Amgen beats analysts’ revenue, earnings per share estimates
Amgen revenues increased 2 percent during the third quarter as it beat analysts’ revenue and earnings per share estimates thanks to cost-cutting measures and lower research measures.
Revenues for the Thousand Oaks-based biotech giant increased from $5.72 billion during the third quarter of 2015 to $5.81 billion in 2016, which beat analyst estimates of $5.73 billion. Amgen also posted earnings per share of $2.68, up from $2.44 one year ago. Profits also increased from $2 billion last year to $2.27 billion this year.
Amgen said a large reduction in late-stage clinical trials and a milestone payment from the Japanese approval of multiple-myeloma drug Kyprolis caused the better than expected quarter.
Sales of rheumatoid arthritis drug Enbrel were flat from $1.4 billion last year to $1.4 billion in 2016. Amgen blamed Enbrel’s poor performance on biosimilar competition, but said price increases helped offset the decline.
Neulasta, which boosts white blood cell counts in cancer patients to fight infections, saw sales slip 5 percent from $1.26 billion a year ago to $1.2 billion.
Kyprolis sales increased 34 percent from $137 million to $183 million. Aranesp, which treats anemia, saw sales increase 8 percent from $493 million to $531 million.
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