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Amgen (AMGN) Falls After Earnings Update Reveals Embarassingly 'Bare' Pipeline



7/26/2017 8:27:29 AM

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Amgen Reports Second Quarter 2017 Financial Results

THOUSAND OAKS, Calif., July 25, 2017 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the second quarter of 2017. Key results include:

  • Total revenues increased 2 percent versus the second quarter of 2016 to $5.8 billion.
    • Product sales grew 2 percent driven by Prolia® (denosumab), Repatha® (evolocumab) and KYPROLIS® (carfilzomib).
  • GAAP earnings per share (EPS) increased 18 percent to $2.91 driven by higher operating margins.
    • GAAP operating income increased 13 percent to $2.7 billion and GAAP operating margin increased 4.9 percentage points to 48.4 percent.
  • Non-GAAP EPS increased 15 percent to $3.27 driven by higher operating margins.
    • Non-GAAP operating income increased 9 percent to $3.1 billion and non-GAAP operating margin increased 3.8 percentage points to 55.2 percent.
  • 2017 EPS guidance increased to $10.79-$11.37 on a GAAP basis and $12.15-$12.65 on a non-GAAP basis; total revenues guidance revised to $22.5-$23.0 billion.
  • The Company generated $2.1 billion of free cash flow.

"Our continued solid performance this quarter is yet another indication that we are on track to deliver on our long-term growth objectives," said Robert A. Bradway, chairman and chief executive officer. "Our newer products are registering strong volume-driven growth globally and we expect their contribution to continue to increase over time, offsetting declines in mature products."

$Millions, except EPS and percentages


Q2'17


Q2'16


YOY








Total Revenues


$ 5,810


$ 5,688


2%

GAAP Operating Income


$ 2,698


$ 2,380


13%

GAAP Net Income


$ 2,151


$ 1,870


15%

GAAP EPS


$   2.91


$   2.47


18%

Non-GAAP Operating Income


$ 3,075


$ 2,812


9%

Non-GAAP Net Income


$ 2,410


$ 2,146


12%

Non-GAAP EPS


$   3.27


$   2.84


15%

References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis" and to "free cash flow" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. 

Product Sales Performance

  • Total product sales increased 2 percent for the second quarter of 2017 versus the second quarter of 2016.
  • Repatha sales increased driven by higher unit demand.
  • BLINCYTO®(blinatumomab) sales increased 43 percent driven by higher unit demand.
  • KYPROLIS sales increased 23 percent driven by higher unit demand.
  • Prolia sales increased 15 percent driven primarily by higher unit demand.
  • Nplate® (romiplostim) sales increased 15 percent driven primarily by higher unit demand.
  • Sensipar®/Mimpara®(cinacalcet) sales increased 10 percent driven primarily by net selling price.
  • Aranesp®(darbepoetin alfa) sales increased 6 percent driven by higher unit demand.
  • Vectibix® (panitumumab) sales increased 5 percent driven by higher unit demand.
  • XGEVA®(denosumab) sales increased 4 percent driven primarily by higher unit demand.
  • Enbrel®(etanercept) sales decreased 1 percent due to the impact of competition, offset partially by favorable changes in inventory and net selling price.
  • Neulasta® (pegfilgrastim) sales decreased 5 percent driven by lower unit demand.
  • EPOGEN® (epoetin alfa) sales decreased 12 percent driven primarily by net selling price.
  • NEUPOGEN® (filgrastim) sales decreased 30 percent driven primarily by the impact of competition.


To read full press release, please click here.


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