Amgen, Inc. delivered mixed results in its third quarter financial update on 31 October with some of its products delivering record revenue and some drugs’ sales totals falling below analysts’ expectations. However, the company completed its $27.8bn acquisition of Horizon Therapeutics plc just days into the fourth quarter, giving it a new portfolio of medicines in a therapeutic area new to Amgen – rare diseases – that it hopes will help drive overall revenue growth in the years to come.
Key Takeaways
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Amgen reported earnings for the first time since closing its acquisition of Horizon, adjusting its guidance to reflect the addition of the acquired rare disease portfolio.
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Horizon and Amgen believe they can significantly increase Tepezza, Krystexxa and Uplizna sales together by harnessing Amgen’s capabilities and global reach
Full-year 2023 revenue guidance was updated from a prior range of $26.6bn-$27.4bn to a new range of $28bn-$28.4bn, a difference of $1bn at the top end, which largely anticipates the Q4 contribution of sales from Horizon’s portfolio starting on 6 October. Amgen reported $6.9bn in Q3 revenue, up 4% from the year-ago quarter, and roughly in line with consensus