Now that Genentech has been absorbed by Roche, Amgen holds the boasting rights to the title of world's leading biotech company. And it also faces the most direct threat from biosimilars, or follow-on biologics.
But Amgen CEO Kevin Sharer put a brave face on the company's prospects. Speaking to a group of investors, Sharer said the arrival of biosimilars won't hit biotechnology companies the way generics have hammered pharma companies. A smart biotech, he said, could maintain 30 percent to 50 percent of its revenue from a biologic even after a biogeneric competitor arrives on the market. Traditional therapies often lose 90 percent of sales soon after generics are approved.
With new biosimilar competition looming for Epogen and Neupogen, that's a major issue. Sharer also said he's looking forward to seeing new data on Sensipar for reducing calcification in blood vessels.
- read the report from Reuters