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Data: Company documents; Chart/Axios Visuals

Sales of Remicade, Johnson & Johnson's blockbuster drug that treats autoimmune and inflammatory diseases, are declining. But the drug still controls more than 90% of the market and commands a high U.S. price tag even though cheaper versions have existed for almost 3 years.

The bottom line: Biosimilar competition for Remicade "is essentially a failed market," Bernstein pharmaceutical analyst Ronny Gal wrote in a note to investors yesterday.

Driving the news: Biosimilars have fared much better in Europe, especially for Remicade competitors.

  • Remicade's price has fallen 21% in the U.S. since cheaper alternatives have been approved, but its price has dropped 74% in European countries, according to Bernstein.
  • Meanwhile, many U.S. hospitals that administer Remicade don't offer a biosimilar.
  • A lawsuit from Pfizer, which makes a Remicade competitor, alleges Johnson & Johnson has made sweetheart deals with health insurers to prefer Remicade.

Looking ahead: "We expect adoption to remain sluggish," Gal wrote.

Go deeper: Biosimilars have failed to take off

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Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 18,643,633 — Total deaths: 703,127 — Total recoveries — 11,206,409Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,811,128 — Total deaths: 157,690 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Florida surpasses 500,000 confirmed casesFauci calls U.S. coronavirus testing delays "totally unacceptable."
  4. Business: America's next housing crisis.
  5. States: Virginia launches contact tracing app using specs from Apple and Google.
  6. Politics: White House, Democrats remain "trillions of dollars apart" on stimulus talks.
33 mins ago - World

How new tech raises the risk of nuclear war

Illustration: Annelise Capossela/Axios

75 years after Hiroshima and Nagasaki, some experts believe the risk of the use of a nuclear weapon is as high now as it has been since the Cuban missile crisis.

The big picture: Nuclear war remains the single greatest present threat to humanity — and one that is poised to grow as emerging technologies, like much faster missiles, cyber warfare and artificial intelligence, upset an already precarious nuclear balance.

White House, Democrats remain "trillions of dollars apart" on stimulus talks

Meadows and Mnuchin. Photo: Alex Wong/Getty Images

The Trump administration and Democrats have not agreed to any "top-line numbers" and remain "trillions of dollars apart" on coronavirus stimulus negotiations, White House chief of staff Mark Meadows said Wednesday.

The state of play: Meadows told reporters, "At this point we’re either going to get serious about negotiating and get an agreement in principle or — I’ve become extremely doubtful that we’ll be able to make a deal if it goes well beyond Friday.”