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AbbVie : adds biologic production capability to Singapore facility

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10/05/2017 | 12:12pm CEST

The plant is the 13th site within the companys global manufacturing network which spans across the US, Europe and Puerto Rico, and is the only one of its kind within the network with the capability to produce both biologics and APIs. AbbVie employs around 400 workers in Singapore, around 250 of which serve at the manufacturing plant.

Singapores Minister for Trade and Industry, S Iswaran, was present at the opening ceremony, where he said the facility expansion came at an opportune moment to meet the increasing demands of ageing populations and technological advancement.

"While these shifts will disrupt existing business models, they also present significant new opportunities," he said.

According to Iswaran, the countrys government is committed to investing S$4 billion in health and biomedical sciences in addition to a further S$3.2 billion in advanced manufacturing and engineering as part of the Research Innovation and Enterprise (RIE) 2020 plan, a programme jointly developed by Workforce Singapore and the Singapore Economic Development Board.

"A strategic goal of RIE 2020 is to strengthen linkages between public research performers and private enterprises to create greater value from our investments in R&D," Iswaran noted.

Over 350 people have benefitted from the programme since its inception in 2014.

(c) 2003-2017 SudanTribune - All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 32 939 M
EBIT 2018 14 434 M
Net income 2018 10 789 M
Debt 2018 29 248 M
Yield 2018 3,82%
P/E ratio 2018 13,67
P/E ratio 2019 12,19
EV / Sales 2018 5,48x
EV / Sales 2019 5,08x
Capitalization 151 B
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Number of Analysts 22
Average target price 113 $
Spread / Average Target 20%
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Richard A. Gonzalez Chairman & Chief Executive Officer
Azita Saleki-Gerhardt Senior Vice President-Operations
William J. Chase Chief Financial Officer & Executive Vice President
Michael E. Severino Chief Scientific Officer & Executive VP
Robert J. Alpern Independent Director
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