Amgen quarterly results beat Wall Street estimates
(Reuters) -Amgen on Tuesday posted quarterly financial results that beat Wall Street expectations as a 9% increase in product sales offset higher operating expenses.
The California-based biotech company's second-quarter revenue rose 9% from a year earlier to $9.2 billion. Adjusted earnings per share increased 21% to $6.02.
Analysts had expected an adjusted profit of $5.29 on revenue of $8.94 billion, according to LSEG data.
Second-quarter net earnings were $2.65 per share.
"We're delivering strong performance and reaching more patients with innovative medicines and biosimilars that address serious diseases," Amgen CEO Robert Bradway said in a statement.
Sales of cholesterol-lowering medication Repatha rose 31% to $696 million. Sales of bone drug Prolia fell 4% to $1.1 billion and the company said it expects further erosion this year due to new competition from biosimilars.
Adjusted operating expenses rose 8% from a year earlier, while research and development costs rose 18%.
The company said it expects to have data in the fourth quarter from two key mid-stage studies of its experimental weight-loss drug MariTide. One is testing the drug in obese or overweight adults with or without type 2 diabetes, while the second is looking at MariTide as a treatment for type 2 diabetes.
MariTide is an antibody linked to a pair of peptides that activate receptors for the appetite- and blood sugar-reducing hormone GLP-1 while simultaneously blocking a second gut hormone called GIP.
For the full year, Amgen slightly raised its financial outlook to adjusted earnings per share of $20.20 to $21.30 on revenue of $35 billion to $36 billion. It had previously forecast earnings of $20.00 to $21.20 per share on revenue of $34.3 billion to $35.7 billion. Analysts, on average, have estimated 2025 earnings of $20.91 per share on revenue of $35.4 billion.
The company said its 2025 outlook includes the impact of implemented tariffs, but does not account for any future levies, including potential sector-specific tariffs, or pricing actions that could be implemented in the future.
The pharmaceutical industry is facing intense pressure from U.S. President Donald Trump to lower prices that Americans pay for prescription medicines, while preparing for 15% tariffs on imports from the European Union.
(Reporting By Deena BeasleyEditing by Bill Berkrot)
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