NEW YORK – Amgen Inc . (NASDAQ:) reported second-quarter outcomes that exceeded analyst expectations for income whereas barely lacking on earnings per share. The biotechnology firm additionally raised its full-year steering above Wall Road estimates.
Amgen posted adjusted earnings of $4.97 per share for the quarter, simply $0.01 under the analyst consensus of $4.98. Income got here in at $8.39 billion, surpassing the anticipated $8.35 billion and marking a 20% improve YoY.
The corporate’s sturdy efficiency was pushed by a 26% development in gross sales quantity, partially offset by a 3% lower in web promoting worth. Excluding the influence of the Horizon Therapeutics (NASDAQ:) acquisition, product gross sales grew 5%, with quantity development of 10%.
“With a robust, balanced portfolio of in-market merchandise and a quickly advancing pipeline of modern medicines, we’re assured in our capability to ship enticing long-term development,” mentioned Robert A. Bradway, chairman and chief government officer.
Trying forward, Amgen raised its full-year 2024 steering. The corporate now expects earnings per share between $19.10 and $20.10, above the analyst consensus of $17.87. Income is projected to be within the vary of $32.8 billion to $33.8 billion, surpassing the consensus estimate of $30.3 billion.
Regardless of the sturdy outcomes and improved outlook, Amgen’s GAAP earnings per share decreased 46% to $1.38, primarily as a result of larger working bills associated to the Horizon acquisition.
The corporate generated $2.2 billion in free money movement through the quarter, down from $3.8 billion in the identical interval final yr, primarily as a result of timing of tax funds.
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