Amgen’s Horizon deal is starting to pay off, as the biotech giant reported a 20% increase in quarterly revenue compared with the year prior.
In total, Amgen reported sales of $8.4 billion, about $1 billion more than in the first quarter. Of that, $479 million came from Tepezza, the thyroid eye disease treatment acquired in the Horizon acquisition.
Sales from its cholesterol treatment grew 25%, earning the company $532 million, driven by price discounts and higher volume.
And the company showed growth in cancer with its bispecific T cell engagers: Blincyto sales increased 28% compared to a year prior, and its other BiTE drug, Imdelltra, earned $12 million after snagging accelerated approval from the FDA in May to treat extensive-stage small cell lung cancer.
Much of the attention on Amgen these days, however, is around its experimental obesity and Type 2 diabetes drug, MariTide.
Topline Phase 2 data from patients who are overweight or obese without Type 2 Diabetes are expected by the end of the year, and Amgen reiterated that “planning for a broad Phase 3 program across multiple indications remains on track.” The company also hopes to launch a Phase 2 study testing MariTide in patients with Type 2 diabetes with or without obesity in late 2024.
On a call with investors, Amgen maintained its confidence in MariTide’s profile as a once-monthly injectable or potentially even less frequent dosing. Some arms of the Phase 2 study are testing longer time between doses. Amgen declined to tease how MariTide may compare against competitors in areas like muscle preservation.
Competitors like Roche, Viking and Structure Therapeutics are advancing oral options. But Murdo Gordon, EVP of global commercial operations, expects that a monthly injection will still be convenient.
As evidence of Amgen’s investment in the program, the company is expanding MariTide’s manufacturing capabilities, raising its capital expenditures guidance to $1.3 billion, an increase of $100 million to $200 million from the prior guidance. And more compounds are on the way; Amgen expects to launch a next-generation obesity program into the clinic before the end of the year.
Operating expenses jumped 30% in the quarter on a non-GAAP basis. Much of that was attributed to more R&D investments courtesy of Horizon’s products and additional spending on commercial brands.
Editor’s note: This article was updated with comments from the company’s second-quarter earnings call.