Amgen files high earnings for Q1
pharmafile | April 22, 2015 | News story | Sales and Marketing |Â Â AMG 334, Amgen, Corlanor, Kyprolis, Prolia, Q1, Xgeva, brodalumab, myeloma, osteoporosisÂ
Amgen has boosted its first quarter profit by 51% due to surging drug sales and ongoing cuts that paved the way for a raft of new product launches.
Overall Amgen has reported a profit of $1.62 billion, up from $1.07 billion a year earlier. Revenue also increased 11% to $5.03 billion. In this latest estimate-beating quarter, sales of its multiple myeloma drug Kyprolis grew 59% to $108 million.
Sales of the US firm’s bone drugs Prolia and Xgeva were also up 29% to $612 million, which will no doubt be music to Robert Bradway’s ears, its chairman and chief executive.
“With solid execution in the first quarter, Amgen achieved strong sales and earnings growth and demonstrated substantial progress in achieving our long-term objectives. Our continuing success in delivering results gives us the confidence to increase our full year outlook for earnings.”
Amgen also says it plans to file for regulatory approvals in the US and Europe for its AMG 416 treatment for secondary hyperparathyroidism towards the end of 2015, and for brodalumab for moderate-to-severe plaque psoriasis mid-year.
Along with this it has plans to initiate a late-stage study of its AMG 334 treatment for episodic migraine, and one to watch will also be its newly-approved heart failure drug Corlanor (ivabradine) in the US.
This FDA nod was Amgen’s first for a cardiovascular drug. It is already available in the EU and is recommended by NICE for heart failure in people who have had four weeks of treatment with standard therapies.
The FDA decision came just days after EU regulator the EMA approved Amgen’s cancer drug Vectibix, in combination with chemotherapy for metastatic colorectal cancer – which was recently added to NHS England’s revised CDF list.
Back in October the company laid out streamlining plans aimed at generating up to $1.5 billion in annual cost savings by 2018, and according to Bradway this now seems to be paying off.
“We have strong momentum as we defend our base business against competition and our transformation efforts are delivering efficiencies and cost savings.”
Brett Wells
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