Shares of AbbVie (NYSE:ABBV) sank on Friday after the pharmaceutical company reported first-quarter results. Despite beating earnings estimates ($2.31 per share versus $2.26 per share), news that Cigna (NYSE:CI) will offer a biosimilar of AbbVie’s blockbuster drug, Humira, with no out-of-pocket costs spooked investors. The drug is used to treat several autoimmune conditions, such as Crohn’s disease, rheumatoid arthritis, and ulcerative colitis.
Cigna’s Evernorth plans to start distributing the biosimilar through its Accredo specialty pharmacy in June, which will be supported by a copay assistance program from Quallent Pharmaceuticals, an Evernorth affiliate. This initiative is projected to save patients an average of $3,500 annually, according to Reuters. Additionally, the biosimilar will be priced approximately 85% lower than Humira.
AbbVie’s latest earnings report revealed a significant 36% decline in global sales…
