Amgen announced a robust 23% increase in revenue for Q3 2024, totaling $8.5 billion compared to $6.9 billion in the same quarter last year. This growth was primarily fueled by a 24% surge in product sales, with several key products achieving double-digit growth.
Rare Disease Portfolio Drives Growth
A significant contributor to Amgen's success was its rare disease portfolio, which experienced a 21% year-over-year growth, generating $1.2 billion in Q3 revenue. According to Robert Bradway, chairman and CEO of Amgen, this growth was largely driven by Tavneos, Tepezza (teprotumumab-trbw), Krystexxa (pegloticase), and Uplizna (inebilizumab-cdon). These latter three treatments were acquired through Amgen's $27.8 billion acquisition of Horizon Therapeutics in October 2023.
Following the Horizon acquisition, Amgen has initiated multiple new projects in rare diseases. CSO Jay Bradner mentioned the establishment of a dedicated rare disease initiative aimed at expanding Amgen's pipeline in this therapeutic area.
Setbacks in Idiopathic Pulmonary Fibrosis
Despite the overall positive performance, Amgen's rare disease portfolio faced a setback with the discontinuation of the Phase II study of fipaxalparant, a lysophosphatidic acid receptor 1 (LPAR1) antagonist, for the treatment of idiopathic pulmonary fibrosis. The decision was made after the study failed to achieve its primary or secondary endpoints. Fipaxalparant is still being evaluated for diffuse cutaneous systemic sclerosis.
MariTide and Obesity Program
Amgen anticipates sharing topline data from the Phase II study of MariTide (maridebart cafraglutide) in late 2024. The study is evaluating MariTide in overweight or obese adults, with or without type 2 diabetes mellitus (T2D). Bradner stated that Amgen is actively planning a broad Phase III program in obesity, obesity-related conditions, and T2D.
