US-based biotechnology company Amgen Inc., (NASDAQ: AMGN) has released its financial results for the second quarter of 2023, reporting a total revenue increase of 7% year-on-year (YOY) in constant exchange rate terms, reaching USD 7 billion.
Double-Digit Growth from Key Therapies
Amgen’s double-digit growth was driven by a range of therapies, including osteoporosis drug Evenity (romosozumab), hematological malignancy therapy Blincyto (blinatumomab), high cholesterol treatment Repatha (evolocumab), lung cancer drug Lumakras/Lumykraas (sotorasib), RAS-targeted colorectal cancer therapy Vectibix (panitumumab), multiple myeloma therapy Kyprolis (carfilzomib), thrombocytopenia treatment Nplate (romiplostim), and biosimilar Amjevita/Amgevita (adalimumab).
International Market Contributions
Amgen highlighted a significant contribution from international markets, with ex-US volume sales up 16% YOY, led by the Asia-Pacific region with a substantial 46% expansion.
Proposed Acquisition of Horizon Therapeutics and FTC Investigation
During the earnings conference call, CEO Bob Bradway addressed the proposed USD 27.8 billion acquisition of Horizon Therapeutics, which was first announced in December 2022 but has been delayed by an anti-trust investigation by the US Federal Trade Commission (FTC). Bradway expressed frustration with the FTC, stating that they have “ignored the commitments we made to address their stated concerns” and strongly denied any overlap between the two companies’ operations. He emphasized, “Simply put, there are no competitive overlaps and no incentives to bundle our drugs with theirs”. A court case is set to begin in September this year, with Amgen confident that the FTC’s request for an injunction will be denied, allowing the deal to close in December 2023. Bradway concluded, “The FTC’s arguments in this case are based on speculation and hypothetical notions [and] are not grounded in long established antitrust law. […] I’m confident that we will prevail”.-Fineline Info & Tech
