(CTN News) – CVS Health will remove AbbVie’s Humira from most of its national formulary lists and offer biosimilar versions instead.
This decision has caused AbbVie’s shares to weaken as investors anticipate a faster decline in Humira sales in the US. Humira achieved global sales of $21 billion in 2022 but with the availability of biosimilars, sales are expected to decrease by up to a third this year.
CVS Health recently entered the biosimilars category with the launch of Cordavis, which plans to offer a biosimilar of Humira at an 80% discount. Humira will still be available through some commercial formularies, and AbbVie has agreed to provide Cordavis with a “committed volume” of co-branded Humira.
David Joyner, executive vice president of CVS Health and president of CVS Caremark, the group’s pharmacy benefit manager (PBM) division, emphasized the company’s dedication to promoting the use of biosimilars and offering customers a wide range of choices while ensuring a seamless member experience.
He highlighted the importance of customer preferences and the significant cost advantage of biosimilars compared to their reference products.
By prioritizing biosimilars, CVS Caremark empowers customers to make informed decisions that best suit their healthcare needs and contribute to reducing drug costs.
Currently, there are nine biosimilar versions of Humira available in the US market, but only one holds the coveted interchangeable status.
This status allows it to be substituted for the brand without requiring intervention from the prescriber. AbbVie, the manufacturer of Humira, has been actively working to minimize the impact of biosimilars through formulary agreements with insurers.
Despite these efforts, sales of the drug have declined by nearly a third in the first nine months of 2023, amounting to $11.1 billion, with $9.4 billion generated in the US.