The Strategist

Amgen's net income loses 15 percent in Q4

02/01/2023 - 10:05

Amgen Inc. disclosed a small dip in fourth-quarter sales. Eli Lilly and Co. saw a drop in revenue from a COVID-19 antibody agreement that was offset by a 4% rise in sales of its own medications.

Richard Masoner / Cyclelicious via flickr
Richard Masoner / Cyclelicious via flickr
The business's quarterly earnings decreased from $6.85 billion to $6.84 billion. Refinitiv reports that the amount exceeded analyst projections of $6.77 billion.

In 2020, Amgen and Eli Lilly agreed to increase Eli Lilly's supply of medications based on antibodies. As a result of their conclusion that the COVID-19 antibodies from Eli Lilly were ineffective against currently widespread variations, U.S. health regulators revoked their authorisation for them in November.

Additionally, the biotech firm reported a decrease in "revenue from other sources," which includes the manufacturing arrangement, from $575 million to $287 million.

The osteoporosis medicine Prolia, whose sales increased 14% to a quarterly record of $992 million, led all Amgen products in terms of sales.