Amgen’s Biosimilars Business Dips As Key Contributors Face Fresh Competition
Company Remains Confident That Future Launches Will See It Meet Ambitious Targets
Two of Amgen’s flagship biosimilar products saw a notable drop in sales in Q1 in the face of increased competition, but impending launches are expected to put the unit back on track.
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While Amgen’s Amjevita (adalimumab-atto) has yet to secure an interchangeability designation, company executives appear confident this will have little impact on their Humira biosimilar’s competitiveness overall.
First quarter revenue of $6.2bn and product sales of $5.7bn were up 6% and 2%, respectively, year over year. However, a looming – and potentially growing – tax liability is a multibillion-dollar overhang.
Amgen has reported positive preliminary results from a Phase III study for its ABP 654 proposed ustekinumab biosimilar rival to Stelara, for which the firm also intends to pursue an interchangeability designation.