Test tubes are seen in front of a shown AbbVie logo design in this illustration handled May 21, 2021.
Dado Ruvic|Reuters
AbbVie on Tuesday stated long time executive Robert Michael will end up being the business’s brand-new CEO, changing RichardGonzalez Â
Michael, who is AbbVie’s president and chief running officer, will end up being the business’s second-ever CEO on July 1. Gonzalez, who has actually led the business because it drew out from Abbott Laboratories in 2013, will retire and end up being AbbVie’s executive chairman.Â
The statement marks an end to Gonzalez’s effective stint as the magnate of AbbVie, which changed into among the biggest business in the biotech and pharmaceutical market in less than a years.
It likewise comes as AbbVie comes to grips with among the pharmaceutical market’s most significant losses of exclusivity, as its hit autoimmune drug Humira deals with fresh biosimilar competitors. But the business is pinning its hopes on a set of more recent immunology drugs, Skyrizi and Rinvoq, to balance out the losses fromHumira Â
AbbVie anticipates those 2 drugs to publish $16 billion in sales this year and $27 billion by 2027, executives stated throughout an incomes call previously this month.Â
“The board and I have been planning for a seamless CEO succession for some time. Now is the opportune time to hand the CEO role over to Rob,” Gonzalez stated in a release. “The business is performing very well and is in a strong position for the long term. Our pipeline contains multiple promising candidates to sustain our future strong growth.”
Michael has actually invested more than a years climbing up the C-suite ranks at AbbVie, playing a crucial function in carrying out current offers such as the business’s acquisition of neuroscience drugmaker Cerevel Therapeutics and cancer drug designer ImmunoGen.Â
He formerly invested almost 20 years at Abbott Laboratories, managing organization departments such as molecular diagnostics and nutrition supply chain.
Don’t miss out on these stories from CNBC PRO:
