TD Cowen analyst Charles Rhyee notes that Cigna (CI) has just announced that starting on January 1, 2025, the company intends to distribute biosimilar adalimumab through its specialty distributor CuraScript, and not through Cencora (COR), which currently distributes branded Humira for Evernorth. The firm estimates the impact of Evernorth removing branded Humira from its commercial formulary in 2025 to be “minimal” to Cencora’s FY25 adjusted EPS as it reminds investors the the bigger biosimilar opportunity for distributors is on the medical benefit side, not the lower margin pharmacy benefit side. TD Cowen has a Buy rating and $271 price target on Cencora shares.
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