Amgen stock popped Friday after the drugmaker sweetened its 2022 outlook following a third-quarter beat that featured strong performances from Evenity and Aimovig.
The drugs treat osteoporosis and migraines, respectively. In the September quarter, sales of both surged 35% year over year. Evenity brought in $201 million with Aimovig trailing at $107 million.
Their growth helped offset a 14% decline for Amgen's biggest moneymaker, inflammation drug Enbrel. Enbrel is facing increasing competition and lower sales prices — a theme Amgen says will continue in the coming years.
Amgen stock jumped 1.2% to 269.04 on today's stock market.
Amgen Stock: Profit Grows By Double Digits
Overall, revenue dipped 1% during the quarter to $6.65 billion. Adjusted profit hiked 15% higher to $4.70 per share. Both measures easily beat expectations for $6.56 billion in sales and adjusted earnings of $4.44 a share, according to FactSet.
Enbrel sales tumbled to $1.11 billion. But other big moneymakers put up stout numbers, including Prolia. Sales of the osteoporosis treatment surged 7% to $862 million. Inflammation medicine Otezla brought in $627 million, up 3%.
For the year, Amgen now expects $26 billion to $26.3 billion in sales. Three months ago, the company guided to a midpoint of $25.95 billion in sales this year. Amgen stock analysts called for $26.14 billion in full-year sales.
Amgen also said it expects to earn $17.25 to $17.85 per share for 2022, on an adjusted basis. That's up 55 cents, at the midpoint, from the company's previous guidance. Analysts projected $17.52 in earnings per share.
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