Amgen Q1 Sales Up 4%, Beats EPS Amid FDA Scrutiny

Core Earnings Highlights

Amgen reported a 4% increase in first-quarter product sales, with total revenue reaching $8.6 billion, a 6% rise from the previous year. The biotechnology firm's adjusted earnings per share grew by 5% to $5.15, significantly surpassing analysts' consensus estimate of $4.76.

Performance and Drug Pipeline

Growth was primarily driven by a 34% sales surge for its cholesterol drug Repatha, which generated $876 million. In contrast, sales of the osteoporosis drug Prolia fell by 34%. The company also confirmed it is moving forward with a broad Phase 3 development program for its experimental weight-loss drug, MariTide.

Regulatory Updates and Outlook

Amgen is currently engaging with the U.S. Food and Drug Administration regarding a proposal to withdraw approval for its autoimmune drug Tavneos. The company has submitted a label amendment to address concerns. Despite this challenge, Amgen raised its full-year 2026 financial outlook, projecting higher revenue and adjusted earnings per share.

Summary

Amgen's robust first-quarter performance, supported by key drug sales, has enabled an optimistic long-term forecast. Investor attention is now focused on the progression of the promising weight-loss drug MariTide and the resolution of regulatory matters concerning Tavneos.

FAQ

Q: What were Amgen's key financial results for the first quarter?
A: Amgen reported a 4% rise in product sales, a 6% increase in total revenue to $8.6 billion, and an adjusted EPS of $5.15, which beat market expectations.

Q: Which Amgen drug was a top performer?
A: The cholesterol drug Repatha was a standout performer, with its sales increasing by 34% year-over-year to $876 million.

Q: What is the status of Amgen's weight-loss drug?
A: Amgen is advancing its experimental GLP-1 drug, MariTide, through an extensive Phase 3 trial program for obesity and related conditions.

Source: Investing.com