AbbVie Hit Harder By EU Humira Biosimilars Than Projected
The Q3 earnings call was the first time AbbVie management had to face the masses since the mid-October launch of adalimumab biosimilars across Europe. CEO Gonzalez predicted ex-US Humira revenue erosion of 26%-27% this year, higher than previous estimates.
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Decreasing Humira’s ex-US sales guidance for the second time in three months caught significant attention, as AbbVie now expects 30% revenue erosion for its top-seller outside its home market.
Johnson & Johnson has solid growth drivers in pharmaceuticals, but still faces an overhang related to talc controversy; Bristol's call will be dominated by the just-announced Celgene acquisition; and AbbVie will face questions about its cancer plans after expensive failure with Rova-T.
Pfizer is the seventh company to enter licensing agreement with AbbVie; it has completed development program for its adalimumab candidate.