Amgen Falters In Core Immunology Business, But Help Is On The Horizon
2023 Guidance Raised Even Before Deal Closing
Sales of Amgen’s key immunology drugs Otezla and Enbrel plunged in Q1, impacted by inventory and competition, but the company will add a new blockbuster when its Horizon acquisition closes in June.
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Sales of the Humira biosimilar increased double digits globally year over year, but declined 63% in the US versus Q1 due to inventory stockpiling.
The US Federal Trade Commission is taking a stand against rebating and bundling practices pharma companies use in negotiations with payers as it seeks to block Amgen’s $28bn acquisition of Horizon.
The second week of first-quarter earnings featured AbbVie’s announcement and a harsh stock price reaction. There were also far-reaching implications behind the results.