By Deena Beasley
(Reuters) -Biotechnology company Amgen Inc on Thursday said its third-quarter revenue rose 1% as higher volume growth for its cancer, rheumatology and cardiovascular products was offset by lower prices and foreign exchange losses.
The company also said data from a Phase I study of its potential obesity treatment AMG133 will be presented at the World Congress on Insulin Resistance, Diabetes, and Cardiovascular Disease conference in early December.
AMG133, which has garnered increased attention following strong sales for similar drugs launched recently by Eli Lilly and Co and Novo Nordisk, is designed to block a hormone and a protein involved in blood sugar control.
Revenue for the quarter totaled $6.7 billion, exceeding Wall Street estimates of $6.56 billion, as compiled by Refinitiv.
“Our medicines generated 8% volume growth in the quarter globally, with 11 products achieving record quarterly sales,” Amgen Chief Executive Robert Bradway said in a statement.
Amgen’s product sales were “in-line” with expectations, Mizuho analyst Salim Syed said in a note for investors.
Adjusted earnings per share increased to $4.70 from $4.08 a year earlier, beating analyst estimates of $4.42.
For the full year, Amgen narrowed its outlook for adjusted earnings per share to a range of $17.25 to $17.85 on revenue of $26 billion to $26.3 billion, from its previous forecast of $17 to $18 per share on revenue of $25.5 billion to $26.4 billion.
Amgen shares, which closed nearly 1.2% lower at $265.88 in regular trading, were up 2% at $271.75 after hours.
Amgen said it will announce on Monday at the annual American Heart Association scientific meeting mid-stage trial results for experimental heart drug olpasiran as well as provide an update on AMG133.
(Reporting By Deena BeasleyEditing by Bill Berkrot)
