Amgen (AMGN 1.29%) released its latest set of quarterly results after market hours Thursday, and investors rewarded the pharmaceutical company the following day with a lift to its share price. The stock rose by almost 12% on Friday, but much of that was due to a different factor.
First-quarter beats, and exciting news from the pipeline
In its first quarter, Amgen managed to grow its revenue by a meaty 22% to $7.4 billion. This was fueled by double-digit sales increases in no fewer than 10 products from the company's portfolio of approved medications. Going in the opposite direction was non-GAAP (adjusted) earnings; this slipped by 1% to slightly over $2.1 billion, or $3.96 per share.
While the company only met the consensus analyst estimate on the top line, it exceeded with adjusted profitability. On average, prognosticators tracking Amgen's fortunes were modeling a per-share figure of $3.89.
But the company had far more exciting news than an upbeat quarter to deliver. In a call with investors, Amgen CEO Robert Bradway stated that he was highly encouraged by the progress of the company's obesity drug candidate, MariTide. What's more, he implied it can be competitive with the hotly popular weight loss drugs currently being sold by Novo Nordisk and Eli Lilly.
"We are confident in MariTide's differentiated profile and believe it will address important unmet medical needs," he said.
NASDAQ: AMGN
Key Data Points
Guidance broadly met expectations
Amgen proffered guidance for the entirety of 2024 in its earnings release. The company expects it will earn revenue of $32.5 billion to $33.8 billion and book an adjusted earnings-per-share figure of $19 to $20.20. Collectively, analysts are estimating just under $33 billion on the top line and adjusted net income of $19.53 per share.
