Latest news with #RobertBradway
Yahoo
15-05-2025
- Business
- Yahoo
AMGN Q1 Earnings Call: Product Pipeline and Margin Expansion Drive Outperformance
Biotech company Amgen (NASDAQ:AMGN) reported Q1 CY2025 results topping the market's revenue expectations , with sales up 9.4% year on year to $8.15 billion. The company expects the full year's revenue to be around $35 billion, close to analysts' estimates. Its non-GAAP profit of $4.90 per share was 15% above analysts' consensus estimates. Is now the time to buy AMGN? Find out in our full research report (it's free). Revenue: $8.15 billion vs analyst estimates of $8.03 billion (9.4% year-on-year growth, 1.5% beat) Adjusted EPS: $4.90 vs analyst estimates of $4.26 (15% beat) Adjusted EBITDA: $4.99 billion vs analyst estimates of $4.67 billion (61.2% margin, 6.7% beat) The company reconfirmed its revenue guidance for the full year of $35 billion at the midpoint Management reiterated its full-year Adjusted EPS guidance of $20.60 at the midpoint Operating Margin: 14.5%, up from 13.3% in the same quarter last year Free Cash Flow Margin: 12%, up from 6.2% in the same quarter last year Market Capitalization: $141 billion Amgen's first quarter results were shaped by broad-based volume growth and new product launches across general medicine, rare diseases, inflammation, and oncology. Management highlighted the performance of 14 products with double-digit growth, as well as strong uptake of new biosimilars. CEO Robert Bradway emphasized, 'We delivered multiple positive Phase III readouts, initiated four new Phase III studies, and launched three new products or indications.' Looking ahead, Amgen's full-year guidance centers on further execution in its late-stage clinical pipeline and continued momentum in recently launched therapies. CFO Peter Griffith noted increased R&D investment to support assets such as MariTide, a potential obesity therapy, and ongoing expansion in the biosimilars portfolio. Management also acknowledged uncertainties from tariffs and tax policy, stating the company's manufacturing investments position it to adapt as needed. Amgen's management attributed the quarter's performance to the breadth of its product portfolio and significant progress in clinical development. Key growth areas included cardiovascular, bone health, rare disease, and oncology, with biosimilars delivering meaningful contributions. Broad product portfolio growth: Fourteen medicines delivered double-digit sales growth, spanning cardiovascular, bone health, rare disease, and oncology. Amgen's biosimilars segment generated over $700 million in revenue, up 35% year over year. General medicine expansion: Products like Repatha and EVENITY benefited from improved patient access, expanded prescriber base, and direct-to-consumer initiatives. Management cited ongoing clinical trials targeting large, underserved populations in cardiovascular and obesity-related diseases. Rare disease launches: UPLIZNA launched as the first FDA-approved treatment for IgG4-related disease, with early physician adoption. TEPEZZA expanded internationally, including approvals and launches in Japan and a positive regulatory opinion in Europe. Oncology pipeline momentum: Bispecific T cell engagers such as BLINCYTO and IMDELLTRA showed continued adoption and positive clinical data. IMDELLTRA demonstrated survival benefits in small cell lung cancer, with new Phase III studies underway. Biosimilars market penetration: Recent biosimilar launches, including PAVBLU and WEZLANA, were met with positive reception from prescribers. The company's approach focused on early U.S. launches and reliable supply to capture market share. Management's outlook for the remainder of the year is anchored by ongoing clinical advancement and new launches, while cautioning about external factors such as tariffs and increased R&D investment. Pipeline advancement: Significant late-stage studies for therapies like MariTide in obesity and Olpasiran in cardiovascular disease are expected to drive future growth, with management increasing R&D spending to support these programs. Expanding biosimilars: New biosimilar launches and further commercialization efforts are anticipated to diversify revenue streams and address pricing pressures in core therapy areas. External policy risks: Management flagged potential headwinds