Now that its blockbuster immune-disease therapy Humira is facing lower priced competition, AbbVie is turning to a pair of next-generation successors to replenish the billions of dollars in sales that will be lost, Chief Executive Richard Gonzalez said. It is also betting on four drug approvals by the end of next year.
In addition, AbbVie is lifting a self-imposed $2 billion limit on the size of deals it would do to add more products.
“We knew this day would come,” Mr. Gonzalez said in an interview. “And we built the strategy and executed that strategy to be able to ensure that we can absorb this impact, and then immediately return to growth.”
In many ways, AbbVie was made for this day. Its spinoff from Abbott Laboratories in 2013 separated the company’s pharmaceuticals from other healthcare businesses partly because, analysts said, Humira was expected to face lower priced rivals.AbbVie Aims for New Drugs to Boost Sales as Competitors Target Humira – WSJ