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First, my concern was whether or not I should continue to own it as it thrashes through the process of enduring a key patent expiration on Humira, the blockbuster drug which accounts for 60% of its sales. I researched the company and published an article expressing my ambivalence towards it. Rather than writing and forgetting, I wrote and continued researching.

As I did so and evaluated AbbVie’s prospects under diverse scenarios, I concluded that it was definitely best to hold tight. There is no opportunity in the market today which offers a better safer repository for the proceeds if I were to sell.

AbbVie’s Humira sales dominance is not just a source of risk to the company. It also gives AbbVie the financial firepower to manage its way to “deconcentrate from Humira.” This is the marvelous phrase that Bill Chase, AbbVie’s CFO and Executive Vice President, used at his May 23, 2016, presentation at the UBS Global Healthcare Brokers Conference to describe AbbVie’s efforts to round out its portfolio. AbbVie is definitely not a stock where management fails to “get it.” Three SA news pieces last week are highly illustrative of AbbVie’s good work towards this end.

1. SA News from Tuesday, May 24, 2016: “Boehringer’s risankizumab induces remission in Crohn’s patients in mid stage study”

An important part of AbbVie’s deconcentration efforts are its ongoing programs of reaching out and partnering with other pharmaceutical companies to expand its pipeline. As recently as March 7, 2016, AbbVie announced its collaboration with Boehringer Ingelheim to advance immunology compounds, particularly as directed to Crohn’s disease and plaque psoriasis among others.

Now a phase 2 trial of the compound risankizumab is reporting favorable interim results on its path to completing the 52 week study expected to wind up in December of this year.

Boehringer Ingelheim’s website describes the deal as follows:

“. a global collaboration with AbbVie for BI 655066 and BI 655064, Boehringer Ingelheim’s two most advanced development compounds in immunology. The agreement will ensure that the two compounds can be brought forward to benefit more patients from the moment of launch, optimising the availability worldwide.AbbVie, a company with extensive experience in the immunology field, will ensure BI 655066 and BI 655064 reach their full potential to help patients across the globe, while Boehringer Ingelheim expands its capabilities in this new therapeutic area.

Both companies will share the responsibility for Phase III development of BI 655066 in the initial period and Boehringer Ingelheim will retain rights to co promote BI 655066 in asthma. Boehringer Ingelheim will also have the responsibility for further development of BI 655064, with AbbVie may elect to advance the programme after achievement of undisclosed certain clinical milestones.”

The outline of the deal required an initial payment by AbbVie of $595 million. Additional milestone payments and license fees are also envisioned but terms thereof have not been disclosed.

2. SA News from May 27, 2016: “European Ad Comm backs new use of AbbVie’s Humira for type of eye inflammation”

Ironically, continued development of Humira is a key component of the process of deconcentrating AbbVie. Humira is the goose that keeps laying golden eggs. AbbVie needs to continue its ongoing process of building up revenues from this marvelous creation. Such revenues give it the war chest that enable it to make milestone payments to companies like Boehringer Ingelheim. They also enable AbbVie to borrow billions on favorable terms when the occasion warrants.

In addition, the more revenue streams that flow from Humira, the less each single competitor will threaten AbbVie, until it too is able to prove its efficacy to combat that particular condition. AbbVie’s management has grown an impressive patent estate of no fewer than 70 patents, protecting various aspects of the drug from competition.

3. SA News also from May 27, 2016: “FDA OKs long acting MS biologic daclizumab”

As pointed out in the news item, daclizumab (Zinbryta) is a long acting MS drug. AbbVie acquired co promotion rights in the United States and the EU in 2010 when it acquired Facet Biotech. Apparently, AbbVie became involved as something of a white knight, offering a premium over a lower hostile bid that Biogen had made for Facet. Now, some 6 years later, the deal will start to pay off.

It is worthwhile to read the comments to the SA news article. DoctoRx points out the difficulties the drug will have in finding traction by reason of its black box warning and the death that occurred during clinical trials. Several others push back, citing the paucity of alternatives that MS patients face when it comes to therapies that lack equally daunting risk profiles.
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Conclusion: Deconcentration is a Process

One thing that is clear from reading these news items is that AbbVie will not replace any Humira revenues that may occur quickly or easily. It is a tribute to AbbVie’s management that it has painstakingly developed the pipeline that it has, piece by piece and step by step, all the while protecting and expanding Humira, the Mother Goose who has laid the golden eggs.

Disclosure: I am/we are long ABBV.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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On three separate occasions in the past 30 years the country’s largest guerrilla group and a succession of governments have sat down to peace talks, and failed.

Some experts argue that since Santos pulled back from the hard line of his predecessor, the political and military landscape now favors a peace deal. “In conflict resolution negotiations happen . when a stalemate is viewed as mutual,” says Aldo Civico, an expert on the conflict at Rutgers University in New Jersey who has facilitated cease fire talks with another Colombian guerrilla group, the National Liberation Army, in the past. “Both sides are aware they won’t defeat their enemy militarily,” he says.

