AbbVie, Amgen hit 52-week lows as Coherus unveils cheapest Humira version
Hailshadow

AbbVie (NYSE:ABBV), the maker of arthritis therapy Humira, and Amgen (NASDAQ:AMGN), the first to market its biosimilar in the U.S., reached 52-week lows on Thursday after Coherus BioSciences (CHRS) announced plans to launch the cheapest version of the blockbuster drug.

In partnership with billionaire businessman Mark Cuban's Cost Plus Drug Company, Coherus's (CHRS) version of Humira will be available in July for a list price of $995 per carton, a discount of about 85% to AbbVie's (ABBV) product.

Coherus' (CHRS) biosimilar branded as Yusimry was approved by the FDA in 2021, and its market entry is part of a wave of copycats that AbbVie (ABBV) has to encounter this year as Humira goes off patent in the U.S. after generating billions of dollars in sales.
After its market launch in January, Amgen's (AMGN) Humira version Amjevita/Amgevita, brought in $51M in sales from the U.S. in Q1 2023, expanding its global sales by ~52% YoY to $164M.


More on Humira biosimilars

AbbVieâs global bestseller to face knockoffs starting this week
Amgen's biosimilar of AbbVie's Humira enters US market
Coherus: Launch Of Humira Biosimilar May Boost Stock