Amgen Beats Estimates, Reports Growth in Q2 2018

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.

Amgen Beats Estimates, Reports Growth in Q2 2018

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).