Amgen Meets Analyst Forecasts as It Fights Off Biosimilar Rivals
(Bloomberg) -- Amgen Inc., maker of the blockbuster arthritis drug Enbrel, reported first-quarter earnings that were mostly in line with analysts' expectations, even as the company attempts to fight off biosimilar threats to its top sellers.
- The drugmaker reported adjusted earnings per share of $3.56, above the median analyst forecast of $3.47. Total revenue of $5.56 billion compared with expectations of $5.54 billion.
Key Insights
- While sales of Enbrel grew 4 percent to $1.15 billion, a threat from a type of generic competition looms. This week, Amgen sought to block a biosimilar version of Enbrel from Samsung Bioepis Co. from entering the market. It previously challenged a competing drug from Novartis AG's Sandoz unit.
- A bet to slash the list price of cholesterol fighter Repatha appears to be paying off. Sales increased 15 percent year-over-year in the first full quarter the drug was available at the new price. The $141 million in sales fell below expectations of $157 million, but when measured by volume Repatha surged.
- Citing growth of new products and an expanding drug pipeline, Amgen raised the bottom end of it revenue guidance. It now expects total 2019 revenue of $22.0 billion to $22.9 billion, up from $21.8 billion to $22.9 billion.
Market Reaction
- Amgen shares fell about 1 percent in late trading. They were down 7.9 percent this year through Tuesday's close.
Get More
- To read more details on the results, click here
To contact the reporter on this story: Kristen V. Brown in San Francisco at kbrown340@bloomberg.net
To contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Mark Schoifet, Timothy Annett
©2019 Bloomberg L.P.
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