Abbvie Stock Edges Lower After CVS Says It Will Drop Humira From Some Coverage
January 03 2024 - 5:17PM
Dow Jones News
By Will Feuer
Shares of Abbvie traded lower after CVS Health said it will
remove anti-inflammatory drug Humira from some of its lists of
covered drugs and add lower-cost options.
Abbvie stock slipped more than 2% to $157 in after-hours
trading. Shares were down about 1% over the past 12 months through
Wednesday's close.
CVS Caremark, CVS's pharmacy-benefit management unit, said it
would remove Humira, which is made by Abbvie, from its major
national commercial template formularies, effective April 1. The
company will add coverage of Humira biosimilars, which became
available in the U.S. last year.
Humira will still be an option for customers with choice and
standard opt out commercial formularies, drug lists used by
employers, unions and health plans for prescription drug coverage,
according to CVS.
"We are committed to accelerating the adoption of biosimilars
and providing customer choice alongside a seamless member
experience," said David Joyner, executive vice president of CVS
Health and president of CVS Caremark.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 03, 2024 18:02 ET (23:02 GMT)
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