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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 reported strong financial results for the first quarter of 2024, with total revenues increasing by 22% to $7.4 billion compared to the same quarter in 2023. Product sales saw significant growth, driven by key products such as Repatha, TEZSPIRE, and EVENITY. The company's acquisition of Horizon Therapeutics contributed $914 million in sales. However, Amgen experienced a GAAP loss per share of $0.21 due to lower earnings and higher expenses. Non-GAAP EPS also decreased slightly. Despite challenges, the company generated $0.5 billion in free cash flow and provided guidance for the full year 2024.
Amgen presented new respiratory data at the ATS 2024 International Conference, including results from the Tezspire Phase 2a COURSE COPD study, AMG104/AZD8630 Phase 1 asthma study, and TAVNEOS avacopan data in adults with severe active ANCA-associated vasculitis. The company's commitment to developing treatments for respiratory diseases with options was highlighted.
Amgen will report its first quarter 2024 financial results on May 2, 2024, followed by a conference call with the investment community. The webcast will be available on their website for replay for at least 90 days after the event.
Amgen (AMGN) is set to submit a Marketing Authorization Application to the European Medicines Agency for teprotumumab, a treatment for Thyroid Eye Disease. If approved, it would be the first medicine for this condition in the EU. Clinical studies have shown significant improvements in symptoms, with early proptosis improvement seen at six weeks.
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