WEST GREENWICH – Amgen Inc. on Tuesday reported fourth-quarter earnings of $767 million despite declining sales for Enbrel, the rheumatoid-arthritis drug that is manufactured locally.
The biotech company based in Thousand Oaks, Calif., said in its quarterly statement Enbrel sales in the fourth quarter fell 8% year over year to $1.015 billion, falling short of analysts’ estimates. The company attributed this to lower net selling prices for Enbrel, which was one of 10 drugs selected for the first found of Medicare drug-price negotiations under the Inflation Reduction Act. Amgen added it expects this trend to continue as it pays higher rebates to maintain payer coverage.
Amgen, the world’s largest biotech drugmaker, has 1,020 full-time employees in Rhode Island per PBN’s 2024 Book of Lists.
Enbrel is a biologic prescribed to patients with moderate to severe active rheumatoid arthritis or psoriatic arthritis, as well as several other lesser-known drugs that treat osteoporosis, high cholesterol and autoimmune diseases. The plant manufactures the ingredients and injectables that go into the drug capsules.
Amgen reported fourth-quarter earnings of $1.43 per share, a decline from $3.02 a year prior.
Revenue was $8.2 billion in the period, an increase from $6.8 billion in 2022.
Amgen expects full-year earnings in the range of $18.90 to $20.30 per share, with revenue in the range of $32.4 billion to $33.8 billion.
(Material from The Associated Press was used in this report.)