Amgen posts strong Q3 as new drugs lift sales

Investing.com -- Amgen beat Wall Street estimates for third-quarter profit and revenue on Tuesday, lifted by broad product strength and continued momentum in newer therapies such as Repatha and Tezspire.

The California-based biotech reported earnings of $5.64 a share, excluding items, topping analysts’ estimate of $5.04, on revenue that rose 12% to $9.56 billion. Product sales climbed 12% as higher volumes offset lower prices, with sixteen drugs posting double-digit growth.

Repatha, used to lower cholesterol, jumped 40% to $794 million, while bone drug Evenity rose 36% to $541 million.

Asthma therapy Tezspire grew 40% to $377 million.

Prolia, its biggest seller, increased 9% to $1.1 billion, though Amgen warned of erosion ahead as biosimilar rivals launch in the United States.

Operating income rose to $2.5 billion, with margins improving, but expenses climbed due to investment in its experimental weight-loss drug MariTide and a $400 million impairment charge on psoriasis pill Otezla. The company generated $4.2 billion in free cash flow during the quarter.

Amgen said it expects data later this year from two mid-stage studies of MariTide, which targets obesity and diabetes, and has completed enrollment in two late-stage trials.

The drug combines GLP-1 and GIP pathway effects and is seen as a key entrant in the fast-growing obesity market.

For 2025, Amgen forecast adjusted earnings of $20.60 to $21.40 a share and revenue between $35.8 billion and $36.6 billion, slightly above analysts’ expectations at the midpoint.

Shares rose 2.7% in after-hours trading.

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