 against consensus estimates of $3.16. On its Q3 earnings conference call the company said it is "well on track" to exceed original Humira sales forecast for FY14. CEO Richard Gonzalez commented on the quarter, "Our Q3 results reflect the strong performance of our business with double-digit growth from Humira and several other key brands. Our underlying business grew nearly 14% in the quarter excluding lipids, We exceeded our outlook for the quarter and have significantly raised our original 2014 guidance. In Q4, we look forward to the U.S. approval of our interferon-free HCV combination, which will further accelerate sales and earnings growth in 2015 and beyond." STREET RESEARCH: On January 9, BofA/Merrill downgraded AbbVie to Neutral based on valuation with a price target of $70. On January 6, UBS raised its price target on AbbVie shares to $76 from $72, citing increased market share assumptions for the company's Viekira Pak Hep C regimen and a more favorable view of the regimen's approval chances in the EU. The firm maintained its Buy rating on the stock. PRICE ACTION: AbbVie shares are up around 3% since the company's last earnings report on October 31 and are up around 1.5% to $62.83 in midday trading ahead of Friday's earnings release.
12:00 EDTBIIBLeerink biotech analysts hold an analyst/industry conference call
Biotech Analyst Schwartz discusses Biogen Idec BIIB037 and whether 2015 will be the year when Amyloid Beta is finally validated as a disease-modifying target in Alzheimer's Disease on an Analyst/Industry conference call to be held on February 3 at 2 pm.
05:30 EDTBIIBBiogen, Fondazione Telethon and Ospedale San Raffaele announce collaboration
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January 27, 2015
15:35 EDTBIIBNotable companies reporting before tomorrow's open
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15:26 EDTBIIBBiogen January weekly volatility elevated into Q4 and outlook
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