Amgen Absorbs Horizon, Pitches Plans For New Rare Disease Growth Engine
Full-Year 2023 Guidance Raised By At Least $1bn
Now that Amgen has completed its $27.8bn acquisition of Horizon, the company can focus on how it will turn Tepezza back into a growth product and maintain momentum for Krystexxa and other assets.
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The company increased its full-year guidance in anticipation of Horizon’s Q4 contribution and sales for the quarter jumped 20%, but even excluding those drugs product sales were up 5%.
Amgen appointed R&D head David Reese as EVP and chief technology officer and recruited former Novartis executive Jay Bradner as EVP of R&D and chief scientific officer.
AbbVie’s $2.1bn write down of Imbruvica’s value is tied directly to Medicare drug price negotiations. Humira’s US biosimilar erosion continued as projected, while the Skyrizi/Rinvoq duo are set to top Humira peak sales by 2027.