Biotech
Tuesday, February 20th, 2024 5:34 pm EDT
Key Points
- Robert Michael is appointed as AbbVie’s new CEO, succeeding Richard Gonzalez, effective July 1. Michael, currently serving as AbbVie’s president and chief operating officer, will be the company’s second-ever CEO, while Gonzalez will retire and transition to the role of executive chairman.
- Gonzalez, who led AbbVie since its spinoff from Abbott Laboratories in 2013, concludes a successful tenure marked by the company’s transformation into a major player in the biotech and pharmaceutical industry.
- AbbVie faces challenges, notably the impending loss of exclusivity for its blockbuster drug Humira due to biosimilar competition. However, the company is optimistic about newer immunology drugs like Skyrizi and Rinvoq, aiming to offset Humira’s decline with expectations of $16 billion in sales this year and $27 billion by 2027. Michael, with over a decade of experience at AbbVie and a background at Abbott Laboratories, is well-positioned to lead AbbVie through its next phase of growth and strategic initiatives.
AbbVie has announced the appointment of Robert Michael as its new CEO, succeeding Richard Gonzalez, effective July 1. Michael, currently AbbVie’s president and chief operating officer, will become the company’s second-ever CEO, while Gonzalez will retire and transition to the role of executive chairman. Gonzalez led AbbVie since its spinoff from Abbott Laboratories in 2013, overseeing its transformation into a prominent player in the biotech and pharmaceutical industry. The leadership change comes amid significant challenges for AbbVie, particularly the looming loss of exclusivity for its blockbuster autoimmune drug Humira due to biosimilar competition. However, the company is banking on newer immunology drugs like Skyrizi and Rinvoq to offset Humira’s decline, with expectations of $16 billion in sales for these drugs in 2022, rising to $27 billion by 2027. Gonzalez expressed confidence in AbbVie’s future under Michael’s leadership, highlighting the company’s strong performance and promising pipeline. Michael brings over a decade of experience at AbbVie, having played pivotal roles in strategic deals such as the acquisition of neuroscience drugmaker Cerevel Therapeutics and cancer drug developer ImmunoGen. His extensive background, including nearly 20 years at Abbott Laboratories, positions him well to steer AbbVie through its next phase of growth and innovation.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/20/abbvie-taps-robert-michael-as-ceo-succeeding-richard-gonzalez.html
