Abbott's Humira: a key step towards market leadership in psoriasis

Implications: European approval for Humira in psoriasis is a key step towards leadership over the other monoclonal antibodies already approved - and because this is the most valuable category, leadership also of the total psoriasis market. In April 2007 Abbott submitted this indication for approval to the FDA as well as for Europe. When US approval is obtained, as seems likely early in 2008, Abbott will be in a position to achieve global market leadership in psoriasis with Humira. This is mainly because it can be administered every other week by sub-cutaneous injection, which is more convenient than the modes of administration of its monoclonal competitors. It enables patients to inject Humira at home.

Analysis: Although head-to-head clinical trials are lacking, on Phase III evidence Humira also appears to be superior to Enbrel (etanercept, Amgen/Wyeth) - perhaps much more so.

Humira already has sales of well over $2 billion on the basis of other previously approved indications - a firm foundation to extend growth into psoriasis.

Abbott has one other promising monoclonal product for psoriasis in advanced clinical development: ABT-874, and it is possible that this could cannibalize sales of Humira to an extent if, as seems quite likely, it also reaches the market for psoriasis.