Amgen 2nd-qtr tops analysts' expectations

Amgen (Nasdaq: AMGN), the world’s largest independent biotech firm, late yesterday (July 30) posted second-quarter 2013 financial results, showing that revenue for the quarter rose 5% to $4.68 billion, beating analysts' average estimates of $4.49 billion, according to FactSet.

9% product sales growth to $4.595 for the quarter was driven by Enbrel (etanercept), Neulasta (pegfilgrastim), Xgeva (denosumab) and Prolia (denosumab). Product sales included a positive adjustment of $185 million to previous estimates for managed Medicaid rebates based on recent claims experience. Other revenues were lower by $193 million as a result of a payment from Takeda recognized in the second quarter of 2012.

Excluding special items, Amgen’s earnings per share were $1.89, up 3%, topping analysts' average forecasts of $1.74 per share. Many analysts had tempered their second-quarter forecasts after being caught off guard by a weaker-than-expected first quarter, commented Reuters. The company posted a net profit of $1.26 billion, or $1.65 per share, compared with a profit of $1.26 billion, $1.61 per share, a year ago.