Jan 31, 2023
Amgen Reports Sales, Profit That Outpace Wall Street Estimates
(Bloomberg) -- Amgen Inc. reported fourth-quarter sales and profit that beat Wall Street’s expectations, with several of the company’s top-selling drugs exceeding projections.
- Fourth-quarter revenue amounted to $6.84 billion, above the $6.76 billion average of analysts’ estimates. Adjusted earnings of $4.09 narrowly beat the average estimate of $4.08.
- Amgen projected revenue of $26 billion to $27.2 billion, compared to the analyst consensus of $28.05 billion. Adjusted earnings are seen at $17.40 to $18.60 a share, not including the pending acquisition of Horizon Therapeutics. Some analysts’ 2023 projections include that deal while others do not, the company said.
- Several of the company’s top selling medicines, including bone drug Prolia, heart drug Repatha, and cancer drug Kyprolis, brought in more revenue than analysts expected. The company cited high sales volume in a press release.
- On the other hand, some products that are facing new competition disappointed. Lung cancer drug Lumakras, which is competing with Mirati Therapeutics Inc.’s Krazati, brought in $71 million in sales in the quarter, below the estimate of $96 million. And psoriasis medication Otezla, which competes with Bristol-Myers Squibb Co’s Sotyktu, had $616 million in sales, also falling short.
- The results included the first full quarter of sales for Tavneos, which the company acquired as part of the October purchase of drug company ChemoCentryx, Inc., a deal worth $3.7 billion. The medicine, which treats severe acute ANCA-associated vasculitis, a disease that damages small blood vessels, brought in $21 million.
- Shares of the Thousand Oaks, California-based company were little changed in extended-trading at 4:03 p.m. in New York.
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