Amgen Says Higher Sales Volumes Drive 4Q Revenue Gains
By Micah Maidenberg
Amgen Inc. reported better volumes in the fourth quarter but said patients continued to see doctors less often than prior to the pandemic.
The drugmaker said Tuesday that net income slipped to $1.62 billion for the fourth quarter from $1.7 billion a year earlier. Earnings on a per-share basis fell to $2.76 from $2.85, a performance the company attributed in large part to the amortization of expenses tied to a deal in 2019.
Amgen‘s adjusted profit of $3.81 a share was ahead of forecasts from analysts, according to FactSet.
Total revenue rose 7% to $6.63 billion, and thus was stronger than the consensus estimate of $6.57 billion. Sales volumes for its medicines were up 13% overall but lower net-selling prices offset some of those gains in the quarter.
The Thousand Oaks, Calif.-based company said the Covid-19 pandemic continued to weigh on interactions between patients and doctors in the quarter, despite some rebound on that front during the period.
Consumers who have cut down on seeing doctors physically or remotely during the pandemic has hampered new prescriptions.
“We expect continued Covid-19 impact and quarter-to-quarter variability throughout 2021, with recovery in the latter part of the year contingent upon the speed and effectiveness of the global vaccination rollout,” Amgen said.
For the fourth quarter, Amgen said sales of Enbrel, a rheumatoid arthritis and psoriasis treatment, were down 5% year over year. The drug has faced competition from so-called biosimilars in recent years.
Sales of Prolia, an osteoporosis drug, saw a slight decline. But sales of Repatha, a treatment for bad cholesterol, climbed 27%.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
February 02, 2021 16:31 ET (21:31 GMT)
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