By Deena Beasley
(Reuters) - Amgen Inc (O:AMGN) on Wednesday said its third-quarter adjusted profit rose 17% due to stronger sales of drugs including the osteoporosis treatment Prolia and recently-acquired psoriasis medication Otezla.
The higher-than-expected results were partially offset by lower drug prices and the effects of the COVID-19 pandemic.
The biotechnology company said that more patients had resumed interacting with their doctors in the third quarter than earlier in the health crisis, but prescribing volumes remained "modestly below" pre-pandemic levels.
The company raised its full-year adjusted earnings forecast to $15.80 to $16.15 per share, from a previous range of $15.10 to $15.75, and narrowed its revenue estimate. It now expects revenue of $25.1 billion to $25.5 billion versus it prior forecast of $25.0 billion to $25.6 billion.
Amgen also lowered its expected 2020 tax rate to 13% to 14% from 13.5% to 14.5%.
The company reported a third-quarter adjusted profit $4.37 per share, beating the average estimate of $3.81 per share, as compiled by Refinitiv.
Revenue for the quarter rose 12% to $6.4 billion, in line with analyst estimates of $6.38 billion.
Sales of Prolia rose 11% to $701 million, ahead of the average analyst estimate of $688 million.
Psoriasis drug Otezla, acquired from Celgene Corp (NASDAQ:CELG) in November, had sales of $538 million for the quarter, falling short of analyst expectations of $587 million.
Sales of Amgen's older arthritis drug Enbrel fell 3% year-over-year to $1.3 billion as the drug continued to lose market share in the quarter. That still topped analysts' expectations of $1.26 billion.
Amgen's posted a net income of $2.02 billion, or $3.43 per share, compared with a profit of $1.97 billion, or $3.27 a share, a year ago.
