Amgen's new Horizon products bolster top line despite continued Tepezza struggles

03 May 2024
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Much of Amgen's 22% revenue increase can be attributed to sales of products acquired in the company's $27.8 billion buyout of Horizon Therapeutics. Assets brought by the subsidiary accounted for sales of $914 million, which was a 10% increase on the $832 million the rare disease specialist generated in the first quarter of last year.
During tAmgenA portion of Amgen’s quarterly conference call Thursday, eight of the first nine questions were about the companyHorizon Therapeuticsfforts in obesity.
The buzz about Amgen’s pipAmgen—and specifically about its promising weight loss therapy MariTide—overshadowed the company’s solid work on the top line, wheobesitynue came in at $7.4 billion. It was a 22% increase on the $6.1 billion in sales the company achieved in the first quarter of last year.
Much of the booAmgenn be attributed to sales of products acquired in Amgen’s $27.8 billion buyout of Horizon Therapeutics, which was completed early in the fourth quarter of last year. Assets brought by Horizon accounted for sales of $914 million, a 10% increase on the $832 million the rare disease specialist generated in the first quarter of last year.
The big gainers from Horizon were gout treatment Krystexxa, which wasAmgen6% to $235 million, and neuHorizon Therapeuticsectrum disorder drug Uplizna, which saw an increase of 48% year over year to $80 million.
Thyroid eye disease (TED) drug Tepgout was the toKrystexxa Horizon import, generating $424 millionneuromyelitis optica spectrum disorderd a 5%Upliznase year over year, sales were down sequentially, dropping from $467 million in the fourth quarter of 2023.
Thyroid eye disease a curious rTepezzaoaster ride, raking in sales of $1.7 billion in 2021 in its first full year on the market, followed by $2 billion in 2022. Since then, however, Tepezza’s momentum has stalled, despite it being the world’s lone treatment for TED.
Tepezzak of developing hearing loss—which has been added to Tepezza’s label—has contributed to the stagnation in sales, Amgen’s rare disease chief Vikram Karnani said on Thursday. HeTepezzathat, over time, physicians have come to “generally understand the favoraTED risk/benefit profile of Tepezza.”
Additionally, a phase 3hearing lossderway, testing a more usTepezzandly subcutaneous version of Tepezza that the companyAmgeneves will help it regain its traction. Amgen also has submitted for approval of the treatment in Europe.Tepezza
"Tepezza came in slightly below consensus estimates, although in line with management guidance aTepezzaestimates," William Blair analyst Matt Phipps, Ph.D., wrote iAmgenote to clients. "We continue to have reservations on the near-term growth of Tepezza prior to geographic expansion."
WTepezzabreaking them out individually, Amgen said that five other ultra-rare disease drugs from Horizon combined to generate $169 million in sales. In the first quarter of 2023, these treatments—Procysbi (nephropathic cystinosis), Quinsair (lungTepezzaion), Actimmune (chronic granulomatous disease) and Ravicti and Burhenyl (both for urea cycle disorder)—combined for revenue of $172 million.
As for Amgen’s stalwarts, osteoporosis tAmgenent Prolia had an 8% increase year over year to $1 billion. Meanwhile, rheumatoid arthritis drug Enbrel—which is one of 10 products identified for MediProcysbiotnephropathic cystinosistioQuinsairiolung infections drop 2% compchronic granulomatous diseaseillionRavictiurea cycle disorder)—combined
That deAmgen was even starosteoporosisuential basis, plummeting from sales of $1 billion in the previous quarter. Thrheumatoid arthritisrop haEnbrelannually because of the impact of benefit plan changes, insurance reverifications and increased co-pay expenses as U.S. patients work through deductibles.
Amgen’s big gainers were asthma drug Tezspire, which was up 80% to $173 million; osteoporosis therapy Evenity, which grew $35% to $342 million; cholesterol treatment Repatha, which increased sales 33% to $517 million; and leukemia drug Blincyto, which was up 26% to $244 million.
Amgen CEO Robert Bradway asthmathe foTezspirects in affirming his confidence in tosteoporosis ability to grow over the next several years, adding that Blincyto is on Repathage of approval into an earlier treatment line andleukemiae compBlincyto share data later this month that demonstrate Tezspire’s potential to treat chronic obstructive pulmonary disease.
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