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By Deena Beasley
(Reuters) -Amgen reported a better quarterly revenue on Wednesday, pushed by a 24% rise in gross sales of medication for top ldl cholesterol and osteoporosis, and stated mid-stage trial outcomes for a probably profitable weight problems medication might be unveiled late this yr.
The U.S. biotech firm stated adjusted third-quarter earnings rose 13% from a yr earlier to $5.58 per share, beating the $5.11 estimate by analysts, in accordance with LSEG information.
Quarterly income of $8.5 billion was in step with analyst estimates of $8.52 billion.
The monetary outcomes have been considerably uneventful, BMO Capital Markets analyst Evan Seigerman stated in a analysis word, as investor focus shifts to the upcoming readout of Part 2 outcomes for the corporate’s experimental weight-loss drug MariTide.
Amgen (NASDAQ:) stated preliminary outcomes from the research might be introduced late this yr. The corporate has already arrange the subsequent spherical of scientific testing to probably present information enabling approval of the medication by regulators.
“We’re nicely superior in making ready to launch a broad Part 3 program for MariTide together with weight problems, obesity-related situations and kind 2 diabetes,” Amgen CEO Bob Bradway stated on a convention name.
Some analysts have forecast annual gross sales of recent weight-loss medicines reaching $150 billion within the subsequent decade.
“MariTide has the potential to be the primary remedy on this setting with month-to-month and even much less frequent dosing,” Chief Scientific Officer Jay Bradner stated on the decision.
Amgen has begun learning a distinct weight-loss drug candidate, referred to as AMG513, however few particulars have been disclosed.
The corporate additionally introduced plans for late-stage testing of experimental immunotherapy xaluritamig in males with superior prostate most cancers.
“We proceed to put money into analysis and improvement spending,” Chief Monetary Officer Peter Griffith instructed Reuters, noting that spending this yr is predicted to extend 25%.
Amgen shares, which closed at $315.54 in common Nasdaq buying and selling, have been down about 1% after hours.
Third-quarter gross sales of ldl cholesterol drug Repatha rose 40% to $567 million, whereas gross sales of osteoporosis therapy Prolia elevated 6% to $1.05 billion. Gross sales of older arthritis drug Enbrel fell 20% to $825 million.
Thyroid eye illness drug Tepezza, acquired with Amgen’s buyout final yr of Horizon Therapeutics (NASDAQ:), noticed gross sales rise 8% to $488 million.
For the total yr, Amgen narrowed its earnings outlook to between $19.20 and $20.00 per share, from $19.10 to $20.10. It additionally raised the midpoint of its income forecast and now expects $33 billion to $33.8 billion versus a earlier view of $32.8 billion to $33.8 billion.
Analysts, on common, had forecast earnings per share of $19.49 on income of $31.8 billion.
“If the weight problems information is nice,” traders have a tendency to look previous the ho-hum quarterly outcomes and tweaked steering, Jefferies analyst Michael Yee stated in a analysis word.
“If information is messy, traders might be extra pissed off,” on condition that Amgen’s prices are rising, he stated.
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