Home Health AbbVie says Robert Michael to switch Richard Gonzalez as CEO in July – ET HealthWorld | Pharma

AbbVie says Robert Michael to switch Richard Gonzalez as CEO in July – ET HealthWorld | Pharma

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AbbVie says Robert Michael to switch Richard Gonzalez as CEO in July – ET HealthWorld | Pharma

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New York: AbbVie on Tuesday stated its chief working officer Robert Michael would succeed Richard Gonzalez as chief govt officer of the drugmaker on July 1.

Gonzalez, 70, who has been the corporate’s CEO because it was fashioned by means of a spin-off from Abbott in 2013, will turn out to be govt chairman of AbbVie’s board as soon as he steps down.

Throughout Gonzales’s decade as CEO, AbbVie almost tripled its gross sales income. The corporate grew from $18.8 billion in 2013 to $54.32 billion final yr, totally on the again of its blockbuster arthritis drug Humira, which was the world’s best-selling medication as lately as 2022.

AbbVie’s shares have surged greater than 400 per cent because it was fashioned, giving it a market capitalization of over $300 billion as of Friday’s closing value.

Throughout his management, significantly over AbbVie’s authorized technique to guard Humira from competitors. The corporate constructed a wall of greater than 130 patents across the drug that stored shut copies off the U.S. marketplace for 5 years longer than in Europe.

Michael has been a part of AbbVie since its formation and has additionally served because the Chicago-based drugmaker’s chief monetary officer. He turned AbbVie’s chief working officer in 2023.

Gonzalez stated in an announcement that AbbVie’s board had been planning for the succession for a while and that the announcement was spurred by the drugmaker’s “sturdy place for the long run”.

When requested about succession plans on the firm’s convention name earlier this month, Gonzalez stated the corporate would announce a change when it felt it had comfortably navigated new U.S. competitors for Humira.

He stated the board had been actively concerned for the final 4 or 5 years to ensure that inner candidates on the firm got the mandatory expertise forward of the transfer.

AbbVie reported earlier this month that Humira U.S. gross sales plunged by 35 per cent to $12.16 billion final yr, however stated it anticipated the drug to keep up broad insurance coverage protection in 2024, serving to it obtain gross sales of $9.6 billion.

The corporate additionally raised its 2027 forecast for gross sales of its immunology medication Skyrizi and Rinvoq to $27 billion, up $6 billion from its earlier prediction.

  • Revealed On Feb 21, 2024 at 04:27 PM IST

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