By Leroy Leo
(Reuters) – Amgen Inc said on Tuesday it would buy back up to $6 billion of its shares in the first quarter and forecast earnings to more than double by 2030 on the back of strong sales in its biosimilar drugs and other key products.
Shares of the biotechnology company rose 5.5% to $235.60 in early trading.
Amgen also said it expects to deliver mid-single-digit revenue growth through the end of the decade. Its key treatments include cholesterol treatment Repatha, psoriasis drug Otezla and osteoporosis drug Evenity.
The company said it may take advantage of the recent selloff in biotech stocks to pursue deals in the sector.
“It’s not lost on us that the recent decline in valuations for many biotech assets could create more compelling opportunities for us,” Chief Executive Officer Robert Bradway said at the company’s business review meeting with investors.
“We have the financial strength, the flexibility to consider a wide range of possibilities.”
Amgen on Monday reported a 3% rise in its fourth-quarter revenue, bolstered by sales of a COVID-19 antibody treatment it manufactures for Eli Lilly and Co.
(Additional reporting by Dania Nadeem in Bengaluru; Editing by Ramakrishnan M.)
