Amgen Exceeds Wall Street Forecasts Amid Strong Product Sales

Amgen reported robust financial results on Tuesday, surpassing Wall Street expectations with a 12% increase in product sales. This impressive growth helped counterbalance rising operating expenses tied to the experimental weight-loss drug MariTide and a higher tax rate.

The biotechnology firm's revenue for the third quarter increased by 12% from the same period last year, reaching $9.56 billion. Adjusted earnings per share saw a modest rise of 1%, amounting to $5.64, exceeding analysts' expectations of a $5.01 profit per share on $8.97 billion in revenue, as gathered by LSEG data.

Amgen highlighted a 40% increase in the sales of its cholesterol-lowering drug Repatha, totaling $794 million, owing to increased demand. Alternatively, Enbrel, an arthritis medication, saw a 30% decrease in sales to $580 million, attributed to a 38% price cut resulting from changes in the U.S. Medicare health plan and favorable hospital pricing. The company projects to release key data from its ongoing MariTide studies by the year's end.