from evolving tax and tariff policies, emphasizing Amgen's historical ability to adapt through manufacturing investments and operational agility. Terence Flynn (Morgan Stanley): Asked about key data expectations for MariTide at the ADA meeting. Management said data would focus on 52-week efficacy and tolerability but not new long-term results. Salveen Richter (Goldman Sachs): Inquired about UPLIZNA's commercial strategy for IgG4-related disease. Amgen outlined targeted outreach to rheumatologists and plans for broader physician engagement. Michael Yee (Jefferies): Pressed on MariTide's tolerability and competition from oral obesity drugs. Management expressed confidence in design for efficacy and tolerability, with ongoing development of oral options. Trung Huynh (UBS): Questioned Repatha's position amid new competition. Amgen stressed product profile advantages and improved patient access, with room for multiple therapies in the market. David Amsellem (Piper Sandler): Asked what will drive growth for TEPEZZA. Management pointed to expanded prescriber education and international launches, with potential future benefit from a subcutaneous form. In coming quarters, the StockStory team will monitor (1) progress and data releases from late-stage clinical trials, especially for MariTide and bemarituzumab; (2) commercial adoption and prescriber uptake of newly launched therapies like UPLIZNA in IgG4-related disease and PAVBLU in biosimilars; and (3) updates on international expansion of key rare disease drugs. Execution in R&D and navigating policy changes will also be important indicators of Amgen's trajectory. Amgen currently trades at a forward P/E ratio of 13×. In the wake of earnings, is it a buy or sell? Find out in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. 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Reuters
01-05-2025
- Business
- Reuters
Amgen quarterly profit tops Wall Street view, sales up 11%
May 1 (Reuters) - Amgen (AMGN.O), opens new tab on Thursday said its first-quarter profit rose 24%, handily exceeding Wall Street expectations, as product sales increased 11% and profit margins widened. The biotechnology company reported adjusted earnings per share of $4.90 for the quarter, sailing past the average analyst estimate of $4.30, as compiled by LSEG. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. Overall revenue rose 9% to $8.1 billion, which was in line with Wall Street estimates. "Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects," Amgen CEO Robert Bradway said in a statement. The company is slated to present at a medical meeting next month full results from a mid-stage trial of its experimental weight-loss drug MariTide, viewed by many investors as a potential blockbuster. Amgen is conducting late-stage trials of the drug in patients with and without diabetes, and said results from a Phase 2 diabetes trial will be announced in the second half of this year. The company also said the U.S. Food and Drug Administration has lifted its clinical hold on an early-stage trial of a different experimental weight-loss drug known as AMG 513. For the full year, Amgen said it still expects adjusted earnings per share of $20.00 to $21.20 on revenue of $34.3 billion to $35.7 billion. Analysts, on average, have estimated earnings of $20.63 per share on revenue of $35.1 billion. Amgen said its 2025 outlook includes the impact of implemented tariffs, but does not account for any future levies, including potential sector-specific tariffs. U.S. President Donald Trump's administration has opened a national security investigation into pharmaceuticals in a bid to demonstrate why the U.S. needs tariffs to boost domestic manufacturing. Amgen's first-quarter sales of bone drug Prolia rose 10% to $1.1 billion, but the company said it expects lower sales of the medication later in the year as biosimilar competitors are launched. Sales of cholesterol-lowering medication Repatha rose 27% to $656 million, while sales of much older arthritis drug Enbrel fell 10% to $567 million. In the rare disease space, sales of thyroid eye disease drug Tepezza fell 10% to $381 million, and sales of gout treatment Krystexxa were flat at $236 million. Both drugs were acquired with Amgen's purchase of Horizon Therapeutics. Net operating income for the quarter rose 20% to $1.2 billion.
