Results may vary

The first handful of outcomes-based deals notched by Amgen Inc. and Novartis AG for new drugs in the U.S. provide early lessons for companies thinking about testing similar pricing models. The first is that companies should expect different insurers and PBMs to want to track different endpoints depending on their business goals.

The second is that real risk-sharing deals - in which drug manufacturers not only pay for suboptimal drug performance, but also share in the upside of better-than-expected performance - are not attractive to some payers at current drug pricing levels...