⚠ LEQVIO, PRALUENT and a Lower PriceModerate threat

Amgen (AMGN) — threat to the moat

Repatha competes with LEQVIO and PRALUENT mainly on price, and Amgen expects to cut its net price again in 2026.

Repatha does not sell alone. Amgen's 10-K names two competitors: LEQVIO from Novartis, and PRALUENT from Regeneron and Sanofi1. Both compete for the same patients whose cholesterol stays high on statins.

Repatha against its named rivalsRepatha, 2025 sales$3,016MRepatha, Q2 2026 growth+37%Net price, 2026 outlookdown about mid-single digitsLEQVIONovartisPRALUENTRegeneron and SanofiUS antibody patentAugust 2029Amgen Form 10-K FY2025; FY2025 and Q2 2026 results releases
Growth bought with price.

Competition in this class has been conducted mostly through price. Repatha's growth came after its price fell, and the 10-K says Amgen expects its net selling price to decline by approximately mid-single digits in 20262. That is a planned cut, made to keep formulary access against rivals and against the benefit managers who choose between them.

Volume has so far compensated. Repatha's sales rose from $2,222 million in 2024 to $3,016 million in 20253 and to $953 million in the second quarter of 20264. But a drug that grows by cutting price needs ever more patients, and at some point the eligible pool of patients who cannot reach their cholesterol target on statins is largely treated.

There is also Medicare. Repatha was Amgen's second-largest product after Prolia in 20255, and it was launched in 20156. A drug of that age and size is the kind the Inflation Reduction Act was designed to reach.

What would sharpen this threat is a quarter in which Repatha's volume growth falls below its price decline. Growth of 37% in the second quarter of 20267 is far from that; a drop into single digits before the 2029 antibody patent expiry would say the rivals and the price cuts have caught up.

References
  1. ReportedAmgen's 10-K names two competitors: LEQVIO from Novartis, and PRALUENT from Regeneron and Sanofi.
    Amgen Form 10-K for fiscal 2025 - Item 1 patents, biosimilars and competitors. — FY2025 · publ. 13 February 2026 · source ↗
  2. ReportedRepatha's growth came after its price fell, and the 10-K says Amgen expects its net selling price to decline by approximately mid-single digits in 2026.
    Amgen Form 10-K for fiscal 2025 - Item 1 patents, biosimilars and competitors. — FY2025 · publ. 13 February 2026 · source ↗
  3. ReportedRepatha's sales rose from $2,222 million in 2024 to $3,016 million in 2025 and to $953 million in the second quarter of 2026.
    Amgen fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - product sales for 2024-2025, non-GAAP EPS and 2026 guidance. — FY2025 · publ. 3 February 2026 · source ↗
  4. ReportedRepatha's sales rose from $2,222 million in 2024 to $3,016 million in 2025 and to $953 million in the second quarter of 2026.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: Repatha, EVENITY, Prolia and XGEVA. — Q2 2026 · publ. 4 August 2026 · source ↗
  5. ReportedRepatha was Amgen's second-largest product after Prolia in 2025, and it was launched in 2015.
    Amgen fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - product sales for 2024-2025, non-GAAP EPS and 2026 guidance. — FY2025 · publ. 3 February 2026 · source ↗
  6. ReportedRepatha was Amgen's second-largest product after Prolia in 2025, and it was launched in 2015.
    Amgen Form 10-K for fiscal 2025 - Item 7 MD&A: product sales, sales deductions and customer concentration. — FY2025 · publ. 13 February 2026 · source ↗
  7. ReportedGrowth of 37% in the second quarter of 2026 is far from that; a drop into single digits before the 2029 antibody patent expiry would say the rivals and the price cuts have caught up.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: inflammation, rare disease and established products, and sales by region. — Q2 2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 28, 2026