Amgen Boosts Outlook Despite Pressure on Some Drugs
(Bloomberg) -- Amgen Inc. boosted its financial outlook for the year, after the drugmaker posted better-than-expected results in the third quarter despite an erosion in some treatment prices.
- The company said it expects adjusted earnings per share for the full year of $16.50 to $17.10, up from a previous forecast of $16 to $17. Adjusted earnings for the third quarter were $4.67 a share, above the $4.27 Wall Street analysts were expecting.
- Cholesterol treatment Repatha saw sales jump 33% from a year earlier despite a lower net selling price, as volume growth surged, including a 64% jump in the U.S.
- Sales of Amgen’s psoriasis drug Otezla increased 13% from a year ago despite lower prices as well. Seen as a key growth driver for Amgen, the treatment faces looming competition from Bristol Myers Squibb Co., which could bring a rival therapy to market next year.
- But Enbrel, Amgen’s top-selling drug, saw sales slip 3% from the same period last year. Faced with more competition, Amgen said it expects a downward trend in the price the drug commands to continue.
- Lumakras, a new lung-cancer treatment that was cleared by U.S. regulators in May, brought in $36 million in sales in the quarter, in line with the $35.9 million expected by analysts.
Amgen shares fell 1.7% in late trading in New York on Tuesday. Through the close, the stock had declined 6.8% this year.
- The Thousand Oaks, California-based biotech’s revenue reached $6.7 billion, a 4% increase that was in-line with analyst forecasts. See more details.
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