Amgen’s Horizon deal is starting to pay off, as the biotech giant reported a 20% increase in revenue compared with a year prior.
In total, Amgen reported sales of $8.4 billion, about $1 billion more than in the first quarter. Of that, $479 million came from Tepezza, the thyroid eye disease treatment acquired in the Horizon deal.
Its internal products are doing well, too. Repatha, Amgen’s cholesterol treatment, grew 25% to $532 million. The increase was driven by price discounts and higher volume — while pricing fell by 20%, it was able to increase volume by 46%. And it showed growth in cancer with its bispecific T cell engagers: Blincyto sales increased 28% compared to a year prior, and its other BiTE drug, Imdelltra, earned $12 million after snagging accelerated approval from the FDA in May to treat extensive-stage small cell lung cancer.
Much of the attention on Amgen these days, however, is around its experimental obesity and Type 2 diabetes drug, MariTide.
Topline Phase 2 data from patients who are overweight or obese without Type 2 Diabetes are expected by the end of the year, and Amgen reiterated that “planning for a broad Phase 3 program across multiple indications remains on track.” The company also hopes to launch a Phase 2 study testing MariTide in patients with Type 2 diabetes with or without obesity in “late 2024.”
Operating expenses jumped 30% in the quarter on a non-GAAP basis. Much of that was attributed to more R&D investments courtesy of Horizon’s products and additional spending on commercial brands.