NORTH CHICAGO, Ill. - AbbVie (NYSE:ABBV) has appointed Roopal Thakkar, M.D., as its new Executive Vice President of Research & Development (R&D) and Chief Scientific Officer (CSO), the company announced today. Dr. Thakkar, who was previously serving as Senior Vice President and Chief Medical Officer for Global Therapeutics, will now lead a global R&D team of over 14,000 members.
Dr. Thakkar's appointment comes as Thomas J. Hudson (NYSE:HUD), M.D., the current Senior Vice President and CSO for Global Research, prepares for retirement. Hudson has been instrumental in shaping the company's early-stage science and precision medicine capabilities since joining in 2016.
In his new role, Dr. Thakkar will oversee the advancement of AbbVie's pipeline, which includes more than 90 drug and device programs. His responsibilities will span all phases of discovery and development across the company's therapeutic and aesthetic divisions. Dr. Thakkar's focus will be on driving innovation and bringing medicines to patients rapidly.
Rob Michael, CEO of AbbVie, praised Dr. Thakkar's dedication to innovation and patient care, citing his track record in strategic partnerships and clinical program advancement. Dr. Thakkar expressed his enthusiasm for the opportunity to guide the R&D organization and emphasized the potential of AbbVie's pipeline for the company's growth.
Dr. Roopal Thakkar joined Abbott/AbbVie in 2003 and has held various positions within clinical development and regulatory affairs. His career has been marked by significant contributions to strategic acquisitions and clinical development programs in several key areas, including immunology and oncology.
AbbVie, known for its work in immunology, oncology, neuroscience, eye care, and aesthetics, aims to address serious health issues and medical challenges of the future. The company operates six major R&D centers of excellence located in the United States, Germany, and Japan.
This leadership transition is based on a press release statement from AbbVie.
In other recent news, AbbVie Inc (NYSE:ABBV)., a global biopharmaceutical company, has updated its earnings outlook for the second quarter and full year of 2024 due to significant research and development expenses. The company's updated full-year guidance for 2024 now stands at an adjusted diluted EPS range of $10.61 to $10.81.
Additionally, AbbVie recently acquired Celsius Therapeutics for $250 million, adding the investigational drug CEL383 to its immunology portfolio. The company also launched Allē Payment Plans, a program designed to make aesthetic treatments more financially accessible to patients.
On the regulatory front, AbbVie received a Complete Response Letter from the FDA regarding its New Drug Application for ABBV-951, a treatment for Parkinson's disease.
Piper Sandler has raised its price target for AbbVie from $185.00 to $190.00, maintaining an Overweight rating, while Deutsche Bank has reiterated its Hold rating on AbbVie. These are some of the recent developments concerning AbbVie.
InvestingPro Insights
As Dr. Thakkar steps into his new role at AbbVie, the company's financial health and market position offer a solid backdrop for his ambitious R&D agenda. With a robust market capitalization of $296.75 billion and a strong gross profit margin of 69.17% over the last twelve months as of Q1 2024, AbbVie's financial resources for research and development appear well-supported.
InvestingPro Tips highlight that AbbVie has raised its dividend for 11 consecutive years, signaling a commitment to returning value to shareholders—a positive sign for investors looking for stable income. Additionally, the company is trading at a high earnings multiple, with a P/E ratio of 22.58 for the last twelve months as of Q1 2024, which may reflect the market's confidence in AbbVie's future profitability and growth prospects.
For readers interested in gaining deeper insights into AbbVie's financial performance and future outlook, there are 11 additional InvestingPro Tips available at https://www.investing.com/pro/ABBV. These tips can provide valuable context for understanding how Dr. Thakkar's leadership might influence the company's trajectory.
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