Could This Biosimilar Drug Candidate Be a Winner for Amgen?
The pharmaceutical industry is fraught with risk and also filled with opportunity. On one hand, the average new drug took many years of clinical research and cost approximately $1 billion to bring to market between 2009 and 2018.
However, a portion of drugs that are able to receive FDA approval go on to become blockbusters, grossing more than $1 billion in annual revenue. This arguably makes the risks of the industry well worth it. For example, AstraZeneca's (NASDAQ: AZN) rare disease drug for patients with paroxysmal nocturnal hemoglobinuria (PNH) known as Soliris is on pace to record over $4 billion in sales in 2022.
This time of massive, uncontested sales will soon be coming to an end, however, because Amgen's (NASDAQ: AMGN) biosimilar to Soliris, ABP 959, will be able to launch in the U.S. in March 2025. So how effective is ABP 959? And how much could it generate in annual revenue for Amgen? Let's dive into ABP 959's recent clinical trial results and the potential market to answer these questions.
Source Fool.com
