Biotechnology
Amgen's Q2 FY2026 revenue grew 10% to $10.1B and net income surged 66% to $2.4B, driven by volume and lower amortization, while biosimilar and IRA headwinds intensified on mature brands.
Key risk: U.S. Federal Drug Price Setting and MFN Pricing
The IRA's Medicare price setting has significantly cut ENBREL's net selling price by 22%, and Otezla faces similar cuts in 2027. The MFN pricing initiative and GENEROUS Model for Medicaid could extend price controls, further reducing revenue and profitability.
Other Biotechnology companies