Shares of Amgen Inc. (NASDAQ:AMGN) stepped higher following the release of its Q4 earnings report showing an EPS beat and a slight miss on sales.
The company reported, on a GAAP basis, a 2% decrease year-over-year in total operating expenses with a full year increase of 13% “primarily driven by the acquisition of Five Prime Therapeutics.” Amgen Chairman and CEO Robert Bradway highlighted, “strong volume growth for many of our key products during last year.”
Notable business developments from the quarter aimed at strengthening Amgen’s research capabilities include:
- Research collaboration with Generate Biomedicines by combining “Amgen’s biologics drug discovery expertise with the power of Generate Biomedicines Artificial Intelligence Platform.”
- Research collaboration with Arrakis Therapeutics focused on “the discovery and development of RNA degrader therapeutics” while also enhancing Amgen’s induced proximity platform.
- Research collaboration and license agreement with Plexium to “identify novel targeted protein degradation therapeutics toward historically challenging drug targets” which further strengthens Amgen’s multispecific drug capabilities.
Amgen Inc. is a leader in biotechnology-based uman therapeutics, with historical expertise in renal disease and cancer support-care products. Their flagship pipeline includes Epogen, Aranesp, Neupogen, Neulasta, Enbrel, and Otezla with notable therapeutic efforts in other areas.
At the time of publication, shares of Amgen were trading 0.06% higher during after hours at $223.66. The stock has a 52-week low of $198.64 and a 52-week high of $261.00.
