Aggressive reorg is surely coming.
If Skyrizi or Rinvoq miss in Q2 board is going to freak out. As might legacy investors.
popcorn.
If Skyrizi or Rinvoq miss in Q2 board is going to freak out. As might legacy investors.
popcorn.
Bam
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Aggressive exiting of the decision-makers that got us here is required. The incompetence and waste of resource has been terrible.
What has the 6billion+ per year investment returned? A CRL? Driving out anyone who said I don’t think your approach is successful?
The reality is though Rick has tolerated all this and frankly built it. Why would anything change?
What has the 6billion+ per year investment returned? A CRL? Driving out anyone who said I don’t think your approach is successful?
The reality is though Rick has tolerated all this and frankly built it. Why would anything change?
Do people that walk the halls really understand what is coming?
All chatter and utter nonsense. The company is doing just fine.
Just curious why you think that?
The stock price is down significantly and has been stagnant for over a year.
No new molecules are launching. Expected increases in other marketed assets not anticipated to cover Humira erosion.
I was at Lilly early in my career when they went over the cliff. This person sounds like the big fat and happy cliff deniers who every year mocked the standard management line, "this is going to be the most challenging business plan ever". The truth - it was really bad, one day I woke up and realized the stock had gone from 70 to 30 over the past year. And the cliff was not nearly as high, plus there was a clear pipeline strategy that many years later finally paid off - don't really see that here. This will really suck for the mid to late career people who live at their means and haven't prepared, younger generation will be fine.
Lilly is now the 15th largest market cap of all companies (number 1 in pharma) but got very very lucky and was very smart on top of that. And they weren’t some spin-off one trick pony.
But my understanding was that there were some very hard years, including no bonuses. Plus Lilly spends a ton on research whereas Abbvie spends virtually nothing and seems to have gone “full Pfizer.”
Failing companies do big mergers when they realize they screwed up and are not sustainable. The Allergan merger and R&D gutting all makes sense now.
Spot on. There were hard years (but good stock options), a good number of complacent people who became obsolete during that time didn't have enough runway to recover financially. And yes, they were both smart and lucky, but luck favors the prepared. They preached exactly what you say - failing companies do big mergers, only to become even bigger failing companies.
I wished I had known at the time what a warning sign the merger was.
It was a proclamation that R&D had failed in its attempt to overcome the patent cliff and the entire company culture and strategy was going to go full DCT commercial flogging.
Declined an offer from Abbvie 3.5 years ago and glad I listened to my gut for this very reason. Nobody I interviewed with could explain the acquisition, in the next breath they would talk about how great the pay is and how the bonus has never gone down.
In fairness, this train wreck will lead to many observers.
It’s basically Pfizer when Lipitor went off patent x 3.
Its not the end for Abbvie, but the long, mean and lean years are here.
So often I am seen with banana jilt on my face
Keep that up and maybe Upa will actually meet sales goals this quarter.
Well said. Welcome to Pfizer, innovation powerhouse.
Pfizer helped with the COVID vaccine so they aren’t all bad.
But overall they eat companies and destroy. On average they probably fire 5-10% of their employees per year.
Rick’s successor is gonna be death incarnate.
It’s time for Rick to step aside and let someone clean up this mess.
The only way this mess is cleaned up is with Rick stepping aside. He led this org to this mess. These are his leaders. This is his RDLT that produces nothing. This company can’t even get an old drug in a simple device approved. Has there been any consequence to the accountable leaders? Any leader with any real drug development experience and self respect has left. You have the consultant, the scientist and the misfits left. Nothing will be produced by this team.
As for commercial, it’s impossible not to sell with the 24/7 DTC AbbVie pays for. What pays for that are the drugs - almost all acquired and not discovered by AbbVie.
The strategy group knew (past tense) what it was doing most importantly in business development. What remains of it are the the light weight blowhards.
And whose to blame when the issues are so broad other than the chief executive. Time to go.
As for commercial, it’s impossible not to sell with the 24/7 DTC AbbVie pays for. What pays for that are the drugs - almost all acquired and not discovered by AbbVie.
The strategy group knew (past tense) what it was doing most importantly in business development. What remains of it are the the light weight blowhards.
And whose to blame when the issues are so broad other than the chief executive. Time to go.