Reportedly, Amgen (AMGN) released Q4 revenue reporting a 3% increase driven by the sales of a COVID-19 antibody treatment it has partnered with Eli Lilly and Co. (LLY). However, sales its of own legacy drugs dropped 1%, amid pricing pressure from lower-cost competition.
The Dow 30 component reported $4.36 per share, exceeding the average analyst forecast of $4.08. Revenue for the quarter came in at $6.85 billion, close to analyst expectations of $6.87 billion. Sales volume for the quarter increased 7% but was outweighed by lower inventory levels and lower net selling prices as competition from cheaper generics and biosimilars lowered prices for its migraine, arthritis, and cholesterol-lowering drugs.
Amgen informed that sales of its osteoporosis drug Prolia increased 17% from a year earlier to $873 million for the quarter, but sales of arthritis drug Enbrel dropped 13% to $1.11 billion. Quarterly sales of newer cancer drug Lumakras reported $45 million, which was short of analyst estimates of $58 million.
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