⁍ Amgen’s third-quarter adjusted profit rose 17% due to stronger sales of drugs such as osteoporosis treatment Prolia.
⁍ The company said more patients had resumed interacting with their doctors in the third quarter than earlier in the health crisis.
⁍ Sales of Prolia rose 11% to $701 million, ahead of the average analyst estimate of $688 million.
– Drugmaker Amgen reported better-than-expected third-quarter earnings Wednesday, helped by stronger sales of osteoporosis drug Prolia and psoriasis medication Otezla. The company said more patients had resumed interacting with their doctors in the third quarter than earlier in the health crisis, but prescribing volumes remained ‘modestly below’ pre-pandemic levels, reports Reuters. Amgen said Otezla is expected to maintain its double-digit year-on-year volume growth trend. The company raised its full-year adjusted earnings forecast to $15.80 to $16.15 per share, from a previous range of $15.10 to $15.75, and narrowed its revenue estimate. It now expects revenue of $25.1 billion to $25.5 billion versus it prior forecast of $25.0 billion to $25.6 billion. The company reported a third-quarter adjusted profit $4.37 per share, beating the average estimate of $3.81 per share, as compiled by Refinitiv. Revenue for the quarter rose 12% to $6.4 billion, in line with analyst estimates of $6.38 billion. Sales of Prolia rose 11% to $701 million. Otezla, acquired from Celgene Corp in November, had sales of $538 million for the quarter. Amgen said Otezla is expected to maintain its double-digit year-on-year volume growth trend, adding that as an oral pill, it is less affected by COVID-19. Sales of Amgen’s older arthritis drug Enbrel fell 3% year-on-year to $1.3 billion as the drug continued to lose market share.
Source: https://www.reuters.com/article/us-amgen-results/osteoporosis-drug-helps-amgen-third-quarter-profit-beat-estimates-idUSKBN27D2ZV