While Colombia is considered a rising economic power, its internal conflict holds it back, says Mr. Civico. Rebels have targeted key industries, with attacks on oil pipelines more than quadrupling in the first seven months of 2012, according to the Defense Ministry. Nearly 4 percent of gross domestic product went to military expenditures between 2007 and 2011; US defense aid is falling. Colombia needs to redirect its resources to closing the poverty gap, fighting urban violence, and luring foreign investment, says Civico.

Santos’s approval rating has plunged over the past year from 71 percent to 47 percent, in part because of security issues, according to Colombia’s Semana magazine. He aims to improve his standing as he enters the second half of his term, perhaps even trying to create a legacy as the “president of peace,” Civico says.

The FARC also has reasons to talk. After losing many top leaders, achieving its goals by force seems unlikely. “The peace process is an opportunity to increase the FARC’s political profile to remind everyone that they have political discourse behind the guerrilla [tactics],” Civico says.
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In the aftermath of a disaster such as superstorm Sandy, two way communication is essential. People need to be able to receive news and updates, and to request assistance and provide status updates to loved ones.

Yet after hurricane Sandy, large portions of New York, New Jersey, and other areas lost their communication systems their mobile phone network, cable TV, and Internet. Some sought out the last few pay phones as the only equipment that worked.

Above all, America’s telecommunications system depends on the electric grid. It is possible to protect the grid by burying power lines and creating alternate lines of supply. The cost of this should be balanced with the benefits of improved reliability and safety.

Alternatively, we could place permanent backup generators at each cell site, effectively isolating them from the power grid. But that just changes the nature of the challenge to one of distributing fuel to the site’s generators. As we saw in the aftermath of Sandy, even procuring fuel can be difficult after a disaster.

The aim should not be to fully counter each situation, but to focus instead on making the communications system more resilient. We need to take steps that would make the communications system capable of operating at a predetermined level of usefulness even in the face of some loss of capacity.

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Les formes courantes de l’arthrite comprennent l’arthrose, causée par l’usure sur les articulations; la polyarthrite rhumatoïde, une maladie auto-immune dans laquelle le corps attaque ses propres articulations; et la goutte, causée par une accumulation d’acide urique dans le corps. Chaque livre de l’excès de poids met 4 livres de stress supplémentaire sur vos genoux. Et la graisse elle-même crée des produits chimiques qui peuvent aggraver l’inflammation, ce qui explique pourquoi les personnes obèses sont également plus à risque de l’arthrite dans les mains. L’obésité est liée à l’arthrite rhumatoïde et la goutte ainsi, dit la Fondation Arthritis. La réduction sur les aliments qui sont chargés avec des graisses et des sucres, en particulier des calories vides comme la soude ou des aliments qui vous incitent à trop manger, pouvez aider à décoller livres.

Les aliments cuits à haute température

Produits avancés de glycation, ou AGEs, sont des substances présentes dans de nombreux aliments, les aliments gras particulièrement élevés, les aliments et les aliments transformés qui sont frits, grillés, Microwaved ou cuits. Bien que les aliments chargés de AGEs ne sont pas directement liées à l’arthrite, la réduction sur eux peut aider à lutter contre l’inflammation, le rapport des chercheurs de la Mount Sinai School of Medicine. Dans un article paru dans le «Journal of the American Dietetic Association, les chercheurs ont noté que vous pouvez réduire les AGEs en mangeant plus de poisson, des légumes, des fruits, des céréales et des produits laitiers à faible teneur en matières grasses et moins de viandes et riches en matières grasses des produits laitiers. Certaines personnes atteintes de polyarthrite rhumatoïde ont rapporté que les produits laitiers, les fruits d’agrumes ou de plantes de la famille des solanacées telles que les pommes de terre ou de piments aggravé les symptômes de l’arthrite. Il peu de science pour appuyer cela, rapporte la Fondation Arthritis, mais une étude de 2006 rapportée dans n’a trouvé des niveaux que de nombreux patients atteints de polyarthrite rhumatoïde ont élevés d’anticorps à des aliments, y compris les produits laitiers, le soja, la morue, le porc, les œufs et les céréales. Les chercheurs ont émis l’hypothèse que les sensibilités alimentaires peuvent aggraver les réactions auto-immunes dans la polyarthrite rhumatoïde.
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Aliments riches purine et l’alcool

Si la goutte est le problème, réduire les aliments riches en purines, car ils provoquent une augmentation de l’acide urique. Les aliments riches en purine comprennent les anchois, les asperges, les abats, le hareng, le maquereau, les sardines, les pétoncles et les haricots secs et les pois. L’alcool peut également augmenter l’acide urique, selon les National Institutes of Health .

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