New Cholesterol Drug Falls Short as Sales Driver for Amgen
- Sales of its biggest brand, Enbrel, also down 15% on year
- Biotech reaffirmed annual revenue guidance despite the decline
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Amgen Inc.’s new cholesterol drug is still struggling to gain traction, missing analysts’ estimates at a time when the biotechnology giant is anxious for its newer drugs to make up for slowing sales of its older ones.
Sales of the drug, called Repatha, in the first quarter were $49 million, the company said in a statement Wednesday. That was far short of the $71.6 million average of analysts’ estimates compiled by Bloomberg.