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.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners, receive our FREE email updates throughout the week, and view our exclusive content and research.
