Amgen Revenue Boosted By COVID-19 Manufacturing, Flat To Down Without It
Performance Highlights Need For Near-Term Growth Drivers
The company reported $6.8bn in fourth quarter revenue, missing analyst consensus of $6.9bn even with revenue from supplying Lilly’s COVID-19 antibodies. Enbrel and Aimovig fell by double digits.
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First quarter revenue of $6.2bn and product sales of $5.7bn were up 6% and 2%, respectively, year over year. However, a looming – and potentially growing – tax liability is a multibillion-dollar overhang.
Mirati’s adagrasib is expected to win an FDA lung cancer nod, while also showing better data in pancreatic and colorectal cancer, making it more important for Lumakras to show strength in NSCLC.
The US regulator will review adagrasib on standard timelines, leaving some investors anxious about Mirati’s efforts to rival Amgen’s Lumakras.