- For Q1 2015, Amgen's revenues increased 11% to $5.03 billion, while net income increased 51% to $1.62 billion. In both cases, Amgen's numbers were much stronger than analysts predicted.
- For the first quarter, earnings skyrocketed from $1.87 per share in Q1 2014 to $2.48 per share.
- Earnings were boosted by increased sales of drugs, such as Enbrel (etanercept) for arthritis and Prolia (denosumab) for osteoporosis, in addition to decreased operating costs.
Amgen had a great quarter overall during which last year's restructuring efforts started to pay off. Cost-savings measures such as lay-offs and closing facilities helped push the Q1 profit margin to 50% from 43% in Q1 2014. In addition, Amgen benefited from lower operating costs, including a 13% reduction in R&D expenses.
The future looks bright for Amgen, especially considering the recent FDA approval of Corlanor for heart failure and its PCSK9 inhibitor in development for treatment of hypercholesterolemia. Approval is expected in August.