Eye on Pharma: Biogen Will Increase Its Stake in Samsung Bioepis
Jeffrey Capello, executive vice president and chief financial officer, divulged that Biogen intends to exercise its option to increase its stake in the Samsung Bioepis joint venture. Currently, Samsung BioLogics holds 94.6% of the company, and Biogen owns the remaining 5.4%.
Biogen, one partner in the biosimilar development company Samsung Bioepis, reported total revenues of $3.1 billion in its first quarter 2018 business update call. While most of Biogen’s earnings—up 11% from the same period in 2017—derived from its drugs targeting multiple sclerosis, Jeffrey Capello, executive vice president and chief financial officer, said that biosimilars brought in $128 million in revenues, up from $66 million in the first quarter of 2017.
Approximately 80,000 patients are now taking Biogen’s biosimilars, said Capello, and the uptake of Benepali, a European Medicines Agency—approved etanercept biosimilar referencing Enbrel, is estimated to have produced an €800 million (approximately $970 million) annual savings in Europe.
Biogen sees the potential for even greater biosimilar growth ahead; earlier this month, together with Samsung, Biogen reached an agreement with AbbVie, the maker of the reference adalimumab (Humira). The settlement ended patent litigation over the reference drug and will allow commercialization of Samsung Bioepis’ approved adalimumab biosimilar, Imraldi, in Europe beginning in October 2018. Capello said that the adalimumab biosimilar will be a growth driver for the business in the days ahead.
Capello also divulged that Biogen intends to exercise its option to increase its stake in the Samsung Bioepis joint venture. Currently, Samsung BioLogics holds 94.6% of the company, and Biogen owns the remaining 5.4%. According to Reuters, Biogen has the option to increase its stake in the joint company to as much as 49.9%. That investment, says Korean media outlet The Investor, could be worth as much as $370 million.
Currently, Samsung Bioepis’ pipeline includes etanercept, infliximab (approved and launched in the United States as Renflexis), adalimumab, insulin glargine (tentatively approved in the United States as a follow-on insulin product), trastuzumab (for which a Biologics License Application was filed with the FDA in late 2017), and bevacizumab.
HHS Praises Biosimilars Savings but Opportunities to Reduce Part B Spending Remain
November 28th 2023Although biosimilars have already generated savings for Medicare Part B programs and beneficiaries, opportunities for substantial reductions in spending remain, according to a report from the HHS.
Biosimilar Business Roundup for October 2023—Podcast Edition
November 5th 2023On this episode, we discuss the biggest news to come out of October 2023, including 3 regulatory approvals, 2 complete response letters, and new data and industry insights that have the potential to impact the entire US biosimilar industry.
Eye on Pharma: Adalimumab Updates; New Eylea Biosimilar Lawsuit; Canada Gains Stelara Biosimilar
November 22nd 2023Several companies make moves to further their adalimumab biosimilars, Regeneron sues Celltrion over biosimilar for Eylea (aflibercept), and Health Canada grants marketing authorization for biosimilar referencing Stelara (ustekinumab).
Biosimilars Business Roundup For August 2023—Podcast Edition
September 5th 2023On this episode, we’re giving an overview of some of the biggest stories in the business space regarding biosimilars, like the approval of the first neurology biosimilar, growth projections from company quarterly expense reports, and some analyses about the health of the market.
AMCP Nexus: Panelists Share Current Scope of Biosimilar Industry
October 26th 2023Panelists at the Academy of Managed Care Pharmacy (AMCP) Nexus meeting chronicled the current state of the US biosimilar market, including current policies impacting the market, recent regulatory decisions, and the developing arguments around requirements for clinical efficacy studies.
Report: Conflicting Guidelines, Rebate Walls Are Major Factors Determining Biosimilar Uptake
October 24th 2023Samsung Bioepis’ most recent biosimilar market report identified inconsistent medical guidelines, challenges with access and rebates, and acute vs chronic treatment duration as major factors influencing biosimilar uptake in the United States.
