Shares of AbbVie (NYSE:ABBV) declined Thursday after Coherus BioSciences (NASDAQ:CHRS) said it plans to launch a biosimilar to blockbuster arthritis drug Humira in July at a list price of $955 per carton, a discount of about 85% and the lowest price announced to date of any adalimumab offering in the United States
The annual cost of Humira is now nearly $90,000, and the annual cost of YUSIMRY will be approximately $13,000, Coherus said.
“Our YUSIMRY list price is a clear response to the challenges and needs of patients faced with high-cost adalimumab treatments today,” stated Denny Lanfear, Coherus CEO. “We believe there is a large, unmet need for improved access and affordability in the U.S. health care system that YUSIMRY can address with this pricing. Our excellence in manufacturing and supply chain management gives us the ability to deliver safe and effective biosimilar adalimumab at low cost with ensured, reliable supply.”
Coherus BioSciences also partnered with billionaire and TV personality Mark Cuban’s company, Mark Cuban Cost Plus Drug Company, PBC, to offer YUSIMRY to its customers at a price of $569.27 plus dispensing and shipping fees.
Amgen (NASDAQ:AMGN) already offers a biosimilar version of Humira.
Shares of AbbVie declined over 3.5% Thursday morning following the announcements. Amgen shares were down 3%.