© Reuters. The brand of Amgen and a robotic miniature are seen on this illustration taken, July 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
By Deena Beasley
(Reuters) -Amgen on Tuesday mentioned its adjusted fourth-quarter revenue rose 15%, pushed by a 20% enhance in income following the biotechnology firm’s October acquisition of uncommon illness drugmaker Horizon Therapeutics (NASDAQ:).
For full-year 2024, the corporate mentioned it expects adjusted earnings per share of $18.90 to $20.30 on income of $32.4 billion to $33.8 billion. Analysts are estimating 2024 earnings of $20.02 per share and income of $32.7 billion.
“The guidance looks good and in line with consensus,” Jefferies analyst Michael Yee mentioned in an e-mail.
Investors are tightly targeted on Amgen (NASDAQ:)’s pipeline of experimental weight reduction medicine. The firm mentioned it’s on observe to report the primary human trial information for oral weight problems drug AMG786 within the first half of this 12 months, and to announce outcomes from a mid-stage trial of its lead injectable weight reduction candidate, MariTide, late this 12 months.
Yee mentioned it was encouraging that Amgen confirmed it’s on observe with MariTide and planning for a complete Phase 3 program throughout a number of makes use of.
“We think we have a really strong offering for these obesity-related diseases,” Murdo Gordon, Amgen’s industrial operations chief mentioned on a convention name, referring to the drug’s potential impact on illnesses like coronary heart failure and sleep apnea. The firm can be exploring whether or not MariTide drug will help individuals keep weight reduction.
Amgen’s fourth-quarter income totaled $8.2 billion, edging forward of analysts’ estimates of $8.1 billion, in response to LSEG information.
Excluding Horizon’s medicines, Amgen mentioned year-over-year product gross sales grew 5% as quantity development of 9% was partially offset by decrease web promoting costs.
Shares of Amgen, which fell 2% in common buying and selling on Tuesday to shut at $316.07, have been a fraction decrease at $316 after hours.
The firm’s fourth quarter adjusted earnings per share rose to $4.71 from $4.09 a 12 months earlier, beating analyst estimates of $4.61.
Quarterly product gross sales have been led by a 12% bounce to $1.1 billion for the osteoporosis drug Prolia. Sales of rheumatoid arthritis drug Enbrel fell 8% to simply over $1 billion.
Amgen’s $27.8 billion acquisition of Horizon was finalized after the U.S. Federal Trade Commission eliminated its oppositionin trade for Amgen agreeing to not use anticompetitive ways.
Amgen mentioned fourth quarter gross sales of Tepezza, Horizon’s thyroid eye illness drug, fell 5% from a 12 months earlier to $467 million, whereas gross sales of gout drug Krystexxa rose 30% to $280 million.
