AbbVie 'Surprised, Disappointed' by House Panel Subpoena Plan

The House Oversight and Reform Committee said it would subpoena information from AbbVie about its Humira and Imbruvica drugs.
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AbbVie  (ABBV) - Get Report shares were lower Tuesday after Congress scolded the drugmaker for refusing to provide information as part of its probe into drug price plans. 

House Oversight and Reform Committee Chairwoman Carolyn Maloney (D-New York) said she was planning to issue a subpoena to the company. 

The move, she said, would follow months during which she failed to get data from AbbVie about two of its biggest drugs: anti-inflammatory drug Humira and cancer drug Imbruvica. 

AbbVie told CNBC that it was "surprised and disappointed" by the committee's decision to subpoena the company. 

"We've been working cooperatively with the House Oversight Committee since we received their initial letter in January 2019," the company said in a statement.

"In fact, we've provided thousands of documents and have had numerous conversations with the Committee staff. We will continue to work in good faith with them on this important subject."

The House panel began investigating the pricing practices of 12 drug companies that sell the 19 most expensive medications for patients. 

The committee claims that multiple requests for information on Humira and Imbruvica, which drew 2019 revenue of $19.2 billion and $4.6 billion, respectively, were ignored by the company. 

Two letters requesting more information were sent by a former committee chairman, Elijah Cummings, to the 12 companies under investigation. (Cummings died in October.)

A third letter was sent only to AbbVie, suggesting it was the only company to fail to comply with the committee's request. The letter said the company's responses were "woefully inadequate."

AbbVie shares were down 39.% to $92.04 at last check.