Amgen doubled down on its decision to slash the list price of one of its newest drugs, Repatha, listing it for all patients at $5,840 per year.
The Thousand Oaks-based biotech giant reduced the list price by 60 percent for some patients for the cholesterol medication a year before, and the announcement Oct. 24 discontinues the original list price by the end of 2019, extending the discount to Medicare Part D patients.
With third quarter earnings due next week, Repatha netted Amgen $293 million in revenue in the first half of 2019, up 3 percent from the prior year. The drug was the fastest growing product in Amgen’s portfolio in 2018, but a judge overturned a jury decision in August that would have blocked sales of a competing drug from Sanofi and Regeneron.
“One year ago, Amgen announced a commitment to improve patient affordability, particularly for Medicare patients, in order to ensure that every patient who needs Repatha, gets Repatha,” said Amgen’s head of global commercial operations, Murdo Gordon.
Shares for Amgen edged down a third of a percent Oct. 24 to $202.72.
• Contact Marissa Nall at [email protected]