AbbVie loses $8B in market cap on steeper Humira erosion

AbbVie Inc. (NYSE:ABBV) lost $5.34 to $80.54 on Friday, representing a loss of almost $8 billion in market cap, after announcing it expects a higher rate of erosion in ex-U.S. sales on autoimmune drug Humira adalimumab in 2019 than previously guided. During AbbVie's 4Q18 earnings conference call Friday, EVP and CFO William Chase said the company now expects a 30% decrease in 2019 global Humira revenues due to biosimilar competition in Europe and other ex-U.S.