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Amgen exceeds Wall Street expectations for first quarter earnings
Amgen blew away Wall Street expectations and raised its 2016 guidance when it released first quarter earnings April 28.
The Thousand Oaks biotech giant had profits of $2.2 billion, up from $1.91 billion during the same quarter last year. Revenues of $5.53 billion were also up from $5 billion in 2015 and surpassed analyst estimates of $5.32 billion during the quarter.
Earnings per share of $2.90 is up from $2.48 in 2015 and beat analyst estimates of $2.56 per share, according to Zacks Investment Research.
Sales of Amgen’s cholesterol reducing drug Repatha were $16 million. Analysts had expected sales of $27 million.
Amgen’s blockbuster rheumatoid arthritis drug Enbrel saw sales rise 24 percent though, from $1.1 billion in the first quarter of 2015 to $1.39 billion in 2016, partially driven by higher prices. Sales of Amgen’s potentially blockbuster new multiple myeloma drug Kyprolis increased 43 percent from $108 million during the same quarter last year to $154 million.
Sales of Blincyto, which was approved by the Food and Drug Administration to cure a rare form of blood cancer in December 2014, increased 80 percent from $15 million to $27 million.
Amgen also revised its 2016 guidance and projects revenues of $22.2 billion to $22.6 billion; up from estimates of $22 billion to $22.5 billion. The company also expects earnings per share of $10.85 to $11.20 per share; up from estimates of $10.60 to $11 per share.
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