Headline results for the first quarter:
|Revenue||$6.2 billion (forecasts of $6 billion)||+11%|
|Product sales||$5.9 billion||+12%|
|Profit||$1.8 billion||Versus $2 billion|
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Amgen said sales during the quarter were driven by volume growth across a number of newer products, including Otezla, Repatha, Mvasi, Kanjinti and Evenity, offset partially by declines in select products due to the impact of biosimilar and generic competition.
The company also announced that Otezla will be investigated as a potential immunomodulatory treatment in adult patients with COVID-19 in upcoming platform trials. CEO Robert Bradway remarked "we are committed to an uninterrupted supply of our medicines to patients [and] advancing potential new medicines to treat serious diseases, including COVID-19."
Amgen reaffirmed its guidance of adjusted earnings of $14.85 to $15.60 per share on sales between $25 billion and $25.6 billion for 2020. Analysts are projecting earnings of $15.38 per share on revenue of $25.25 billion.
What analysts said:
Credit Suisse analyst Evan Seigerman remarked "as we expected, Amgen’s results were strong, but we did not get a guidance raise." Still, he noted "we are encouraged with the progress and minimal disruption from COVID-19 across the business."
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