Amgen stock surges 13% following weight-loss drug news and revised guidance (NASDAQ:AMGN)

Amgen's stock saw a significant boost of 13% in after-hours trading on Thursday following the release of its Q1 earnings report, updates to its 2024 guidance, and news on its weight-loss drug candidates. Post-market closing, Amgen announced an adjusted EPS of $3.96 for the quarter, a slight decrease from the $3.98 reported in the same period last year. Revenue experienced a substantial 22% rise to $7.45 billion, with $914 million in sales credited to the newly acquired Horizon Therapeutics.

Analysts had predicted an adjusted EPS of $3.91 and revenue of $7.45 billion on average.Headquartered in Thousand Oaks, California, Amgen revised its 2024 guidance, now forecasting an adjusted EPS within the range of $19 to $20.20 and revenue between $32.5 billion and $33.8 billion. Previous estimates had placed adjusted EPS between $18.90 and $20.30, with revenue falling between $32.4 billion and $33.8 billion.

Market experts' consensus for full-year 2024 predicts an adjusted EPS of $19.53 and revenue of $32.95 billion.During the Q1 earnings announcement, Amgen disclosed its expectation to unveil Phase 2 data for its injected GLP-1 weight-loss drug candidate, MariTide, by late 2024. Plans are in place for Phase 3 trials for the drug in various indications. Additionally, Amgen completed a Phase 1 study for its oral weight-loss drug candidate, AMG786.

In the earnings call on Thursday night, Amgen confirmed its decision to halt the development of the oral medication in favor of MariTide and other preclinical assets. The company is gearing up for a Phase 2 trial of MariTide in diabetes treatment, as per CNBC's report.