AbbVie's Humira outperforms forcing biosimilar maker to cut sales staff [Seeking Alpha]
IQVIA Holdings, Inc. (IQV)
Last iqvia holdings, inc. earnings: 4/28 07:00 am
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Sales for its off-patent versions, including its branded drug Cyltezo, have underwhelmed mainly because pharma middlemen, known as pharmacy benefit managers ((PBMs)), have kept Humira on their formularies, the company said. Biosimilars targeting Humira launched in the U.S. in early 2023, and Boehringer Ingelheim joined the competition with its unbranded and branded versions offered at an 81% and 5% discount to the reference product. "We remain committed to the U.S., and we will increase investments based on our current and future portfolio," the company said, according to Reuters Its decision will impact a "low double-digit number" of U.S. jobs as the company intends to shift to a hybrid in-person and virtual sales model by June 30, lowering its customer-facing staff. AbbVie ( ABBV ) has retained 98% of the Humira market, even as in 2023 alone, the U.S. witnessed the market entry of nine biosimilars targeting the therapy, once the world's bestselling drug. According to heal
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IQV
Earnings
- 2/14/24 - Beat
IQV
Sec Filings
- 4/17/24 - Form 8-K
- 3/4/24 - Form 4
- 3/4/24 - Form 4
- IQV's page on the SEC website