05:59 AM EDT, 05/03/2024 (MT Newswires) -- Amgen's ( AMGN ) shares spiked early Friday after nudging higher the low end of its full-year revenue outlook, while the biopharmaceutical company said it's "very encouraged" with the interim clinical results of its potential obesity drug candidate MariTide.

Revenue is now set to come in between $32.5 billion and $33.8 billion for the 2024 financial year, the company said late Thursday, compared with its prior guidance of $32.4 billion to $33.8 billion. The consensus on Capital IQ is for revenue of $33.04 billion. The stock climbed 14% in premarket activity.

During a conference call with analysts, Chief Executive Robert Bradway said interim analysis of the phase 2 study of MariTide is complete and the firm is "very encouraged with the results that we've seen thus far." Topline data from the trial is expected later this year, while the company is "actively planning" a phase 3 program, including obesity, obesity-related conditions and diabetes, Bradway said on the call, according to a Capital IQ transcript.

Amgen ( AMGN ) tightened its full-year adjusted earnings outlook to a range of $19 to $20.20 per share from the previous forecast of $18.90 to $20.30. The Street is looking for normalized EPS of $19.46. Adjusted research and development expenses are pegged to rise 25% annually versus prior expectations for a 20% increase, Chief Financial Officer Peter Griffith told analysts.

"Our (research and development) investment reflects our commitment to innovation, accelerating our pipeline, focusing on advancing multiple potentially first-in-class and best-in-class medicines, including supporting MariTide," according to Griffith.

For the quarter ended March 31, Amgen's ( AMGN ) adjusted EPS dipped to $3.96 from $3.98 the year before, but topped analysts' $3.89 estimate. The company cited higher operating and interest expenses behind the lower profit, driven by its acquisition of Horizon Therapeutics in 2023. Revenue advanced 22% to $7.45 billion, just shy of the Street's view.

Total product sales jumped 22% to $4.97 billion, with 10 products delivering at least double-digit volume growth. Revenue from the company's cholesterol medicine Repatha and osteoporosis drug Prolia grew 33% and 8%, respectively. Sales from rheumatoid arthritis treatment Enbrel decreased 2%, while immune thrombocytopenia drug Nplate slid 12%.

Volume in the US surged 29% and inclined 17% outside the country, according to Amgen ( AMGN ). Total operating expenses widened to $6.46 billion from $4.18 billion in the prior-year quarter.

Price: 319.00, Change: +40.61, Percent Change: +14.59