Amgen Quarterly Earnings Comes In Below Estimates – $AMGN $DIA $LLY $INVO

Published Feb 08, 2023
Amgen
Biotech & Healthcare
Market News

By John F. Heerdink, Jr.

Reportedly, Amgen Inc. (AMGN) quarterly earnings were slightly below estimates as a 4% increase in sales of its own drugs was outweighed by lower revenue from its deal with Eli Lilly and Co to manufacture COVID-19 antibody treatments. In 2020, Amgen partnered with Lilly to increase the supply of its COVID-19 antibody treatments, however in November the U.S. health regulators held back the authorization after concluding it would not be effective against currently circulating coronavirus variants.

Quarter Highlights:

Amgen reported revenue of $6.84 billion for the quarter, a drop from $6.85 billion a year ago, but ahead of estimates of $6.77 billion.
The product sales were led by a 14% jump in osteoporosis drug Prolia to a quarterly record of $992 million.
Adjusted earnings per share decreased to $4.09 from $4.40 a year ago, missing estimates of $4.10.
The biotechnology company forecast 2023 revenue of $26 billion to $27.2 billion, excluding the impact of its anticipated acquisition of Horizon Therapeutics Plc. Analysts estimate $27.17 billion in revenue for the full year.

Earlier in December, Amgen agreed to buy Horizon in a deal valued at $27.8 billion, strengthening its rare diseases portfolio with the access to blockbuster thyroid eye disease treatment Tepezza.

“The announced acquisition of Horizon Therapeutics, which we expect to complete in the first half of this year, represents a compelling opportunity to serve more patients and strengthen our growth profile,” stated Amgen Chief Executive Robert Bradway.

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