AbbVie Inc, the pharmaceutical company spun off by Abbott Laboratories, is unlikely to use its $7 billion cash balance for a large acquisition, the company's chief financial officer said on Tuesday."We are not really in a situation where we need to go and do a big deal," CFO Bill Chase said at the J.P. Morgan Healthcare Conference. "It doesn't seem to us to be a prudent way to use our cash."Industry sources have speculated that AbbVie, which relies on arthritis drug Humira for the bulk of its sales revenue, may seek to boost its product portfolio by acquiring another drugmaker.But Chase said the company was confident that its pipeline of 10 drugs in pivotal-stage testing and more than 10 in mid-stage trials will serve to meet future revenue growth.
Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture, and sale of a range of health care products. Shares of ABT traded higher by 0.03% or $0.01/share to $33.35. In the past year, the shares have traded as low as $25.83 and as high as $34.69. On average, 16605700 shares of ABT exchange hands on a given day and today's volume is recorded at 15054437.
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