Amgen’s total revenues grew in Q1 2024 to $7.4bn, displaying a 22% increase from earnings reported in the first quarter of last year.  

The company reported an operating income of $3.1bn, on a non-GAAP [generally accepted accounting principles] basis. The non-GAAP earnings per share (EPS) dipped 1% to $3.96, with the decrease attributed to higher operating and interest expenses that resulted from the acquisition of Horizon Therapeutics. Amgen acquired Horizon for $27.8bn (£22.76bn) following approval from the US Federal Trade Commission (FTC) in October 2023.

The revenue growth was driven by a 22% increase in product sales and a 25% volume growth, with ten products achieving double-digit volume growth.

Key performers included hyperlipidemia immunotherapy Repatha (evolocumab) and osteoporosis treatment in postmenopausal women Evenity (romosozumab-aqqg), which grew 33% year-over-year (YoY) and 35% YoY respectively in Q1. Amgen also reported an 80% YoY growth for the severe asthma medication Tezspire (tezepelumab-ekko), and a 122% increase in sales of Tavneos (avacopan), a treatment for rare disease anti-neutrophil cytoplasmic autoantibody-associated vasculitis.

Revenue from Amgen's biggest moneymaker, osteoporosis treatment Prolia, increased by 8%, raking in $999m.

Looking to gain a share of the obesity treatment market, which is dominated by leaders such as Novo Nordisk and Eli Lilly, Amgen has made several pipeline moves. Amgen shared that it had positive interim results for its multispecific gastric inhibitory polypeptide receptor (GIPR) inhibitor MariTide (maridebart cafraglutide, AMG 133), which is being evaluated in a Phase II study (NCT05669599) for the treatment of adults who are overweight or obese, with or without type 2 diabetes mellitus. In a 2 May investor call, CSO James Bradner said the company was “very encouraged” by the results demonstrated by MariTide. Topline data for this study is expected in late 2024.

At the same time, while the company has completed a Phase I study of AMG-786 for the treatment of obesity, Bradner announced in the investor call that the candidate would be shelved.

According to GlobalData analysts, the pharma industry will continue to focus on obesity as there is a need for therapies with stronger efficacy that result in more significant weight loss and maintenance of the benefits of the shed weight. As per GlobalData’s patient-based forecast, the obesity market is anticipated to reach a value of $27.6bn in the US by 2031.