Earnings Results: Amgen stock jumps after record earnings beat expectations, and biotech raises full-year outlook

by | Aug 3, 2023 | Stock Market

Shares of Amgen Inc. jumped in after-hours trading Thursday, after the biotechnology giant reported record second-quarter earnings that rose above expectations and raised the full-year outlook, as volume growth offset a slight decline in prices. “We had a very strong quarter, serving more patients across all geographies and therapeutic categories and delivering record revenues and [adjusted] earnings per share,” said Chief Executive Robert Bradway.

The stock
AMGN,
+0.13%
rose 1.2% after the closing bell, after closing the regular session up 0.1% at $230.70. Net income rose to $1.38 billion, or $2.57 a share, from $1.32 billion, or $2.45 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of $5.00 beat the FactSet consensus of $4.49. Revenue grew 5.9% to $6.99 billion, above the FactSet consensus of $6.66 billion, as 11% growth in volume offset a 2% decline in net selling prices and 1% lower inventory levels. Among the best selling drugs, Amjevita/Amgevita sales increased 2% to $1.0 billion and Prolia sales rose 11% to $1.03 billion. Total sales of established products, which include Epogen, Aranesp, Parsabiv and Neulasta, decreased 17%, due to lower net selling prices and volume declines. For 2023, the company raised its guidance ranges for adjusted EPS to $17.80 to $18.80 from $17.60 to $18.70 and for revenue to $26.6 billion to $27.4 billion from $26.2 billion to $27.3 billion. The stock has lost 12.2% year to date through Thursday’s close, while the Dow Jones I …

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earnings per share,” said Chief Executive Robert Bradway.

The stock
AMGN,
+0.13%
rose 1.2% after the closing bell, after closing the regular session up 0.1% at $230.70. Net income rose to $1.38 billion, or $2.57 a share, from $1.32 billion, or $2.45 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of $5.00 beat the FactSet consensus of $4.49. Revenue grew 5.9% to $6.99 billion, above the FactSet consensus of $6.66 billion, as 11% growth in volume offset a 2% decline in net selling prices and 1% lower inventory levels. Among the best selling drugs, Amjevita/Amgevita sales increased 2% to $1.0 billion and Prolia sales rose 11% to $1.03 billion. Total sales of established products, which include Epogen, Aranesp, Parsabiv and Neulasta, decreased 17%, due to lower net selling prices and volume declines. For 2023, the company raised its guidance ranges for adjusted EPS to $17.80 to $18.80 from $17.60 to $18.70 and for revenue to $26.6 billion to $27.4 billion from $26.2 billion to $27.3 billion. The stock has lost 12.2% year to date through Thursday’s close, while the Dow Jones I …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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