Amgen’s net income jumps 24% in Q3

Amgen's net income jumped 24% in the third quarter, according to its recently released Q3 financial results.

Total revenues increased by 10% to US $4,748 million, with an 11% product sales growth driven by a strong performance across the portfolio. Those that grew in particular included Neulasta (pegfilgrastim) to treat neutropenia, autoimmune drug Enbrel (etanercept) and osteoporosis treatment, XGEVA (denosumab). Product sales also included a $155 million order for Neupogen (filgrastim) from the US Government. Neupogen is used for treating neutropenia, a common side effect of chemotherapy.

"We delivered excellent operating performance this quarter. We also delivered excellent strategic progress with the acquisition of Onyx Pharmaceuticals in oncology, the opening of our alliances in Japan and China, and the repurchase of our rights to NEUPOGEN and Neulasta in key emerging growth markets around the world."

Robert A. Bradway, chairman and chief executive officer of Amgen.

In the third quarter, Amgen also saw significant progress in the following areas:

Amgen's acquisition of Onyx Pharmaceuticals closed and sales of its multiple myeloma drug, Kyprolis, grew 6% to $65 million.
The company also advanced its efforts to develop a presence in cardiovascular disease by acquiring the US commercial rights to ivabradine, an innovative product already approved in over 100 countries for heart failure and angina.
On October 1st, the Amgen-Astellas strategic alliance began operations in Japan. The alliance will develop and launch five Phase 3 molecules, starting with evolocumab (AMG 145).

For the full year 2013, Amgen expects total revenues to be in the range of $18.3 billion to $18.5 billion and it has adjusted its EPS to be in the range of $7.35 to $7.45.