Amgen (AMGN) stock skidded late Tuesday after the biotech behemoth said the Food and Drug Administration placed one of its obesity treatments on clinical hold.
This means Amgen can't run testing of the drug it calls AMG 513 in patients. The company didn't specify the reason for the clinical hold, only saying "discussions are underway on a path forward to reopen the study."
↑ X NOW PLAYING The Weight-Loss Drug Market Is Hot. Which Medical Stock Will Win The Battle For Supremacy?Amgen stock fell more than 1% in after-hours trading, hitting 283.79.
The disclosure isn't related to Amgen's leading weight-loss drug, MariTide. Amgen says it expects to have the results of a midstage study of MariTide in patients with type 2 diabetes in the latter half of the year. The study will focus on patients living with and without obesity.
The most important numbers for Amgen are in its guidance, Mizuho Securities analyst Salim Syed said in a client note.
For the year, Amgen guided to adjusted earnings of $20 to $21.20 per share. The midpoint of the outlook, $20.60, lagged analysts' call for $20.92, according to FactSet. But the middle of Amgen's sales guidance for $34.3 billion to $35.7 billion came in ahead of the Street's call for $34.63 billion.
The fourth quarter, though, represented a beat for Amgen.
Across all products, sales increased 11% to $9.09 billion, beating expectations for $8.88 billion. The company also had 13% growth in adjusted earnings, bringing in $5.31 per share. Analysts called for a lower $5.08 per share.
Amgen's biggest moneymaker, osteoporosis drug Prolia, generated $1.17 billion in sales. Sales rose 5% year over year, but missed forecasts for $1.19 billion. Repatha, on the other hand, generated $606 million in sales, growing 45% and beating expectations for $558 million. Repatha is a cholesterol drug.
Mizuho's Syed kept his neutral rating on Amgen stock.
Shares have run more than 12% after hitting a recent bottom at 257.05 on Jan. 6. Amgen stock is involved in a lengthy consolidation with a buy point at 346.85, according to MarketSurge.
YOU MAY ALSO LIKE:
Regeneron Pharmaceuticals Beats On Libtayo's Back, Unveils Dividend
Pfizer's Covid Products Drove Its Fourth-Quarter Upside. But Is It Sustainable?
Find The Best Long-Term Investments With IBD Long-Term Leaders
Looking For The Next Apple Or Amazon? Start With These S&P 500-Beating Lists
IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。