Following the dissemination of encouraging financial metrics, Amgen Inc.’s (NASDAQ: AMGN) stock experienced a significant upswing during the post-market trading session on Thursday. AMGN shares ascended by 14.59% after hours, reaching $319.00, subsequent to a steady performance in the regular session.
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Amgen (AMGN) released its financial results for the Q1 2024, revealing a remarkable 22% upsurge in revenue generation, totaling $7.4 billion, with product sales mirroring this ascent at 22%, propelled chiefly by a 25% surge in volume.
During the first quarter, Amgen witnessed robust double-digit volume expansion across ten of its products, including TEZSPIRE, Repatha, EVENITY, TAVNEOS, and BLINCYTO. In the United States, Amgen observed a volume escalation of 29%, while its international volume surged by 17%.
The financial performance was bolstered by $914 million in sales stemming from the Horizon Therapeutics acquisition, predominantly fueled by a range of innovative medicines in their nascent stages, such as KRYSTEXXA, UPLIZNA, and TEPEZZA.
Furthermore, Amgen unveiled plans to present novel respiratory findings at the American Thoracic Society (ATS) 2024 International Conference scheduled from May 12th to 22nd in San Diego. Thirteen abstracts supporting two approved drugs and one investigational treatment will be showcased.
Amgen is slated to deliver promising data from its Phase 2a COURSE trial on Chronic Obstructive Pulmonary Disease (COPD) with TEZSPIRE and from a Phase 1 investigational study on asthma with AMG104/AZD8630, an inhaled anti-TSLP therapy. These endeavors underscore Amgen’s dedication to spearheading innovative therapies for respiratory ailments with limited existing treatment modalities.
The COURSE trial data will be featured in the Clinical Trials Symposium, detailing its role as a proof-of-concept Phase 2a investigation gauging the safety and efficacy of TEZSPIRE in patients with moderate to very severe COPD, irrespective of inflammatory triggers, blood eosinophil count (BEC), emphysema, chronic bronchitis, and smoking history.
Additionally, other notable research disclosures will include late-breaking insights from the Phase 1 study of AMG104/AZD8630, an investigational inhaled anti-TSLP therapy undergoing evaluation in patients with poorly managed asthma, alongside a post-hoc analysis from the Phase 3 ADVOCATE trial, assessing the effectiveness and safety of TAVNEOS in patients with severe active ANCA-associated vasculitis (GPA or MPA) presenting lung involvement.
