Amgen’s Q3 profit rises 10%

News

Hannah Blake

pharmaphorum

Third-quarter financial results for Amgen have been announced. Under its first full quarter with Robert Bradway as its Chief Executive, the biotech company reported higher-than-expected profit and has raised its full-year forecasts for both earnings and revenue.

Total revenues increased 10% to US $4.319 million, with 8% product sales growth, driven by strong performance across the portfolio. One of the contributors to this growth is Amgen’s blockbuster rheumatoid arthritis drug, Enbrel (etanercept), along with big jumps for some of the company’s newest drugs, including osteoporosis drug, Prolia (denosumab).

"We delivered solid growth in revenues and earnings. Our marketed products are performing well and we continue to make progress with key pipeline projects."

Robert A. Bradway, president and CEO at Amgen.

Amgen’s forecast for 2012 adjusted earnings is now at $6.50 - $6.60 per share, instead of $6.20 - $6.35 per share as was previously expected. The forecast for 2012 revenue has also been increased to $17.2 billion to $17.3 billion, up from $16.9 billion to $17.2 billion.

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