AbbVie down 7%. Humira sales down 25% As Biosimilars Hammer Away At Sales

AbbVie (ABBV) stock crumbled Thursday after the first approved biosimilar copycat to launch in the U.S. hammered away at Humira's legendary sales.
Though Amgen's (AMGN) biosimilar, dubbed Amjevita, launched halfway through the first quarter, global sales of immunology blockbuster Humira slumped more than 25% to $3.54 billion. Wall Street projected a steeper 30% decline, but Amjevita is only the first biosimilar to hit U.S. shelves. According to GoodRx, seven more are expected to launch in the U.S. this year.