ABBV

U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and will face a penalty under a new federal law.The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including  rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the…

Pharmaceutical companies raised list prices of 983 arthritis, cancer and other prescription drugs by an average of 5.6% at the start of this year—restrained increases as the industry faces a new federal law aimed at lowering medicine costs. Pfizer Inc., Novartis AG and Eli Lilly & Co. are among the companies that took the price increases through Jan. 31, according to 46brooklyn Research, a nonprofit drug-pricing analytics group. In recent…

AbbVie Inc.’s ABBV 0.65% arthritis therapy Humira is set to face its first competition in the U.S. from a near-identical copycat, the end of the exclusive run of what was for years the country’s biggest-selling drug.After two decades of patent protection and more than $135 billion in U.S. sales, Humira will contend with the near-identical version from Amgen Inc. AMGN 0.17% starting Tuesday, Amgen said. Other Humira…

Pharmaceutical companies are grappling with the arrival in the U.S. of sweeping new legislation meant to blunt drug prices. The impact in 2023 may actually be higher drug prices. President Biden last year signed into law the bill dubbed the Inflation Reduction Act, empowering Medicare, the country’s biggest buyer of prescription drugs, to negotiate how much it pays for certain high-price therapies. Another provision set a cap on price increases that requires drugmakers to pay Medicare rebates on treatments whose prices…

Starting next year the highest-grossing drug of all time, AbbVie ABBV 0.14% ‘s Humira, will finally face competition from copycat biologics in the U.S. Yet the makers of the complex generics known as biosimilars won’t necessarily be the biggest winners. The top beneficiaries could instead be the middlemen such as Cigna CI 1.27% and CVS Health, CVS…

Johnson & Johnson JNJ 1.22% is a name familiar to generations of consumers for its baby powder, Band-Aid bandages and Tylenol medicines. The new home of those medicine-cabinet mainstays is known by practically no one. J&J said Wednesday that it would name the company that will house its consumer-health products Kenvue. The healthcare-products giant said last year that it would separate that unit, with $15 billion in annual…

The U.S. Food and Drug Administration approved a new antiwrinkle treatment that could be the most formidable challenger to date to market leader Botox.For about two decades, Botox, now sold by AbbVie Inc., has dominated the aesthetic-drug market it helped pioneer, racking up tens of billions of dollars in sales and successfully fending off challengers. The FDA’s approval of Revance Therapeutics Inc.’s Daxxify introduces a new rival that doctors and analysts said…

The IRS says that Amgen underreported its taxable income by nearly $24 billion from 2010 to 2015 by inappropriately attributing what the agency says should have been U.S. profits to a Puerto Rico subsidiary that oversees manufacturing of the company’s drugs. Amgen’s dispute with the IRS is the latest example of heightened government scrutiny of the international tax practices of pharmaceutical, technology and other companies. For Amgen, the dispute has pressured its share price and raised the risk that its tax…

A little more than one-third of S&P 500, or 175 companies, are scheduled to report earnings in the coming week, according to FactSet. The list includes 12 members of the Dow Jones Industrial Average. Google parent company Alphabet Inc. GOOG -5.81% and Facebook owner Meta Platforms Inc. META -7.59% also are expected to release earnings. Additional companies with quarterly updates on tap…

Illinois-based AbbVie Inc. makes the bulk of its profits from arthritis drug Humira on sales in the U.S., but the company reports almost all its taxable income in foreign subsidiaries, according to a Senate Finance Committee report that criticizes the pharmaceutical company’s use of entities in Bermuda and Puerto Rico to reduce its tax burden.The Democratic staff report details how AbbVie Biotechnology Ltd., a Bermuda-based AbbVie subsidiary with no employees or significant operations in…