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Humira

All articles tagged with #humira

business1 year ago

"AbbVie's Longtime CEO Rick Gonzalez Steps Down, Successor Named"

AbbVie CEO Richard Gonzalez, who has led the company since its spinoff from Abbott Laboratories in 2013, will step down in July, to be replaced by COO Robert Michael. Gonzalez's departure comes as AbbVie faces competition for its top-selling drug, Humira, from cheaper biosimilars. Despite criticism over AbbVie's handling of Humira and its patents, Gonzalez's legacy is likely to be remembered fondly by investors for his leadership during the drug's challenges.

via STAT|
#abbvie#business#ceo
business1 year ago

"AbbVie Projects $27 Billion in Sales for New Immunology Drugs by 2027"

AbbVie has raised its 2027 sales forecast for its immunology drugs Skyrizi and Rinvoq to $27 billion, up $6 billion from its previous prediction, as it aims to offset declining sales of its blockbuster arthritis drug Humira. The company expects Skyrizi and Rinvoq to bring in $16 billion in sales this year, with predictions of $10.5 billion for Skyrizi and $5.5 billion for Rinvoq by 2024. Despite facing U.S. competition for Humira, AbbVie anticipates the drug to make $9.6 billion in 2024, with sales falling less than expected in the fourth quarter. Additionally, Botox sales brought in $1.49 billion, beating estimates, while facing increased competition from newer anti-wrinkle injections.

via Reuters.com|
#abbvie#business#humira
business-and-finance2 years ago

CVS Shifts From Humira to More Affordable Biosimilars, Impacting AbbVie Sales

Abbvie's stock price experienced a significant drop after CVS Health announced it would no longer cover the pharmaceutical giant's blockbuster drug, Humira, opting instead to support biosimilar alternatives. This move by CVS is expected to have a notable impact on Abbvie's revenue, as Humira has been one of its top-selling drugs. Investors reacted to the news, leading to a decline in Abbvie's shares during extended trading.

via CNBC|
##abbvie#biosimilars
business2 years ago

AbbVie Acquires ImmunoGen for $10 Billion, Expanding Cancer Drug Portfolio

AbbVie has announced its acquisition of ImmunoGen for $10.1 billion in cash, as the pharmaceutical company seeks to bolster its portfolio amid increasing competition for its top-selling drug, Humira. ImmunoGen specializes in the development of antibody-drug conjugates (ADC), a new class of cancer treatments that target cancer cells while reducing toxicity for other cells. The acquisition will provide AbbVie with access to ImmunoGen's pipeline of ADCs, including the promising ovarian cancer candidate IMGN-151. This move follows a trend of major drugmakers acquiring ADC developers, with Pfizer and Merck making similar moves in recent months.

via Yahoo Finance|
#abbvie#antibody-drug-conjugates-adc#business
finance2 years ago

AbbVie's Profit Forecast Soars on Humira and Newer Drugs Success

Pharmaceutical company AbbVie has raised its annual profit forecast after surpassing quarterly earnings estimates, driven by strong demand for newer drugs and a lower-than-expected decline in sales of its blockbuster arthritis drug, Humira. Despite facing competition from biosimilars, Humira has maintained favorable positions on insurance drug coverage lists. AbbVie's newer immunology drugs, Skyrizi and Rinvoq, also performed well, exceeding analyst expectations. The company reported $13.93 billion in quarterly revenue and an adjusted profit of $2.95 per share. AbbVie now expects its 2023 adjusted profit per share to be between $11.19 and $11.23.

