Abbvie Stock Edges Lower After CVS Says It Will Drop Humira From Some Coverage

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 [e-mail]

(END) Dow Jones Newswires

January 03, 2024 18:02 ET (23:02 GMT)

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