But when it comes to Humira, Abbvie sales have paid off the research and development costs multiple times over with plenty leftover for billions of dollars in profits. Humira, which treats autoimmune conditions including Crohn's disease and rheumatoid arthritis, can cost more than $50,000 a year , a review of company earnings reports shows.
Last year, Humira generated nearly $20 billion in sales for Abbvie in the drug's 16th year on the marketrevenue last year alone was almost triple what Abbvie’s former owner, Abbott Laboratories, paid to get HumiraNeither Abbvie nor its former parent company, Abbott, discovered Humira. Abbott under CEO Miles White came across Humira by acquisition, a 2001 purchase of Knoll PharmaceuticalsAbbott spun off its branded drug business in 2013 into what has become Abbvie.
When Abbott bought Humira, the biologic was already in the final stages of development and late stage clinical trials made the product look promising.including the popular thyroid treatment Synthroid and other brand name prescriptions that generated billions of dollars in sales over the years making the acquisition of Humira less of a financial risk.
About $24 billion in sales came from Humira from its first sale in 2003 through 2010. In 2011, Dr. Sidney Wolfe, who at the time headed Public Citizen’s health research group,“Humira has been a phenomenally successful product with application in a lot of different disease categories,"."Humira's got long legs, out until about at least 2016, when its first patents begin to expire.
But Humira’s legs have been getting even longer. Since the beginning of 2011, Humira has produced another $108 billion in sales through last year and Abbvie has a plan to keep the drug churning out billions more in sales and profits for years to come.
A great example of a CEO who should be in prison
The company was fighting in court to keep the biosimilar, Amjevita, approved by the FDA from being sold in the U.S. market. Just saw they settled at the end of January. Undisclosed. Interesting timing.
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Why Abbvie May Have A Tough Time Defending Humira's Price Before CongressDrug maker Abbvie may have to defend the price of its Humira treatment before the U.S. Senate Finance Committee today. 🥶 i don't know who else to tag to get this msg to Faiza Beauty CareemPAK
Source: Forbes - 🏆 394. / 53 Read more »
Why Abbvie May Have A Tough Time Defending Humira's Price Before CongressDrug maker Abbvie may have to defend the price of its Humira treatment before the U.S. Senate Finance Committee today. 🥶 i don't know who else to tag to get this msg to Faiza Beauty CareemPAK
Source: Forbes - 🏆 394. / 53 Read more »