Amgen on IRA's drug price negotiations: 'Material adverse effect' on sales, business and operations
Biologic powerhouse Amgen is making clear that President Biden’s signature law authorizing Medicare drug price negotiations is going to have a negative impact on the company moving forward, although how negative remains unknown.
“The IRA’s drug pricing controls and Medicare redesign is likely to have a material adverse effect on our sales (particularly for our products that are more substantially reliant on Medicare reimbursement), our business and our results of operations,” Thousand Oaks, CA-based Amgen said in an SEC filing this morning.
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