As Amgen struggles to seek out development from its personal medicine, the corporate acquired a pleasant late-2021 income bump from its manufacturing partnership with Eli Lilly.
On Monday afternoon, Amgen reported $575 million in fourth-quarter “different” revenues, practically double the quantity the corporate recorded within the fourth quarter of 2020. Revenues from the Lilly partnership drove the corporate’s general 3% income improve to $6.8 billion for the interval, the corporate mentioned.
Over the previous 12 months, Amgen pulled down $1.682 billion in “different” revenues, a results of its collaboration with Eli Lilly to assist provide COVID-19 antibody remedies. In September 2020—anticipating a rush to fabricate and supply its COVID-19 meds—Lilly struck a take care of Amgen to assist it produce the antibodies.
The settlement was in place earlier than Lilly gained an FDA nod lower than two months later for bamlanivimab, a remedy it developed together with AbCellera. In February 2021, Lilly gained one other authorization for its antibody cocktail of bamlanivimab and etesevimab.
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The partnership grew out of a consortium beforehand established by Lilly, Amgen, AstraZeneca, GlaxoSmithKline, Genentech and AbCellera to share monoclonal antibody secrets and techniques to get every in control on manufacturing finest practices.
Within the scale as much as produce COVID-19 medicine, such partnerships weren’t unusual. Regeneron, for instance, turned to Roche for assist with antibody provides.
Amgen’s take care of Lilly has helped it climate a attempting interval for a few of its most important choices as complete product gross sales fell 1% within the fourth quarter.
Gross sales of migraine drugs Aimovig fell 13% within the fourth quarter. Whereas Aimovig volumes grew final 12 months, these good points have been greater than offset by a decrease web promoting worth, the corporate mentioned. The worth discount has been introduced on by elevated competitors.
Equally, gross sales of rheumatoid arthritis drug Enbrel have sagged. Amgen reported an 11% drop in income for the quarter on Enbrel, which additionally faces an more and more aggressive immunology market.
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Additionally developing wanting analyst expectations for the quarter was Lumakras, which generated $45 million throughout the quarter in contrast with expectations of $61 million. Otezla, Neulasta and Repatha additionally missed consensus expectations.
For the fourth quarter, Amgen reported income of $6.8 billion, which was up 3% from the identical interval in 2020. For the 12 months, Amgen’s income got here in at $26 billion, a 2% improve from 2020, pushed primarily by the Lilly partnership, the corporate mentioned.