On Tuesday, Amgen Inc. ( AMGN ) reported second-quarter sales of $8.39 billion, up 20% year over year and beating the consensus of $8.33 billion.

Product sales grew 20%, driven by 26% volume growth, partially offset by a 3% lower net selling price.

Excluding sales from the Horizon Therapeutics acquisition, product sales grew 5%, driven by 10% volume growth.

Twelve products delivered at least double-digit sales growth in the second quarter, including Prolia (denosumab), Evenity (romosozumab), Repatha (evolocumab), Tezspire (tezepelumab), Blincyto (blinatumomab), and Tavneos (avacopan).

Related: Amgen Seeks Expanded US Approval For Autoimmune Disease Drug Acquired Via $28B Horizon Deal.

The company reported adjusted EPS of $4.97, missing the consensus of $5.01.

Guidance: Amgen ( AMGN ) expects fiscal year 2024 adjusted EPS of $19.10-$20.10 compared to the consensus of $17.87.

The company forecasts 2024 revenues of $32.8 billion-$33.8 billion versus the consensus of $30.3 billion.

William Blair sees a significant upside for Amgen ( AMGN ) stock if the Phase 2 MariTide results demonstrate clear differentiation later this year.

A Phase 2 study of MariTide is ongoing in adults with overweight or obesity with or without type 2 diabetes mellitus. Topline data are anticipated in late 2024.

A Phase 2 trial investigating MariTide for type 2 diabetes in patients with and without obesity is planned to initiate in late 2024.

With shares trading at roughly 17 times the updated 2024 EPS estimate of $19.25, the analyst says there is meaningful room for multiple expansions with continued investor enthusiasm for MariTide’s prospects.

“Additional pipeline assets, including Imdelltra and rocatinlimab, also have blockbuster potential, and we believe additional Phase 3 readouts with Uplinza expected in the second half of this year have the potential to support the blockbuster potential of that franchise as well,” the analyst added.

Amgen ( AMGN ) faces near-term challenges with legacy products, such as the upcoming biosimilar launch to Prolia and Xgeva in May 2025, and struggles to expand market share with its biosimilars. However, the analyst notes that clinical developments over the next 6 to 12 months offer significant reasons for investor optimism regarding the company’s long-term growth prospects.

William Blair reiterates the Outperform rating.

Price Action: AMGN stock was down 4.99% at $312.80 at the last check on Wednesday.

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