Amgen Inc outlined the company’s long-term strategy during a Business Review meeting with analysts and investors in New York City.
Robert A. Bradway, chairman and chief executive officer at Amgen, opened the meeting by affirming the company’s core strategy will continue to focus on innovation, discovery and development of breakthrough molecules to address significant unmet medical needs, and manufacturing of high-quality biologics. “Amgen is in a unique position to capitalize on major advances in drug discovery and biologics manufacturing,” said Bradway. “We are making strategic investments to drive long-term growth and deliver for both patients and shareholders.”
The company is focused on differentiation of in-market products, new product launches, new and emerging markets but is also interested in biosimilars according to the press release. Amgen outlined plans to launch a portfolio of six new biosimilars beginning in 2017, and noted that biosimilars represent a multi-billion dollar growth opportunity for Amgen.
The target products are not emphasized in this latest press release but according to Reuters, the company plans to launch biosimilar versions of Roche Holding AG’s multibillion-dollar cancer drugs Avastin, Herceptin and Rituxan, as well as Eli Lilly and Co’s Erbitux.
“They went after six of the largest biologics in the market with a total of over $40 billion in revenue. But they laid out this big goal without a lot of specifics,” said RBC Capital Markets analyst Michael Yee, who is looking for details on pricing and the types of studies the company will conduct to bring its biosimilars to market.
The world’s largest biotechnology company believes it has a unique capability to become a major player in biosimilars once U.S. health regulators finalize the approval pathway for such drugs, which are not identical matches of the branded medicines in the manner of traditional generic versions of pills.
Source: Amgen, Reuters