Amgen Inc. on Tuesday reported fourth-quarter profits and sales that topped analysts’ expectations even as revenues dropped for one of its top sellers, the rheumatoid-arthritis drug Enbrel. The biotech company reported fourth-quarter net income of $767 million, or $1.42 per share, versus $1.62 billion, or $3.00 per share, in the year-earlier period. Adjusted per-share earnings of $4.71 topped the FactSet consensus of $4.59. Revenues totaled $8.196 billion in the quarter, up from $6.839 billion a year earlier and beating the FactSet consensus of $8.126 billion.
Amgen shares slipped 0.3% in after-hours trading. The results included $954 million in sales from Amgen’s recent acquisition of Horizon Therapeutics, including revenues from the thyroid eye-disease treatment Tepezza and chronic gout treatment Krystexxa, the drugmaker said. For the full year 2024, Amgen said it expects total revenues in the range of $32.4 billion to $33.8 billion and adjusted per-share earnings of $18.90 to $20.30. Enbrel, one of 10 drugs selected for the first found of Medicare drug-price negotiations under the Inflation Reduction Act, accounted for fourth-quarter sales of $1.015 billion, down 8% from the year-earlier period and falling short of analysts’ estimates. Lower net selling prices accounted for some of that decline, Amgen said, a trend that the company expects to continue as it pays higher rebates to maintain payer coverage. Cholesterol treatment Repath …
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Amgen shares slipped 0.3% in after-hours trading. The results included $954 million in sales from Amgen’s recent acquisition of Horizon Therapeutics, including revenues from the thyroid eye-disease treatment Tepezza and chronic gout treatment Krystexxa, the drugmaker said. For the full year 2024, Amgen said it expects total revenues in the range of $32.4 billion to $33.8 billion and adjusted per-share earnings of $18.90 to $20.30. Enbrel, one of 10 drugs selected for the first found of Medicare drug-price negotiations under the Inflation Reduction Act, accounted for fourth-quarter sales of $1.015 billion, down 8% from the year-earlier period and falling short of analysts’ estimates. Lower net selling prices accounted for some of that decline, Amgen said, a trend that the company expects to continue as it pays higher rebates to maintain payer coverage. Cholesterol treatment Repath …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]