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Amgen exceeds Wall Street expectations for first quarter earnings

By   /   Thursday, April 28th, 2016  /   Comments Off on Amgen exceeds Wall Street expectations for first quarter earnings

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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.
• Contact Philip Joens at [email protected]
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