Amgen revenue, gross sales fall on decrease drug costs; shares drop 3.4% By Reuters

© Reuters. FILE PHOTO: An Amgen signal is seen on the firm’s workplace in South San Francisco By Deena Beasley (Reuters) -U.S. biotech Amgen Inc (NASDAQ:) on Tuesday mentioned its first-quarter gross sales and revenue fell attributable to a 7% drop in its internet drug costs and the COVID-19 pandemic, which continued to restrict affected



© Reuters. FILE PHOTO: An Amgen signal is seen on the firm’s workplace in South San Francisco

By Deena Beasley

(Reuters) -U.S. biotech Amgen Inc (NASDAQ:) on Tuesday mentioned its first-quarter gross sales and revenue fell attributable to a 7% drop in its internet drug costs and the COVID-19 pandemic, which continued to restrict affected person interactions with healthcare suppliers.

Amgen shares had been down 3.4% at $246.50 after hours.

The corporate’s quarterly adjusted earnings per share fell 12% from a 12 months earlier to $3.70, wanting the $4.04 forecast by Wall Avenue analysts, as calculated by Refinitiv.

Income for the quarter fell 4% to $5.9 billion – additionally under analyst estimates of $6.26 billion. Internet revenue fell 8% to $2.83 per share.

“They’re sometimes weakest within the first quarter attributable to seasonality in affected person volumes after which bounce in Q2 on a restoration in shopping for patterns and affected person volumes,” Jefferies (NYSE:) analyst Michael Yee mentioned in an e mail.

For the total 12 months, Amgen mentioned it nonetheless expects adjusted earnings of $16.00 to $17.00 per share on income of $25.8 billion to $26.6 billion, however lowered its internet EPS forecast to a spread of $9.11 to $10.71 from a earlier $12.12 to $13.17. The corporate mentioned it now expects a 2021 internet tax charge of 14% to fifteen.5% – up from a earlier estimate of 11% to 12.5%. Its adjusted tax charge is now forecast at 13.5% to 14.5%, in contrast with the earlier 13% to 14%.

“We felt the influence of the pandemic in January and February, and we started to see a restoration in March, a pattern that appears to be holding in April as properly,” Amgen Chief Govt Robert Bradway mentioned on a convention name with buyers.

Firm officers mentioned Amgen continues to anticipate 2021 internet promoting costs for its medication to fall by a charge within the mid-single digits attributable to elevated competitors, together with cheaper generics and biosimilars.

First-quarter gross sales of its rheumatoid arthritis drug Enbrel fell 20% to $924 billion, shy of analysts’ estimate of $1.1 billion.

Gross sales of newer migraine drug Aimovig fell 7% from a 12 months earlier to $66 million for the quarter, properly wanting the $95.7 million projected by analysts. However gross sales of ldl cholesterol fighter Repatha rose 25% to $286 million, beating Wall Avenue estimates of $251 million.

The U.S. Meals and Drug Administration in February granted precedence evaluation standing to sotorasib, Amgen’s experimental lung most cancers drug. The corporate on Tuesday mentioned it’s learning totally different doses of the drug and expects to have information from mixture research within the second half of this 12 months.

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