Amgen Tops Q1 Expectations, Shares Gain
Shares of Amgen, Inc. (NASDAQ: AMGN) gained over 2 percent in after-hours trading after the company reported better-than-expected earnings for the first quarter and lifted its 2015 earnings outlook.
For 2015, Amgen now projects adjusted earnings of $9.35 to $9.65 per share on revenue of $20.9 billion to $21.3 billion. The company had earlier expected earnings of $9.05 to $9.40 per share on revenue of $20.8 billion to $21.3 billion
The Thousand Oaks, California-based company reported a quarterly profit of $1.62 billion, or $2.11 per share, versus a year-ago profit of $1.07 billion, or $1.40 per share. Excluding items, the company's earnings climbed to $2.48 per share from $1.87 per share.
Its revenue rose 11 percent to $5.03 billion. However, analysts were projecting a profit of $2.10 per share on revenue of $4.91 billion.
Sales of multiple myeloma drug Kyprolis jumped 59 percent to $108 million in the latest quarter. Neulasta sales gained 4 percent to $1.13 billion, while Neupogen sales slipped 15 percent to $246 million.
Prolia revenue jumped 39 percent to $272 million, while XGeva sales gained 22 percent to $340 million. Sales of its drug Enbrel jumped 13 percent to $1.12 billion in the quarter.
EPOGEN sales rose 16 percent year-over-year, while Aranesp sales gained 4 percent.
Research & Development expenses declined 14 percent in the latest quarter.
During the first quarter, Amgen repurchased 2.9 million shares at a total cost of $0.5 billion.
The average estimate among 34 Estimize users was for earnings of $2.13 per share and revenue of $4.97 billion.
"With solid execution in the first quarter, Amgen achieved strong sales and earnings growth and demonstrated substantial progress in achieving our long-term objectives," said Robert A. Bradway, chairman and chief executive officer. "Our continuing success in delivering results gives us the confidence to increase our full year outlook for earnings."
Amgen shares rose 2.40 percent to $172.50 in the after-hours trading session.
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