Amgen's Financial Surge: Beating Expectations and Raising Projections

Amgen exceeded Wall Street expectations with its quarterly financial report and adjusted its year-end outlook upwards. The California biotech firm achieved a 12% increase in sales, surpassing expenses associated with experimental drugs and a higher tax rate.

Key revenue drivers included a 40% sales increase for cholesterol-lowering drug Repatha. Conversely, sales for the arthritis drug Enbrel dropped due to pricing shifts influenced by changes in the U.S. Medicare plan.

Amgen is near completion of crucial trials for its weight-loss drug MariTide, alongside substantially increased research and development costs. The company projected higher adjusted earnings from its initially estimated figures for the year.