Amgen’s Q3 Sales Beat Consensus, But Two Key New Drugs Fell Short

Revenue from migraine prophylaxis Aimovig shrank from Q2 levels, while cholesterol-lowering Repatha volume increased, but sales came in below consensus.

Business report — Aimovig and Repatha were below consensus, but Enbrel, Evenity and biosimilars beat expectations. • Source: Shutterstock

Even though Amgen Inc. continues to see sales of multiple blockbuster products decline due to biosimilar and generic competition, the company reported better than expected third quarter 2019 revenue of $5.74bn, down 3% year-over-year, but above analyst consensus of $5.62bn. However, sales of newer drugs needed to make up for declining sales of older products fell short of expectations.

Amgen’s sales of Aimovig (erenumab) for migraine prevention totaled $66m, down from $83m in the second quarter, the company revealed...