Shares of
Amgen
were falling Tuesday even after the biotechnology company easily beat quarterly earnings estimates and raised revenue guidance.
Amgen
(ticker: AMGN) posted third-quarter adjusted earnings of $4.96 a share, better than Wall Street estimates of $4.78 and higher than $4.70 a year earlier.
Revenue was $6.9 billion, slightly short of the $6.92 billion analysts had penciled in.
Shares of Amgen were down 3.5% to $254 in premarket trading Tuesday.
Third-quarter sales of inflammation drug Amjevita/Amgevita rose 30% year over year, boosted by 53% volume growth, partially offset by lower prices, according to Amgen, while sales of Prolia, one of the company’s general medicine treatments, jumped 14% from a year ago, boosted by a 7% increase in volume and higher prices.
Otezla sales fell 10% from the year-ago quarter, and management said demand for the inflammation drug will continue to be impacted by free drug programs through the rest of the year.
Enbrel sales dropped 6%, while volume tipped higher, lifted by an increase in new patients starting treatment thanks to better payer coverage. “For the remainder of 2023, we expect this improved coverage will lead to growth in new patients and declining net selling price,” the company said in the release.
For 2023, the company raised its revenue guidance range to $28 billion and $28.4 billion, higher than a prior range of $26.6 billion to $27.4 billion. It narrowed its forecast for adjusted earnings per share to a range of $18.20 and $18.80, compared to an earlier call for $17.80 to $18.80.
“We are excited about our pipeline progress and our operating performance in the third quarter,” said Chairman and CEO Robert Bradway in the earnings release. “With the completion of the Horizon acquisition, Amgen has added rare disease medicines that fit well with our broad innovative portfolio.”
Earlier this month, Amgen completed its acquisition of Horizon Therapeutics in a deal valued at about $27.8 billion.
Write to Emily Dattilo at [email protected]
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