Here is why AbbVie Inc. (ABBV) stock performed well on Tuesday?

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AbbVie Inc. (ABBV) shares gained 0.44% in after-hours on Tuesday, December 14, 2021, and closed the daily trading at $127.85. Even in the regular trading session, ABBV’s stock gained 0.62%. ABBV shares have risen 22.16% over the last 12 months, and they have moved up 4.76% in the past week. Over the past three months, the stock has gained 18.11%, while over the past six months, it has soared 10.18%.

Let’s discuss its recent news.


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FDA approval for ABBV RINVOQ®

On December 14, 2021, the U.S. Food and Drug Administration (FDA) approved AbbVie (ABBV) RINVOQ® (upadacitinib; 15 mg, once daily) for the treatment of adults with active psoriatic arthritis (PsA) who have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers.

The approval is based on the data from two pivotal Phase 3 trials, SELECT-PsA 1 and SELECT-PsA 2, which assessed the efficacy, safety, and tolerability of RINVOQ in patients with PsA. The safety profile in patients with active PsA treated with RINVOQ 15 mg was consistent with the safety profile observed in patients with rheumatoid arthritis.

FDA approved VUITY™ availability

On December 9, 2021, Allergan, an AbbVie (ABBV) company announced that VUITY™ (pilocarpine HCl ophthalmic solution) 1.25%, the first and only eye drop approved by the U.S. Food and Drug Administration (FDA) to treat presbyopia, is now available by prescription in pharmacies nationwide. Presbyopia, or age-related blurry near vision, can be diagnosed through a basic eye exam by an eye doctor (optometrist or ophthalmologist) and is a common and progressive eye condition that affects 128 million Americans, or nearly half of the U.S. adult population.

ABBV seeking European approval for risankizumab

On November 30, 2021, AbbVie (ABBV) submitted an application to the European Medicines Agency (EMA) seeking approval for risankizumab (SKYRIZI®, 600 mg intravenous (IV) induction, and 360 mg subcutaneous (SC) maintenance therapy), an interleukin-23 (IL-23) inhibitor, for the treatment of patients 16 years and older with moderate to severely active Crohn’s disease.

ABBV participation in the recent events

AbbVie recently participated in the 4th Annual Evercore ISI Virtual HealthCONx Conference which was held on Thursday, December 2, 2021. The company was presented by Michael Severino, M.D., vice chairman and president, Robert A. Michael, executive vice president, and chief financial officer, and Jeffrey R. Stewart, executive vice president, commercial operations, during the event.

ABBV also participated in the Piper Sandler 33rd Annual Virtual Healthcare Conference which was held on Wednesday, December 1, 2021.

Conclusion

The recent FDA approval for RINVOQ was the reason behind its minor gains on Tuesday but it can further surge in the coming trading session on Wednesday.

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