Amgen Falters In Core Immunology Business, But Help Is On The Horizon

2023 Guidance Raised Even Before Deal Closing

 
• By Mandy Jackson
  
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Sales of Amgen’s key immunology drugs Otezla and Enbrel plunged in Q1, impacted by inventory and competition, but the company will add a new blockbuster when its Horizon acquisition closes in June. 

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Amgen expects to close its Horizon buy in late June • Source: Shutterstock

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...

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