Amgen, Inc.’s revenue surged during the fourth quarter of 2023, powered largely by the rare disease drug portfolio from its $27.8bn Horizon Therapeutics plc acquisition that closed during the quarter, but the company also saw significant growth for several products outside of those assets, including the osteoporosis drugs Prolia (denosumab) and Evenity (romosozumab) and LDL-lowering therapy Repatha (evolocumab).
Key Takeaways
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Amgen’s Q4 revenue and product sales each rose 20%, based in large part on the contribution of Horizon’s rare disease drugs, but sales jumped 5% even without these newly purchased assets.
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Repatha, Prolia, Evenity and several other drugs delivered double-digit growth in Q4, largely due to volume growth
Amgen raised its full year 2023 revenue guidance by about $1bn to a range of $28bn-$28.4bn in November in anticipation of adding the Horizon drugs – including thyroid eye disease (TED) medicine Tepezza (teprotumumab) and Krystexxa (pegloticase) for gout. (Also see "Amgen Absorbs Horizon, Pitches Plans For New Rare Disease Growth Engine" - Scrip, 31 October, 2023.) And in earnings reported on 6 February, full year sales came in at $28.2bn, up 7% year-over-year
