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Press Release

Amgen Reports Second Quarter 2017 Financial Results

Amgen
Posted on: 26 Jul 17

THOUSAND OAKS, Calif., July 25, 2017 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the second quarter of 2017. Key results include:

Total revenues increased 2 percent versus the second quarter of 2016 to $5.8 billion.

Product sales grew 2 percent driven by Prolia® (denosumab), Repatha® (evolocumab) and KYPROLIS® (carfilzomib).

GAAP earnings per share (EPS) increased 18 percent to $2.91 driven by higher operating margins.

GAAP operating income increased 13 percent to $2.7 billion and GAAP operating margin increased 4.9 percentage points to 48.4 percent.

Non-GAAP EPS increased 15 percent to $3.27 driven by higher operating margins.

Non-GAAP operating income increased 9 percent to $3.1 billion and non-GAAP operating margin increased 3.8 percentage points to 55.2 percent.

2017 EPS guidance increased to $10.79-$11.37 on a GAAP basis and $12.15-$12.65 on a non-GAAP basis; total revenues guidance revised to $22.5-$23.0 billion.

The Company generated $2.1 billion of free cash flow.

"Our continued solid performance this quarter is yet another indication that we are on track to deliver on our long-term growth objectives," said Robert A. Bradway, chairman and chief executive officer. "Our newer products are registering strong volume-driven growth globally and we expect their contribution to continue to increase over time, offsetting declines in mature products."

References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis" and to "free cash flow" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations.  

Product Sales Performance

Total product sales increased 2 percent for the second quarter of 2017 versus the second quarter of 2016.

Repatha sales increased driven by higher unit demand.

BLINCYTO® (blinatumomab) sales increased 43 percent driven by higher unit demand.

KYPROLIS sales increased 23 percent driven by higher unit demand.

Prolia sales increased 15 percent driven primarily by higher unit demand.

Nplate® (romiplostim) sales increased 15 percent driven primarily by higher unit demand.

Sensipar®/Mimpara® (cinacalcet) sales increased 10 percent driven primarily by net selling price.

Aranesp® (darbepoetin alfa) sales increased 6 percent driven by higher unit demand.

Vectibix® (panitumumab) sales increased 5 percent driven by higher unit demand.

XGEVA® (denosumab) sales increased 4 percent driven primarily by higher unit demand.

Enbrel® (etanercept) sales decreased 1 percent due to the impact of competition, offset partially by favorable changes in inventory and net selling price.

Neulasta® (pegfilgrastim) sales decreased 5 percent driven by lower unit demand.

EPOGEN® (epoetin alfa) sales decreased 12 percent driven primarily by net selling price.

NEUPOGEN® (filgrastim) sales decreased 30 percent driven primarily by the impact of competition.

For more information:
www.prnewswire.com/news-releases/amgen-reports-second-quarter-2017-financial-results-300493904.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 26/07/2017

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