Amgen (AMGN) reported quarterly earnings this week, reporting adjusted earnings at 163% higher to $4.65 a share, and exceeding expectations for $4.39. Overall sales inched 1% ahead during the June quarter, to $6.59 billion.
Sales of Amgen’s medicines increased 3% versus the same three months last year, helped by a 10% boost in demand and hurt by a 6% decline in net selling price. Exchange rates also had a negative 2 percentage point impact.
Revenue from Amgen’s most significant drug, Enbrel, skidded 8% to $1.05 billion. Amgen expects Enbrel to face continued pricing pressure due to new competition. Prolia, Amgen’s second biggest moneymaker, reported $922 million. Sales of the osteoporosis drug advanced 13% year over year and were 3% above projections.
Amgen now expects $25.5 billion to $26.4 billion in sales for the year. The company also kept its adjusted earnings outlook for $17-$18 per share. Analysts called for $17.41 in earnings per share on $26.23 billion in sales.
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