Amgen Advances Phase 3 Sjogren's Trial After Topping Earnings Estimates
Amgen's experimental drug dazodalibep met its primary goal in a Phase 3 study for Sjogren's disease. The data follows quarterly results that beat expectations.
Amgen Inc. reported that its experimental drug dazodalibep met the primary endpoint in the 648-patient OASIZ-301 Phase 3 trial for Sjogren's disease. According to reports cited by MarketBeat, both tested dosing regimens demonstrated statistically significant reductions in systemic disease activity compared to a placebo over 48 weeks. The company also pointed to clinically meaningful improvements in patient-reported symptoms for a condition that currently lacks approved treatments. Despite the positive results, dazodalibep remains investigational and requires additional clinical development and regulatory review before it can reach the commercial market.
The clinical progress arrives shortly after the medical research company released its latest quarterly financial results. On Tuesday, November 3rd, Amgen announced earnings of $6.45 per share, surpassing the consensus forecast of $5.79 per share by $0.66. Revenue for the period increased 8.5% year over year to $10.37 billion, topping the anticipated $10.07 billion. The business achieved a net margin of 24.14% and a return on equity of 114.99%, while analysts expect full-year earnings to reach 23.33 per share.
In addition to earnings, Amgen declared a quarterly dividend of $2.52 per share, scheduled to be paid on Friday, December 11th, to shareholders of record as of Friday, November 20th. The dividend equals an annualized payout of $10.08 per share, representing a 2.2% yield and a dividend payout ratio of 58.47%.
Wall Street researchers maintain mixed perspectives on the equity. Across 33 covering analysts tracked by MarketBeat, the stock holds a consensus rating of Hold, comprising 18 Hold, 11 Buy, one Strong Buy, and three Sell recommendations. Recent target updates included Cantor Fitzgerald raising its target from $440.00 to $465.00 with a neutral rating, while Sanford C. Bernstein moved its objective from $345.00 to $400.00 with a market perform rating. In contrast, The Goldman Sachs Group increased its target from $481.00 to $536.00 with a buy rating.
Institutional investors hold 76.50% of Amgen's shares, with several funds disclosing portfolio changes during the third quarter. StoneX Group Inc. lowered its position by 74.0% to 3,224 shares, Beutel Goodman & Co Ltd. reduced its stake by 35.5% to 335,540 shares, and M&G PLC sold 14.2% of its holdings to retain 248,645 shares. AMGN shares opened at $468.11 on Thursday, trading within a 12-month range of $312.39 to $483.99.