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Amgen Beats Q2 Estimates – Adjusts Outlook

By John F. Heerdink, Jr.

Reportedly, Amgen exceeded Q2 estimates reporting $4.38 per share, minus some items, on $6.53 billion in sales. Earnings increased 4% year over year and exceeded analysts’ estimate for $4.09 per share. Sales topped expectations for $6.46 billion and increased 5%. Across all medicines, volumes grew 8% while sales prices declined 5%.

Sales of the company’s biggest moneymaker, an arthritis drug called Enbrel, declined on lower sales price and volumes. Its osteoporosis treatment Prolia and cholesterol med Repatha reported double-digit growth, an increase of respective 24% and 43% year over year.  The company reported 30% sales growth for Evenity, a postmenopausal treatment for osteoporosis, with volumes increasing 32% and sales reaching $131 million. Sales of migraine medicine Aimovig and psoriasis drug Otezla decreased respectively 16% and 5% year over year. 

The giant biotech company predicts adjusted earnings of $16-$17 per share and $25.8 billion to $26.6 billion in sales for the year.

If you liked this story please consider, visiting the Atossa Therapeutics (ATOS) dedicated page at Vista Partners to learn about the Seattle-based biotech firm’s work towards finding therapeutic treatments for Breast Cancer and the Coronavirus. 
 

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.

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(Read Original Story: Amgen Stock Dips On Guidance Trim Despite Second-Quarter Beat in Investor's Business Daily)


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