How did biosimilar entry finally change Humira's position?

Slowly at first, then abruptly. After biosimilars launched in 2023, their share stayed around 2% to 3% because PBM formularies largely kept branded Humira. That changed on April 1, 2024, when CVS Caremark removed Humira from its major national commercial formularies, preferring biosimilars including its own Cordavis private label. By October 2024 biosimilar share at CVS had reached about 22%.

For 2025 all three big PBMs shifted formularies to their private-label biosimilars. AbbVie adapted by supplying a Cordavis co-branded product, launching lower-priced versions and shifting patients to Skyrizi and Rinvoq. The result is that AbbVie has retained substantial immunology revenue, while PBMs, rather than independent biosimilar makers, have captured much of the Humira market.