Amgen CEO Kevin Sharer tells The New York Times that in a crisis "people's hair is on fire. Confidence is challenged. We're not there." But at the article makes painfully clear, even though their hair isn't on fire, Amgen is beginning to look like one of those stumbling pharma giants who can't get anything right. New data on its blockbusters Aranesp and Epogen suggests they may be harmful to patients' health while new data on Vectibix also points to safety problems and will limit its market. The analysts have been quick to note that the biotech company's revenue is likely to grow only incrementally. And some are raising doubts about the abilities of the Amgen executive team, which for years was lionized for a series of dramatic successes. Their hair may not be on fire yet, but it's definitely getting badly mussed.
- read the article in The New York Times
ALSO: One in four patients taking Aranesp died in a recent cancer study, a rate that's about five points higher than the mortality rate for patients taking a placebo. Release