Nov 4 (Reuters) - Amgen ( AMGN ) on Tuesday reported

quarterly financial results that beat Wall Street expectations

as product sales rose 12%, offsetting higher operating expenses

related to experimental weight-loss drug MariTide and a higher

tax rate.

The California-based biotech company's third-quarter revenue

also rose 12% from a year earlier to $9.56 billion. Adjusted

earnings per share increased 1% to $5.64.

Analysts had expected an adjusted profit of $5.01 on revenue

of $8.97 billion, according to LSEG data.

Amgen ( AMGN ) said third-quarter sales of cholesterol-lowering drug

Repatha rose 40% from a year earlier to $794 million on higher

demand.

Sales of arthritis drug Enbrel fell 30% to $580 million due

to a 38% price drop driven by changes in the U.S. Medicare

health plan for people age 65 and older and hospital purchases

at favorable pricing.

The company said it expects to have data before year-end

from two key mid-stage MariTide studies. One is testing the drug

in obese or overweight adults with or without type 2 diabetes,

and the second is looking at MariTide as a treatment for type 2

diabetes. Amgen ( AMGN ) also said it has completed enrollment in two

Phase 3 studies for similar patient populations.

MariTide is an antibody linked to a pair of peptides that

activate receptors for the appetite- and blood sugar-reducing

hormone GLP-1 while simultaneously blocking a second gut hormone

called GIP.

Adjusted third-quarter operating expenses rose 18% from a

year earlier, while research and development costs rose 31%.

Amgen ( AMGN ) said its tax rate increased 4.8 percentage points due to a

change in product mix.

For the full year, Amgen ( AMGN ) raised its outlook for adjusted

earnings now expects $20.60 to $21.40 per share on revenue of

$35.8 billion to $36.6 billion. It had previously forecast

earnings of $20.20 to $21.30 per share on revenue of $35 billion

to $36 billion.

Analysts, on average, have estimated 2025 earnings of $21.04

per share on revenue of $35.67 billion.