Editor's Note: This article was updated on Apr 24, 2018 at 5:05 PM PDT
On a conference call to discuss 1Q18 earnings call, Amgen Inc. (NASDAQ:AMGN) EVP of Global Commercial Operation Anthony Hooper said the biopharma is "prepared to talk to payers about risk-based contracts with Aimovig."
This quarter, Amgen expects to launch migraine prevention candidate, which is under FDA review with a May 17 PDUFA date. Aimovig erenumab is a human mAb that inhibits the calcitonin gene-related peptide (CGRP) receptor. Amgen said Aimovig is poised to be a first-in-class CGRP antibody for the indication.
Express Scripts Holding Co. (NASDAQ:ESRX) told BioCentury that it is advising Amgen and other manufacturers to launch CGRP-targeted migraine therapies at a list price more in line with the price they actually expect to receive, rather than the usual strategy of setting high list prices and then lowering the cost through large rebates. The PBM is also pushing the manufacturers to refund two-thirds of the cost of a migraine drug if a patient stops treatment within 90 days, either because it didn't work or led to major adverse events.
For the quarter, Amgen reported non-GAAP EPS of $3.47, up 10% from 1Q17 and ahead of the consensus estimate of $3.22. Revenues for the period grew 2% to $5.6 billion; the Street was expecting $5.4 billion.
The company now expects non-GAAP EPS of $12.80-$13.70 and sales of $21.9-$22.8 billion in 2018. Previously, Amgen guided to $12.60-$13.70 and $21.8-$22.8 billion.
Sales of PCSK9 inhibitor Repatha evolocumab rose 151% to $123 million. The Street's forecast was $103.8 million.
Amgen also expects to launch Amgevita, a biosimilar of Humira adalimumab from AbbVie Inc. (NYSE:ABBV), in Europe this year. Adalimumab targets TNF alpha.
Amgen, which annouced its earnings after market close, fell $2.72 to $171.94 on Tuesday.
Consensus figures provided by FactSet.