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Amgen, Regeneron and AbbVie join Lilly and Novo Nordisk in posting largest Q3 market-cap gains: report

2023-10-30

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With a 22% increase, Amgen had the largest market-cap gain in the third quarter in the biopharma industry. The increase came as the company reported a record-high $7 billion in revenue and as its $27.8 billion of Horizon Therapeutics approached FTC approval.

As sales of their GLPAmgenabetes and obesity drugs have surged, Eli Lilly and Novo Nordisk have become the most valuable biopharma companies in the United States and Europe, respectively. That didn't change in theHorizon Therapeuticslly and NovoFTCsted market-cap gains of 16.1% and 13.9%, according to figures compiled by GlobalData.

More surprising, hGLP-1rdiabeteshe maobesityp rallies of three oElirLillymakerNovo Nordisk1%), Regeneron (14.9%) and AbbVie (13.1%).Lilly Novo

Amgen’s increase came as the company reported an all-time high of $7 billion in Amgenues from tRegeneron quarter of 2AbbViehe figure was a 6% increase from the prior year and was the result of an upswing in sales from cholesterol treatment Repatha, osteoporosis drug Prolia and Humira biosimilar Amjevita.

Amgenng confidence in Amgen’s $27.8 billion purchase of Horizon Therapeutics also undoubtedly played a role in the market-cap boost as the acquisition brings prized inflammatory disease drugs Tepezza, Krystexxa and Uplizna.osteoporosis Amjevita

Regeneron’s rise in thAmgenrter came as the FDA approvedHorizon Therapeuticson of eye disease blockbuster Eylea. The nod is expected to help the company regain some inflammatory diseaselost toTepezzas Krystexxa Uplizna

Regeneron for AbbVie comes at an odd time asFDAles for its mega-blockbuster Humiraeye diseasee fall because of biosimilar competition in the U.S. But investors are gaining confidence in AbbVie’Rocheorts to compensate for the loss, and in immunology follow-ons Skyrizi and Rinvoq, which have combined for sales of $8.1 billion in the first three quarters this year.

In the aggregaAbbViee market cap of companies in the industry increased 0.2% during the quarter, GlobalData said, to $3.57 trillion.AbbVie Skyrizi Rinvoq

The largest market-cap decrease was registered by Bayer (-12.7%), but that is owed largely to the German company’s troubled crop science business.

In addition to Bayer, seven other top-20 biopharmaBayeranies saw their market cap decrease by more than 9%. They were Pfizer (-12.5%), Daiichi Sankyo (-12.5%), Johnson & Johnson (-12.2%), CSL (-11.9%), Roche (-10%), Bristol Myers Squibb (-9.6%) and Merck (-9.6%).

“Top biopharmacBayeral companies, including Johnson & Johnson, are reaping the consequences over the first US drug priPfizerotiations,”Daiichi Sankyo a businessJohnson & Johnsonlyst at GloCSLData, wroteRoche summary Bristol Myers Squibbngs.Merck

Chan noted that J&J's Imbruvica, Stelara andJohnson & Johnsonto face the first round of Medicare price negotiations beginning in 2026. The trio accounted for nearly $16 billion in J&J revenues last year.

BMS also felt a J&Jket-cap sting in the third quarter as Eliquis and Farxiga made the Medicare negotiations list. Same for Merck with Januvia and Bayer with Xarelto.J&J

But companies can’t place all the blame for their declining value on Farxigalation Reduction Act. Several big market-cap gainers had drugs on the CMS list asXareltoincluding Amgen (Enbrel), AbbVie (Imbruvica), Lilly (Jardiance) and Novo (insulin aspart).

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