Amgen's Impressive Earnings Beat Shows Strength Amidst Challenges

Amgen reported quarterly financial results that surpassed Wall Street expectations, driven by a 12% sales increase. The company's full-year outlook was raised as sales of Repatha soared, although Enbrel saw declines due to Medicare price changes. Upcoming studies on experimental drug MariTide are anticipated.

Amgen, a California-based biotech giant, has exceeded Wall Street expectations with its quarterly financial results, owing to a significant 12% rise in sales, despite challenges from MariTide-associated expenses and tax hikes.

The company's third-quarter revenue surged to $9.56 billion, outpacing analysts' projections of $8.97 billion, while adjusted earnings per share increased to $5.64, surpassing forecasts. Mizuho analyst Salim Syed described the performance as a 'decent beat and raise' as multiple products recorded strong sales.

Amgen also revealed a 40% boost in Repatha sales but faced a 30% decline in Enbrel due to Medicare-induced price cuts. The biotech firm plans to release data from key mid-stage MariTide studies by year-end, as it raises its full-year earnings outlook.

(With inputs from agencies.)