Amgen Inc Stock Price, News & Analysis

Amgen (NASDAQ:AMGN) reported Q3 2022 financial results with total revenues declining 1% to $6.7 billion, impacted by a 5% drop in net selling prices and 2% loss from foreign exchange, despite 8% growth in sales volume. GAAP EPS rose 20% to $3.98, driven by reduced operating expenses and share buybacks. The company generated $2.8 billion in free cash flow, a 27% increase year-over-year. Amgen revised its 2022 revenue guidance to $26.0-$26.3 billion and EPS guidance to $11.46-$12.17 (GAAP).

On Nov. 2, 2022, Amgen (NASDAQ:AMGN) announced a webcast for investors during the American Heart Association Scientific Sessions at 6:00 p.m. ET on Nov. 7, 2022. The call will feature Dr. David M. Reese and Amgen's R&D team discussing Phase 2 data on olpasiran, aimed at lowering apolipoprotein(a) linked to cardiovascular risks. Updates on a Phase 1 study of AMG 133, for obesity, will also be provided. The webcast will be accessible online, archived for 90 days, and more details can be found on Amgen's website.

Amgen will report its third quarter financial results on November 3, 2022, after U.S. market close, followed by a conference call at 1:30 p.m. PT. CEO Robert A. Bradway and senior management will participate, and the call will be accessible via a live audio stream for the public. Amgen is recognized as one of the leading biotechnology companies, focusing on innovative therapeutics and medical needs. The company is included in the Dow Jones Industrial Average and the Nasdaq-100.

Amgen (NASDAQ:AMGN) has declared a $1.94 per share dividend for Q4 2022, set to be paid on December 8, 2022. Shareholders of record as of November 17, 2022 will be eligible. Amgen continues to focus on innovative therapeutics and has been recognized as one of the world's top biotechnology companies. The company emphasizes its commitment to addressing high unmet medical needs through advanced human genetics and has been acknowledged for its workplace culture and sustainability efforts.

Amgen has completed its acquisition of ChemoCentryx for $3.7 billion, or $52 per share, enhancing its inflammation portfolio with TAVNEOS (avacopan), a novel treatment for ANCA-associated vasculitis. TAVNEOS is FDA-approved and addresses a significant unmet medical need in autoimmune disease treatment. The acquisition also includes three early-stage candidates targeting inflammatory diseases and cancer.

Amgen's ninth Biosimilar Trends Report, released on October 12, 2022, highlights the growing presence of biosimilars in the U.S. market.

Key findings show that biosimilar share has increased to 75% over the past three years compared to 39% previously. The report estimates that $3.2 billion in savings occurred in Q2 2022 due to biosimilar availability.

As the trend continues, up to seven new biosimilars for HUMIRA are expected by the end of 2023, potentially further reducing costs in healthcare.

Amgen has opened a new 245,000 square foot research and development facility in San Francisco's Oyster Point, marking its ongoing presence in the Bay Area. This facility will focus on therapeutics for cancer, inflammatory diseases, and cardiometabolic disorders. It accommodates 650 staff and features modern, sustainable design aimed at enhancing collaboration. Recognized as a top workplace, Amgen continues to emphasize employee diversity and sustainability. The company's strategic investments in R&D solidify its commitment to innovation and improving health outcomes for patients.

Amgen (NASDAQ:AMGN) will present at Bank of America Merrill Lynch's 2022 Global Healthcare Conference on Sept. 15, 2022, at 4:55 a.m. ET. CFO Peter H. Griffith will lead the presentation, which will be available via webcast for media and investors. Amgen, a leader in biotechnology, focuses on innovative therapeutics for serious illnesses and has been recognized for its workplace culture and sustainability efforts. The webcast will be accessible for replay for at least 90 days on Amgen's website. For more details, visit www.amgen.com.

Amgen (NASDAQ: AMGN) reported promising Phase 1b results from the CodeBreaK 101 study, showcasing a median progression-free survival (PFS) of 5.7 months in patients with KRAS G12C-mutated colorectal cancer. The combination of LUMAKRAS® (sotorasib) and Vectibix® (panitumumab) achieved a 30% confirmed objective response rate in heavily pre-treated patients. Among 40 participants, 92.5% experienced disease control, and tumor shrinkage was observed in 88%. The study emphasizes the need for effective treatments in this challenging patient population.