Latest news with #RobertBradway
Yahoo
05-08-2025
- Business
- Yahoo
Amgen quarterly results beat Wall Street estimates
By Deena Beasley (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) Sign in to access your portfolio
Reuters
05-08-2025
- Business
- Reuters
Amgen quarterly results beat Wall Street estimates
Aug 5 (Reuters) - Amgen (AMGN.O), opens new tab 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.
Yahoo
05-08-2025
- Business
- Yahoo
Amgen quarterly results beat Wall Street estimates
By Deena Beasley (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)
Yahoo
15-05-2025
- Business
- Yahoo
AMGN Q1 Earnings Call: Product Pipeline and Margin Expansion Drive Outperformance
Biotech company Amgen (NASDAQ:AMGN) reported Q1 CY2025 results topping the market's revenue expectations , with sales up 9.4% year on year to $8.15 billion. The company expects the full year's revenue to be around $35 billion, close to analysts' estimates. Its non-GAAP profit of $4.90 per share was 15% above analysts' consensus estimates. Is now the time to buy AMGN? Find out in our full research report (it's free). Revenue: $8.15 billion vs analyst estimates of $8.03 billion (9.4% year-on-year growth, 1.5% beat) Adjusted EPS: $4.90 vs analyst estimates of $4.26 (15% beat) Adjusted EBITDA: $4.99 billion vs analyst estimates of $4.67 billion (61.2% margin, 6.7% beat) The company reconfirmed its revenue guidance for the full year of $35 billion at the midpoint Management reiterated its full-year Adjusted EPS guidance of $20.60 at the midpoint Operating Margin: 14.5%, up from 13.3% in the same quarter last year Free Cash Flow Margin: 12%, up from 6.2% in the same quarter last year Market Capitalization: $141 billion Amgen's first quarter results were shaped by broad-based volume growth and new product launches across general medicine, rare diseases, inflammation, and oncology. Management highlighted the performance of 14 products with double-digit growth, as well as strong uptake of new biosimilars. CEO Robert Bradway emphasized, 'We delivered multiple positive Phase III readouts, initiated four new Phase III studies, and launched three new products or indications.' Looking ahead, Amgen's full-year guidance centers on further execution in its late-stage clinical pipeline and continued momentum in recently launched therapies. CFO Peter Griffith noted increased R&D investment to support assets such as MariTide, a potential obesity therapy, and ongoing expansion in the biosimilars portfolio. Management also acknowledged uncertainties from tariffs and tax policy, stating the company's manufacturing investments position it to adapt as needed. Amgen's management attributed the quarter's performance to the breadth of its product portfolio and significant progress in clinical development. Key growth areas included cardiovascular, bone health, rare disease, and oncology, with biosimilars delivering meaningful contributions. Broad product portfolio growth: Fourteen medicines delivered double-digit sales growth, spanning cardiovascular, bone health, rare disease, and oncology. Amgen's biosimilars segment generated over $700 million in revenue, up 35% year over year. General medicine expansion: Products like Repatha and EVENITY benefited from improved patient access, expanded prescriber base, and direct-to-consumer initiatives. Management cited ongoing clinical trials targeting large, underserved populations in cardiovascular and obesity-related diseases. Rare disease launches: UPLIZNA launched as the first FDA-approved treatment for IgG4-related disease, with early physician adoption. TEPEZZA expanded internationally, including approvals and launches in Japan and a positive regulatory opinion in Europe. Oncology pipeline momentum: Bispecific T cell engagers such as BLINCYTO and IMDELLTRA showed continued adoption and positive clinical data. IMDELLTRA demonstrated survival benefits in small cell lung cancer, with new Phase III studies underway. Biosimilars market penetration: Recent biosimilar launches, including PAVBLU and WEZLANA, were met with positive reception from prescribers. The company's approach focused on early U.S. launches and reliable supply to capture market share. Management's outlook for the remainder of the year is anchored by ongoing clinical advancement and new launches, while cautioning about external factors such as tariffs and increased R&D investment. Pipeline advancement: Significant late-stage studies for therapies like MariTide in obesity and Olpasiran in cardiovascular disease are expected to drive future growth, with management increasing R&D spending