Amgen Reports Better-Than-Expected Q1 Results, $50M Milestone Payment
Portfolio Pulse from Erica Kollmann
Amgen Inc. (NASDAQ:AMGN) reported Q1 earnings of $3.96 per share, surpassing estimates and showing a 21.98% increase in sales year-over-year. The company's operating income rose to $3.1 billion despite a slight decrease in operating margin. Amgen also announced a $50M milestone payment to Arrowhead Pharmaceuticals (NASDAQ:ARWR) from Royalty Pharma (NASDAQ:RPRX) for the Phase 3 trial of olpasiran. Amgen's stock rose 11.7% after-hours to $311.
May 02, 2024 | 9:44 pm
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NEUTRAL IMPACT
Royalty Pharma made a $50M milestone payment to Arrowhead Pharmaceuticals as part of their agreement related to Amgen's Phase 3 trial of olpasiran.
While the payment is a cash outflow for Royalty Pharma, it reflects ongoing investment in promising clinical developments, with a neutral short-term impact expected.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Amgen reported higher-than-expected Q1 earnings and sales, with a significant year-over-year sales increase and a positive stock movement after-hours.
The positive earnings report and sales growth, along with the after-hours stock price increase, indicate a strong short-term bullish sentiment for Amgen.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Arrowhead Pharmaceuticals received a $50M milestone payment from Royalty Pharma, related to a Phase 3 trial conducted by Amgen.
The milestone payment is a positive financial development for Arrowhead, likely to be viewed favorably by investors in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80