Shares of Amgen rallied 13% in post-market trading Thursday after the biotech giant issued its Q1 earnings report, tweaked its 2024 guidance and offered an update on its weight-loss drug candidates.
After market close, Amgen reported adjusted EPS of $3.96, compared with $3.98 for the same quarter in 2023. Revenue jumped 22% to $7.45B, with $914M in sales attributed to recently acquired Horizon Therapeutics. Analysts, on average, had expected Amgen to post an adjusted EPS of $3.91 on revenue of $7.45B.
The Thousand Oaks, Calif.-based drugmaker also tweaked its 2024 guidance. Amgen now sees reporting adjusted EPS of $19 to $20.20 on revenue of $32.5B to $33.8B. The company previously said it was anticipating adjusted EPS of $18.90 to $20.30 on revenue of $32.4B to $33.8B.
The consensus estimates for full-year 2024 are adjusted EPS of $19.53 and revenue of $32.95B.
In its Q1 earnings release, Amgen confirmed that topline Phase 2 data for its injected GLP-1 weight-loss drug candidate MariTide is expected in late 2024, adding that it was planning Phase 3 trials for the drug across multiple indications. The drugmaker also said that a Phase 1 study for its oral weight-loss drug candidate, AMG786, had been completed.
On its earnings call Thursday night, Amgen said it was scrapping development of the oral medication in favor of MariTide and other preclinical assets. The company is also planning a Phase 2 trial for MariTide in the treatment of diabetes, according to CNBC.
If approved, MariTide would compete against other injected GLP-1 drugs such as Wegovy and Ozempic, which are marketed by Novo Nordisk (NVO), and Zepbound and Mounjaro, which are sold by Eli Lilly (LLY).