via Yahoo Finance|
#abbvie#earnings-estimates#finance
healthcare2 years ago

CVS Expands Affordable Biosimilars Market with Discount Humira

CVS Health is teaming up with drugmaker Sandoz to produce a biosimilar version of the arthritis treatment Humira, which will be sold at an 80% lower price than the brand-name drug. This move is part of CVS's new venture into securing and co-producing biosimilar drugs, which are generic versions of complex gene or protein-based therapies. The company aims to strengthen its position in the growing biosimilars market, expected to reach $100 billion in the next six years. CVS is launching a subsidiary called Cordavis to specialize in securing the supply of biosimilar drugs, partnering with Sandoz. The first biosimilar for Humira was approved by the FDA earlier this year, and CVS plans to launch its biosimilar, trademarked Hyromiz, in the first quarter of 2024.

via CNBC|
#biosimilar-drugs#cordavis#cvs-health
healthcare2 years ago

Yusimry's Competitive Pricing Poses Threat to Humira in Health Market

AbbVie's blockbuster drug Humira, which has been the world's best-selling drug for many years, is now facing competition from lower-cost copycats known as biosimilars. Humira, with a list price of nearly $7,000 a month, treats various illnesses but has been protected by patents. However, disputes over patents have finally allowed nine Humira biosimilars to enter the market. Despite the availability of these lower-priced alternatives, the complex pharmaceutical system, including pharmacy benefit managers and insurance coverage, has hindered their adoption. A new biosimilar called Yusimry, priced at about $1,000 a month, is being sold by Coherus BioSciences and could potentially break through due to its significantly lower cost, potentially leading to savings for insurance plans and patients.

via NPR|
#biosimilars#competition#healthcare
healthcare2 years ago

Coherus and Mark Cuban team up to offer discounted biosimilar Humira

Coherus BioSciences plans to sell a biosimilar version of Humira at an 85% discount from AbbVie's price, and will work with Mark Cuban's generic drug company to make the medicine available directly to consumers for even less. The move has the potential to alter one of the most closely watched product rollouts by pharmaceutical companies in many years, as AbbVie is expected to face at least eight biosimilar rivals to Humira by the end of the year.

via STAT|
#biosimilar#coherus-biosciences#healthcare
healthcare2 years ago

AbbVie's Humira Sales Decline Raises Concerns for Future Growth.

AbbVie's Q1 earnings report showed a decrease in revenue for its immunology and oncology segments, which were heavily reliant on the now off-patent blockbuster drug Humira. However, the company's newer drugs Skyrizi and Rinvoq showed strong growth, with sales increasing by 45% and 48%, respectively. Despite falling short of analysts' expectations, management maintained their expectation that the drugs will combine for sales of $11 billion in 2023 and have high hopes for their future growth potential. The company also raised its 2023 EPS guidance, but shares fell ~8% following the earnings release.

via Seeking Alpha|
#abbvie#healthcare#humira
business2 years ago

AbbVie Stock Struggles Amid Humira Patent Expiration and Underperforming Drugs.

AbbVie's stock fell 8.5% after the first approved biosimilar copycat to launch in the US, Amgen's Amjevita, hammered away at Humira's legendary sales, which slumped more than 25% to $3.54bn. AbbVie's newer immunology drugs, Skyrizi and Rinvoq, missed sales forecasts, but the company still expects both drugs to contribute a combined $11bn to sales this year. AbbVie has focused on next-generation immunology treatments Skyrizi and Rinvoq to contend with Humira's downfall.

via Investor's Business Daily|
#abbvie#biosimilars#business
business2 years ago

AbbVie's Key Drugs Underperform, Stock Falls.

AbbVie's Q1 2023 financials showed lower than expected sales for potential replacements for its blockbuster arthritis therapy Humira, Skyrizi and Rinvoq, leading to a ~6% pre-market drop in the company's stock. Despite global Humira sales falling ~25% YoY, the company reported $12.3B revenue for the quarter, in line with expectations. AbbVie's hematologic oncology portfolio generated $1.4B in revenue with a ~14% YoY drop, while the Botox therapy acquired from its 2020 Allergan acquisition outperformed, bringing $719M and $659M for the company's neuroscience and aesthetics portfolios with ~17% YoY and ~3% YoY growth, respectively.

via Seeking Alpha|
#abbvie#allergan#business