Why Is AbbVie Stock Trading Down Today?

AbbVie Inc. ABBV shares are trading lower Thursday after Coherus BioSciences Inc. CHRS and Mark Cuban Cost Plus Drug Company announced plans to sell Cost Plus Drug customers YUSIMRY, a biosimilar of the AbbVie's Humira, at a discount.

What To Know: Mark Cuban Cost Plus Drug Company plans to offer YUSIMRY to its customers at a price of $569.27 plus dispensing and shipping fees starting in July 2023. YUSIMRY has a innovative autoinjector presentation and includes Coherus' proprietary non-stinging, citrate-free formulation and a 29-gauge needle.

"Humira is the top-selling medicine of all time, but for those without insurance or who are underinsured, this therapy and other biologic medicines have been out of reach due to price," said Alex Oshmyansky, Co-Founder and CEO, Mark Cuban Cost Plus Drug Company. "Working with Coherus, a pioneer in the field of biosimilars, we are excited to disrupt the high-cost biologic space by offering YUSIMRY, a biosimilar of Humira, one of the highest cost drugs in America."

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ABBV Price Action: Shares of ABBV were down 3.30% at $133.41 at the time of publication, according to Benzinga Pro.

Image by Konstantin Kolosov from Pixabay