Amgen Inc. (AMGN), is an American multinational biopharmaceutical company that helps people overcome health problems and has extended hundreds of thousands of lives in the process. Amgen was founded in 1980 as Applied Molecular Genetics, and Amgen’s current focus is human therapeutics, developing treatments for severe asthma, plaque psoriasis and small cell lung cancer.

Amgen employs hundreds of scientists, making it one of the largest employers in Ventura County, California. The company is headquartered in Thousand Oaks, California. While the company’s product line is small (approximately 27 products), Amgen is one of the world’s largest independent biotechnology companies.

Key things

  • Amgen employs hundreds of scientists, making it one of the largest private employers in Ventura County, California.
  • While the company’s product line is small (approximately 26 products), Amgen is one of the world’s largest independent biotechnology companies.
  • The company’s top-selling drugs in Q1 2023 were Prolia, Enbrel, Otezla, XGEVA and Repatha.

Amgen Finance

Amgen makes money by developing treatments for medical conditions that affect millions of people. The company has 27 approved treatments for cholesterol, osteoporosis, oncology and hematology, lung cancer and severe asthma.

In the first quarter of 2023, Amgen collected revenue of $6.1 billion, down 2.1% from $6.2 billion. Compared to the same quarter in 2022, it posted a 2% increase in revenue — $5.8 billion, up from $5.7 billion. While revenue was down slightly, net income for the quarter was $2.8 billion — up from $1.5 billion in the first quarter last year. However, this significant increase is due to a net unrealized gain of $1.9 billion, which is recorded in net other income.

The company says sales grew 14%, setting records for 10 of its brands, while expanding its international presence and working to close its acquisition of Horizon Therapeutics.

Business segments of Amgens

Amgen operates in one segment, which it calls human therapeutics. The company breaks down sales by product, listing nine products in its quarterly report and classifying all others as “other products.” There are two recognized sales territories, the US and the “Rest of the World” (ROW), most of which are European countries.

Therapy Q1 2023 US LINE Q1 2023 Total
Prolia $623,000,000.00 $304,000,000.00 $927,000,000.00
Enbrel $564,000,000.00 $15,000,000.00 $579,000,000.00
Xgeva $384,000,000.00 $152,000,000.00 $536,000,000.00
Otezla $294,000,000.00 $98,000,000.00 $392,000,000.00
Repatha $197,000,000.00 $191,000,000.00 $388,000,000.00
No payment $246,000,000.00 $116,000,000.00 $362,000,000.00
Kyprolis $234,000,000.00 $124,000,000.00 $358,000,000.00
Aranesp $115,000,000.00 $240,000,000.00 $355,000,000.00
Equality $164,000,000.00 $90,000,000.00 $254,000,000.00
other $1,154,000,000.00 $541,000,000.00 $1,695,000,000.00
Total $3,975,000,000.00 $1,871,000,000.00 $5,846,000,000.00

Overall, sales were down 2.1% from Q1 2022 and represent 95% of Amgen’s total revenue.

Amgen’s latest developments

In October 2022, Amgen acquired ChemoCentryx, a biotech company that has developed treatments for autoimmune diseases, inflammatory conditions and cancer. The company acquired $3.9 billion in assets in the acquisition.

Amgen also continues to fight in court for the rights to its products. In April 2023, a US district court upheld a summary judgment motion against Sandoz and Zydus Pharmaceuticals (ANDA). The order prevents Sandoz from manufacturing and selling generic versions of Otezla until February 2028.

Other patent disputes have been filed and are pending in court, with Janssen Biotech suing to prevent Amgen from registering a drug biosimilar to the one it’s making, and Sensipar and Regeneron filing antitrust lawsuits against Amgen.

Amgen faces class action lawsuit from Roofers Local No. 149 Pension Fund, in which the defendants allege they were intentionally misled about potential tax liabilities arising from a decline in the value of Amgen stock.

Amgen reported fiscal 2022 revenue of $26.3 billion, up from $25.9 billion in fiscal 2021.

What does Amgen make?

Amgen uses genetics to develop treatments for serious diseases. Some examples of its products are ENBREL, Prolia, Otezla and XGEVA.

What was Amgen’s first drug?

Amgen’s first drug was Epogen, created in 1983 by a team of scientists led by Fu-Kuen Lin.

What does Amgen do?

Amgen is a pharmaceutical company that uses advanced genetics to make biologic drugs.

Bottom Line

Amgen and its development team have offered relief to many suffering patients. The company focuses its resources on alleviating physical pain.

The company faces increasing competition from generics and biosimilar treatments, but its existing and new products Enbrel and Prolia contributed to growth in 2022, although in the first quarter of 2023, Amgen saw total sales decline 2.1% year-over-year. year.

The company expects 2023 total revenue to end between $26 billion and $27.3 billion and forecasts earnings per share to increase to $17.60 to $18.70 (non-GAAP basis).

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