Amgen owes $406 million for monopolizing cholesterol drug market, US jury says

By Blake Brittain

May 15 (Reuters) - A federal jury in Delaware said on Thursday that biotech company Amgen AMGN.O owes competitor Regeneron REGN.O more than $406 million for engaging in anticompetitive behavior to increase sales of its cholesterol-reduction drug Repatha at the expense of Regeneron's rival drug Praluent.

The jury agreed with Regeneron that Amgen unlawfully bundled Repatha with two of its blockbuster anti-inflammatory drugs to persuade pharmacy benefit managers to buy it instead of Praluent.

The verdict includes $271.2 million for Regeneron in punitive damages. Amgen said in a statement that it "has always competed fairly and in compliance with the antitrust laws" and "look[s] forward to post-trial proceedings."

"Larger companies should not be allowed to use anticompetitive tactics to push competitors out of the market," Regeneron CEO Leonard Schleifer said in a statement.

Tarrytown, N.Y.-based Regeneron filed the lawsuit in 2022, accusing Amgen of engaging in an anticompetitive scheme to drive Amgen's drug out of the market. Thousand Oaks, California-based Amgen denied the allegations and countered that Regeneron's business decisions caused lost Praluent sales.

Regeneron earned more than $241 million from sales of Praluent in the U.S. last year, while Amgen made over $1.1 billion from U.S. Repatha sales, according to company reports.