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Amgen reports revenue increase in second quarter earnings

By   /   Wednesday, July 27th, 2016  /   Comments Off on Amgen reports revenue increase in second quarter earnings

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Updated on July 27 at 4 p.m.:

Amgen reported a 6 percent increase in revenue and a 15 percent increase in earnings per share in its second quarter earnings released July 27.

Revenues grew to $5.7 billion due to higher sales of the company’s drugs Enbrel, Prolia, Kyprolis and Xgeva, and operating income increased 15 percent over the second quarter of 2015 to $2.38 million, the biotech company said.

With earnings of $2.47 per share, Amgen increased its revenue guidance from around $22.2 billion to about $22.5 billion for fiscal year 2016.

“We delivered another strong quarter and are on track to meet or exceed our long-term objectives,” said Chairman and CEO Robert Bradway. “We are in the early stages of a new product launch cycle and have several additional pipeline opportunities rapidly nearing regulatory milestones.”

Higher prices for top-selling products Enbrel and Neulasta led to a 3.8 percent increase in operating margin for the company, partially hampered by competition from biosimilars for its drugs Neupogen and Epogen. Research and development costs decreased 7 percent and administrative costs increased 11 percent.

Capital expenditures for 2016 are anticipated to reach $700 million. The company had cash and investments of $35 billion with outstanding debt of $33.2 billion. Amgen has $3.6 billion of stock repurchase authorization remaining after buying back 3.9 million shares this quarter.

• Contact Marissa Nall at [email protected]

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