By Deena Beasley
(Reuters) -Amgen reported the next quarterly revenue on Wednesday, pushed by a 24% rise in gross sales of medicine for top ldl cholesterol and osteoporosis, and stated mid-stage trial outcomes for a doubtlessly profitable weight problems drugs 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, based on LSEG information.
Quarterly income of $8.5 billion was in keeping with analyst estimates of $8.52 billion.
The monetary outcomes had been considerably uneventful, BMO Capital Markets analyst Evan Seigerman stated in a analysis notice, as investor focus shifts to the upcoming readout of Section 2 outcomes for the corporate’s experimental weight-loss drug MariTide.
Amgen (NASDAQ:) stated preliminary outcomes from the examine might be introduced late this yr. The corporate has already arrange the subsequent spherical of medical testing to doubtlessly present information enabling approval of the medication by regulators.
“We’re properly superior in making ready to launch a broad Section 3 program for MariTide together with weight problems, obesity-related circumstances and sort 2 diabetes,” Amgen CEO Bob Bradway stated on a convention name.
Some analysts have forecast annual gross sales of latest 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 finding out a distinct weight-loss drug candidate, generally known as AMG513, however few particulars had 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 spend money on analysis and growth spending,” Chief Monetary Officer Peter Griffith advised Reuters, noting that spending this yr is predicted to extend 25%.
Amgen shares, which closed at $315.54 in common Nasdaq buying and selling, had 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 remedy 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 complete 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,” buyers will be predisposed to look previous the ho-hum quarterly outcomes and tweaked steering, Jefferies analyst Michael Yee stated in a analysis notice.
“If information is messy, buyers might be extra pissed off,” on condition that Amgen’s prices are rising, he stated.
