Amgen, Inc. reported double-digit sales declines in the first quarter for two of its big anti-inflammatory brands – Otezla (apremilast) and Enbrel (etanercept) – showing weakness in immunology, an area where the company usually thrives. However, the company will close its $27.8bn acquisition of Horizon Therapeutics plc in June, bringing in a new blockbuster product with the thyroid eye disease drug Tepezza (teprotumumab), that should help Amgen return to growth in its key therapeutic area.
Total Q1 revenues decreased 2% year-over-year to $6.11bn, just below analyst consensus of $6.12bn, primarily due to a loss in “other revenue” from the company’s COVID-19 manufacturing collaboration
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