By Kailyn Rhone
Amgen posted higher revenue and earnings in the third quarter driven by stronger demand for its rare disease products.
The biotechnology company on Wednesday reported a profit of $2.83 billion, or $5.22 a share, compared with $1.73 billion, or $3.22 a share, in the same quarter a year earlier.
Adjusted earnings came at $5.58 a share. Analysts polled by FactSet expected $5.11 a share.
Revenue rose about 23% to $8.5 billion, in line with the estimates of analysts surveyed by FactSet.
Amgen said product sales grew 24%, with 29% volume growth offsetting a 2% decline in net selling price. Excluding its Horizon Therapeutics acquisition, product sales rose 8%, with volume growth of 12%.
Amgen said it now expects total revenue in the range of $33 billion to $33.8 billion for the year. The company also expects earnings per share to be in the range of $8.71 to $9.56.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
10-30-24 1618ET