Health and Healthcare
Why Amgen Is Up Despite Falling Product Sales
Published:
Last Updated:
When Amgen Inc. (NASDAQ: AMGN) released its second-quarter financial results after the markets closed on Tuesday, the firm said that it had $3.97 in earnings per share (EPS) and $5.9 billion in revenue. That compared with consensus estimates of $3.58 in EPS and $5.66 billion in revenue, as well as the $3.83 per share on $6.06 billion posted in the same period from last year.
During the most recent quarter, revenues decreased 3% year over year, reflecting increasing competition due to patent expirations. Product sales fell 2% in the time as well.
In terms of its product sales, Amgen reported as follows:
- Prolia, $698 million
- Evenity, $28 million
- Repatha, $152 million
- Aimovig, $83 million
- Parsabiv, $168 million
- Kyprolis, $267 million
- Xgeva, $499 million
- Vectibix, $196 million
- Nplate, $201 million
- Blincyto, $78 million
- Enbrel, $1.36 billion
- Neulasta, $824 million
- Neupogen, $75 million
- Epogen, $223 million
- Aranesp, $436 million
- Sensipar/Mimpara, $122 million
Looking ahead to the full year, the company expects to see EPS in the range of $13.75 to $14.30 and revenue between $22.4 billion and $22.9 billion. Consensus estimates are calling for $13.97 in EPS and $22.59 billion in revenue for the year.
Apart from this, Amgen said that its experimental cancer drug AMG510 demonstrated activity in patients with colorectal and appendiceal cancer. Previously, the firm presented data in June suggesting AMG510 appeared to be effective against lung cancer. Amgen expects to begin a trial later this year that could serve as the basis for a U.S. regulatory application seeking approval.
Robert A. Bradway, board chair and chief executive, commented:
With our newer products generating strong volume gains globally and many first-in-class medicines advancing through our pipeline, we are well positioned to serve patients and deliver long-term growth for our shareholders.
Shares of Amgen closed Tuesday at $176.45 but traded early Wednesday at $181.88. The 52-week range is $166.30 to $210.19, and the consensus price target is $204.43.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
