July 15, 2024
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Amgen delivers earnings beat despite acquisition headaches


Amgen delivered a sound beat of Wall Street analysts’ predictions for its second quarter of 2023 en route to posting a record revenue. 

The biotech giant reported a total revenue of just under $7 billion, beating the Yahoo Finance estimate by 4.6% and causing the stock to jump up 2.3% in after-hours trading. 

Amgen attributed much of its strong quarter to record sales for nine of its products, as well as strong international performance. Its volume of sales outside of the U.S. grew 16% and specifically, Asia-Pacific grew 46%.

“We had a very strong quarter, serving more patients across all geographies and therapeutic categories and delivering record revenues and non-GAAP earnings per share,” Robert Bradway, chairman and CEO, said in the press release. 

Net income grew 4.5% year over year from $1.32 billion to $1.38 billion and Amgen beat the non-GAAP earnings per share projection by 51 cents. 

Amgen’s stock has had a rocky year and is still well under the $275.20 per share price it started 2023 at. Many investors are eager to see the future of Amgen’s proposed acquisition of Horizon Therapeutics, which is currently being sued by the FTC for antitrust violations. 

Amgen executives expressed no desire to back down from the acquisition during the earnings call. 

The biotech company’s highest-grossing products were Enbrel and Prolia, which each posted over $1 billion in sales. Prolia boomed in growth as well, jumping up 11% in volume and sales for its best quarter ever and putting it on pace to treat over seven million patients during this calendar year. 

Amgen also gave its shareholders a 10% year-over-year bump in its quarterly dividend to $2.13 per share.

email: jpiazza@pacbiztimes.com