Abstract
Big pharma firms reported steady revenues for the first half of the year. But beneath that calm, they have been working furiously to reshape their businesses for future survival. The period was marked by divestments and acquisitions meant to strengthen their research engines. Several firms are grappling with patent losses on top-selling products. For example, revenues are flagging at AbbVie because of its reliance on the arthritis treatment Humira. Although Humira won’t see generic competition in the US until 2023, biosimilar launches in Europe caused sales of the drug to decline nearly 32% in the first 6 months of 2019, to $9.3 billion. AbbVie is counting on its recently announced acquisition of Allergan to breathe life back into its business. The $63 billion deal gives AbbVie a portfolio of specialty pharmaceuticals, including the lucrative wrinkle eraser Botox. The purchase of Allergan is among the largest in a wave of transactions
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