CVS - CVS Health Just Created a New Problem For Viatris. Here's What You Need to Know
2023-09-01 08:30:00 ET
On Aug. 23, CVS Health (NYSE: CVS) announced that it's launching a new subsidiary focused on biosimilar drugs. That business, Cordavis, will start by seeking to commercialize a biosimilar to AbbVie 's blockbuster Humira. That could mean trouble on the horizon for Viatris (NASDAQ: VTRS) . As a generic medicine manufacturer, the last thing it needs is another powerful competitor looking to grab a share of the most lucrative markets.
Here's what you need to know about the situation and how it might affect your investing thesis for Viatris stock.
Humira (adalimumab) is one of the most successful drugs of all time, bringing in more than $21 billion in revenue for AbbVie in 2022 even as multiple biosimilars of it hit the market in the E.U. and U.S.
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CVS Health Just Created a New Problem For Viatris. Here's What You Need to Know