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Amgen raises guidance, discontinues CETP inhibitor

October 25, 2017 11:42 PM UTC

In its 3Q17 earnings late Wednesday, Amgen Inc. (NASDAQ:AMGN) bumped up its 2017 guidance and said it discontinued internal development of cholesteryl ester transfer protein inhibitor AMG 899. The bellwether pushed its 2017 non-GAAP EPS guidance to $12.50-$12.70 from $12.15-$12.65, and raised the lower end of its 2017 revenue guidance to $22.7-$23 billion from $22.5-$23 billion.

Amgen said it will explore out-licensing AMG 899, which it gained via its 2015 acquisition of Dezima Pharma B.V. after the compound had completed Phase IIb testing to treat dyslipidemia. The company said it made its decision in light of recently reported outcomes data from Merck & Co. Inc. (NYSE:MRK) for CETP inhibitor anacetrapib (see BioCentury Extra, Oct. 12)...

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