By Deena Beasley
Oct 28 (Reuters) - Amgen Inc AMGN.O 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 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.
(Reporting By Deena Beasley Editing by Bill Berkrot)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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