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Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) received a $50 million milestone payment from Royalty Pharma plc for completing enrollment in the Phase 3 OCEAN(a) - Outcomes Trial of olpasiran, being conducted by Amgen. Arrowhead stands to earn up to an additional $375 million from Amgen and $110 million from Royalty Pharma in milestone payments related to olpasiran. The rapid enrollment in the trial reflects the interest in olpasiran, developed using Arrowhead's TRiMTM technology. With three Phase 3 programs in progress, including plozasiran, Arrowhead continues to advance RNA interference therapies.
Amgen reported strong financial results for the first quarter of 2024, with total revenues increasing by 22% to $7.4 billion compared to the same quarter in 2023. Product sales saw significant growth, driven by key products such as Repatha, TEZSPIRE, and EVENITY. The company's acquisition of Horizon Therapeutics contributed $914 million in sales. However, Amgen experienced a GAAP loss per share of $0.21 due to lower earnings and higher expenses. Non-GAAP EPS also decreased slightly. Despite challenges, the company generated $0.5 billion in free cash flow and provided guidance for the full year 2024.
Amgen presented new respiratory data at the ATS 2024 International Conference, including results from the Tezspire Phase 2a COURSE COPD study, AMG104/AZD8630 Phase 1 asthma study, and TAVNEOS avacopan data in adults with severe active ANCA-associated vasculitis. The company's commitment to developing treatments for respiratory diseases with options was highlighted.
Amgen will report its first quarter 2024 financial results on May 2, 2024, followed by a conference call with the investment community. The webcast will be available on their website for replay for at least 90 days after the event.
Amgen (AMGN) is set to submit a Marketing Authorization Application to the European Medicines Agency for teprotumumab, a treatment for Thyroid Eye Disease. If approved, it would be the first medicine for this condition in the EU. Clinical studies have shown significant improvements in symptoms, with early proptosis improvement seen at six weeks.
