Amgen Revenue Boosted By COVID-19 Manufacturing, Flat To Down Without It

Performance Highlights Need For Near-Term Growth Drivers

 
• By Mandy Jackson
  
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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. 

Amgen sign in Silicon Valley, 21 September 2020
Amgen's product sales declined 1% in Q4 and were flat for the full year • Source: Alamy

Amgen, Inc.’s products in highly competitive spaces, such as rheumatoid arthritis and migraine, experienced sales volume declines in the fourth quarter, contributing to a Q4 revenue total that fell below analyst expectations. The commercial performance announced on 7 February highlights the company’s need for near-term growth drivers beyond its two new launches, Lumakras (sotorasib) and Tezspire (tezepelumab), on the eve of a business review of Amgen’s long-term growth plans.

The company did not host a same-day call to go over its Q4 and full-year 2021 financial performance with analysts...

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