Amgen reports 'solid growth' in income, revenue in third-quarter

Amgen on Tuesday announced that third-quarter earnings climbed 144 percent to $1.1 billion due to a charge for a legal settlement reserve in the year-earlier period. Total revenues in the quarter increased 10 percent to $4.3 billion, pulling just ahead of analysts’ estimates. Commenting on the results, CEO Robert Bradway noted that "we delivered solid growth in revenues and earnings," adding that "our marketed products are performing well and we continue to make progress with key pipeline projects."

Combined quarterly revenue from Neulasta and Neupogen increased 1 percent year-on-year to just under $1.4 billion, as an increase in the US average net sales price for Neulasta helped offset declines in unit demand for Neupogen stemming from a loss of share to biosimilars in Europe. Sales of Enbrel increased 17 percent to $1.1 billion, while sales of Epogen rose 3 percent year-over-year to $491 million. The drugmaker also reported that revenue from Aranesp slipped 17 percent in the quarter to $497 million, due in part to a drop in unit demand stemming from a small share loss in the oncology segment.

In other results, sales of Xgeva increased 97 percent to $201 million, which the company said "reflect[ed] increased segment share as well as growth in the overall segment." In addition, sales of Sensipar/Mimpara increased 18 percent to $243 million, while Prolia revenues soared 116 percent to $110 million.

Based on the results, the company upwardly revised its financial outlook for the year and now expects adjusted earnings per share to be in the range of $6.50 to $6.60, up from a previous estimate of $6.20 to $6.35 per share and ahead of analysts estimates of $6.35 per share. The company also upgraded its total revenues estimate to between $17.2 billion and $17.3 billion from a previous estimate of between $16.9 billion and $17.2 billion and exceeding analysts estimates of $17 billion for the year.

To read more Top Story articles, click here.