Shares of Amgen rally 11% after Q1 earnings
Shares of Amgen Inc. rallied more than 11% in the extended session Thursday after the drugmaker posted adjusted earnings above expectations and said that plans for further trials for its weight-loss drug are proceeding apace.
Amgen said that it expects data from an ongoing phase 2 study of MariTide, an injectable weight-loss drug, late in the year. The drugmaker said that plans for a "comprehensive" phase 3 program remain on track.
Amgen (AMGN) lost $113 million, or 21 cents a share, in the quarter, contrasting with earnings of $2.8 billion, or $5.28 a share, in the first quarter of 2023.
It pinned the loss on higher operating expenses, including those related to its acquisition of Horizon Therapeutics. The acquisition, which ran against regulatory hurdles, was completed in October.
Adjusted for one-time items, Amgen earned $3.96 a share, above expectations of $3.88 a share, according to FactSet.
The drugmaker's revenue rose 22% to $7.45 billion, meeting the FactSet consensus. Product sales were up 22%.
Sales of Repatha, Amgen's cholesterol drug, increased 33% year over year to $517 million, the company said. Its Prolia osteoporosis drug generated sales of $999 million in the quarter, up 8% year-over-year.
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