NEWSLETTER
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AbbVie Stock (New York Stock Exchange: ABBV) fell 6% in afternoon trading Friday in the wake of the drugmaker's first-quarter earnings report and news that Cigna (CI) plans to offer a biosimilar of AbbVie's best-selling drug, Humira, at no cost some. cost for certain patients.
Late Thursday, Cigna's Evernorth unit announced it will offer the Humira biosimilar through its specialty pharmacy in Accredo starting in June with no out-of-pocket costs for most patients, thanks to a co-pay assistance program offered by Evernorth's affiliated private label distributor. Qualitative pharmaceutical products. The company estimates the program would save patients about $3,500 a year.
Cigna added that the biosimilar will be priced approximately 85% lower than the brand Humira. According to the company, high and low concentrations of the product will be produced for Quallent through agreements with multiple manufacturers.
According to Reuters, Accredo will offer Humira biosimilars made by Teva (TEVA), Boehringer Ingelheim and Alvotech (ALVO). He noted that nine Humira biosimilars were introduced to the U.S. market last year.
Earlier Friday, AbbVie released its first-quarter earnings report that showed global sales of Humira had fallen 36% year over year to $2.27 billion.
Humira, once the world's best-selling drug, is used to treat a variety of autoimmune disorders, including Crohn's disease, rheumatoid arthritis, and ulcerative colitis.
