uploads/2018/07/drug-943759_1920.jpg

Amgen Beats Estimates, Reports Growth in Q2 2018

By

Updated

Amgen’s Q2 2018 results

Amgen (AMGN) reported in Q2 2018 results yesterday, surpassing analysts’ EPS and revenue estimates. It reported non-GAAP EPS of $3.83 on revenue of ~$6.1 billion, while analysts had expected EPS of $3.54 on revenue of $5.7 billion. The chart below shows Amgen’s EPS and revenue since Q1 2017.

Article continues below advertisement

Revenue in Q2 2018

In Q2 2018, Amgen’s revenue grew 4% YoY (year-over-year) to $6.059 billion from $5.810 billion. Its product sales rose 2% YoY to $5.679 billion from $5.574 billion, and its other revenue rose YoY to $380 million from $236 million. It saw US revenue of $4.4 billion and international revenue of $1.3 billion.

Revised 2018 guidance

Amgen has revised its 2018 revenue guidance upward to $22.5 billion–$23.2 billion from $21.9 billion–$22.8 billion, and its non-GAAP EPS guidance to $13.30–$14.00 from $12.80–$13.70.

Product performance in Q2 2018

  • Neulasta (pegfilgrastim) revenue grew 1% to $1.1 billion.
  • Prolia (denosumab) revenue grew 21% to $610 million.
  • Xgeva (denosumab) revenue grew 14% to $452 million.
  • Kyprolis (carfilzomib) revenue grew 25% to $211 million.
  • Sensipar/Mimpara (cinacalcet) revenue fell 2% to $420 million.
  • Enbrel (etanercept) revenue fell 11% to $1.3 billion.

The iShares NASDAQ Biotechnology ETF (IBB) invests 7.7% of its holdings in Amgen, 8.9% in Biogen (BIIB), 2.2% in BioMarin Pharmaceutical (BMRN), and 7.5% in Celgene (CELG).

Advertisement

More From Market Realist