AbbVie: A New Company with a Long History
I finished reading
A Promise for Life: The Story of Abbott. At about 400 pages, it is the ultimate research tool for learning about AbbVie's start and where the company came from.
AbbVie (ABBV) has only existed since January 2013--when Abbott Labs (ABT) shed about half of its business to create a new, independent, research-based pharmaceutical company.
Abbott got its name from the physician who began, north of Chicago, by making medicines in 1888. As a master at sales, he created a popular advertising journal to sell his products to doctors. When the Great Depression hit, Abbott Labs weathered it exceptionally well--as it also was to do under the leadership of CEO Miles D. White in 2008.
The book tells the story of many of the pharmaceutical products still sold by AbbVie today. "Depakote, for instance, was a patented successor to Depakene, the drug for treating epilepsy...By 1998, Depakote would surpass lithium, long the leading treatment for bipolar disorder..."(p.276)
Another valuable asset is Humira: "Since it was launched as a treatment for rheumatoid arthritis in 2003, Humira has steadily added indications and is currently the leading pharmaceutical in the world."(p.364)
Compared to the three books I have read about Eli Lilly, this book about AbbVie's history is by far better. It is extremely high quality; and I suspect that it is even subsidized by Abbott, due to the low cost. Whether one wants to read it cover to cover, or just have it as a reference guide,
A Promise for Life: The Story of Abbott is definitely worth owning.
Paul Wharton
Special thanks to Eli Lilly & Co. (LLY)