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PHARMA




HUMIRA RINGS UP $20.7B IN 2021, BUT ABBVIE STILL MUM ON POST-BIOSIMILAR
EXPECTATIONS

by Kevin Dunleavy |
Feb 2, 2022 11:33am
AbbVie expects erosion of roughly 45% in sales of Humira when it faces
biosimilar challengers in 2023. As for guidance on a revenue figure for the
treatment that year, AbbVie says wait until the third quarter of this year.
(AbbVie)
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After falling just short of the $20 billion figure in annual sales for three
straight years, AbbVie's Humira finally topped the elusive mark—and did it by a
comfortable margin—generating $20.7 billion in revenue last year.



The number was boosted by $5.33 billion in sales in the fourth quarter, which
exceeded expectations and provided another reminder of the power of the
versatile superstar which somehow resumed its upward trajectory after stagnating
from 2018 to 2020. The growth came despite biosimilar competition outside the
U.S. and pandemic effects.

Hefty price increases for Humira, which have come under the scrutiny of
Congress, have certainly played a role in the med's U.S. sales trajectory.




But that will change soon as Humira will face biosimilar competition at home. In
2023, Humira will have to compete with nine launches of Humira knockoffs,
including six at home from formidable makers such as Amgen, Samsung, Boehringer
Ingelheim, Mylan, Novartis and Pfizer.

Amgen’s Amjevita is set to launch first in January of next year. Boehringer
Ingelheim’s Cyltezo follows in July and will have a particular advantage as it
has been established as an “interchangeable” offering. That means pharmacists
can freely substitute it for Humira, while other biosimilars must be prescribed.

RELATED: Fear not, AbbVie. Sales king Humira might have a graceful fall from
biosim attack: analyst

The loss of exclusivity is a daunting prospect for AbbVie. Perhaps that’s why
the company is not yet providing Humira sales guidance for investors who are
anxious to find out what kind of hit the company expects in 2023.  

“We’ve said basically that we should be thinking about 45% erosion plus or minus
10%. That’s probably a reasonable range,” CEO Rick Gonzalez said during
Wednesday’s conference call. “We certainly want to provide guidance when we have
confidence that we can provide you a high degree of specificity of what that
guidance looks like.”

When pressed again when the guidance could come, Gonzalez said he could commit
to providing it during “the third-quarter call.”

“We understand it’s an important issue for investors,” Gonzalez said. “We have
said that we expect (earnings per share) to decline in 2023.”

On the flip side, AbbVie is quick to provide guidance on the two medicines that
it is counting on to compensate for the inevitable fall of Humira. The company
held to its previous projection that Skyrizi and Rinvoq will generate a combined
$15 billion in sales by 2025, with each accounting for $7.5 billion.

In 2021, the duo pulled in a combined $4.6 billion, showing the upward
trajectory to back up AbbVie’s claim.

“Over the next few months, we expect to add several new indications to the list
of approved uses for these two assets at which point Skyrizi and Rinvoq will be
commercialized across all of Humira’s major indications, plus atopic
dermatitis,” Gonzalez said. The CEO added that the company expects the combined
peak sales of the two to “exceed the peak revenues achieved by Humira.”

RELATED: AbbVie repeatedly hiked Humira, Imbruvica prices and abused patents to
keep competitors at bay: report

Overall, the company reported revenue of $14.9 billion for the quarter, roughly
36% of which was provided by Humira. For the year, AbbVie’s revenue clocked in
at $56.1 billion, a 22% increase on its figure from 2020.

Read more on
rheumatoid arthritis earnings biosimilar Humira AbbVie Rinvoq Skyrizi




ABOUT THE AUTHOR

Kevin Dunleavy
Staff Writer






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