NEW YORK – Amgen on Tuesday reported $9.09 billion in fourth quarter 2024 revenue along with sales increases for several precision oncology drugs, including the bispecific T-cell engager Blincyto (blinatumomab) and the KRAS inhibitor Lumakras (sotorasib).
Amgen's overall revenues for the three months ended Dec. 31, 2024, increased 11 percent compared to $8.20 billion in Q4 2023. The company beat the Wall Street consensus revenue estimate of $8.87 billion.
The firm's oncology unit generated more than $2 billion in revenue in Q4 2024, company executives said during a call to discuss Q4 financials. The biggest sales increase was for Blincyto, a treatment for acute lymphoblastic leukemia (ALL), which recorded $381 million in revenue in Q4 2024, a 58 percent increase from $241 million during the same period last year. The drug was approved in the US for a new indication last July for treating adult and pediatric patients with CD19-positive, Philadelphia chromosome (Ph)-negative B-cell precursor ALL. It is also approved for patients with minimal residual disease (MRD)-positive, CD19-positive B-cell precursor ALL.
Murdo Gordon, executive VP of global commercial operations at Amgen, said on the call that the firm expects "continued strong growth" for Blincyto in 2025, "driven by broad prescribing across academic and community segments."
"Compelling new clinical data is redefining Blincyto as the standard of care for both adult and pediatric patients [with] Philadelphia chromosome-negative B-cell ALL," he said.
Sales of the firm's KRAS G12C inhibitor Lumakras increased 10 percent in Q4 2024 to $85 million, compared to $77 million in Q4 2023. This month, US regulators expanded Lumakras' indication to include previously treated patients with KRAS G12C-mutated metastatic colorectal cancer when given in combination with Amgen's EGFR monoclonal antibody Vectibix (panitumumab).
Sales of Vectibix, a treatment for RAS wild-type metastatic colorectal cancer, fell 2 percent in Q4 2024 to $246 million from $251 million in the same period last year.
Within Amgen's oncology segment, the firm expects two data readouts this year for the anti-FGFR2b agent bemarituzumab and the start of a registrational trial for subcutaneous Blincyto, Jay Bradner, executive VP for R&D at Amgen, said on the call.
In the first half of 2025, the firm expects to report data from a Phase III trial of bemarituzumab with chemo in advanced or metastatic gastric cancers with FGFR2b overexpression. In the second half of the year, Amgen also plans to report data from another Phase III trial evaluating bemarituzumab with chemo and immunotherapy as a first-line treatment for FGFR2b-overexpressed advanced gastric and gastroesophageal junction cancer.
The Phase II, potentially registrational, trial of subcutaneous Blincyto is expected to begin in the second half of 2025, Bradner said. The firm is also enrolling patients in a trial evaluating Blincyto as a first-line treatment for Philadelphia chromosome-negative B-cell ALL.
In Q4 2024, the firm's net income was $627 million, or $1.17 per share, compared to $767 million, or $1.43 per share, in Q4 2023. The firm's adjusted earnings per share was $5.31, beating the consensus Wall Street EPS expectation of $5.08.
The firm's full-year 2024 revenue was $33.42 billion compared to $28.19 billion in 2023, a 19 percent increase. The company's oncology products contributed more than $9 billion to overall sales during the year. From 2023 to 2024, Blincyto sales were $1.22 billion compared to $861 million, a 41 percent increase. Lumakras revenue grew 25 percent to $350 million from $280 million. Vectibix generated $1.05 billion in revenue compared to $984 million, a 6 percent increase.
The company's net income in 2024 was $4.09 billion, or $7.62 per share, compared to $6.71 billion, or $12.56 per share. On an adjusted basis, EPS was $19.84, beating the consensus Wall Street EPS estimate of $19.60.
In its 2025 financial guidance, Amgen expects full-year revenues between $34.3 billion and $35.7 billion and its adjusted EPS for the year to be between $20 and $21.20 per share.