Amgen Raises FY23 Outlook, Discloses Brief Readout From Tarlatamab Lung Cancer, Lumakras Colorectal Cancer Studies
Portfolio Pulse from Vandana Singh
Amgen Inc has reported Q2 FY23 sales of $6.99 billion, a 7% increase Y/Y, beating the consensus of $6.63 billion. The company also released positive topline data from tarlatamab Phase 2 DeLLphi-301 study in relapsed or refractory small-cell lung cancer and Lumakras Phase 3 CodeBreaK 300 trial in colorectal cancer. However, Amgen announced discontinuing further enrollment in the study of Lumakras combined with a PD-1 inhibitor in KRAS G12C mutated NSCLC. The company has raised its FY23 revenue outlook to $26.6-$27.4 billion from the previous range of $26.2-$27.3 billion.
August 04, 2023 | 3:28 pm
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POSITIVE IMPACT
Amgen's Q2 FY23 sales beat consensus and the company has raised its FY23 revenue outlook. Positive data from tarlatamab and Lumakras cancer studies could boost investor confidence, but discontinuation of a Lumakras study could be a concern.
Amgen's better-than-expected Q2 FY23 sales and raised FY23 revenue outlook are positive for the stock. The positive data from tarlatamab and Lumakras cancer studies could boost investor confidence in the company's product pipeline. However, the discontinuation of the Lumakras study could be a concern for investors and may have a negative impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100