Amgen’s 2nd-qtr beats expectations, but firm slashes workforce
Amgen (Nasdaq: AMGN), the largest global independent biotech firm, reported a 23% leap in second-quarter 2014 profit and an 11% rise in revenues, but surprised by announcing a 15% cut in its worldwide workforce and the closure of four sites.
Net income for the quarter leapt 23% to $1.55 billion, or $2.01 per share. Excluding one-time charges, adjusted income was $1.82 billion, or $2.37 per share, exceeding expectations of analysts surveyed by FactSet by a significant $0.30 per share.
Revenue increased 11% to $5.18 billion, beating the expectations of analysts polled by Thomson Reuters of $4.89 billion. Amgen’s shares rose more than 4% to $128.75 in after-hours trading yesterday. Sales growth was driven by strong performance across the portfolio, particularly Enbrel (etanercept), Kyprolis (carfilzomib), Prolia (denosumab) and Xgeva (denosumab).
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