financetom
Business
financetom
/
Business
/
Boehringer to lay off salespeople as Humira biosimilar sales lag
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Boehringer to lay off salespeople as Humira biosimilar sales lag
Apr 5, 2024 3:54 AM

April 5 (Reuters) - Boehringer Ingelheim on Thursday

said it will lay off some of its U.S. salesforce due to poor

sales there of its biosimilar version of AbbVie's ( ABBV )

blockbuster arthritis treatment Humira.

The German drugmaker said it planned to reduce its

customer-facing teams in favor of a hybrid in-person and virtual

sales model by June 30, in large part because pharmacy benefit

managers (PBMs) had kept branded Humira on their lists of

medicines for reimbursement.

That choice has led to less uptake of biosimilar versions of

Humira in the United States, including Boehringer's Cyltezo, it

said.

The company, which has 53,000 employees worldwide, added

that a "low double-digit number" of U.S. jobs were affected.

"We remain committed to the U.S. and we will increase

investments based on our current and future portfolio," it said

in a statement.

Despite nine biosimilars being launched in the U.S. last

year, AbbVie ( ABBV ) has held onto more than 98% of the Humira market.

Boehringer launched Cyltezo last July but has only managed

to sell 1,487 prescriptions in total since then, according to

IQVIA data. Almost 2.8 million Humira prescriptions have been

written during the same period.

Humira until recently was the world's top selling

prescription medicine with annual sales reaching $22 billion in

2022, but has been eclipsed by Merck & Co's ( MRK ) cancer drug

Keytruda.

Unlike easy to manufacture pills that can be copied and sold

as generics at a huge discount once patents lapse, complex

biologic medicines made from living cells cannot be exactly

duplicated and so are known as biosimilars. The introduction of

biosimilars was supposed to help cut the price of expensive

biotech medicines that go off patent, if not by as much as

generics.

The German drugmaker priced its branded and unbranded

versions the drug at a 5% and 81% discount to Humira's 2023 list

price of $6,922 per month.

Swiss drugmaker Sandoz launched its biosimilar Hyrimoz with

the same prices as Boehringer and Amgen ( AMGN ), whose Amjevita was the

first Humira biosimilar to hit the U.S. market, priced at a 5%

and 55% discount to Humira.

Boehringer's Humira biosimilar was the first to be

designated interchangeable by the U.S. Food and Drug

Administration, meaning it can be substituted for the original

without consulting the prescriber.

UnitedHealth Group's ( UNH ) Optum Rx and Cigna's ( CI )

Express Scripts, two of the largest U.S. PBMs, chose to include

Cyltezo on their insurance reimbursement lists last year

alongside Humira, Hyrimoz and Amjevita.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Oil plant in Russia's Bashkortostan stopped its cat cracker after drone attack 9 May, sources say
Oil plant in Russia's Bashkortostan stopped its cat cracker after drone attack 9 May, sources say
May 11, 2024
MOSCOW, May 11 (Reuters) - Russia's Gazprom Neftekhim Salavat oil processing, petrochemical and fertiliser complex located in the Bashkortostan region has stopped its catalytic cracker after being attacked by a drone on 9 May, two sources familiar with the matter told Reuters. The catalytic cracker is part of gasoline production chain responsible for 600,000 tons of output of this product...
Arm Holdings plans to launch AI chips in 2025, Nikkei reports
Arm Holdings plans to launch AI chips in 2025, Nikkei reports
May 11, 2024
May 12 (Reuters) - SoftBank Group's ( SFTBF ) Arm Holdings plans to develop artificial-intelligence chips, seeking to launch the first products in 2025, Nikkei Asia reported on Sunday. (Reporting by Gursimran Kaur in Bengaluru) ...
Eurovision Song Contest faces pro-Palestinian protests ahead of final
Eurovision Song Contest faces pro-Palestinian protests ahead of final
May 11, 2024
MALMO, Sweden (Reuters) -Thousands of people protested in Malmo on Saturday against Israel's participation in Eurovision Song Contest, with the Israeli military campaign in Gaza casting a shadow over the final of the glitzy contest. Eurovision organisers, who always bill the annual event as non-political, have resisted calls to exclude Israel, but requested that the lyrics of its entry be...
Chinese companies win licensing bids to explore Iraq oil and gas fields
Chinese companies win licensing bids to explore Iraq oil and gas fields
May 11, 2024
BAGHDAD (Reuters) -Chinese companies won bids to explore five Iraqi oil and gas fields on Saturday in a licensing round for hydrocarbon exploration that was primarily aimed at ramping up gas production for domestic use. An Iraqi Kurdish company also took two of the 29 projects up for grabs in the three-day licensing round across central, southern and western Iraq,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved