Healthy Returns: Sales of Humira are plunging, but AbbVie has two promising successors

Core Insights - AbbVie's Humira sales are declining significantly due to competition from cheaper biosimilars, with revenue dropping over 30% to $2.3 billion in the first quarter [1][2] - AbbVie has two successor drugs, Skyrizi and Rinvoq, which are performing well and contributing to the company's revenue growth [1][3] Sales Performance - Humira's revenue fell to $2.3 billion, a decrease of more than 30% compared to previous periods [1][3] - Skyrizi generated $2 billion in revenue for the first quarter, while Rinvoq brought in $1.1 billion [3][4] - Skyrizi's sales increased by 48% year-over-year, and Rinvoq's revenue spiked by 59% [4] Market Dynamics - The market share for Humira biosimilars surged from 5% to 36% following CVS's decision to drop Humira from some formularies [2][3] - As of February, biosimilars had captured around 4% of the Humira market, but this changed rapidly after CVS's policy shift [2][3] - 20% of patients are transitioning to AbbVie's newer drugs instead of biosimilars [3] Competitive Landscape - Skyrizi is the market leader in U.S. biologics for psoriasis, holding 35% market share, and is expected to enter the ulcerative colitis market soon [4] - Rinvoq is gaining traction among patients with inflammatory bowel diseases [4] - Health insurer Cigna plans to offer certain Humira biosimilars with no out-of-pocket costs starting in June, indicating increased competition [5][6]