- Amgen's second quarter earnings were up 6.9% versus last year because of stronger-than-anticipated growth and lower operating expenses.
- Five drugs that drove growth because of higher sales were Enbrel (+8%); Prolia (+29%); Sensipar (+15%); Krypolis (+53%); and XGEVA (11%).
- Because of the strength of the second quarter, Amgen has raised FY forecasts to revenues ranging from $21.1 billion to $21.4 billion, versus $20.9 billion to $21.3 billion. Revised EPS are projected to be $9.55 to $9.80 per share, compared with $9.35 to $9.65 per share.
A range of biopharma companies have reported strong earnings this season, ranging from the estimate-smashing (such as Gilead) to the surprisingly impressive (such as Sanofi).
Amgen achieved its earnings beat by focusing on reducing its costs, particularly operating and R&D expenses. And the biotech is expected to win approval of its PCSK9 cholesterol drug Repatha some time next month, likely setting up strong year-end sales.