In this news, we discuss the Osteoporosis drug helps Amgen third-quarter profit beat estimates.
(Reuters) – Amgen Inc AMGN.O on Wednesday said its adjusted third-quarter profit rose 17% due to higher drug sales, including the osteoporosis treatment Prolia and the recently acquired psoriasis drug Otezla.
The higher than expected results were partially offset by falling drug prices and the effects of the COVID-19 pandemic.
The biotech company said more patients started interacting with their doctors again in the third trimester than at the start of the health crisis, but prescription volumes remained “slightly below” pre-pandemic levels.
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 reduced its revenue estimate . He now expects revenues of $ 25.1 billion to $ 25.5 billion, up from $ 25.0 billion to $ 25.6 billion.
Amgen also lowered its expected tax rate for 2020 to 13% to 14% from 13.5% to 14.5%.
The company reported adjusted third-quarter earnings of $ 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 analysts’ estimates of $ 6.38 billion.
Prolia’s sales rose 11% to $ 701 million, ahead of analysts’ average estimate of $ 688 million.
Psoriasis drug Otezla, acquired from Celgene Corp in November, posted revenue of $ 538 million for the quarter, below analysts’ expectations of $ 587 million.
Sales of Amgen Enbrel’s older arthritis drug fell 3% year over year to $ 1.3 billion as the drug continued to lose market share in the during the quarter. This still exceeded analysts’ expectations of $ 1.26 billion.
Amgen’s posted net income of $ 2.02 billion, or $ 3.43 per share, compared to profit of $ 1.97 billion, or $ 3.27 per share, a year ago.
Reporting by Deena Beasley; Editing by Bill Berkrot
Original © Thomson Reuters