Better-than-expected Q2 for Amgen

Amgen has reported higher-than-expected financial results for the second quarter of 2013. Total revenues increased 5% to US $4,679 million, with 9% product sales growth driven by rheumatoid arthritis treatment, Enbrel (etanercept), bone-strengethening drug, Prolia (denosumab) and XGEVA (denosumab) for the prevention of skeletal-related events in patients with bone metastasis.

“We saw solid product trends during the second quarter and are carrying good momentum into the second half. We continue to make excellent progress with our pipeline of innovative molecules and look forward to multiple data readouts in 2014, including pivotal Phase 3 data for our cholesterol-lowering agent, AMG 145, in the first quarter.”

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

Following these positive second quarter results, Amgen has raised its 2013 forecast. The pharma company expects its total revenue for the year to be at the higher end of $17.8 billion to $18.2 billion. For earnings excluding certain items, Amgen expects to be at $7.30 to $7.45 a share, compared to the previous forecasted earnings of $7.05 to $7.35 a share.

 

 

Related news:

Amgen Sales Top Analysts’ Estimate on Growth of Key Drugs (Bloomberg)

Amgen profit ex-items tops Wall Street view; rebounds after 1st qtr (Reuters)

Reference links:

Amgen press release

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