Re: Amgen's Otezla Revenue Split by US versus Rest of World (ROW)
I think Amgen is in real trouble with Otezla. First, they overpaid for it. Second, they are getting squeezed on both ends. Early in the algorithm, the novel topicals are not only delaying systemic use, they are replacing some of it. On the back end of the algorithm, Tremfya and Skyrizi are growing rapidly. I watch the IQVIA numbers every day and that's who's winning NBRX. Sadly, Sotyktu isn't getting it done. The biggest writer in the nation has less than 20 scripts. Too much of the business is simply give away in the HUB. As the dermatology market becomes more and more used to PASI90 and PASI100, the ILs gain more and more NBRX. The loser is Otezla. It's as if their brand doesn't even fight back. They do virtually nothing from a DTC or HCP perspective to fight back. I guess they know and will just milk it down the glide path. Takeda will price and rebate their Nimbus product with the learnings of Sotyktu and knowing Otezla will be generic.