Lower-Cost Competitors Hit Amgen's Blockbusters

Q1 revenue was roughly in line with expectations, but product sales were lower than consensus as multiple blockbusters faced generic competitors and biosimilars – a scenario the company prepared investors for earlier this year.

earnings report — Amgen's earnings included big declines, some rising sales for key products. • Source: Shutterstock

Amgen Inc.'s legacy products saw significant declines in the first quarter in the face of generics and biosimilars, but the firm is confident newer products can eventually pick up the slack. However, sales of its new migraine therapy Aimovig (erenumab) declined from the fourth quarter.

Amgen said when it reported $23.7bn in full-year 2018 revenue that it expected 2019 revenue to be about $1bn-$2bn lower,...

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