Welcome to our dedicated page for Amgen news (Ticker: AMGN), a resource for investors and traders seeking the latest updates and insights on Amgen stock.
Amgen Inc. reports developments across its biotechnology medicines business, including discovery, development, manufacturing and delivery of human therapeutics. Company updates center on a portfolio and pipeline spanning cancer, inflammatory conditions, rare diseases, heart disease, obesity and obesity-related conditions, with named products and programs such as TEPEZZA, Repatha and IMDELLTRA appearing in clinical and commercial announcements.
Recurring news also covers quarterly financial results, non-GAAP performance measures, manufacturing network investments, supply-chain capacity, research collaborations, medical and investor conference presentations, and executive or organizational changes tied to the integration of biology, technology, artificial intelligence and data across Amgen's operations.
Amgen reported a 1% increase in total revenues to $6.6 billion for Q2 2022, driven by a 3% growth in global product sales. GAAP EPS soared from $0.81 to $2.45 due to reduced operating expenses, particularly a $1.5 billion IPR&D write-off. Operating income jumped from $0.8 billion to $2.2 billion, with a remarkable 34.6% operating margin. The company revised its 2022 revenue guidance to $25.5-$26.4 billion and reaffirmed its non-GAAP EPS target at $17.00-$18.00.
Amgen announced its acquisition of ChemoCentryx for $52 per share in cash, totaling approximately $3.7 billion. This strategic move enhances Amgen's leadership in inflammation and nephrology, particularly with the inclusion of TAVNEOS (avacopan), a first-in-class treatment for ANCA-associated vasculitis. The acquisition is expected to close in Q4 2022, pending stockholder and regulatory approvals. TAVNEOS had $5.4 million in U.S. sales during its first full quarter. Both companies' boards have unanimously approved the deal.
Amgen has appointed Michael V. Drake, M.D., to its Board of Directors, effective immediately, bringing the board's total to 13 members, 12 of whom are independent. Dr. Drake, currently the president of the University of California system, has prior leadership experience at The Ohio State University and UC Irvine. His extensive background in medicine and academia is expected to enhance Amgen's innovation efforts in treating serious illnesses.
Amgen has declared a $1.94 per share dividend for the third quarter of 2022, payable on September 8, 2022. Stockholders on record by August 18, 2022 will receive this dividend. As a leader in biotechnology, Amgen focuses on developing innovative therapeutics for serious illnesses through advanced human genetics. The company’s commitment to health outcomes has made it a significant player in the Dow Jones Industrial Average and Nasdaq-100 index.
Amgen will host a webcast for investors on August 8, 2022, at 12:00 p.m. ET, during the IASLC 2022 World Conference on Lung Cancer. David M. Reese, M.D., will present data on LUMAKRAS® (sotorasib) used alongside immunotherapy and a SHP2 inhibitor for treating non-small cell lung cancer, plus findings on tarlatamab for small cell lung cancer. The webcast will be available for replay for 90 days post-event. More details can be found on Amgen's website.
Amgen will report its second quarter financial results on August 4, 2022, after U.S. market close. A conference call with senior management, including CEO Robert A. Bradway, is scheduled for 2:00 p.m. PT. The call will be accessible via live audio broadcast online and will be archived for at least 90 days. Amgen, a leader in biotechnology since 1980, is focused on serious illnesses and is part of the Dow Jones Industrial Average and Nasdaq-100. The company is recognized for its significant contributions to health and was named one of the 25 World's Best Workplaces™.
The Amgen Foundation has announced a significant increase in its investment in LabXchange, an online science education platform, by more than doubling its initial funding to a total of $30 million. This initiative, in partnership with Harvard's Vice Provost of Advances in Learning, aims to enhance access to quality science education for students and educators globally. LabXchange, which has registered 20 million users across 230 countries, plans to expand its offerings, including content in multiple languages and addressing inequities in STEM education.
Amgen (NASDAQ:AMGN) will present at the Goldman Sachs 43rd Annual Healthcare Conference on June 15, 2022, at 1:40 p.m. ET. Key executives, David M. Reese and Peter H. Griffith, will discuss the company's developments. The event will be accessible via a live webcast for media, investors, and the public, and will be archived for 90 days post-event.
Amgen is a leading biotechnology company focused on serious illnesses, with a robust pipeline and a commitment to improving health outcomes.
Amgen announced FDA approval for RIABNI™ (rituximab-arrx), a biosimilar to Rituxan®, for treating adults with moderate to severe rheumatoid arthritis (RA) who have not responded to TNF antagonist therapies. RIABNI is already approved for several conditions, including Non-Hodgkin's Lymphoma and Chronic Lymphocytic Leukemia. The clinical study showed RIABNI's efficacy and safety are equivalent to Rituxan. This move enhances Amgen's portfolio of biosimilars, reinforcing its commitment to affordable treatment options.
Amgen and Takeda have presented data from the Phase 3 PARADIGM trial at ASCO 2022, demonstrating the efficacy of Vectibix (panitumumab) over bevacizumab in treating unresectable wild-type RAS metastatic colorectal cancer. The trial involved 823 chemotherapy-naive patients and revealed significant improvements in overall survival (OS) with Vectibix, showcasing median OS rates of 37.9 vs. 34.3 months for left-sided tumors. Vectibix's safety profile aligns with previous studies. These results reinforce Vectibix's role as a standard first-line therapy in this patient population.