Amgen rises as 3rd-qtr financials come in ahead of forecasts

29 October 2020

US biotech giant Amgen (Nasdaq: AMGN) announced financial results for the third quarter of 2020 at close of market on Wednesday, showing that total revenues increased 12% to $6.42 billion, just ahead of analyst estimates of $6.38 billion, driven by higher volume growth, partially offset by lower net selling prices and the effects of the COVID-19 pandemic.

Amgen shares advanced 1.2% in after-hours trading, following a 3.2% decline in the regular session to close at $216.38.

Product sales increased 12% globally, driven by 18% volume growth across a number of Amgen’s newer products, including Otezla (apremilast), Mvasi (bevacizumab-awwb), Kanjinti (trastuzumab-anns), and Repatha (evolocumab), partially offset by declines in select products from the impact of COVID-19, and biosimilar and generic competition.

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