Amgen's Q1 2024 net revenues up 22%
Amgen has announced significant financial and strategic developments in the first quarter of 2024. The company reported a 22% increase in total revenues, reaching $7.4 billion, compared to the same period last year. This impressive growth was primarily driven by a 22% rise in product sales and a 25% increase in volume growth, with ten of its products achieving double-digit volume growth.
Key contributors to this growth included several notable products. Hyperlipidemia immunotherapy Repatha (evolocumab) and osteoporosis treatment Evenity (romosozumab-aqqg) showed year-over-year growth rates of 33% and 35%, respectively. The severe asthma medication Tezspire (tezepelumab-ekko) experienced an 80% year-over-year increase, while Tavneos (avacopan), a treatment for anti-neutrophil cytoplasmic autoantibody-associated vasculitis, saw an impressive 122% rise in sales. Additionally, revenue from Amgen's leading osteoporosis treatment, Prolia, grew by 8%, generating $999 million in the first quarter.
Despite these positive figures, Amgen's non-GAAP earnings per share (EPS) slightly decreased by 1% to $3.96. This dip was attributed to higher operating and interest expenses following the company's acquisition of Horizon Therapeutics. The acquisition, valued at $27.8 billion, was approved by the US Federal Trade Commission in October 2023.
Amgen is also making strategic moves in the obesity treatment market, which is currently dominated by industry leaders such as Novo Nordisk and Eli Lilly. The company has shared promising interim results for its multispecific gastric inhibitory polypeptide receptor (GIPR) inhibitor, MariTide (maridebart cafraglutide, AMG 133). MariTide is being evaluated in a Phase II study for the treatment of adults who are overweight or obese, with or without type 2 diabetes mellitus. During an investor call on May 2, Chief Scientific Officer James Bradner expressed optimism about MariTide's interim results. The study's topline data is expected to be available by late 2024.
In contrast, Amgen has decided to halt the development of another obesity treatment candidate, AMG 786, despite completing a Phase I study. This decision was also confirmed by James Bradner during the investor call.
According to analysts from GlobalData, the pharmaceutical industry is expected to continue its focus on obesity treatments. There is a demand for therapies that offer stronger efficacy, leading to significant weight loss and the maintenance of weight loss benefits.
In conclusion, Amgen's first quarter of 2024 has been marked by strong financial performance and strategic developments in its product portfolio. The company continues to focus on expanding its market share in key therapeutic areas, including obesity treatment, while also managing the financial impacts of its recent acquisition of Horizon Therapeutics.
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