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.
- 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.
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DID YOU KNOW?
Fertility rates have hit a record low in the United States. The latest US government fertility statistics come from 2019, and they estimate there were 58.2 births year per 1,000 women of childbearing age (defined by the CDC as women between ages 15 and 44).
If you have ever struggled with infertility issues, or know someone who has, you are probably well aware of how demoralizing it can be. Imagine for a moment spending thousands of dollars and months of intensive medical procedure only to end up empty handed, exhausted, sad, and defeated because after all of that time, work, and money, you still don’t have a baby. That’s an incredibly difficult situation, and it’s becoming more common each passing year. Likewise, the need for more effective, less invasive infertility treatment options is increasing with each passing year. This is the sole focus of medtech company INVO Bioscience (NASDAQ: INVO). Learn more by reading the following story that we published recently.