Amgen reported a strong quarter with sales increasing 6% to $6.24 billion and exceeding expectations at $6.07 billion. Earnings also came in above projections at $4.25 per share, up 15% on a year-over-year basis.
Amgen’s osteoporosis treatment Evenity and migraine drug Aimovig reported strong growth, with sales surging 59% and 53% respectively. Revenue from its biggest moneymaker, inflammation treatment Enbrel, dropped 7% to $843 million. Amgen also noted lower sales of Otezla, another inflammation drug dropped by 5% to $350 million. Both Otezla and Enbrel felt the impact of insurance changes and increased co-pays. Otezla also experienced price declines.
For the year, the biotech behemoth called for $25.4 billion to $26.5 billion in sales, missing analyst estimates for $26.05 billion. Amgen expects to earn $17-$18 a share.
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