ABBV’s share-price decline this week can be explained by the broad biotech sell-off as well as heightened fears that PBMs and other third-party payers will pressure Humira pricing in the next few years, perhaps by encouraging adoption of Humira FoBs.
Assigning causation is dicey.
But I think that there is a perception ABBV shot themselves in the foot by too aggressive a discount.
After seeing what Express Scripts was able to accomplish by way of 'instructing' the provider to write a script for xyz instead of abc, no matter if it's superior or inferior, I think we're now seeing how the Bio's will become interchangeable without any government involvement.