AbbVie Inc (NYSE:ABBV) AbbVie understands that its business performance is closely linked and even dependent on what happens as Humira. There are reports that Humira is experiencing some existential threats and that is considering the different moves by a large number of US copycats.
AbbVie says that there is still hope left as it cites some helpful lessons that will help deal with the situation in the best way possible.
The CEO of AbbVie Rick Gonzalez on Friday held an earnings call disclosing several important points. It outlined that the copycat-fighting strategy that Humira resorted to abroad was bearing fruit.
Gonzalez has highlighted several biosim competitors who recently moved into the market and their impact. According to the official, these competitors have changed the wave of things in such a way that Humira has to make a few changes to its pricing.
The official reveals that they hoped for the best considering that they had employed a strategy that they had great hope in. They were confident that it would enable them to succeed in their quest to fetch a significant market share.
Asides from that, they also hoped to fetch some higher profits in the market. Gonzalez cleared all doubts regarding the strategy outlining that what was going to be employed in the US was the same thing that would be done on the international market.
On a global scale, Humra is said to have performed well in the fourth quarter posting about 4.9 billion in terms of sales. This was a figure pretty close to what it achieved for the same quarter in the previous year. On a worldwide scale, reports indicate that the drug fetched almost $19.17 billion. Analysts were quick to note the 4% decline associated with the performance at that particular time. It was back in 2018 that the biosimilars were unveiled in Europe. That implied that 2019 was indeed the first full year that the drug was facing completion from the copycats.
AbbVie remains hopeful saying that the drugs will help attend to the wide-ranging patient needs and also fetch high prices. It says that shareholders might enjoy greater value for their investments in case matters go according to plan.