Amgen (AMGN) is doubling down on its efforts to take on weight-loss kingpins Eli Lilly (LLY) and Novo Nordisk (NVO). But Amgen stock slipped late Tuesday on its mixed second-quarter report.
The biotech company is now planning to run a study of its highly anticipated obesity treatment, MariTide, later this year in patients with type 2 diabetes. The study will focus on patients with and without obesity.
Though the second-quarter report was "fairly uneventful," Mizuho Securities analyst Salim Syed said, "call commentary on obesity will trump all." MariTide uses a different mechanism from its already approved rivals to help patients lose weight.
Syed has a neutral rating on Amgen stock, which skidded 2.4% to 321.03 in late trades Tuesday. Shares were lingering in a buy zone after breaking out of a cup-with-handle base with a buy point at 322.60, according to MarketSurge.
Amgen Stock: Sales Skyrocket
Sales rocketed 20% to $8.39 billion, coming in above expectations for $8.35 billion, according to FactSet. But adjusted earnings missed forecasts at $4.97 a share. Analysts' expectations ranged from $4.98 to $5.07, RBC Capital Markets analyst Gregory Renza said in a client note.
Renza noted second-quarter outperformers included Amgen's biggest moneymaker, Prolia. Sales of the osteoporosis treatment jumped 13% to $1.17 billion, beating expectations for $1.09 billion to $1.11 billion, Renza said.
Notably, sales of products Amgen acquired alongside Horizon Pharma were mixed. Revenue from Tepezza, its thyroid eye disease treatment, missed forecasts at $479 million. But sales of gout treatment Krystexxa beat projections at $294 million.
Amgen raised the low end of its sales outlook and now expects $32.8 billion to $33.8 billion. At the midpoint, that topped analysts' call for $33.07 billion. The company also narrowed its profit guidance by 10 cents on either side to $19.10 to $20.10 a share. Amgen stock analysts projected $19.50.
https://www.investors.com/news/technology/amgen-stock-amgen-earnings-q2-2024/
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