Why Amgen shares skyrocketed

Posted 8 May 2024 AM

Amgen saw its market cap leap $30 billion (US$20 billion) overnight last week, thanks to quarterly revenue growing by a fifth and the solid confidence it expressed in its upcoming obesity drug.

The pharma's shares surged 15.8 per cent higher when it announced revenues for the first quarter of this year had grown to $11.2 billion (US$7.4 billion), a 22 per cent increase compared to the first quarter of 2023.

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