UPDATE 1-Amgen income falls barely as Lilly COVID deal contributes much less
(Provides FTC data request, share transfer)
By Sriparna Roy and Michael Erman
Jan 31 (Reuters) – Amgen Inc on Tuesday stated its fourth-quarter income fell barely as a 4% enhance in gross sales of its personal medicine was offset by decrease income from its deal to fabricate COVID-19 antibody remedies for Eli Lilly and Co.
Amgen reported income of $6.84 billion for the quarter, down from $6.85 billion a yr in the past, however forward of analysts’ estimates of $6.77 billion, in keeping with Refinitiv information.
Amgen partnered with Lilly in 2020 to extend the provision of its COVID-19 antibody remedies. U.S. well being regulators pulled the authorization for Lilly’s final COVID antibody in November after figuring out it could not be efficient in opposition to at present circulating coronavirus variants.
The biotechnology firm’s listed “different income,” which incorporates the manufacturing deal, fell to $287 million from $575 million final yr.
Amgen product gross sales had been led by a 14% soar in osteoporosis drug Prolia to a quarterly document of $992 million.
Adjusted earnings per share decreased to $4.09 from $4.40 a yr in the past, simply lacking analyst estimates of $4.10.
The biotechnology firm forecast 2023 income of $26 billion to $27.2 billion, excluding the impression of its anticipated acquisition of Horizon Therapeutics Plc. The corporate expects to offer an up to date forecast as soon as that deal closes.
Analysts estimate $27.17 billion in income for the complete yr, in keeping with Refinitiv. Amgen shares had been off lower than 1% in prolonged buying and selling.
Earlier in December, Amgen agreed to purchase Horizon in a deal valued at $27.8 billion, fortifying its uncommon ailments portfolio with the entry to blockbuster thyroid eye illness remedy Tepezza.
“The introduced acquisition of Horizon Therapeutics, which we count on to finish within the first half of this yr, represents a compelling alternative to serve extra sufferers and strengthen our progress profile,” Amgen Chief Government Robert Bradway stated in a press release.
Amgen stated on Tuesday that the Federal Commerce Fee had requested extra data for its evaluate of the deal. Final week, U.S. Senator Elizabeth Warren requested antitrust regulator for extra scrutiny of the acquisition, saying it might trigger worth will increase on lifesaving medicine and stop rivals from getting into the market.
Earlier on Tuesday, Amgen launched Amjevita, the primary U.S. biosimilar of AbbVie Inc’s huge-selling arthritis remedy Humira. It started promoting it in Europe in October 2018 after Humira first went off patent.
(Reporting by Sriparna Roy in Bengaluru and Michael Erman in Maplewood, New Jersey; Enhancing by Invoice Berkrot)