Amgen Inc. on Tuesday reported fourth-quarter earnings and gross sales that topped analysts’ expectations whilst revenues dropped for one in every of its prime sellers, the rheumatoid-arthritis drug Enbrel.
The biotech firm reported fourth-quarter internet earnings of $767 million, or $1.42 per share, versus $1.62 billion, or $3.00 per share, within the year-earlier interval. Adjusted per-share earnings of $4.71 topped the FactSet consensus of $4.59. Revenues totaled $8.196 billion within the quarter, up from $6.839 billion a 12 months earlier and beating the FactSet consensus of $8.126 billion.
Amgen shares slipped 0.3% in after-hours buying and selling.
The outcomes included $954 million in gross sales from Amgen’s current acquisition of Horizon Therapeutics, together with revenues from the thyroid eye-disease remedy Tepezza and power gout remedy Krystexxa, the drugmaker mentioned.
For the complete 12 months 2024, Amgen mentioned it expects complete revenues within the vary of $32.4 billion to $33.8 billion and adjusted per-share earnings of $18.90 to $20.30.
Enbrel, one in every of 10 medication chosen for the primary discovered of Medicare drug-price negotiations underneath the Inflation Reduction Act, accounted for fourth-quarter gross sales of $1.015 billion, down 8% from the year-earlier interval and falling in need of analysts’ estimates. Lower internet promoting costs accounted for a few of that decline, Amgen mentioned, a development that the corporate expects to proceed because it pays increased rebates to keep up payer protection.
Cholesterol remedy Repatha additionally missed analysts’ expectations, with $417 million in complete fourth-quarter gross sales.
Osteoporosis drug Prolia was a vivid spot within the quarter, with $1.1 billion in gross sales, up 12% from a 12 months earlier and beating analysts’ expectations.
Amgen shares have gained greater than 16% over the previous three months as buyers eyed the corporate’s potential within the obesity-drug market. Amgen researchers on Monday revealed an early-stage research of the drugmaker’s experimental weight problems drug, often called AMG133 or MariTide, a possible competitor to Eli Lilly & Co.’s
LLY,
lately authorised Zepbound.
Patients taking MariTide misplaced as much as 14.5% of their physique weight after 85 days, in response to the research, and in some instances saved weight off for 150 days after their final dose.
The less-frequent dosing of MariTide, given as soon as each 4 weeks, may supply extra comfort for sufferers and fewer manufacturing burden than once-weekly injections like Zepbound and Novo Nordisk’s
NOVO.B,
Wegovy, BMO Capital Markets analyst Evan David Seigerman wrote in a notice Monday. Investors are anticipating full part 2 trial outcomes for MariTide later this 12 months.
Amgen shares
AMGN,
have gained 9.7% within the 12 months up to now, whereas the S&P 500
SPX
has gained 3.9%.
Source web site: www.marketwatch.com
