Amgen guides 2023 EPS above consensus while revenue in-line
CharlieAJA
Amgen (NASDAQ:AMGN) boosted its 2023 guidance for EPS and revenue, with the former's range above the consensus estimate and the latter's in-line.
The biotech now sees 2023 adjusted EPS of $17.80-$18.80 compared to $17.60-$18.70 before. Consensus is $17.70.
Amgen is now projecting full-year revenue of $26.6B-$27.4B vs. $26.2B-$27.3B. Consensus is $27.32B.
Net income in the quarter increased ~5% to ~$1.4B compared to the prior-year period ($2.57 per share diluted vs. $2.45).
The company beat on both the top and bottom lines.
Overall product sales increased 6% year over year to ~$4.7B. Sales of Amgen's best selling drug, Enbrel (etanercept) rose a modest 2% year over year to $1.1B.
The biggest YoY increases, percentage-wise, were from the leukemia treatment Blincyto (blinatumomab) and the osteoporosis therapy Evenity (romosozumab). The former rose 48% to $206M, while the latter, 47% to $281M in Q2.
Also, Amgen (AMGN) saw a 29% YoY increase in sales of Amjevita/Amgevita, its biosimilar of AbbVie's (ABBV) Humira (adalumumab), to $150M. Sales of Amjevita began in the US in January.
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