Large acquisitions unlikely, says AbbVie CFO

Hannah Blake

pharmaphorum

Abbott Laboratories spin-off pharmaceutical company is unlikely to use its US $7 billion cash balance for a large acquisition, according to AbbVie’s chief financial officer, Bill Chase.

There has been speculation from industry sources that AbbVie may seek to boost its product portfolio, which relies mainly on sales revenue from arthritis drug Humira, through an acquisition of another drugmaker. However, Bill Chase has said that the company is confident its pipeline will serve to meet future revenue growth.

“We are not really in a situation where we need to go and do a big deal. It doesn’t seem to us to be a prudent way to use our cash.

“We are comfortable right now with the overall balance sheet.”

CFO Bill Chase comments at the recent J.P. Morgan Healthcare Conference.

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Related news:

AbbVie sees no need for major acquisitions-CFO (Reuters)

AbbVie doesn’t see need for big acquisition (Chicago Healthcare Daily)

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