Amgen third quarter sales rise 8%, led by cholesterol, cancer drugs

By Deena Beasley Nov 3 (Reuters) – Amgen on Tuesday said third-quarter sales rose 8%, led by demand for cholesterol drug Repatha and newer medicines Imdelltra for lung cancer and rare disease therapy Uplizna, as the company moves ​ahead with development of its high-profile experimental weight-loss drug MariTide. The California-based drugmaker’s ‌adjusted earnings rose 14% from a year earlier to $6.45 per share, handily beating analysts’ expectations of $5.79, according to LSEG data. Amgen’s net earnings per share increased 19% to $7.08. Quarterly revenue of $10.4 billion exceeded the average Wall Street estimate of $10.1 billion. Amgen raised its full-year outlook to adjusted earnings of $22.90 to $23.70 ‌per ​share on revenue of $38.9 billion to $39.7 billion. It had ⁠previously projected 2026 earnings of $22.30 ⁠to $23.50 per share on revenue of $38.2 billion to $39.4 billion. Analysts are estimating 2026 adjusted EPS of $23.02 on revenue of $38.9 billion. Initial results from Amgen’s broad group of Phase 3 MariTide trials are not expected until next year, as the company looks ​to break into a weight-loss market some analysts forecast could be worth $150 billion annually in the next decade. The drug, which is an injection given as infrequently as ⁠four times a year, is being tested for ⁠treating obesity and related conditions, including sleep apnea and heart ​disease. “The strength of our commercial portfolio, combined with important clinical advances and a promising late-stage ​pipeline, reinforces our confidence in Amgen’s ability to deliver durable growth ‌well into the next decade,” CEO Robert Bradway said in a statement. Sales of Repatha rose 37% for the quarter to $1.09 billion, slightly ahead of analysts’ expectations of $1.04 billion. Repatha, a PCSK9 drug given monthly or every two weeks by injection, is facing ⁠new competition from Merck’s daily pill Lipfendra. Sales of bone drug Evenity rose 39% to $751 million, beating analysts’ estimates of $724 million. Sales of older osteoporosis drug Prolia fell 45% to $632 million, ⁠missing the $697 million forecast ‌by analysts, as patent expirations led to increased competition. Uplizna sales ⁠jumped 191% from a year ago to $451 million, while sales ​of Imdelltra ‌rose 128% to $406 million. Quarterly sales of Tavneos, approved to ​treat a rare ⁠autoimmune disease, fell 2% to $105 million. Amgen said it continues to engage with the US Food and Drug Administration, which in April proposed withdrawal of the drug, citing a lack of proven effectiveness and concerns about the integrity of trial data. The company said it believes Tavneos has a favorable benefit-risk profile. (Reporting By Deena Beasley in Los Angeles; ​Editing by Bill Berkrot)