USA – Amgen, the multinational biopharmaceutical company, has reported strong third-quarter earnings, despite mixed performances among its key products.
The California-based biopharma company reported US $8.5 billion in revenue for Q3 2024, reflecting a 23% increase compared to the same quarter in 2023, aligning closely with analyst expectations of US $8.51 billion.
The non-GAAP earnings-per-share (EPS) stood at US $5.58, surpassing the projected US $5.13.
CEO Robert Bradway attributed the company’s robust performance to 10 of its products achieving “double-digit or better sales growth.”
Leading the charge was Blincyto, an acute lymphoblastic leukemia therapy, which saw a remarkable 49% year-over-year sales increase, generating US $327 million and exceeding projections by 19%.
The cardiovascular drug Repatha posted a 40% rise in sales, bringing in US $567 million—6% above estimates.
Lumakras, a targeted treatment for non-small cell lung cancer, also demonstrated strong momentum, with sales jumping 88% year-over-year to US $98 million, surpassing projections by 18%.
Mixed results for top products
However, not all products met expectations. The thyroid eye disease therapy Tepezza brought in US $488 million, falling 4% short of forecasts, while osteoporosis medication Prolia reported US $1.05 billion in sales, 6% below analyst predictions.
Enbrel, Amgen’s long-standing autoimmune treatment, faced a 20% drop in sales, earning US $825 million and underperforming by 10% against estimates.
Boost from Horizon Therapeutics acquisition
Amgen’s US $27.8 billion acquisition of Horizon Therapeutics, finalized last year, bolstered its rare disease portfolio, contributing US $1.2 billion to Q3 sales.
Tepezza has shown a gradual resurgence under Amgen’s management, despite previous peaks of $616 million per quarter in 2021.
“Tepezza still has significant potential,” stated Vikram Karnani, head of global commercial operations and medical affairs for rare diseases, emphasizing that the U.S. patient base for thyroid eye disease exceeds 100,000, with current market penetration in single digits.
Amgen’s biosimilar segment, described by CEO Bradway as “industry leading,” is set to expand with the launch of Wezlana, a biosimilar to Johnson & Johnson’s Stelara, expected next year.
The recent approval of Pavblu, a biosimilar to Regeneron’s Eylea, saw a successful U.S. launch backed by positive feedback, according to Murdo Gordon, head of global commercial operations.
Trials for biosimilar versions of oncology treatments like Bristol Myers Squibb’s Opdivo and Merck’s Keytruda are also underway.
Raising financial outlook
Strong sales prompted Amgen to revise its 2024 revenue projection upward to a range of US $33 billion to US $33.8 billion, marking a US $200 million increase at the lower end.
The company anticipates continued success driven by its high-performing products such as Repatha and the asthma therapy Tezspire, co-developed with AstraZeneca.
