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. (NASDAQ: AMGN) is a leading American multinational biopharmaceutical company, established in 1980 and headquartered in Thousand Oaks, California. As one of the largest independent biotechnology companies globally, Amgen specializes in discovering, developing, manufacturing, and delivering innovative human therapeutics. The company focuses on areas of high unmet medical need and leverages its expertise in advanced human genetics to develop solutions that dramatically improve people's lives.
Amgen's portfolio includes a range of flagship drugs such as red blood cell boosters Epogen and Aranesp, immune system enhancers Neupogen and Neulasta, and treatments for inflammatory diseases like Enbrel and Otezla. Additionally, the company has a strong presence in the oncology sector with products like Vectibix, Prolia, Evenity, and Kyprolis. Notably, the acquisition of Onyx Pharmaceuticals bolstered Amgen's oncology portfolio.
Recent launches include innovative therapies such as Repatha for cholesterol management, Aimovig for migraines, Lumakras for lung cancer, and Tezspire for asthma. In 2023, Amgen's acquisition of Horizon Therapeutics introduced several rare-disease drugs to its portfolio, including Tepezza for thyroid eye disease. Amgen also continues to expand its biosimilar portfolio, reinforcing its commitment to making advanced treatments more accessible.
Amgen's financial health is robust, with significant growth in revenues and product sales. The company's strategic partnerships and acquisitions have continually strengthened its market position. For instance, the recent Phase 3 SPROUT study demonstrated the efficacy and safety of Otezla in pediatric patients, highlighting Amgen's ongoing commitment to addressing various health needs. Furthermore, the company’s dedication to innovation is evident from its extensive pipeline of investigational drugs targeting various conditions.
Amgen has been acknowledged for its workplace culture and environmental initiatives, being named one of
Amgen announced positive results from the HAUSER-RCT Phase 3b study for Repatha® (evolocumab) in pediatric patients aged 10-17 with heterozygous familial hypercholesterolemia (HeFH). The study demonstrated a significant 38.3% reduction in LDL-C levels compared to placebo, meeting its primary endpoint. It was presented at ESC 2020 and published in The New England Journal of Medicine. No new safety risks were noted, with adverse events being generally mild. The study emphasizes Repatha's potential as a safe and effective option for managing high cholesterol in children.
Amgen has announced the presentation of 12 scientific abstracts at ESC Congress 2020, showcasing research on Repatha® (evolocumab). This includes the first Phase 3 study involving pediatric patients with heterozygous familial hypercholesterolemia (HeFH) and studies on lipid-lowering therapy across Europe. Key findings highlight Repatha’s role in managing LDL cholesterol in high-risk patients, addressing unmet medical needs in cardiology. The congress will take place from Aug. 29 to Sept. 1, 2020, with various presentations scheduled.
Amgen's KYPROLIS® (carfilzomib) has received FDA approval for expanded use in combination with DARZALEX® (daratumumab) and dexamethasone (DKd) for treating relapsed or refractory multiple myeloma (R/R MM). This regimen can be administered once or twice weekly and is aimed at patients who have undergone one to three lines of therapy. The Phase 3 CANDOR trial demonstrated a 37% reduction in disease progression risk for DKd compared to Kd alone. The approval meets the growing need for effective treatments following the use of immunomodulatory drugs.
Amgen (NASDAQ:AMGN) has announced new terms for its Exchange Offers, now increasing the maximum principal amount of New Senior Notes to $940 million. The Exchange Offers involve a variety of its Senior Notes, exchanging them for a mix of cash and new notes due 2053. The offers include notable yields such as 2.370% for 6.90% Senior Notes due 2038. The early settlement date for validly tendered notes is set for August 17, 2020. The Exchange Offers are aimed at qualified institutional buyers and select non-U.S. investors only.
Amgen announced early results for its private Exchange Offers to exchange certain series of its senior notes for new Senior Notes due 2053. The total principal amount of New Notes issued will not exceed $800 million, and the New Notes Premium is capped at $350 million. The Exchange Offers include ten series of Old Notes, with a total outstanding principal of approximately $2.19 billion. Validly tendered Old Notes as of August 12, 2020, are prioritized for exchange, with completion expected by August 28, 2020. The Offers are limited to certified institutional holders.
Amgen announced on July 30, 2020, the launch of nine private exchange offers for its outstanding senior notes, totaling up to $800 million in New Notes due 2053. The offers include various senior notes due between 2037 and 2045, with specific cash payment percentages based on acceptance priority levels. The exchange is contingent on meeting certain conditions, including a minimum issuance of $300 million in New Notes and adherence to yield conditions. The offers will expire on August 26, 2020, unless extended. Eligible holders can receive early exchange premiums if they participate by August 12, 2020.
Amgen reported Q2 2020 revenues of $6.2 billion, a 6% increase year-over-year, attributed to 13% volume growth in newer products like Otezla and Repatha. GAAP EPS fell 15% to $3.05, mainly due to amortization from the Otezla acquisition. Non-GAAP EPS rose 7% to $4.25. The company generated $2.7 billion in free cash flow and maintained its 2020 revenues guidance at $25.0-$25.6 billion. Despite COVID-19 impacts on product demand, Amgen continues to navigate the pandemic effectively, with pipeline updates expected soon.
Amgen (NASDAQ:AMGN) will release its second quarter financial results on July 28, 2020, after the U.S. markets close. A conference call will take place at 2:00 p.m. PT, featuring insights from CEO Robert A. Bradway. The call will be accessible via a live audio webcast for the media, investors, and public, with an archived version available for 90 days. Amgen continues to focus on innovative therapeutics for serious illnesses, emphasizing high unmet medical needs, and has established itself as a leading biotechnology company since 1980.
Amgen has appointed Amy E. Miles to its Board of Directors, effective July 23, 2020. Ms. Miles brings extensive experience, having served as the CEO and chair of Regal Entertainment Group. With this appointment, Amgen's Board consists of 12 directors, 11 of whom are independent. Robert A. Bradway, Amgen's chairman and CEO, expressed confidence in Miles' ability to contribute value to the company. Her previous roles include board positions at Norfolk Southern Corporation and Gap Inc., suggesting a strong governance background.
Amgen has announced a significant $421 million investment in BeiGene's direct offering, maintaining a pro rata ownership of approximately 20.3%. This investment underscores Amgen's confidence in their ongoing oncology collaboration in China, the second-largest pharmaceutical market globally. Amgen, a biotechnology leader, focuses on discovering and delivering innovative therapies to address serious diseases, leveraging advanced human genetics.
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