to support these programs. Expanding biosimilars: New biosimilar launches and further commercialization efforts are anticipated to diversify revenue streams and address pricing pressures in core therapy areas. External policy risks: Management flagged potential headwinds from evolving tax and tariff policies, emphasizing Amgen's historical ability to adapt through manufacturing investments and operational agility. Terence Flynn (Morgan Stanley): Asked about key data expectations for MariTide at the ADA meeting. Management said data would focus on 52-week efficacy and tolerability but not new long-term results. Salveen Richter (Goldman Sachs): Inquired about UPLIZNA's commercial strategy for IgG4-related disease. Amgen outlined targeted outreach to rheumatologists and plans for broader physician engagement. Michael Yee (Jefferies): Pressed on MariTide's tolerability and competition from oral obesity drugs. Management expressed confidence in design for efficacy and tolerability, with ongoing development of oral options. Trung Huynh (UBS): Questioned Repatha's position amid new competition. Amgen stressed product profile advantages and improved patient access, with room for multiple therapies in the market. David Amsellem (Piper Sandler): Asked what will drive growth for TEPEZZA. Management pointed to expanded prescriber education and international launches, with potential future benefit from a subcutaneous form. In coming quarters, the StockStory team will monitor (1) progress and data releases from late-stage clinical trials, especially for MariTide and bemarituzumab; (2) commercial adoption and prescriber uptake of newly launched therapies like UPLIZNA in IgG4-related disease and PAVBLU in biosimilars; and (3) updates on international expansion of key rare disease drugs. Execution in R&D and navigating policy changes will also be important indicators of Amgen's trajectory. Amgen currently trades at a forward P/E ratio of 13×. In the wake of earnings, is it a buy or sell? Find out in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. 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Reuters
01-05-2025
- Business
- Reuters
Amgen quarterly profit tops Wall Street view, sales up 11%
May 1 (Reuters) - Amgen (AMGN.O), opens new tab on Thursday said its first-quarter profit rose 24%, handily exceeding Wall Street expectations, as product sales increased 11% and profit margins widened. The biotechnology company reported adjusted earnings per share of $4.90 for the quarter, sailing past the average analyst estimate of $4.30, as compiled by LSEG. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. Overall revenue rose 9% to $8.1 billion, which was in line with Wall Street estimates. "Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects," Amgen CEO Robert Bradway said in a statement. The company is slated to present at a medical meeting next month full results from a mid-stage trial of its experimental weight-loss drug MariTide, viewed by many investors as a potential blockbuster. Amgen is conducting late-stage trials of the drug in patients with and without diabetes, and said results from a Phase 2 diabetes trial will be announced in the second half of this year. The company also said the U.S. Food and Drug Administration has lifted its clinical hold on an early-stage trial of a different experimental weight-loss drug known as AMG 513. For the full year, Amgen said it still expects adjusted earnings per share of $20.00 to $21.20 on revenue of $34.3 billion to $35.7 billion. Analysts, on average, have estimated earnings of $20.63 per share on revenue of $35.1 billion. Amgen said its 2025 outlook includes the impact of implemented tariffs, but does not account for any future levies, including potential sector-specific tariffs. U.S. President Donald Trump's administration has opened a national security investigation into pharmaceuticals in a bid to demonstrate why the U.S. needs tariffs to boost domestic manufacturing. Amgen's first-quarter sales of bone drug Prolia rose 10% to $1.1 billion, but the company said it expects lower sales of the medication later in the year as biosimilar competitors are launched. Sales of cholesterol-lowering medication Repatha rose 27% to $656 million, while sales of much older arthritis drug Enbrel fell 10% to $567 million. In the rare disease space, sales of thyroid eye disease drug Tepezza fell 10% to $381 million, and sales of gout treatment Krystexxa were flat at $236 million. Both drugs were acquired with Amgen's purchase of Horizon Therapeutics. Net operating income for the quarter rose 20% to $1.2 billion.
