Amgen Shares Dip On Light 2021 Outlook, Paused Studies

Amgen, Inc (NASDAQ: AMGN) stock dipped despite its Q4 2020 earnings beat, as investors digested the company's lower than expected 2021 outlook and a lineup of its cancer therapy studies that has been paused.
The company also said it expects net selling prices for its drugs to fall by a rate in the mid-single digits this year, after a drop of 6% in 2020, and the COVID pandemic will continue to impact sales.
For 2021, Amgen forecast adjusted EPS earnings of $16.00 to $17.00 per share and revenue of $25.8 billion to $26.6 billion, higher than 3% Y/Y, but that would decelerate from 9% sales growth in 2020.
Sales of rheumatoid arthritis drug Enbrel fell 5% to $1.27 billion in Q4, and sales from newer migraine drug Aimovig totaled $104 million for the quarter. But sales of cholesterol fighter Repatha rose 27% to $253 million. Increased competition from cheaper generics and biosimilars hit sales of older drugs such as infection-fighter Neulasta, which saw sales fall 19% to $536 million.
Amgen also flagged three cancer therapy studies has been halted due to efficacy or safety issues, which include:
AMG 673, a half-life extended BiTE molecule targeting CD33, has been paused while the company is gathering further information on the program through the progression of AMG 330.
AMG 596, a BiTE molecule targeting EGFR variant III for glioblastoma, has been stopped citing portfolio reprioritization.
Phase 1 development of the oral MCL-1 inhibitor AMG 397 was paused, with the focus shifting to the intravenous MCL-1 inhibitor AMG 176, currently in Phase 1 for hematologic malignancies.
AMGN shares are down 2.05% at $235.55 in thepre-market session on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs

Comments

Earnings Calendar

Never Miss Important Catalysts

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga