CVS favors Humira copycats hurting AbbVie’s market share: Evercore

seekingalpha04-17

Cheaper versions of AbbVie's (NYSE:ABBV) blockbuster arthritis therapy are slowly gaining market share after CVS Health (NYSE:CVS) changed its formularies to drop coverage for the branded version from...

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CVS' (CVS) Pharmacy Benefits Manager, CVS Caremark, announced in January that Humira, once the world's bestselling drug for multiple years, would be removed from its major national commercial formularies in favor of its biosimilars. The move, implemented more than a year after the drug faced the loss of U.S. market exclusivity, represented one of the first major efforts to drive biosimilar uptake, Evercore ISI analyst Elizabeth Anderson told Axios. After claiming approximately 5% of the market as of March 29, Humira biosimilars had taken up 36% of the market by April 5, Anderson wrote. Hyrimoz, a Humira biosimilar commercialized by CVS (CVS) unit Cordavis with Novartis' (NVS) spinoff Sandoz (OTCQX:SDZNY) (OTCQX:SDZXF), accounted for 93% of the biosimilar growth after capturing only around 5% of market share. However, noting that her findings were based on only one week of data, the analyst cautioned that \"one week does not a trend make.\" Her conclusions follow a recent report from generic drugmaker Samsung Bioepis, which indicated that despite biosimilar entry, AbbVie (ABBV) has continued to maintain a near 100% ownership stake in the market for Humira, known as adalimumab in generic terms. Other Humira biosimilar makers/ developers include Amgen (AMGN), Coherus BioSciences (CHRS), Fresenius (OTCPK:FSNUF) (OTCPK:FSNUY), Organon (OGN)/Samsung Bioepis, Pfizer (PFE), Viatris (VTRS) and Teva Pharmaceuticals (TEVA)/ Alvotech (ALVO).  More on CVS Health  CVS Health: Seizing Opportunity Amid Recent Declines CVS Health: Good Management Is Keeping Their Promises CVS Health: Here Comes The Floor - Inherent Undervaluation Triggers Great Upside Potential Dividend Roundup: Procter & Gamble, Caterpillar, CVS Health, Cintas, and more Fitch flags Medicare utilization trends ahead of managed care earnings","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428345509"}