Yahoo
01-05-2025
- Business
- Yahoo
Amgen quarterly profit tops Wall Street view, sales up 11%
By Deena Beasley (Reuters) -Amgen on Thursday said its first-quarter profit rose 24%, handily exceeding Wall Street expectations, as product sales increased 11% and profit margins widened. The biotechnology company reported adjusted earnings per share of $4.90 for the quarter, sailing past the average analyst estimate of $4.30, as compiled by LSEG. Overall revenue rose 9% to $8.1 billion, which was in line with Wall Street estimates. "Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects," Amgen CEO Robert Bradway said in a statement. The company is slated to present at a medical meeting next month full results from a mid-stage trial of its experimental weight-loss drug MariTide, viewed by many investors as a potential blockbuster. Amgen is conducting late-stage trials of the drug in patients with and without diabetes, and said results from a Phase 2 diabetes trial will be announced in the second half of this year. The company also said the U.S. Food and Drug Administration has lifted its clinical hold on an early-stage trial of a different experimental weight-loss drug known as AMG 513. For the full year, Amgen said it still expects adjusted earnings per share of $20.00 to $21.20 on revenue of $34.3 billion to $35.7 billion. Analysts, on average, have estimated earnings of $20.63 per share on revenue of $35.1 billion. Amgen said its 2025 outlook includes the impact of implemented tariffs, but does not account for any future levies, including potential sector-specific tariffs. U.S. President Donald Trump's administration has opened a national security investigation into pharmaceuticals in a bid to demonstrate why the U.S. needs tariffs to boost domestic manufacturing. Amgen's first-quarter sales of bone drug Prolia rose 10% to $1.1 billion, but the company said it expects lower sales of the medication later in the year as biosimilar competitors are launched. Sales of cholesterol-lowering medication Repatha rose 27% to $656 million, while sales of much older arthritis drug Enbrel fell 10% to $567 million. In the rare disease space, sales of thyroid eye disease drug Tepezza fell 10% to $381 million, and sales of gout treatment Krystexxa were flat at $236 million. Both drugs were acquired with Amgen's purchase of Horizon Therapeutics. Net operating income for the quarter rose 20% to $1.2 billion. (Reporting By Deena BeasleyEditing by Bill Berkrot) Sign in to access your portfolio
Yahoo
28-04-2025
- Business
- Yahoo
Amgen to invest $900m in Ohio manufacturing facility
Amgen has announced a significant expansion of a manufacturing facility in the US state of Ohio, with an investment of $900m. The move brings the total investment in Central Ohio to more than $1.4bn, and the total number of national employment opportunities created to 750. The expansion is part of the company's strategy to enhance its manufacturing offerings in the US. It first established its presence in the Ohio region in June 2021 with the announcement of a biomanufacturing facility in the Columbus Region, generating 400 employment opportunities. In February 2024, the company opened the 300,000 ft² Ohio facility to meet the growing demand for its medications within the country. Following the Tax Cuts and Jobs Act of 2017, Amgen has made substantial investments in the US. It has invested almost $5bn in direct capital expenditures, contributing an additional $12bn in downstream output to the country's economy. The Ohio expansion is part of Amgen's worldwide biomanufacturing network, which benefits from operational expertise and technological advancements. The investments across the US align with the company's focus on establishing biologics manufacturing capabilities globally. Amgen CEO and chairman Robert Bradway stated: "Today's investment reinforces our ongoing commitment to expanding US manufacturing and ensuring patients around the world have access to our innovative medicines. "Ohio offers a supportive business climate, skilled workforce and strategic location, making it an ideal choice for this next phase of our investment." In January 2025, Amgen inaugurated a new drug substance facility in the US after announcing a further $1bn expansion at its North Carolina site. "Amgen to invest $900m in Ohio manufacturing facility" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
24-02-2025
- Business
- Yahoo
Drugmaker Amgen to invest $200 million in India site, CEO says
By Rishika Sadam HYDERABAD, India (Reuters) -U.S. drugmaker Amgen will invest about $200 million this year in its new technology centre in southern India, with further investments planned, CEO Robert Bradway said at the inauguration of the site on Monday. Amgen announced its plans to open a "technology and innovation" site in India last year that is focused on increasing the use of AI and data science to support development of new medicines. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "We have wanted for a long time to expand Amgen's presence in India and that time has come. Amgen is investing an initial $200 million in this centre in 2025 and plan to make additional significant investments in future years," Bradway said. The site in Hyderabad city is expected to have a workforce of about 2,000 by year-end, with around 300 employees already working there, said Som Chattopadhyay, national executive for India at Amgen. Hyderabad will also host the BioAsia conference this week, where executives from drugmakers including Amgen, Eli Lilly and Novartis, as well as several Indian pharmaceutical giants will be speaking. Amgen is one of many global pharmaceutical players looking to expand their presence in India, the so-called "pharmacy of the world". India and the U.S. agreed this month to start talks to clinch an early trade deal and resolve their standoff over tariffs after talks between U.S. President Donald Trump and the Indian Prime Minister Modi. "One significant outcome (of the talks) was the launch of the U.S.-India trust initiative, which is to promote collaboration in critical and emerging technologies, something that both our countries really need," U.S. Consul General in Hyderabad, Jennifer Larson, said. "Amgen's decision to expand its foot here is a perfect example of how our nations can work together to harness innovation, talent and technology." Trump intends to impose "25% or higher" levies on pharmaceutical imports, a move likely to hit Indian firms since most generic drugmakers count the U.S. as their largest market.
