Jonathan J. Darrow, an assistant professor of medicine at Harvard, was the lead author of a recent report showing how an increasingly complex regulatory system governs a nearly $175 billion industry in which recalls are startlingly common.
Blackstone Group, Carlyle Group and Hellman & Friedman join in partnership to buy majority of the privately held maker and distributor of health care supplies.
AbbVie Faces U.S. Senate Pressure Over Tax Payments
AbbVie faces U.S. Senate questioning regarding how it loses money in the U.S. and posts profit overseas.
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AbbVie (
ABBV) - Get Report faces pressure Wednesday as the drugmaker takes questions from the Senate Finance Committee chairman regarding how it loses money in the U.S. and posts profit overseas.
Sen. Ron Wyden (D-Oregon) said in a letter to AbbVie Chief Executive Richard Gonzales that for 2020 the company reported a U.S. pretax loss of $4.5 billion and foreign pretax profit of $7.9 billion.
In that year the company generated 75% of its $34.9 billion of global sales in the U.S.
Abbott Labs Price Target Cut by Analysts
Analysts responded to Abbott s reduced profit forecast, but they remain bullish because of Abbott s strong fundamentals. Shares firmed.
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Abbott Laboratories (
The stock recently traded at $107.11, up 1.25%. It has dropped 2.2% over the past six months, after plummeting 9% on Tuesday following the profit forecast reduction.
As for the analysts, Morgan Stanley’s Cecilia Furlong lowered her price target to $126 from $140 but left her rating at overweight.
“While the post-COVID Dx [diagnosis] earnings void comes sooner than forecast, and while expectations will reset, reinvestment opportunities remain meaningful,” she said. “Base business trends are positive on recovery.”