Amgen Absorbs Horizon, Pitches Plans For New Rare Disease Growth Engine

Full-Year 2023 Guidance Raised By At Least $1bn

 
• By Mandy Jackson
  
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Now that Amgen has completed its $27.8bn acquisition of Horizon, the company can focus on how it will turn Tepezza back into a growth product and maintain momentum for Krystexxa and other assets.

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Horizon brings Amgen a multi-drug rare disease portfolio • Source: Shutterstock

Amgen, Inc. delivered mixed results in its third quarter financial update on 31 October with some of its products delivering record revenue and some drugs’ sales totals falling below analysts’ expectations. However, the company completed its $27.8bn acquisition of Horizon Therapeutics plc just days into the fourth quarter, giving it a new portfolio of medicines in a therapeutic area new to Amgen – rare diseases – that it hopes will help drive overall revenue growth in the years to come.

Key Takeaways

  • Amgen reported earnings for the first time since closing its acquisition of Horizon, adjusting its guidance to reflect the addition of the acquired rare disease portfolio.

Full-year 2023 revenue guidance was updated from a prior range of $26.6bn-$27.4bn to a new range of $28bn-$28.4bn, a difference...

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