Amgen posts higher-than-expected third quarter results, but shares dip

By Deena Beasley

Nov 3 (Reuters) - Amgen AMGN.O on Tuesday said third-quarter sales rose 8%, led by cholesterol drug Repatha and newer medicines Imdelltra for lung cancer and rare disease therapy Uplizna, as the company moves ahead with development of its high-profile experimental weight-loss drug MariTide.

But sales of some older drugs fell sharply and the company's shares, which dipped nearly 1% in regular trading, were down more than 2% at $450 after hours.

Quarterly sales of osteoporosis drug Prolia fell 45% to $632 million, missing the $697 million forecast by analysts, as patent expirations led to increased competition.

The California-based drugmaker's adjusted earnings rose 14% from a year earlier to $6.45 per share, handily beating analysts' expectations of $5.79, according to LSEG data.

Quarterly revenue of $10.4 billion exceeded the average Wall Street estimate ​of $10.1 billion.

Amgen raised its full-year outlook to adjusted earnings of $22.90 to $23.70 per share on revenue ⁠of $38.9 billion to $39.7 billion. It had previously projected 2026 earnings of $22.30 to $23.50 per share on revenue of $38.2 billion to $39.4 ​billion.

Analysts are estimating 2026 adjusted EPS of $23.02 on revenue of $38.9 billion.

Amgen's full-year forecast raise "reinforces confidence in commercial execution, but the forward multiple increasingly depends on pipeline delivery," Citi analyst Geoffrey Meacham said in a research note. He also said investors will remain wary pending promising data for MariTide and other key pipeline assets.

Initial results from Amgen's broad group of ​Phase 3 MariTide trials are not expected until next year, as the company looks to break into a weight-loss market some analysts forecast could be worth $150 billion annually in the next decade.

The drug, which is an injection given as infrequently as four times a year, is ​being tested for treating obesity and related conditions, including sleep apnea and heart disease.

“The strength of our commercial portfolio, combined with important clinical advances and a promising late-stage pipeline, reinforces our confidence in Amgen's ability to deliver durable growth well into the next decade," CEO Robert Bradway said in a statement.

Sales of Repatha rose 37% for the quarter to $1.09 billion, slightly ahead of analysts' expectations of $1.04 billion. Repatha, a PCSK9 drug ​given monthly or every two weeks by injection, is facing new competition from Merck's MRK.N daily pill Lipfendra.

Uplizna sales jumped 191% from a year ago to $451 million, while sales of Imdelltra rose 128% to $406 million.

Quarterly sales of Tavneos, approved to treat a rare autoimmune disease, fell 2% to $105 million.

Amgen said it continues to engage with the US Food and Drug ​Administration, which in April proposed withdrawal of the drug, citing ⁠a lack of proven effectiveness and concerns about the integrity of trial data. The company said it believes ​Tavneos has a favorable benefit-risk profile.